Day by Day, hourly analysis of EUR/JPY currency cross on the foreign currency market (FOREX). Sell and Buy signals on a technical basis Use signals at your own discretion.

Friday, October 1, 2010

Oct. 1, 2010 AM Update


This has really turned out to be a somewhat unconventional Friday trading session. Instead of plateaus and intermittent profit-taking, there has continued to be a huge surge to the upside.

We opened fairly high above yesterday's low (>90 pips). Which was a good sign this uptrend was to continue into today. There was been a strict adherence to the 100 EMA as far as touches and bounces are concerned. If you went long at the open @ "113.884" you'd be up >35 pips (3x + our 10 pips daily TP). Remember, moving averages are the basic, banal math. Don't bet against the math, or you'll get burned. If PA is trending above a moving average, it will continue to do so until it crosses below.

All in all, this has been a great Friday with lots of volume. I wouldn't stay in any trades over the weekend, as there is a lot of uncertainty concerning austerity measures both in America (QE 2.0, credit unions being bailed out) and Europe at the moment. You really don't want to be caught in a trade if there is a huge drop over the weekend.

Good luck trading and have a great weekend everyone!

Summary

- Should have gone long @ open "113.884" and played the 100 EMA. Good for 10+ pips.

- Always be mindful of the moving averages. Where is PA in relation to an individual moving average (MA). This is how we gauge trends and trend strength.

- Take a break for the weekend. Open trades are susceptible to huge weekend swings that can hit SLs and ruin an otherwise excellent trading week.
Posted by at

29 comments:

  1. AnonymousOctober 1, 2010 at 8:55 AM

    thanks for the update.

    ReplyDelete
  2. MangoPawnchOctober 1, 2010 at 9:25 AM

    Thanks for the updates, enjoy them!

    ReplyDelete
  3. AdrienOctober 1, 2010 at 9:26 AM

    Good advice about bailing out of the trades over the weekend, will keep that in mind!

    ReplyDelete
  4. M. PaynesdownOctober 1, 2010 at 9:35 AM

    Breaks for the weekend sound good to me :)

    ReplyDelete
  5. Advantage-playerOctober 1, 2010 at 9:39 AM

    Thanks for the updates

    ReplyDelete
  6. HENRYOctober 1, 2010 at 9:57 AM

    sounds fucking good man

    ReplyDelete
  7. OciferOctober 1, 2010 at 9:57 AM

    Nice blog and interesting stuff u have here ill keep coming every day to see whats new

    ReplyDelete
  8. pixelOctober 1, 2010 at 10:59 AM

    so you think things are starting to trend back up?

    ReplyDelete
  9. anon1337October 1, 2010 at 11:27 AM

    so things are looking up, nice.

    ReplyDelete
  10. troykanOctober 1, 2010 at 11:33 AM

    so what are you going to do?

    ReplyDelete
  11. doingitwrongOctober 1, 2010 at 11:42 AM

    informative post my good sir!

    ReplyDelete
  12. ShiroOctober 1, 2010 at 11:49 AM

    Taking the advice, good info man.

    ReplyDelete
  13. AdmiralAngelOctober 1, 2010 at 12:53 PM

    Thanks for this dude!
    Really helped.

    ReplyDelete
  14. NingenOctober 1, 2010 at 1:55 PM

    nice advice, thank you for it(^_^)

    ReplyDelete
  15. RatchOctober 1, 2010 at 2:04 PM

    thanks, that was a long week but you kept the excellent updates :D

    ReplyDelete
  16. Home Alone StonedOctober 1, 2010 at 2:10 PM

    thanks for the tips man

    ReplyDelete
  17. MarkOctober 1, 2010 at 2:52 PM

    Thanks for the info!!!

    ReplyDelete
  18. stocaldOctober 1, 2010 at 2:58 PM

    Good info

    ReplyDelete
  19. TheCoolIglooOctober 1, 2010 at 3:20 PM

    Thats a pretty high open

    ReplyDelete
  20. Touch and FeelOctober 1, 2010 at 3:29 PM

    Awesome info. The FX is still a bit over my head, but I would love to get into it.

    ReplyDelete
  21. WatOctober 1, 2010 at 5:01 PM

    Hmmmmm,stuff to think about

    ReplyDelete
  22. WhebSurfOctober 1, 2010 at 5:04 PM

    very informative keep it up

    ReplyDelete
  23. EightRocketOctober 1, 2010 at 7:06 PM

    This is something I should get into...

    ReplyDelete
  24. AllenOctober 1, 2010 at 10:10 PM

    Over my head, but still interesting

    ReplyDelete
  25. killerkunOctober 1, 2010 at 10:11 PM

    Thanks for the updates!

    ReplyDelete
  26. McBindaHouseOctober 1, 2010 at 10:12 PM

    I'll try to take your advice and not lose all my money. thank you, kind sir

    ReplyDelete
  27. RonNiebOyOctober 1, 2010 at 10:24 PM

    always look foward to this great info, thanks

    ReplyDelete
  28. LuigibombOctober 1, 2010 at 10:37 PM

    this is awesome

    ReplyDelete
  29. John GOctober 3, 2010 at 9:10 PM

    Nice. Was wondering about how much I should start stocks/trading with if I plan on doing it as a long term investment. You seem like you know what you're talking about. Followed!

    ReplyDelete

Subscribe to: Post Comments (Atom)