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We had another great night of trading last night. After sitting out 2 nights ago, we found a safe entry level at 1.8830 and went short. We were almost stopped out (1.8870), but, thankfully, that didn’t happen.
Within a few hours of reaching the high Cable fell hard and turned our trading day into a big winner…
Alright, another night’s trading has gone by and now we have a potential trade setup.
First, though, let’s go over last night. In case you have forgotten, we sat on the sidelines last night, so for us there was no trade…
Let’s start this week by looking at the end of last week. We mentioned that we are extremely cautious of Fridays. We generally don’t trade, or trade less, on Fridays.
For some reason, we have not had much luck with trading on Fridays…
Wow, another great day of trading, and we missed 90% of it. We took our short at 1.9000, which we called yesterday, and closed it for a 40 pip profit right before the release of news at 7:30 EST.
From that point on, we waited and watched…
Well, another great day of trading. Our resistance level of 1.8900 held beautifully at around 3:30 am EST…
Ok, we admit it, this is even a good trading week for us. A couple of weeks ago, when we made 700 pips we did it in a market that was incredibly volatile. There were 300 pip ranges throughout the week.
This week, however, we have caught the entire range of Monday’s trading, Netting us 40 pips on one trade and 100 pips on another…
Ok, so be honest. How many of you thought we were crazy when we said look for mid 1.8700’s. Well, hopefully you caught the bottom of the move from yesterday and jumped on for the ride.
However, don’t beat yourself up if you didn’t get in. Remember, taking no trade is better than jumping into a bad trade for bad reasons…
Tonight is the first night in a long while that we will look to go short on cable. We believe Mr. Bernanke said what most people wanted to here and that his statement will satisfy most traders.
There are several reasons apparent on the charts indicating that we may have already seen a swing high at 1.8729…
When is a night that you don’t get into a trade a good trading night? Well the obvious answer is when the market goes against you, but since you did not get to your entry price you did not lose any money.
Last night gave us an example of what I believe is an even better no trade night…
I truly hope that all of you have been following our outlooks on the Forex market. Last week, alone, we netted over 500 pips in profit.
Now, granted, that is a GREAT week of trading, but they do come often enough. But, how are you supposed to know when they are coming?
You aren’t…