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

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

PoD Chart

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!

  • success01

    in fact i realy enjoy your post but i have not been geting it right, unlike yesterday, it get realy burnt, i lost my money two consecutive time.
    When there is breath, i will never give up.

  • Pipcrawler

    I don’t understand Success01, how did you get burnt? Today’s trade didn’t even trigger and if you were bold enough to take a long trade around our entry level at 1.4540, you would have been profitable… are my trade ideas not clear enough?

  • pipfiend

    Keep you head up success, two consecutive times is a very small amount. I’ve lost money on 10 straight before (not from picking Pipcrawlers) it’s all about managing your money, where that 10 consecutive times doesn’t make you go bust.

  • zakwatt

    I have recently had a 7 on the trot loosing streak (via a trading system that has made me money since July last year). However, I am still alive. Just waiting patiently now for the 7 on the trot winning streak which is just around the corner (hopefully). I think we have to treat this as a boxing match against the market (a formidable athlete who beats 95% of opponents). The important thing is to make sure, via money management, that we are still standing at the end of each round.

  • success01

    in fact i realy enjoy your post but i have not been geting it right, unlike yesterday, it get realy burnt, i lost my money two consecutive time.
    When there is breath, i will never give up.

  • Pipcrawler

    I don’t understand Success01, how did you get burnt? Today’s trade didn’t even trigger and if you were bold enough to take a long trade around our entry level at 1.4540, you would have been profitable… are my trade ideas not clear enough?

  • pipfiend

    Keep you head up success, two consecutive times is a very small amount. I’ve lost money on 10 straight before (not from picking Pipcrawlers) it’s all about managing your money, where that 10 consecutive times doesn’t make you go bust.

  • zakwatt

    I have recently had a 7 on the trot loosing streak (via a trading system that has made me money since July last year). However, I am still alive. Just waiting patiently now for the 7 on the trot winning streak which is just around the corner (hopefully). I think we have to treat this as a boxing match against the market (a formidable athlete who beats 95% of opponents). The important thing is to make sure, via money management, that we are still standing at the end of each round.