haven't been trading for the last few days because some stupid things happening in my life ( Somebody stole my Gym bag that had all my ID's and credit cards, Had to fire somebody at work, Hit somebody accidently). I just can't concentrate on trading when stuff like that happens, so I usually stay out of the markets. No more bitching, here is my analysis for the next week. The Euro/USD will drop a little more before it starts going back up. I believe we will see it fall to somewhere near 1.220 and then make a move back up to 1.24 tarting sometime Monday the 22nd. If the Euro drops below 1.2150, I will consider this the start of a major downward move to 1.19 and lower. I don't think we are going to see this, though. I do think we are going to be stuck within a trading range of 1.2150 to 1.24 for a while longer. My reasoning just comes from looking at the charts and the generally sluggish US economy. So my plan will be to buy ideally at 1.2230 and sell at 1.2350 on Monday.As usual, we will see what actually happens.
EURO/USD just hit my initial target of 1.2320 for a gain of 35 pips so far. Moving target to 1.2350 now with stop at 1.23
Very Tired. Got out at 1.2343 for a very respectable 58 pip gain. Going to bed and good trading to all.
As suspected, the Euro did hit 1.24 ( I need to be more confident in my trades). Feeling that it is in range for a while, I am selling the Euro/USD at 1.2361 with my initial target at 1.2320. See ya later
Closing out position at 1.2336 for a gain of 25 pips. My feeling is that we will see it go lower into 1.2260,but I don't have the tome right now to follow it. See ya at the opening of the Euro session.
Okay, it didn't come anywhere close to 1.2260 while I was away. Right now, I am selling the Euro at 1.2345 with my initial target at 1.230. I think it can hit 1.2258 and maybe as far as 1.21 but don't quote me. My stop is at 1.2366. Lets see where we can go in the next few hours.
Just curious to learn: Why would you change originally from using 10% capital to 2% , as it appears your performance so far has been proven very profitable and consistent? Under what conditions you use 10%, why not 5%, why 2%? Are you going to use 10% again soon? PS: Haven't got chance to read all posts yet. The above quotes are found on the first page.
Just not quite sure (if my chart is correct): The problem with my 1-min chart is you should be selling at 1.2331 while the post's time stamping at 03-23-04 06:29 PM. For selling at 1.2345, my chart shows the timing should be around 06:24. that is 5 minutes earlier than the post.