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*Attached picture is my EUR/USD hourly chart. (Click for a bigger version)
Hello people :) Market started slow this week and it barely move when market opens on Monday due to GBP's Summer Banks Holiday. So Tuesday, I was expecting market to move and also my fingers are getting very itchy :P Hahahaha!!!
From my charts that I've attached to this post, you can see that I made two trades yesterday. The first one, I shorted the EUR/USD at the price line of 1.3631 at around 10:17am. I thought I might be able to be in the money by 4pm data release. I think there was leakage of news and market moved due to fundamentals before 4pm and stopped me out at my stop loss of 20pips. Was I sad? Nah! I was more excited to look at the market than be in tears over my bad trade :)
I continued on looking at the market, very closely this time round. I was expecting this jump in the EUR/USD to get exhausted because runnin of fundamentals cannot be sustained that long. The immediate resistance for yesterday was around 1.3680. During 6pm candle, I was looking at it moving and it cannot clear the price line of 1.3680.
I was very lucky yesterday because of one reason, I was waiting for my girlfriend to go out for dinner and guess what, she is stuck in a traffic jam! Whahahaha!!! That gave me a little bit more window to see the 7pm candle movement :P Hehehe! I looked at how the market was behaving at 7pm. I looked at it super duper closely. Then I decide to initiate a trade on the downside, I shorted EUR/USD at the price line of 1.3667. My stop loss at 1.3690 (23pips) and target profit at 1.3570 (97pips).
Some of you might be wondering why my target profit is at 1.3570, a profit of 97pips. 1.3570 is a little bit above the 10ma in the Daily charts and the opening on the (24-08-2007). I told my Big Daddy yesterday that if I am looking to short the EUR/USD, I will be looking at this price line for my target profit.
My girlfriend came at about 7:30pm, complaining about how bad the traffic jam was, due to a bus had broken down or something like that and bla bla, went for dinner and I got home at around 10pm. I opened my charts and I'm in the money. Considering at 2am there is a data release on the FOMC meeting minutes, I was watching the market like a hawk, I do not want another incident of my earlier trade to happen again. So I was watching and watching and there comes 1am, market looks calm and good and then comes 2am, market is still calm and good and then comes 3am, market is still calm and good and I decide to keep the trade running and went to sleep.
I woke up at today and BOOM! My target profit has been hit at 8:15am this morning at a profit of 97pips. So this week, my profit so far is 97pips - 20pips(My stopped out trade that I mentioned earlier) = 77pips. Not bad for the week :) 30pips more to reach my target for the week :)
Peace and trade safely everyone :)
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