Greetings fellow traders. Just an update on my previous trading journal post. I have decided – whether wrongly or correctly – to
close out my long EUR/USD positions. Friday the NFP report was coming and I was not sure in which direction this market will go so I figured the safe route is to close out all positions, take my profit and run – and that’s exactly what I did. Now it looks like eur/usd is just hanging about with no major movement after the NFP report. From a technical analysis point of view eur/usd is still in an uptrend, but come Monday the story may change – but I doubt it will to be honest. With the Federal Reserve talking of on a further quantitative easing spree I doubt traders will bid up the dollar. If some majorly bad news comes out of Europe then yeah the Euro will drop like a rock, but for now ti’s safe to say that the trend is still up and any positions one may enter should be in tune with that.
The two closed positions. By the way this is on a live MB Trading account.
989006 2010.09.13 17:31 buy 0.20 eurusd 1.28779 1.31000 0.00000 2010.10.04 19:47 1.36529 -0.16 0.00 -1.55 155.00
989186 2010.09.13 18:15 buy 0.20 eurusd 1.28754 1.31000 0.00000 2010.10.04 19:47 1.36538 -0.16 0.00 -1.55 155.68
Overall I made roughly 700 pips. I’m quite happy with that.
This coming week I’m going to be very busy with other affairs so I won’t have much time to trade manually, but I intend to turn this live account over to a new EA I got a hold of called Forex Demolition.
That does it for this post. I wish you all a great weekend.
Cheers,
Alan