EURUSD Trade 003 & 004

I didn't have good trades today and today was full of fundies which didn't exactly ride where the fundies was suppose to in a totally predictable world.



So anyways, Trade 003 was a manual SL at +2 and Trade 004 was another manual at +10, making my total for the day at +25. Because I have 5 decimal places instead of 4, the trade for the week is at +101.5.



The unemployment data was good for the US but it made the dollar weaker instead so go figure. The push down may come now but I'm off to bed and probably off for the week unless there's a really-really-dummy-proof-fantastic setup tomorrow.

Trade 004 was a sell but I closed it manually because I don't like that rejection right at where the trendline is and Obama and Trichet is going to speak while I sleep so not a good time to enter.

EURUSD Trade 003

Went in for a sell
- overtaking theory
- was trading below the trendline
- a possible H&S forming



Closed half a lot for +24 (12pips)

Sell: 1.35731
SL: 1.35711 (+2 x .5)
TP: 1.35056 (67)


Update:
SL @ + 1
Total +13 for this trade.
+87 for the week.

EURUSD Trade 002

Buy: 1.35748
SL: -40 (1.36148)
TP: 1.33550 (+219)

Stopped out @ -40 at 6.29pm.

Entry
Stopped out here.

EURUSD Trade 001

It is rather unfortunate that I didn't get a good entry and only went in at 4.24pm. Look at the "falling knife".

Asian session was trading very nicely along the trendline and managed to breakthrough at 2pm. Ff brought it a bit down so the signal was rather mixed but we can perhaps say that a doji is in place. I waited at the sidelines but it came too fast and furious and broke through the support at 1.3840.

I went in for a sell finally at 1.3782 (yes not a good entry).
TP: 1.3400
SL: 1.3760 (+22)

It's currently at +90 but we will see.

Latest Update @ 4.50pm:

• Changed to close my trade at +114 pips (1.3667).
• Look at why I closed my trade on the daily chart.
• Yes, we can definitely go lower but I'd like to keep some for now and go for a re-entry during NY, perhaps.
  

EURUSD Jan 5 - 9

Weekly
Last week, this pair closed with a small medium downclose and a medium rejection from the top.

O = 1.4104 H = 1.4363 L = 1.3838 C = 1.3850

• The support at 1.3840 was strong.
• This pair is looking for a direction and next week should be a good indicator as the previous week was fraught with holidays in general.
• QQE was at 45.198.

Weekly Chart

Daily

• A closing wedge has formed on the daily chart with a very good support at 1.3840.
• QQE is at 60.617.

Daily Chart




Hourly

• The week for the pair ended with a weakness for a bear run as you can see that it had a strong support at 1.3840.
• This pair can swing both ways when the market opens on Monday but the probability of it trying to test 1.4188 is high. If it sustains above that level, we may even get to see 1.4629 for that week.
• If 1.3840 is broken, expect to go short and watch out for these levels at 1.3757 and 1.3370.
• No major news releases on Monday so there will not be any unexpected swings for that day.
• On Tuesday, we have major news on the UK HPI (House Price Index) at 3pm and 5.30pm UK Service PMI. At 11pm, two big news which will move the market for the dollar i.e. the ISM Non-Manufacturing PMI and Pending Home Sales.
• In fact, there will be major news everyday (from Tuesday onwards) so don’t be caught off guarded.
• In summary, go for scalping as you may get whipsawed on this pair from Tuesday onwards. It is likely that we will see 1.4188 and Monday will be an upclose on the daily chart.

Hourly Chart

2009

This blog will be active in 2009 and these are what we expect to see:

1. Weekly projections before Monday's trade is opened.
2. Weekly pip summary.
3. Daily projection.
4. Details/rationale of why trade was taken.

As mentioned in my previous posting, trades may not be taken everyday so No. 4 will not apply but No.3 will always be posted on a trading day.

Cheers!

Finetuning

Hi, I'm back now with a new focus and doing some fine tuning on my trades. I'm no longer on the 10pip scalping theory but am looking at more quality trades to lessen the amount of time I spend trading albeit the emotional roller coaster ride than comes with scalp trading.

I find that I can trade comfortably well when I've identified the support and resistances for the week and day and my new goal is to gain at least 100pips a week.

Last week, I fell short of 1 pip over 4 trades. 3 good ones and 4 bad ones.