Pick of the Day: EUR/USD – Close Open Orders

Close Open Orders: 2008-01-18 13:22

With the end of the trading day and week for most of the globe, I’ve decided to close all open orders. No trades today as our short trade entry was missed by 5 pips as the pair found resistance at 1.4690 before dropping back down… doh!

Close Open Orders. No trade.

So, it’s a case of another profitable trade missed, but for those who jumped in short ahead of 1.47, congrats as I’m sure you did very well. Lesson learned! Take care everyone and have a great weekend.

Trade Idea: 2008-01-17 20:02

PoD Chart

With the lack of any major news in the upcoming European trading session, I think a basic range play should do the trick to grab some pips.

As we can see on the chart, the pair is in consolidation mode after Wednesday’s Euro sell off. As we close out the week and with no major news, the top and the bottom of the ranges may hold. The top and bottom of the range also happens to coincide with the average daily pip range of about 100 pips, so we may see orders placed at those levels.

If either the long or short position is entered, please cancel the other open order.

Long EUR/USD at 1.4595, stop at 1.4565, pt1 at 1.4625, pt2 1.4680

or

Short EUR/USD at 1.4700, stop at 1.4730, pt1 at 1.4670, pt2 at 1.4610

Remember to never risk more than 1% of your account on any single trade. Adjust position sizes accordingly.

Stay tuned for updates, especially in the US session if we have an open position. Good luck and good trading!