I was not anywhere near a computer this afternoon and I missed this 200 pips movement… Anyway big results are not what I am after : I want consistent results.
The EURUSD chart indicates that there is a strong possibility that the EURUSD will finally break its trading range and start trending downside… This will be a huge opportunity !
News :
* 12:00 – German industrial production (medium)
* 13:45 – minimum bid rate (High)
* 14:30 – ECB Conference Press (High)
* 14:30 – Unemployment Claims (medium)
* 16:00 – Pending Home Sales m/m (High)
EURUSD Daily Supports and Resistances
R1= 1.5510
S1= 1.5395
There seems to be a reversal underway. Look for long entry points during the London Session ; New York session might be unstable or trading in a range : look for reversals. If the London Session ends quietly then we might have a trend during the American Session. Beware : insider trading is necessary for the creation of trends and it takes place before the annoucements (exemple : London last week, Germany’s GDP this week, Turkey’s court decision last week).
The London Session was a range market which evolved into a down-trending market during the New York session. I took a modest 17 pips but I am quite happy with that results because there was not much fear nor impulsive trades.
What’s more, I’m reading Trading in the Zone and it looks like a truly great book ! Maybe I should finish it before trading again.
No news today. It will be a technical-analysis only day. Beware : Crude Oil inventories are due today @ 10:35amET.
EURUSD Daily Supports and Resistances
S1= 1.5404
R1= 1.5534
CCI is oversold on the daily chart but 50 moving average have finally turned negative. It might mean that there will finally be a breakout from the 1.53-1.60 box we’ve been in since February. Given that no bottom was formed, wait for an CCI overbougth area on the 5 min chart to short the cross.
I entered right after the first blue arrow and set a 14 pips take profit target.
I was not here when the second arrow appeared.
And I should have had a red arrow at 4 PM but it didn’t appear for some reason. Got to check my code.
A picture of Humility
It’s the second year since I started trading options “thanks to” Kiyosaki’s game, Cashflow 202. Given that some aspects of my life gave me lots of pride I thought I could easilly master the markets : that is called death by ego. As of today I am still dead but I am slowly realising that markets are not about money but about mastering yourself and understanding the beasts that are shown on your graphs. You have to listen to them, to emphatize and maybe, one day, to win them over. This is a rough path and I am lauching this blog to help me monitor my progress, structure my trading, share my experience and benefit from my readers’ opinion.
I will be focusing on:
Personal Life (the vade mecum part of this blog) ;
Trades – good and bad ones.
News analysis ;
Reviews (books, websites, blogs, software, etc) ;
Forex market overview.
I do have some ambitions for this blog : It is a main element of my strategy on the path to the humble trader.
Archinvestor's Trading Room 
Recent Comments