+7 2:0 2010-06-16

1: daily down is 3hourly lightly up, hourly up and ema62 is tested 2 times 15minute sideway 5 up. resist 1.2310, support 1.2250

2: News to come is: 7:30 oil inventory, (now it's 6:45)

3: What's the main event just happened that move the market? spain issue and then news of PPI at 5:30.

4: What do you think the market will do today? it's a choppy market, I think it will stay with range of 1.2250 and 1.2350.

5: Were you right about the market? (After the trading session)yes, trending down slightly.

6: What's the trade?
A: Short at 1.2310, stop 1.2320, target 1.2295 S/R play
B: buy at 1.2295, stop 5 pips, target 20, EMA62 on 1 minute chart.
Is it follow the rules? YES
How many pips it risk? 15
what's the daily limit and daily risk now? 60/ 15

update on the trade A:


done with the trade..




Update2: (10:50 AM PST), it's soooo boring this market.

Update3: I had a short order at 1.2335, which is base on support and resist, stop is 50, and target 00... It didn't get filled but it's a good setup in the ranging market.