Wednesday, October 05, 2005

Forex Trading- 10.05.05

8:00 am- Analysis

Wow, it's been another slow week so far. There was absolutely NO movement yesterday even with the rate decision. Today's EU session was no exception. There was only a 34 pip range which again is showing signs of a breakout. I would watch carefully these next few days because a breakout is bound to happen one of these days, especially when the the Euro stays in a narrow range for multiple days. When the Euro is this narrow I would recommend that you only trade the breakout and not try to trade within the range. However, if you are aggressive and the price approaches either the high or low, but doesn't break it, you could put an order in the opposite direction with a stop somewhere above the EU session high or low and trade the bounce. I wouldn't recommend it, but more often than not, if the price cannot break these levels, it will return back to the other side. Personally, I will wait for the breakout. Have a good day everyone! Let's make some pips!

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