Its totally my bad luck that I forget to set TP for my last trade. EUR/USD went to 1.4877 and then it returned back. If I set the TP, I would get 50 pips from that trade.
Later on I closed the trade with 24 pips profit. It is totally a bad day. EUR/USD failed to make noticeable gain today. It may retrace next week due to FOMC.
Laden is killed!
It was the breaking news of today, everywhere, in forex market too.
EURO weakened against USD at earlier sessions of the day and after the death news of Bin Laden comes out, it raised quickly from 1.4763 (intra day support) to 1.4902 and therefore created a new high of the year.
I didn't open any trade today for the fear of unusual volatility, so the first day of this trading week is a non trading day for me.
I will buy EUR/USD if it test 1.4760 support again.
50 pips gain today!
My first intraday trade was opened today with fixed tp and sl.
It was the first trade of this week too. And it has closed with 50 pips profit!
So, total gain in this week is +50 pips. Two trades are running with floating loss (position/average trades), the loss has also reduced due to strong dollar. At anytime you can check my trading performance by clicking the myfxbook link from the first post.
The rally against USD is halted, is it taking rest or its end already?
My indicators are suggesting a short term reversal!
I have completed many trades already with FBS and total trading volume is increasing everyday, I think its not far when I will be able to unlock FBS $50 bonus which I got for my $200 deposit (25% withdrawable deposit bonus). I like this bonus because it has increased my capital by 25%.
Commodities are falling due to strong dollar and same thing happen for AUD/USD too. It's now trading below 250 pips than its all time high. I just bought AUD/USD. I expect AUD/USD will rise again soon, it was just a market correction.
This trade is now in 10 pips profit. Lets see what happen tomorrow ...
Its seems this week will go bad.
I should not trade against trend too.
The AU trade I opened yesterday is now in 100 pips floating loss, negative correlation has formed between AU and EU. EU is rising and AU is falling.
AU is falling because gold is falling. Why gold is falling? Because NFP is near. If NFP is near then why you opened trade? Now, I need to dig it out.
Anyway, waiting for tomorrow's NFP. I am sure it will bring a big change in market. Will it accelerate the loss more?
May or may not be.
Laurel is back on track.
Check my myfxbook link. No extra risk, but all loses are covered.
FBS System | Myfxbook
No new trade until NFP, till then Good Bye!
How your weekend is passing?
Mine is passing well, as you know I have covered recent loses and now in profit again. I withdraw profit once earlier and planning to withdraw a part of profit next week again.
I am now preparing trading plan for next week. I mainly performed position trades in last weeks and this week, most of my trades will be short term trades. They will be opened by pending orders and will be closed by stop loss or take profit. I will not move my stop loss but my take profit according to market movement.
My analysis says USD will continue becoming stronger for next week. Major reasons are traders gain trust on USA again after Laden is killed, many jobs added in USA economy last month (according to the record of NFP) and beside it, USA economy is improving with a good pace.
I think euro/usd will be the most sufferer next week, it has clearly broken the trendline and now falling quickly.
I think FBS will become the top choice of news traders. Thats because of their 2 pips spread at news time with very quick execution. I was feared of requotes when I was closing my trades after NFP since market was very volatile. By the way, the trades were closed without any problem, they allowed me to take the profit.
Wishing you a super duper new trading week!
I measure the movement of AUD/USD by looking at gold price. AUD/USD is highly correlated with gold since Australia is the largest exporter of gold. Usually when gold starts rising, AUD/USD also rise.
Recently gold was pushed below $1500 for strong dollar and therefore AUD/USD dropped 400 pips from its recent all time high. Gold is recovering now and I think AUD/USD will also recover the loss.
I just placed my first trade of this week. I opened a buy order in AUD/USD at 1.0735, I set 100 pips stop loss for this trade. I want to get 100 pips or more with this trade.
What a volatile market!
Rumors about Greece bailout package has spread around the market and that is moving the market now. Bloomberg reported that Greece will sell state assets next week and it worked as the fuel for the downward rally. So, what to do now? Sell euro!!!
I am not doing it right now (selling euro). I like volatility but I am waiting for a more clear signal. The market is ranging, euro/usd needs to break the support first.
The last trade in AUD/USD closed with 35 pips profit. So, total gain is 66+35=101 pips for this week. Not bad at all if I don't lose the gain at the end of the week.
So, I am in sideline. Sometimes it is interesting to watch the game instead of playing it!
FBS has a market analysis tool which combines of both fundamental and technical analysis. I am using it now. It keeps me updated about the major news and market prediction of the major banks and institutions. You can also use it, its free.