Remember that crossover I pointed out in my update last week? It turns out that my 30-pip filter kept me from catching a 300-pip move. Drats!
The candle following the crossover didn’t go above 30-pips of the crossover candle. If it popped up 10 pips more to 1.4218, it would have been a valid long trade and my HLHB system could’ve easily hit its first profit target at 1.4368. It rallied another 150 pips more and yesterday I could’ve adjusted my stop and made it a risk-free trade.
This week, the tug-o-pips between buyers and sellers were neck-and-neck. Mixed data and sovereign debt woes from the euro zone weighed down the euro while plain old bad economic reports from the U.S. and speculations of further quantitative easing took a toll on the dollar’s performance.
However, yesterday the euro came out victorious against the dollar when the Spanish bond auction was concluded as an epic win.
Speaking of epic wins, have you heard the uber-catchy tune one of the graduates of School of Pipsology made? I tell you, it’s freaking amazing and well done! I swear, it’s not one of those fake videos! He did it all by himself and we did not make him do it!
Here’s the youtube video and the lyrics of the song:
BabyPips (Tonight!) by R.S.
Tonight, I’m really living
Tonight, I’m gonna get it
Tonight, I’m gonna kill ’em with that FX swag
(what you know about…)
‘Bout to go to the bar. Let’s buy!
Another 30 pips from the RSI
Stochastic good, keep the car, let’s fly
BabyPips is funding all that R.S. buys
Cuz I learned it all
the EMA cross
Some trade stock, but I’m not seeing their loss
FX got it good
got me being a boss
‘Bout to quit my job and I can see the days off
BabyPips is the beginner’s guide
Went to the school, now on the winning side
There’s strategies that some beginners tried
But with emotion, some beginners died
But I’m alive
about to hop in the forum
Trading at work cuz it’s just straight boring
Just went long and the exchange rate’s soaring
It you got loot, try the strategy and put yours in!
Let BabyPips lead the way
5 and 10 cross on the EMA
Sleeping in late, you should see the pay
Nights popping bottles of that E&J
They’ve got everything that you need to play
But you gotta plan your trades or be d.o.a.
Hit a stop loss or two, but you’ll be ok
But if your money’s funny better keep away (hey)
Gotta come through with the correct amount
Perfect your strategy with a test account
Take the quizzes cuz every lesson counts
Now I’m writing the checks that never bounce
You can catch R.S. on Twitter under the username of @700Plus.
ANYWAY, Were you guys able to get in on some of the action in the charts this week? Which among the majors do you think was the best pair to trade?