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
Tags: Forex, Forex blog, forex day trade










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