Tuesday, September 20, 2005

EUR/USD 9.20.05

7:10 pm- 1 Trade won

Like I thought, the Euro did not move during the EU session so I waited until the Fed met. After they announced the rate decision, a short signal was generated along with a break of the EU session low which led me to go short. I entered 3 lots short at 2134 and my first target was hit at 4:20pm at 2112. I closed 2 lots and moved my stop to the high of that candle at 2221. I eventually got stopped out on my last lot at 2221.

Results: +44 +13 -9(spread)= +48 pips

8:00 am- Analysis

Good morning everyone! Today is the big day: Interest Rate decision. I'm not sure if we'll see any movement before then because everyone will be waiting to see what happens. ForexFactory said that there is a 90% chance the rates will increase to 3.75% so there's a good chance the Euro will go down. If there is no movement from 8-12, I might trade when the Fed speaks at 2:15 pm EST. This will most likely be a breakout trade if the Euro has not broken out of last night's range by then. After today, I think we will start to see some nice movement, at least for the rest of this week. Happy trading everyone!

Key Levels:
EU session high: 2183
EU session low: 2142
Calculated target 1: 2226
Calculated target 2: 2099

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