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Euro Trade
The Euro made a huge move upwards yesterday, which created great trading opportunies for those traders that were ready when the move took place.
That is one of the most difficult points of trading which no one talks about that much and that is that the trader must be ready to pull the trigger when the trade is ready to happen. The key for me is to be in front of the charts at a certain time each day and that way I will be ready any time a trade materializes while I am trading. Anything outside of that time frame I must not think about. Do any traders out there have any other methods that help them to not miss trades?
Now back to the euro. The pair moved upwards until it hit a critical resistance level of 1.4138. The pair has hit this level 3 times and been stopped each time in the last couple of weeks. The pair has been correcting since yesterday and I look for the pair to bounce hard off of the bottom trend line shown on the chart and from there move up to challenge the 1.4138 resistance level. So that is great point to enter and I would put a target at 1.4138. Then watch that level if the price breaks that we could see a target of 1.4339
240 Min Chart
That is one of the most difficult points of trading which no one talks about that much and that is that the trader must be ready to pull the trigger when the trade is ready to happen. The key for me is to be in front of the charts at a certain time each day and that way I will be ready any time a trade materializes while I am trading. Anything outside of that time frame I must not think about. Do any traders out there have any other methods that help them to not miss trades?
Now back to the euro. The pair moved upwards until it hit a critical resistance level of 1.4138. The pair has hit this level 3 times and been stopped each time in the last couple of weeks. The pair has been correcting since yesterday and I look for the pair to bounce hard off of the bottom trend line shown on the chart and from there move up to challenge the 1.4138 resistance level. So that is great point to enter and I would put a target at 1.4138. Then watch that level if the price breaks that we could see a target of 1.4339
240 Min Chart
Comment
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Comment by princess Todd on July 8, 2009 at 9:06am -
A report out of the Euro Zone showed an unexpected decline in investor and analyst sentiment on Monday as European Stocks fell hard bringing the Euro down with them.
Speculation that recovery was beginning in the Euro Zone was dashed last week after a bad jobs report and negative comments about the timeline for recovery were made by Central Bank President Trichet, after the ECB’s policy meeting.
Trichet set the recovery expectations out to the latter part of 2010 after hinting several months back that it could happen in the second half of 2009.
At 11:45PM GMT, the Euro was up .03% to the US Dollar to 1.3981, down .65% to the Japanese Yen to 133.36, up .3% to the Sterling to .8585, down .1% to the Canadian Dollar to 1.6213, down .01% to the Australian Dollar to 1.7536 and down .1% to the Swiss Franc to 1.5173.
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Past results are not necessarily indicative of future results. Hypothetical performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particularly trading program.
One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk. Variables such as the ability to adhere to a particular trading program in spite of trading losses as well as maintaining adequate liquidity are material points which can adversely affect actual real trading results.
One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk. Variables such as the ability to adhere to a particular trading program in spite of trading losses as well as maintaining adequate liquidity are material points which can adversely affect actual real trading results.
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