So I forgot to setup my trade last night and got to wake up to see that it would have turned out perfect... of course. Oh well. The trade I meant to make was a pretty good safe trade that I usually look for. When you have a tight well defined range, yesterday, it's a good play to setup a trade to take advantage of when price breaks out of the range. When the range is small for a whole day generally the breakouts are strong and pretty large. For instance this morning's breakout at 2:05 am (est) went up 40 pips in an hour before price came back down to the previous days range. Now we had the break of yesterday's low on the back of the Consumer Confidence news release and I took a short on AUD/USD. I locked in 20 pips and scaled out half my trade, then set my stop at break even. I'm hoping price will go to the S3 pivot line but it's hesitating a bit at S2. Overall not a bad morning, but it could have been 40 pips better! lol Plan your trade and trade your plan, last night I did the first part but forgot the second... oops! I'll update at Asia open.
11:51 PM
Well not much going on this evening. I think I will take the night off and get ready for tomorrow AM. New York session has some key news releases that might cause some good movement:
@ 10:00 AM Wednesday Bernanke testifies and also the New Home Sales numbers are released. I don't trade fundamentals specifically but obviously I look for them to set off my technical targets. Hopefully I can get on early tomorrow and post my strategy for the day ahead of time with some entries and targets and such. We'll see.
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