Forex-Dreamer: EUR/USD Strategies on July 17, 2009

Rain's Quote

My first interaction with forex was GBP/JPY, but more deep involved with forex, I learn that it's not about how you make a lot of profit, it's not about how fast you will gaining hundreds of pips. It's all about how you dealing with your psychological factors, how you manage your risk and stabilize your profit. It's true that GBP/JPY could give you hundreds of pips in an hour or less but it could take your all margin either.A fiew month ago, I decided reduce my trade in GBP/JPY and try to play in EUR/USD,It's hard time when I must learn new behaviour becouse trading in EUR/USD is not same thing dealing with GBP/JPY. EUR/USD has own rhythm. Based on that I decided to make this blog, I want to share with everyone about my journey to change my behaviour and I hope,you can feel the same thing, that it's not too late to learn something new and there is always new things to learn in forex market. Don't stop learn,once you stop it is same thing that you are dead. There is a lot thing I want to write but my limitation in english make it hard to me to wrtite, but I don't want give up. I believe, someday english would not be my constraints to write and share with you. My motto : Learn First, Wealth Will Follow.

Friday, July 17, 2009

EUR/USD Strategies on July 17, 2009

09.43 AM (GMT+7)

Awaken this morning, have cold coffe and soon turn on my computer,this is friday and it's always interesting trading in friday. I'm still on my option: prefer to buy EUR/USD but does not mean I don't think about possibility bearish.From this 30 minutes's chart shows price action already through EMA 66, this is could be a warning, it will turn to bearish soon after EMA 5 (blue) and follow by EMA 20 ( green) going through EMA 66 (red) I may will change, prefer to sell EUR/USD. But meanwhile I stick on my plan : bullis are idea for today.

EUR/USD - Time Frame 30 minutes
My nearest resistant is the previous EMA movement, level which is EMA 5 crossed down to EMA 20 at 1.4134 area as the comfirmation reverse from 1.4166 continue. In my view, price seems like want to push 1.4070 and if it's happen and steady it could test 1.4044 which is my key level, if steady below 1.4044 I believe it might change direction for next several days. Oposite, if price could not break 1.4070 or it break but bouncing up, I'd prefer in my plan, EUR/USD might goes up for more, and if break 1.4134 I think it will re test 1.4166 and if steady it can up for more to 1.4202 as resistant and would hold EUR/USD reach 1.4310.

Based from that I wrote above, I already set pending order. I set Buy Stop at 1.4135, my Stop Loss at 1.4095 and my target at 1.4185

UPDATE - 01:36 PM (GMT+7)

My pending executed but it failed hold and fall to my SL. Bad begining for today, loss 40 pips. May be I can catch it latter, now I'm just wait for EUR/USD

UPDATE - 09:35 (GMT +7)

EUR/USD failed through 1.4044, as my main plan, now I'm hoping Eur/USD will test today's Hi. This bullish pattern now clearly shows at both 30 minutes and 15 minutes chart. I've already take one Long position bye market price at 1.4123 with 1.4093 as my Stop Loss while target I leave it open. I will keep watching it and decide next move later

TF 30 minutes:

TF 15 minutes: