With my constant goofing around over the last few weeks, it is easy to forget that the actual purpose of this blog is to document my trades in the Forex market. I have enjoyed my vaction time but now it is time to get back to business. That includes eating healthy, working out and working my nightly charts. I was extremely cautious when I fired up the trade station last night. I knew that I would be jumpy to get into a trade. I also knew that I was out of practice having only traded a few times in the last 3 weeks. I jumped on shortly after 7pm and watched the EUR/USD pair. When I looked at the days activity I had even more reason to be cautious - the Euro had hit it’s days low after 6pm. That means that any upward movement later in the evening could be just a small blip before it continued to fall. It also means that my upper barrier might get broken during a correction of that low. There was a lot of reasons to question how solid my upper and lower barriers were. I waited some ups and downs out. I almost got in a few times but felt I didn’t have enough of a pattern. I finally saw some behaviour that convinced me that the lower barrier would not be broken and we were going to go up for at least my profit target. I jumped on a buy trade at 8:42pm. It went up, then dropped on me. Thankfully my lower barrier proved to be strong and the Euro bounced right off it. It headed back up and my 5 pip take profit level was hit at 8:59pm. What an awesome way to start the week. I was aware of the dangers and I was ready not to trade. I made a smart trade that had plenty of support and it worked out well.

Trade Summary:

Buy EUR/USD - 1.4678
Close Trade - 1.4683
Pips = 5

Tags: Forex & Money, forex day trade, trade

This entry was posted on Tuesday, August 19th, 2008 at 8:04 am and is filed under Forex & Money. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.