Tuesday, September 13, 2005

EUR/USD 9.13.05

11:42 pm- No trades

Sorry for the late update everyone. I drove about an hour and a half away for a funeral and I just got back home. Needless to say, the market was very crappy today. You can see from the charts that there were no valid signals and there were no breakout trades. The price did reach my calculated target and then proceeded back down the EU session low. This lack of movement makes me think that there will be a very good trade at least one time this week. It will probably be at least 50 pips. Anyways, hopefully it will be tomorrow because I'm getting anxious :)

8:00 am- Analysis

Good morning everyone! At the moment, it looks like the Euro is rangebound again. It made a 54 pip range last night and according to the 5 day average daily pip range, it has about 48 pips left of movement. However, we have 2 major news reports coming out at 8:30 am EST. The US PPI and the US trade balance. If there are any surprises in these news reports then I think we'll see alot of movement. Today might be a good day to trade the breakout. With big news events like this, you can be aggressive and trade when the price closes at least 10 pips above or below the EU session hi/low. If you still want to be conservative than that's fine too. Just wait for the normal signal. I'll post throughout the day. Happy trading everyone!

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