Close Open Orders: 2008-02-13 16:04
The US trading session is almost done, and it looks like our long entry was missed a couple times by 10 pips or less. So, no trade today and we will close open orders and look for our next opportunity.
Close open orders. No trade.
Tonight I will check out USD/JPY as we have Japanese GDP and US Trade Balance data for tomorrow. Hopefully, we can catch some volatility…stay tuned!
Trade Idea: 2008-02-13 00:27
Tonight, i’m checking out EUR/USD and how it has been trending up slightly in the past couple of trading sessions after finding a bottom at 1.4450. It looks like dollar sellers are back, but for how long?
The 1.45 price area may be the bottom for now as we see an accumulation in Euros since we’ve hit that level. On the chart we see a steady trend of higher lows in the 4 hour time frame. Another return to that trendline should prove to be another buying opportunity.
Later today, US Retail Sales data may provide the spark dollar sellers are looking for as analysts expect another weak month. Be cautious during this report and if we are in a profitable
position beforehand, be sure to bag some pips to avoid event risk.
Long EUR/USD at 1.4530, stop at 1.4480, pt1 at 1.4580, 1.4630
Remember to never risk more than 1% of your account on any single trade. Adjust position sizes accordingly.
Good luck and good trading!