October 5, 2010
Forex trade update - Oct 5
Longs are still in play! The Eur/usd climbed again over the 1.3700 and reached already the 1.3855 level after a bounce on the main support line at 1.3635. This is a 230 pips move to the upside. I was able to take about 60 pips profit out of yesterday’s intraday short trade before that bounce.
There is not much to say here. The eur/usd is still long and my swing position is reaching the 1000 pips profit level (945 right now). If the 1.3900 level breaks we will probably see the price climbing up to 1.3950/1.4000 fast.
Still be prepared for a sudden retracement.
The chart looks already “too long”. I will keep you up to date.
Gbp/usd is still fighting between this 1.5900 and 15700 range. The price must really break these areas and give us a clear direction before we jump into any longer term trades.
I am still happy with my swing position and 1.6000 would be my next strong resistance area. But like the Eur/usd, I am preparing for sudden moves against the long trend.
A little advise or tip to all excided traders.
Trading is the easy part; you just have to click on your mouse button and of you go. The whole secret of successful trading on the other hand is to have the patience and to wait for the right moment to enter
and to exit your positions.
Enjoy your day & Happy and healthy trading
Nikos
Filed under Blog by Jeffrey Wilde


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