Good morning dear traders, welcome in a new trading week. How was your weekend? Did you celebrate your profits of last week, or ...?
I was satisfied with my last week´s trading results. Friday´s trading day was great.
There was a fine downward trend and I had 5 trades with 64 pips.
Sure, there might have been more pips possible. But tell me who always buys or sells at the right moment? So, I do not want to become greedy.
After a range of 1.3520 and 1.3583 the crosspair moved at about 7 GMT after good news of Switzerland into the direction of 1.3560.
Later on followed bad news from Europe, where the crosspair lost again and was moving into the direction of the low of the morning range.
After the publication of the Reuters/Michigan Consumer Sentiment Index there have been at 13:00 GMT nice trading possiblities for short trades.
Thus, EURUSD continued the downward trend of the last days and landed where it already landed last week´s Friday.
You see the airspace in EURUSD is at the moment comparable to the real airspace in Europe.
EXPECTATIONS FOR TODAY´S TRADING DAY
How will we start into the new trading week?
The most important news for today:
07:00 GMT - European Currency Union (Construction Output - rather unspectacular) 12:30 GMT - Canada - Foreign Investment 14:00 GMT - USA - Leading Indicators
All in all I would see today´s Monday rather conservative related to volatility. But wait and see !
TRADING CHANCES FOR TODAY
Over the night EURUSD the crosspair lost again some strength.
Today morning (4:45 GMT) the crosspair is in a range between 1.3445 and 1.3500.
I would see trading chances for long above 1.3515 with take-profit at 1.3660-1.3690 and stop-loss at 1.3475.
For short there could be some chances below 1.3430 with take-profit 1.3400-1.3370 and stop-loss 1.3460.
Always take care of your stop management.
TRADING TIP OF THE DAY
„How consequent do you keep your trading diary? Do you note each trade? With entry, position size and at least 3-4 reasons why to do the trade? No? Then you should become more consequently to do that. Believe me, you will improve your trading that way more and more, etc.
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I wish you all the best for your Forex trading today and a good start into the new trading week.
Performance April 2010: 321 pips (5 trading days)
RISK AND EARNINGS DISCLAIMER
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