Thursday, December 9, 2010

Day 9













Bias: Bullish

Tha plan for the day is to look for the support in chart and buy lower sometime in European trading hours. Float it till NY open with SL move to BE. NY will decide what to do with it next.

Fundamentals with all the Euro Crisis and rising Interest Rates in USA are telling me to sell EUR/USD, but technicals on daily/weekly time frames are looking bullish. So I will rely on PA to enter and exit.

Day Ending Update: I did buy at 133 thinking it might test 134 later in the day.. when price stalled I knew it wont go higher but hesitated and waited till the price crossed daily pivot at 132.40 to get out and cut loss.. reversed and took sell and recouped the days looses earlier to end it at BE.

Summary: Bad decisions on my part, eager to jump in too soon, Rule number 1 set: Dont enter trades in thin markets between 6PM EST - 8AM CET. Wait and identify direction at 8AM CET.

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