Tuesday, October 11, 2005

Forex Trading- 10.10.05

3:18 pm- 1 Small trade won

Well, there was a breakout like I expected earlier, but I was only able to capture a few pips off of it because the price moved choppy even though it eventually landed near my calculated target 2. I entered 3 lots short at 1999 with a s/l at 2015 and a first target of 1991. My first target was hit on the next candle so I closed 2 lots and moved my last lot's stop to breakeven. Normally, you would move your stop to the high of the candle that hit your target, but if it means that you would end up losing some of your profits, then you should instead move it to breakeven. This was the case for today. I did end up getting stopped out on my last lot at breakeven.

Results: +16 +0 -9(spread)= +7 pips

Like I said, it was just a small win, but not every trade can be a jackpot :) Hope you all did well. Contact me if you have any questions. I should be online at some point today.

8:00 am- Analysis

Good morning everyone! I'm kind of mad that I missed yesterday's trade. Even though holidays tend to be horrible days to trade, yesterday ended up making a nice move (see the "missed trade" post). Anyways, hopefully we'll have some more of that kind of movement. The Euro only made a 36 pip range last night and has been pretty volatile over the last 5 days. I'm expecting to see some kind of breakout trade for today. Remember that a breakout is when a candle closes 10 pips above or below the EU session high/low. I will more or less be looking for the breakout rather than my normal FX10 signal because of the narrow range. I don't see any major news reports coming out so the breakout might not happen until tomorrow, but just be ready for anything. Happy trading everyone!

Key Levels:
EU Session High: 2046
EU Session Low: 2010
Calculated Target 1: 2079
Calculated Target 2: 1969

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