Trade Review: EUR/USD
Today was a wild ride wasn't it?? It was like those old FX days of crazy volatility that we haven't seen much of lately. NFP came out pretty much in line with consensus, but there was a downward revision of Oct number to 79K from 92K. So, we saw some volatility after the NFP reports, but the mother of all moves came after US Treasury Secretary Paulson commented on how a "strong dollar" is in the best interest of the US, and how today's reports was good news for the US economy.
Our trade triggered shortly after the U. of Michigan number was released and we saw EUR/USD drift lower afterwards. After pt1 was hit I closed my position for +40 pips, and suggested to those who didn't close to move stop to break even and go for pt2. I hope a lot of people stayed in, because after the surprise comments from Paulson we saw EUR/USD drop about 120 pips, easily hitting pt2 along the way. What an awesome way to end the trading week!
Lot 1: +40 pips
Related Posts:
- Trade Review: USD/JPY 00:00 14 December 2006
- Trade Review: USD/CAD 23:05 27 April 2006
- Trade Review: USD/CHF 00:52 06 December 2006
- Trade Review: USD/JPY 23:56 25 July 2006
- Trade Review: GBP/JPY 21:24 02 May 2006
Archived Comments (5)
Forex Blog: Pick of the Day
Hi all. My name is lino and im from South Africa. Love your site and will be following, im new to forex so realy appreciate your excellent site.
I see I have a lot to learn. I am new to forex trading.
Thanks for the comment piplino, glad you like the new site!
Don't worry deputy, with hard work, time and experience the forex market won't be intimidating anymore. :)
Hi, i like this site. Good job. Last friday was my personal nightmare. I was EUR/USD short, and after the job data release, everthing looks fine, i decided to had a coffee in my kitchen. Unfortunately, i forgot to set up the stop/loss. I came back and the the USD raised. I thought by myself its a short move the dollar come back. big mistake. :-) The margin call was the end of all my hopes. But worse enough, i was angry and i bought a long position EUR/USD. And as i thought this was a worse friday, i was wrong. The Euro drifted and i loose more money.
But the good thing is: I had learned a lot. Never forget the stop/loss and never go against the market. This was a expensive lesson for me in my 4th week of trading.
Regards Michael
Hi penguin. I did the same thing and still feeling it. I went short the EUR/USD at 1.3180 and the market totaly went the opposite direction. I went out to do something and when i came back, big oops. Im still in at a big loss but there might be some hope for a pull back.