Greetings everyone,
Weekly review 7/3/2010
Trades this past week:
http://farm5.static.flickr.com/4143/...96880d3f_b.jpg
We again closed this week with a profit. This time, we didn’t make 297 pips as we did last week but we did make +58 Pips.
We traded less than usual, only 3 trades for the European Morning Technique, none for the Pound, but we made gains, little by little and by being conservative. A good example of why we didn’t trade the Gbp/Usd for the European Morning Technique can be found if we analyze Thursday, July 8th, when hours before announcing interest rates in the UK, the following happened.
http://farm5.static.flickr.com/4138/...00dde704_b.jpg
We saw ranges in one minute of more than 20 Pips, both up and down. Therefore, it is impossible to trade with stops of 30 Pips both because of amplitude and lack of tendency. On Monday, July 5th, banks and markets in the US were closed for a national holiday and, therefore, we could not trade, following our norms for the USA Morning Technique. Given the fact that we traded less than we usually do, the numbers for the week were good.
http://dailymarketadvice.com/
Weekly review 7/3/2010
Trades this past week:
http://farm5.static.flickr.com/4143/...96880d3f_b.jpg
We again closed this week with a profit. This time, we didn’t make 297 pips as we did last week but we did make +58 Pips.
We traded less than usual, only 3 trades for the European Morning Technique, none for the Pound, but we made gains, little by little and by being conservative. A good example of why we didn’t trade the Gbp/Usd for the European Morning Technique can be found if we analyze Thursday, July 8th, when hours before announcing interest rates in the UK, the following happened.
http://farm5.static.flickr.com/4138/...00dde704_b.jpg
We saw ranges in one minute of more than 20 Pips, both up and down. Therefore, it is impossible to trade with stops of 30 Pips both because of amplitude and lack of tendency. On Monday, July 5th, banks and markets in the US were closed for a national holiday and, therefore, we could not trade, following our norms for the USA Morning Technique. Given the fact that we traded less than we usually do, the numbers for the week were good.
http://dailymarketadvice.com/