Quote of the day: “Insanity in individuals is something rare – but in groups, parties, nations and epochs, it is the rule.” - Friedrich Nietzsche
EURUSD – 1.3960 @08:00
Good morning. The euro is holding gains made yesterday on Trichet’s comments and currently hovers around 1.3960 – not far below the psychological barrier at 1.40. Charts are bullish on both daily and hourly time frames right now but and we’ll probably see a weekly close above 1.3850. Today is the NFP day so keep an eye on the tick charts at 13:30 GMT to enjoy the show of random spikes all over the place. Another important event in the Forex Calendar today is Trichet’s Speech at 15:25 GMT. I am currently long EURUSD since yesterday when I bought at 1.3850 (+110 pips now) and I don’t plan to close it – but only if the pair pulls back towards 1.3930 where I’ll consider closing half.
Trading strategy: holding long at 1.3850, stop at break even, objective at 1.40
Support: 1.3900, 1.3850/60, 1.3800 and 1.3750/60
Resistance: 1.3980, 1.400, 1.4050 and 1.4100
Market sentiment: long term – mixed, medium term – bullish, short term – bullish, intraday – bullish
- EURUSD 4hrs chart 3-4-2011
Have a good day and good luck trading
nice. i was planning on doing that, but got scared of the events (im still not pro yet). i closed in the profits. next time i'll let profits run for sure. love the site. I develop my plan first then compare it with yours and we usually have the same ideas. nice nice. good luck… well not luck… umm .. Happy Trading :) .
thanks for the feedback.
You don't have to be a "pro" not to be scared of some scheduled events. I'm not a pro either.
This market is sensitive enough to all kind of events, to say so. Follow the market, not the events driving the market – there are so many that it's impossible to be aware of them all.
And, again, the most volatile movements are caused by unexpected events. You don't have those in any economic calendar.
From my experience I can honestly tell you that my most profitable trades were/are those when I stay away from the computer and let the trades open, ignoring most scheduled economic events.
Thanks :) I'll consider that.
broke up to exactly 1.4 wow nice. scariest thing just happened. i had the oder screen open and accidentally clicked buy with WAY more leverage that i would ever use. Thank God the price shot up at that time. i closed the trade in 5 seconds and made huge profit. now this was luck. gotta be more careful.
such 'good" things don't happen too often so you better be more careful.
liviu, how much time you are trading?
what do you mean? how much time per day/week or for how long I've been trading?
sorry for my english, how long?
since 2003
What do you think, what the next step will be EURUSD?
I think we'll see more upside, probably up to 1.43 or higher.
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