In today's blog post I'll talk about my trades from yesterday. I've been trading on the short side of EUR/USD and actually I was able to take 2 trades making a cumulative profits in excess of +100 pips. My first trade was right at the London Open (see Figure 1) which is the ideal time to enter your trades because form my own experience the low/high of the day is made during that time of the day, there is a probability of 65% of that to happen.
Again, fading the London Open is one of my best setups and this time it worked very well as the timing of the trade was perfect. Even though I exited my trade right after we broke the Asian session support level, because there was no follow through the market give me a second chance to enter on a 50% Fibonacci retracement from the London sell off but again I exited the trade because there was no momentum.
PS: I completely missed the move in the yen crosses even though I was planing to short GBP/JPY, it would have been a monster trade but unfortunately I'm not having part of any hot action today.
Best Regards,
Daytrader21
Again, fading the London Open is one of my best setups and this time it worked very well as the timing of the trade was perfect. Even though I exited my trade right after we broke the Asian session support level, because there was no follow through the market give me a second chance to enter on a 50% Fibonacci retracement from the London sell off but again I exited the trade because there was no momentum.
Figure 1. EUR/USD 15 Minute Chart.
PS: I completely missed the move in the yen crosses even though I was planing to short GBP/JPY, it would have been a monster trade but unfortunately I'm not having part of any hot action today.
Best Regards,
Daytrader21
