Trade Update - August 18, 2009
Currency Pair : EUR/USD
Status: Closed out.
EURUSD seems to be moving in 3's and is unable to break through the lower trendline.
Best is to close out now and wait for further development. Trading is dynamic and the market always changes. Best is to take profit when the market makes it available to you. When it is about to close the window of opportunity, it is best to take profit and wait for the next opportunity.
Elliott Wave:
This daily chart counts very well as a double zigzag and the bottom treendline is not allowing the price to drop outside of the channel.
Indicators (RSI & MACD):
MACD flat around the 0.00 line. Bearish if it breaks through, but could also bounce up.
Trading result:
Was short at the 61.8% (1.43) and met first target 1.41 moves stops to break even, gained 200 pips. Added to position at 4085 3 contracts short.
Closed all positions at 4076. Gained 2x224 pips and 3x9 pips= 648+27=675 pips.
Disclaimer:
All rights reserved. Anything on this letter may be distributed, copied or otherwise used if a reference to http://forexworlduk.blogspot.com is given and the author is given credit.
This blog is used as a trading diary and gives a trade setup for use of the author for training purposes. This is not trading advise and the author shall not be responsible for trading losses if the reader decides to trade upon the information herein.
Trading, especially currency trading , can and will cause huge losses.
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