Monday, June 29, 2009

06/29 Day Trading FOREX

Had a difficult trading session Today, it was harder than usual to read the market. A lot of uncertainty caused for a couple failed trades. By the end of the day I was more convinced of a stronger USD, so took a sell on EUR/USD. Nonetheless, the Short EUR/USD took its sweet time to reach the 1:1 price target.

1) Short EUR/USD: We had a bearish sign at the "daily high", the trade faded at the 13 EMA and the 5-min trend line.
2) Long GBP/USD: I hesitated before hitting the trigger on this trade. The reason for my hesitation was valid after all: The price was too close to its previous high, and with this big indecision this was a trade that needed a new high in order to work, and it failed.

3) Short EUR/USD: Realizing USD was getting stronger as the day went by, took this on the spinning top's low. I new there would be support at the 4050 level, which it did, bouncing a few times. By now I was already trading 1/2 of my size, I tend to reduce my size when I'm not trading well, it is just one more level of money management. This one took some heat, went through a lot of back-and-forth indecision but eventually worked.

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