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Trading notes 10/14/11
Its been a little over a month now since the EURUSD fell through the
bottom of its Summer range and for the second time since then it has
climbed back up to test the level it broke through. The last time was shortly
after the break and it proceeded to fall another 700-pips after the test. This
time it has regained those 700-pips and shown signs of a COP to the
upside, however its early and the range bottom is still in the way so I would
expect some decline off the test at least initially.
I had one trade today and it was early this morning on the GBPJPY. The
market had been climbing over night and had recently popped the upper
channel and made good depth on the pullback to the MC so I moved to the
entry time frame and took the first long off the 25x MC. The setup offered
a decent stop below the recent swing low made in the pullback with a target
about 1 1/2 times the risk and since I was headed out for the day I just left
it at that instead of trying to work more out of the trade. The trade worked
out fine in my absence about 40-minutes later. As usual I focused on the
first signal but there were other opportunities for late arrivals after the first.
Hope to see you in the room next week. Be sure to ask for help with you
need it. We can go over things step by step as needed and help you get
on to a good path. Refer to the Bulletin in the room for a video on how to
draw and use the levels as well as more examples of the basic setups and
let me know when you want help.
God bless you ~
Here is the prior post.
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Watts Trading Group
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