It was a relatively quiet day in the markets yesterday. Pairs hardly moved since there was a lack of economic catalysts on schedule. I was thinking that the pairs would simply take from last week's strong moves and that they would continue on the same trend this week... so I tried to make a breakout trade on the GBPUSD but that didn't work out too well for me :(

What I probably should've traded was the AUDUSD pair. Its previous day high is nearly in line with the 38.2% Fibonacci retracement level. And, guess what? The pair retested that level twice during the day and I was unable to take advantage of that! Bummer. I guess I was out looking for big trades (and not small day trades) so I didn't really take this trade idea into consideration. A short at the 38.2% Fib until the bottom daily ATR of 0.8620 would've worked out well - that's 80 pips already!

18:58 on Mon, 08 Feb 2010 | Views: 20