Thursday 29th October 2009

Thursday's trading started with strong positive divergence on both the 15minute and 1hour charts. We went Long when price breached the 1.4745 Resistance line around 10am. Entry was at 1.4746 and the first position was closed at 1.4772 for a profit of 26pips. The second position was closed at 1.4790 the next day for a profit of 44pips.

Wednesday 28th October 2009

On Wednesday, there was a strong bias in the downward direction despite the fact that we had positive divergence on the charts. We went Short when price breached the 1.4786 Support line convincingly around 12:15pm. Entry was a 1.4779 and the first position was closed at 1.4739 around 5:30pm for a profit of 40pips. The second position was closed the next morning at 1.4745 for a profit of 34pips.

Tuesday 27th October 2009

We had a bit of retracement during the Asian session but the downward trend continued during the London session on Tuesday morning. We however did not have a clear entry till about 2:30pm when price closed below the 1.4858 Support line.

Entry was at 1.4856 and the first position was closed at 1.4790 around 3:15pm for a profit of 66pips. The second position was stopped-out at 1.4833 around 8am the next morning for a profit of 23pips.

Monday 26th October 2009

On Monday, the Eur/Usd started off without any entries or identifiable trend for that matter. As we went into the US session, a Short entry started shaping up with the breaching of the 1.5018 Support. This was a very clear entry and it gave ample time for any trader (who was watching at the time) to get in.

Entry was at 1.5014 around 3:30pm and the first position was closed at 1.4997 for a profit of 17pips. The second position was finally closed at 1.4868 around 9:15pm for a profit of 146pips.

Friday 23rd October 2009

On Friday there was no clear entry. The market was ranging sideways for the most part of the day and there was no convincing breach of either Support or Resistance.

Thursday 22nd October 2009

Thursday's trading started with the Eur/Usd trending downwards. Price initially bounced off the 1.4983 Support line and then came back to close below it at 1.4982 around 7am. The first position was closed at 1.4951 for a profit of 31pips. The second position was stopped-out at entry around 11:15am.

Wednesday 21st October 2009

There was a very clear bullish pattern on Wednesday morning. We went Long as soon as price closed above the 1.4939 Resistance line around 7:45am. Entry was at 1.4940 and the first position was closed at 1.4967 for a profit of 27pips. The second position was closed at 1.4996 around 8:45pm for a profit of 56pips.

Tuesday 20th October 2009

On Tuesday, we had negative divergence on both the 15minute and 1hour charts (coming into the London session). We therefore had an idea that price was heading downwards. The problem however was finding a suitable entry point. Ideally, we would have gone Short when price broke the 1.4963 Support line but it closed at 1.4947 which was too far away.

Monday 19th October 2009

Monday's trading started with an upward trend following positive divergence on the 15minute chart. There was a breach of the 1.4906 Resistance line around 7:45am. We took a Long position at 1.4908 and the first position was closed at 1.4936 for a profit of 28pips around 8:45am. The second position was stopped-out at entry at 1:30pm.

Friday 16th October 2009

Friday's trading began with negative divergence on both the 15minute and 1hour charts. The best entry would have been around 4:00am GMT but that might have been too early for most people to catch.

The next opportunity was around 6:30am when price breached the 1.4918 Support line. We went short at 1.4913 and the first position was closed at 1.4893 for a profit of 20pips. The second position was stopped out at entry around 8:15am.

Thursday 15th October 2009

Thursday's trading started off with slight negative divergence on the 1hour chart. Price then bounced off the 1.4968 Resistance line and started heading south.

There was a good opportunity to go Short around 12:15pm when price breached the 1.4902 Support line. Interestingly, I had an intending student in my office at the time and I called the trade even before it happened.

Entry was at 1.4901 and the first position was closed at 1.4880 for a profit of 21pips. The second position was closed at 1.4880 around 1:15pm for another 21pips.

Wednesday 14th October 2009

The Eur/Usd was trending upwards this morning but because of negative divergence on the 15min chart, we we're weary of taking a long position. The nearest support line wasn't breached and so we didn't take a Short position either. We eventually ended up staying out of the markets today.

Tuesday 13th October 2009

There was an upward trend on both the 15minute and 1hour charts as we came into the London Session. We took a Long position when price closed above the 1.4793 Resistance line around 9:45am. This was a very interesting trade because we almost got stopped-out before price turned around and ended up in our favour.

Entry was at 1.4799 and the first position was closed at 1.4832 for a profit of 33pips around 11:30am. The second position was also eventually stopped-out at 1.4832 for a 33pip profit around 2:15pm.

Monday 12th October 2009

We had a bullish pattern coming into the London session and we went Long when price breached the 1.4730 Resistance line.

Entry was at 1.4734 around 10:30am and the first position was closed at 1.4760 for a profit of 26pips around 11:15am. The second position was closed at 1.4789 around 4:45pm for a profit of 55pips.

Friday 9th October 2009

Friday's trading started with clear negative divergence on the 1hr chart and a mini downtrend developing on the 15minute chart.

Price however failed to breach the 1.4708 Support level all through the London session and when it eventually did breach that level around 5:15pm, it closed too far away at 1.4687.

There was therefore no entry for us on Friday.

Thursday 8th October 2009

The first clear signal for the day came in the US session around 5:15pm when price closed above the 1.4782 Resistance line.

We went Long at 1.4783 and the first position was exited at 1.4804 for a profit of 21pips. The second position was stopped-out at entry around 6:30pm.

Wednesday 7th October 2009

There was again no clear signal signal to enter a trade today. We could have gone Long around 7:15am when price closed above the 1.4709 Resistance level but it closed at 1.4724 which was too far away.

Tuesday 6th October 2009

By the time we approached the London session this morning, the Eur/Usd had put in well over 70pips. This made us weary of going Long without any highly compelling reasons.

There was also an absence of clear reversal patterns (like negative divergence) which might have led us to take a counter-trend position. We ended up staying out of the markets yesterday.

Monday 5th October 2009

Today's trading was a good way to start the week. Coming into the London session, we had negative divergence on the 15minute chart and it coincided with significant resistance at the 1.4656 level.

Entry was at 1.4641 around 7:45am and the first position was closed at 1.4612 around 9:45am. The second position was closed at 1.4619 around 3:00pm when strong reversal signs showed up on both the 15minute and 1hour charts.

Friday 2nd October 2009

On Friday, there was no entry signal until the time for the NFP report. This isn't a strange occurrence; many times, the market acts this way in the hours leading up to a major economic release as many speculators just sit on their hands because they don't want to be caught on the wrong side of the news.

In the moments after the NFP release, the Eur/Usd headed south but found support at the 1.4480 Support level from where it began a rapid recovery in the upward direction. A good trade (though risky) would have been to enter a Buy position when price broke the 1.4576 Resistance line around 2:45pm. You would have exited the trade at 1.4635 with a profit of about 56pips (around 3:15pm).

Thursday 1st October 2009

Today, we had a downward trend coming into the London Session. There was an opportunity to go Short when price broke the 1.4628 Support and then retraced to confirm that level. The 20SMA held steady so we went short when price closed at 1.4627 around 6:45am. You could have entered earlier when price initially broke the support if you were awake at the time.

The first position was closed at 1.4605 around 7:00am for a profit of 22pips. The second position was closed at 1.4583 around 8:15am for a profit of 44pips.

Wednesday 30th September 2009

There were too many conflicting signals today so we just stayed out of the market. hmmm...