Tuesday, December 14, 2010

Day 14













I already have a standing buy at 134 from Monday the 13th, would put SL at BE if it gives so and plan to float it for rest of the day/week or TP at 135.50

Weekly candle is bullish engulfing with Monday closing, price broke last week's high but didnt close above it so it can still retrace before going higher.

Saturday, December 11, 2010

Upcoming Week 3: Day 13
























Chart 1 is a Weekly Chart, followed by a monthly view of EUR/USD.

Last week was a Bearish Engulfing Candle negating the pin bar formation a week before that. This voids the bullish pin bar formation in weekly and brings the bearish pin bar in monthly chart into front play. I expect Eur/Usd to fall further for rest of the month. Monday and Tuesday candle is crucial. If we see a clear bear candles on both these days with a body size (opening to closing price) of 75 pips atleast than this would give us a clear confirmation for rest of the month.

But with the holiday season approaching fast, we may see a muted movements in market and could follow up on bearish trend from next month.

On Monday I will look for a gap in opening price from last Friday and would try to take a trade their, if no substantial gap is present that I would wait for Monday close to see the candle formation on daily chart.

This week is heavy on Fundamental news both from US and EU and could give us a direction for rest of the month.

Day Ending Update: Took a long at the very low of the day price at 129.97 but got out at BE out of lethargy, carelessness and nervousness. A bad day, took a short half way in between in order to make up for the loss of opportunity in morning. Short was at he descending trendline from above, price broke it shoot up and had to book a loss of 160 pips in total today.

Summary: Read forums and analysis, but dont pay attention to them, hang on to your trade and dont exit early, when opportunity comes, take it dont be lazy. Hold on to you profit. Stick to the plan!! What a day, could have ended it with a 400 pip profit, instead ended it in a 160 pip loss.

Thursday, December 9, 2010

Day 10













Bias: Mixed, slightly Bearish.

Looking to sell around 132.70. Its Friday today so I have to be careful and not hurry into anything.

Took a sell higher, failed to book profit and exited back at BE.

Market has been trading in fixed trading ranges because of fast approaching holiday season.

Weekend.

Rules

1. No new market entry between 6PM EST - 8AM CET (6PM - 2AM EST).
2. No posting of trades and bias opinion on Public Internet Forums.
3. Read forums and analysis, but dont pay attention to them, hang on to your trade and dont exit early, when opportunity comes, take it dont be lazy. Hold on to you profit. Stick to the plan!!

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.