Friday, October 14, 2005

Forex Trading 10/14/05

5:37 pm- 1 trade won

It was a good day today. After the news report, the Euro really started to take off. There was a very clear signal today plus a breakout which made me really confident in entering my trade today. The signal happened at 10:2o and I entered 3 lots long at 2038 with a s/l at 1999 and a first target of 2052. My target was hit the very next candle and I was very tempted to close all of my positions because it was such a large move, but I was able to control myself and I still let my last ride by moving my stop to breakeven. My patience paid off and the Euro continued to move up. Everytime it made a new high, I moved my stop to the low of that candle. I eventually got stopped out on my last lot at 2083. Overall, it was a really good day today :)

Results: +28 +45 -9(spread)= +64 pips

8:00 am- Analysis

Good morning everyone! The Euro made about a 48 pip range last night which is wider than it's usually been the past few days. This means that there is a better chance that we'll just see it range between the high and the low. However the US CPI report comes out today and that could move it enough for a break. I think today I'll have to look more for a signal rather than a breakout. Fridays can be crazy sometimes so just be prepared for anything. Happy trading everyone!

Key Levels:

EU Session High: 2027
EU Session Low: 1979
Calculated Target 1: 2035
Calculated Target 2: 1923

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