Wednesday, September 14, 2005

EUR/USD 9.14.05

6:00 pm- 1 ugly trade won

There was a signal at 11:10 today and I entered 3 lots short at 2274 with a s/l of 2311 and a target at 2257. By noon (the end of my trading day) my first target was still not hit and I didn't want to watch the market anymore so I just set a limit order at my calculated target from this morning at 2265. Luckily, it was hit at 2:00 pm and I was able to win something on this ugly day. If you still had the original target, you would still be in the trade right now. Who knows? Maybe it will still hit the original target during the Asian session. Either way, it was a crappy day once again.

Results: +27 -9(spread)= +18 pips

8:00 am- Analysis

Good morning everyone! The Euro made a 51 pip range last night. The range has been about the same for the past 3 days. I'm hoping this time we'll see some movement. However, there are no big news events today so I'm not sure if we'll see much movement. Tomorrow is the CPI report so that might be why we're seeing a "stall" in movement. Traders might be waiting for that report before they take positions. Once again, I advise to be patient and wait for a good signal before you trade. Happy trading everyone!

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