Forex Trade - September 3, 2008

Here we are.  The first trade of September.  Kids (and teachers) are all back to school.  I am back to work.  And if all else goes according to plan, I should be back on a normal trading schedule again.  I jumped on fairly early to watch the movement of the EUR/USD.  I saw a pretty normal setup and that made me happy.  When the currency is ranging nicely then I usually have an opportunity for a trade.  I avoided some weak early setups and finally bit at 7:28pm on a sell trade.  The currency shot up towards my upper barrier.  It actually scraped past it for a while, but it never looked like an actual breakout.  As things calmed down and the currency steadied under my barrier I got in.  I figured the upward momentum was done and things should correct.  Wow, was I right.  It dropped slowly and steadily.  My 5 pip profit target was hit at 7:43pm.  Things got interesting after that.  The EUR/USD dropped like a rock.  A rock that wanted to commit suicide and jumped off a fucking building.  OK, that was a little dramatic.  But it was definitely a movement that is very unusual for the evening hours.  I use 5 minute candles on my charts and the one candle was 30 pips long!  I was happy at my timing of the trade especially after seeing this.  If I jumped online after seeing that one candle I probably would have been scared out of trading.  But everything worked out well and I have my trade in the bag.  Here is the chart so you can see the action:

Trade Summary:

Sell EUR/USD - 1.4527
Close Trade - 1.4522
Pips = 5

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One Response to “Forex Trade - September 3, 2008”

  1. Forex Trade says on :

    Hi there , I agree with this article, just sometimes I read so fast everything and I miss things that after read them again, I can understand it better.. ;). Your Forex Trade - September 3, 2008 Blog Stumbled up and Bookmarked, so I keep updated on every article you write from now now on forex trade.

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