First off, I have to lose some frustration, I extended last weeks trade and gained another 280 pips..
However, meetpips decided it's better to take the average of both positions and count that as profit...
Which is stupid because that makes my counter say 256 instead of 512... thats half!
And not to mention it's stupid and stupid and did I say it's stupid enough? No! It's stupid and I don't really see the point of it. I hope you change that meetpips!
Anyways, let's get down to business shall we.
Me and my Veyron are currently driving long with a target of about 1.4100.
Now you're asking; Why the h*ll that far? Isn't the EUR/USD on a downtrend?
Well yes, on a 4 hour chart. But not on the daily, and certainly not on the weekly, which is my comfort zone.
Check out this chart.
As you can see, it looks like this all was just a huge retracement of an overall uptrend.
Of course I could be wrong, but it has never seemed so much more obvious.
But even if I am wrong, me and my imaginary Veyron can turn around pretty quickly once we notice that things aren't working in our favor.
I entered at 1.33560 and placed my stop below the low of last week at 1.29500.
As we speak I'm profiting about 60 pips already and hope that the market opens higher tomorrow since asia couldn't react to the horrible jobs report on friday.
Some people are still short the EUR/USD with targets set at 1.2900 and 1.2500 and even lower.
I guess we'll have to battle it out boys...
Have a great trading week!
Merritt
On Sunday December 5th, 2010 at 09:54PM by obiwan23 - Like - 0 People
Anyway, just wanted to drop by. I'll be keeping an eye out on this trade of yours as usual. Best of luck,
RJ
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