Forex Trading – Day #275
September 30, 2008
With the new direction of all 3 currencies short for the swing trading system this week, an opportunity arose on the Yen at 4 p.m. EST with a reversal pattern on the 1-hour chart occurring at the 61.8% and 78.6% Fibonacci confluence with oscillators indicating overbought conditions. I entered this trade risking 2.8% with a 47-pip stop loss. The aim is for 94 pips. Currently, the trade is up 17 pips. Upon reaching 47 pips, I’ll be moving the trade to break even. The Euro and Pound have yet need to retrace to resistance levels before opportunities to sell occur, possibly later this week.
At the beginning of the trading day for 10/01/2008, 2 opportunities look to present themselves for position trades on the daily charts. I will be entertaining a short position on both the Euro and the Pound at approximately 8 p.m. EST if price stays below my entry levels.
Intra-day trading for 10/01/2008 during the European session will be looking for opportunities to trade short for 20 pips.
