Good Morning!

17 08 2010

Most of my (good) trades seem to take place in the morning and today’s not proving to be an exception.

Price broke through yesterday’s high of 1.2872. Ignored the consecutive reversal pins and set my order at 1.2882 with stop at 1.2861. First TP set at 1.2893. Stop moved to just below 1.287 and I’m hoping to see some positive up moves in EURUSD. Zooming out on the 1hr timeframe, the next likely resistance i think is at 1.3 so I’m trying to use some discipline in resisting the urge to move my stop to the next higher low of 1.2884. If it’s going to get up to 1.3 it’s going to need plenty of room, and that potential reward is worth the risk of coming out flat.

Update: Stopped out 😦 for 10 pips from 3 contracts… still believe it’s going to 1.3 so will look for clues for potential entry.

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