This morning, I woke up at 7:00 AM, and the EUR/USD stayed in a flatline, pinballing between the 38.2 resistance line and 61.8 support line. I only have a few hours to trade today. Last night, I finished my Forex Revolution book. It was good, for the most part. It wasn't very indepth, but gave a great overview of Forex and told some great stories about the countries involved and the risks at hand.
My bet today is that EUR/USD will indeed climb upward and reach those top trendlines I marked last night. I'm still going to look for my crossover points, however. I just missed one an hour ago.
First nibble of the morning - GBP/USD - Possibly looking to break out up or down soon...
7:21 AM - Just suffered through my first requote on MT4 - Green was launching upward and I put in an order to buy at 2.0524, but it shot up nearly 5 pips and I only had a 1 pip deviation set so it cancelled my trade. The bar ended up going up to 2.0534 before calming down. I ended up not getting in the trade.
7:27 - Sell Order after seeing technicals hit resistance.
Sell 100,00 GBP/USD at 2.0535
Stop Loss at 2.0549
Take Profit at 2.0519 (20 Pips)
Hit a resistance twice and bounced right back and then blew right through it and popped the SL in about 3 minutes. The problem here is that I bet against my plan. Shame, shame, shame.
7:29 - Stop Loss Order
Buy 100,000 GBP/USD at 2.0549
Loss of $140.00
Looks like I have some more work to do today to get out of the hole.
8:11 AM - Crossing indexes - White crossed yellow and I sold 100,000 of GBP/USD:
(Also saw evening star 5 bars earlier)
Set stop loss limits at 20 pips and profits at 30 pips.
8:45 AM - Well, 2 bad trades to start the morning. After the 8:30 bell, the reverse stopped and started inching higher slowly.
Stop Loss - Buy 100,000 at 2.0545 - Loss of $250.00
Saw another crossing mark at 4:45 GMT (9:45 AM) and then it flatlined again for a while. But then started to rise.
BUY EUR/USD 100,000 at 1.4662
Stop/Loss 1.4648
Take Profit 1.4683
Heading out and leaving this one on autopilot to hit the profits!!
12:00 PM - Adjusted the take profit line to 1.4670 to get out profitably as the line just hovered around for several hours. It popped about 1:00 PM
Net gain - 8 PIPS - $80.00
The market seems VERY flat right now and probably will stay that way through the week.
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