Friday, July 3, 2009

Stop Trading, the most predictable week ever?

I usually post this segment on Saturdays. But I've decided it will be Fridays or Saturdays (after the forex markets close and before opening day) depending how the trading week went. Anyway. I haven't done much trading this week. Just 1 trade, and it wasn't until Wednesday until I made it. It was a very weird trading week in fact. Anyone that follows this blog knows I'm trying to specialize in the EUR/USD currency pair, and so far that has been pretty 'boring' in the Forex Markets. But that's not a bad thing! Boring is good! You want boring! I wish every week was a boring trading week. Boring in my opinion means that it's so well directed you can pretty much sit back and relax and watch the money roll in. That's what happened this week. 200+ pips richer. Read Wednesday's post. I clearly stated that anything over EUR/USD 1.41 is a perfect opportunity to sell and make a bunch of pips. And guess what happened? Am I a fortune teller? I start to think that myself because so far I've been almost spot on, lol. Anyone that is trading the EUR/USD pair should start to wonder whether it's a wise decision to check this blog before entering in any trade. Hmmm, bragging rights? I think I deserve it (so far), and believe me, I'll admit when I'm wrong because I'll learn from my mistakes. So far I have not yet entered a blog post were I have to do so. The funny thing is, I don't consider myself a professional trader (yet). In fact I'm a newbie still when it comes to Forex, still trying to understand how different factors and trading vehicles work, and how the correlate and interact with each other. So far I seem to do better then most 'experts' in the field. I know, this blog is underrated! :P
Ok, let's wrap up, during the week EUR/USD;

And, of course, click on the image for the bigger picture. Most brokers alerted that there was a good opportunity to sell at 1.41, which happened Wednesday. I didn't trade Monday or Tuesday because as you can see the chart bounces up and down and it was really unclear what direction all this was heading in.Turns out my analysis were right, (read last weeks Stop Trading!!) and we gained a few pips. And for anyone that's wondering what happens next?
I cashed out.

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