Good morning dear traders,
Had the day before yesterday no direction, trading was real fun yesterday.
I had some fine trades in GBPUSD and EURUSD with a profit of 23+21+35 and 26 = 105 pips.
Hope your trading was also very successful as there have been a lot of nice trading chances.
Thus, I was satisfied with the results of my trading day.
I hope we will have also for today some fine trading chances.
After a range between 1.3363 and 1.3413 there was a real drop-down at about 7:15 GMT in EURUSD. Perfect for short-traders ;-)) And there was no end in sight. Low of the day 1.3143.
How will it go on today? This a question a lot of traders are asking. Will EURUSD further fall. Well, the Greek crisis is quite a problem for the Euro at the moment.
In GBPUSD I was stopped in short due to a order in my system at 1.5420. First winner of the day with 23 pips, followed with another short trade in GBPUSD at 1.5360.
Finally GBPUSD landed in the afternoon in a sideways range and lost later on also some more pips into the direction of 1.5250.
EXPECTATIONS FOR TODAY´S TRADING DAY
Can we repeat yesterday´s trading today?
Let´s have a look to the most important news for today:
??:00 GMT - Germany - Consumer Price Index 11:00 GMT - USA - MBA Mortgage Applications 14:30 GMT - USA - EIA Crude Oil Stocks change 18:15 GMT - Fed´s Interest Rate Decision ( maybe the most important news of the day)
Due to Fed´s Interest Rate Decision it can be possible that the markets will not find a real direction during the day and will wait until 18:15 GMT. But let´s wait and see.
TRADING CHANCES FOR TODAY
EURUSD further fell over the night.
Today morning (4:00 GMT) the crosspair is in a range between 1.3160-1.3217.
I would see trading chances for long above 1.3245 with take-profit at 1.3345-1.3370 and stop-loss at 1.3190.
For short there could be some chances below 1.3125 with take-profit 1.3065-1.3030 and stop-loss 1.3170.
GBPUSD lost also over the night.
Today morning (4:00 GMT) the crosspair moves between 1.5225-1.5287.
I would see trading chances for long above 1.5325 with take-profit at 1.5375-1.5420 and stop-loss at 1.5275.
For short there could be some chances below 1.5210 with take-profit 1.5180-1.5155 and stop-loss 1.5250.
Always take care of your stop management.
TRADING TIP OF THE DAY
„Have a stop-loss already when entering into a trade and choose the size of the stop-loss according to your account size and position size. You will see that you will become a more relaxed style of trading.
I wish you all the best for your Forex trading today and happy trading !!!
Performance April 2010: 638 pips (12 trading days)
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