Friday, May 29 Update

The market has become very bullish, as it broke the 1.3900 level, and is heading towards the 1.4000 price. On the 4 hour chart, the resistance level of the downtrending channel has been broken:

GMT 05:52 – Prices have just broken yesterday’s high as well as the the 1.4000 level (but the candle is not yet closed). I will be looking for a slight retracement before entering a buy trade.

GMT 06:21 – I have just entered into a buy trade. I missed out on a better price because I went to make myself a sandwich (note to self: no eating when waiting to enter into a trade!!!)

This is going to be a longer term trade, and although I usually don’t take such trades on Fridays, I’m pretty convinced that the market is going up today.

Long @ 1.4002
SL @ 1.3937
PT @ 1.4049 (first target),  and if the candlestick action shows that prices can go higher, I’ll hang on to the trade.

GMT 11:36 – I’ve just come back from a nice swim, and am happy to see that prices have shot up about 100 pips in the past 4 hours. I have just placed a protective stop at 1.4085 (15 pips below 1.4100). I will be closing this trade by the end of the day.

GMT 12:18 – Manually exited the position at 1.4103. (+101 pips).

This is a good close to the trading week.