Monday, October 03, 2005

Forex Trading- 10.03.05

12:20 am- 1 trade lost

Sorry for the late update. I had a very busy day today. There was a breakout of the EU session low at 10:20 am EST but my initial target was not hit. My entry was 1910 and my target was 1897. The Euro did end up going down to 1900 but then bounced back up to the EU session low. I decided to stick it out even though it was already close to 12 noon because sometimes my target will still get hit. Well, if you look at the chart from 12-1 pm EST, it was absolutely flat so I just closed all my positions at 1909. Factor in the spread and I lost a total of 6 pips off of 3 lots. Even though it was a loss today, I'm glad it wasn't a big one considering Mondays are horrible days to trade anyways. I don't regret my trade as I genuinely thought there was a good breakout. I'm actually happy with my loss today. I hope you all didn't get hurt too bad. I'll see you all tomorrow!

8:00 am- Analysis

Good morning everyone! I can finally get back to my forex trading! I hope you all had a great weekend. The Euro has been relatively flat the last few days with the exception of last night where it dropped about 100 pips. However, during the EU session last night, the Euro only made about a 48 pip range and the 5 day average daily range is only 87 pips. There are no major news reports coming out today and it's also a Monday which means there is a good chance the Euro will not move anywhere. But as always, the market is unpredictable and we never really know what will happen until after the fact. With that in mind, just be cautious with your trading today. I will wait for my usual signal or a breakout and I won't try to force any trades. Stick to your plan! Happy trading everyone.

Key Levels:

EU Session high: 1968
EU Session Low: 1920
Calculated Target 1: 1959
Calculated Target 2: 1881

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