Hi all, and I hope you are all having a great weekend. Remember to rest that brain for the upcoming trading week :)

Well Friday was a day where the European currencies followed their trend from Thursday. The asian session saw a rest period for the EUR/USD and the GBP/USD, before resuming it's drop shown from the previous day. It is quite common, and quite healthy for a strong move to rest before resuming it's move down from what I have read, and this was a classic example of that principle.

In terms of my trading day, it was a very quiet one, with only one trade in the asian session at the resistance line while the EUR/USD was ranging approaching the opening of Europe. It was a safe trade that netted me 10 pips. I jumped on the right side of the move on the opening of Europe, netting another 20 pips, before undoing that good judgement with a long position on the opening of London, thinking, like has happened recently, that London would reverse Frankfurts move. In hindsight I should have realised the move was too strong for London to move prices back up immediately, the trade was closed at -18. Overall though a winning day so I should not complain :)

I took the US session off, as I felt tired and weary, and if there is two things that I have learnt recently, do not trade when you are either tired or emotional. Below are my results for the day, this weekend I will complete an article on Money Management that I hope will clear the concepts up in my head and help you all.


Remember, rest up and research and I catch you all next week.

Today's result: +12 pips | Overall: -20 pips

This entry was posted on Saturday, September 24, 2005 at 11:08:00 PM. You can skip to the end and leave a response.