Thursday, October 13, 2005

Forex Trading 10/13/05

4:36 pm- 1 trade won

Like I thought would happen, the Euro made a nice breakout today. There was a breakout at 8:40 and I entered 3 lots short at 1954 with a stop at 1988 and a first target of 1936. My first target was hit and I closed 2 lots and moved my last lot's stop to breakeven. Once the Euro made a new low I moved my stop to the high of that candle and just repeated the process everytime it made a new low until finally getting stopped out at 1919. This win means that the system still has never had 2 consecutive losing days. Awesome!

Results: +18 +35 -9(spread)= +44 pips

8:00 am- Analysis

Good morning everyone! Sorry I didn't post yesterday. I ended up having a small loss yesterday because I entered on a breakout of the EU session high. after the breakout, the price just hovered around there the rest of the day and I closed my position out at around 1PM EST. I ended up losing a total of 18 pips off of 3 lots. Hopefully today will be better. Right now, the Euro is primed to make a breakout. There was a very narrow range of about 35 pips last night so look for some movement today. There was a fairly decent drop during the Asian session so we could see a correction or a continuation. Then again, we could see nothing but just be ready for anything. Remember to wait for a good signal or breakout. Happy trading everyone!

Key Levels:
EU Session High: 2003
EU Session Low: 1968
Calculated Target 1: 2055
Calculated Target 2: 1916

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