+70 pips : Trading starts in Oanda $ 148.86 & FXCM account is still maintained...

With the market moving strong against USD today, today is a great day for trading and profit taking. I've decided to start my trading in Oanda earlier, positioning myself to the profit direction.

EUR/USD market were seen on sideway trading during early Asian session and prices only seen moving in a bigger range from 2.00 am EST. All major currencies traded higher against USD after SNB Chairman Roth's comments on the influence of the weaker CHF on interest rate policy have lit another green light for those looking to sell USD/CHF rather than buy EUR/USD as the preferred overall short USD play. USD/CHF shorts are less likely to run into some of the more 'active reserve management' that seems to occur on EUR/USD where sovereigns do get a mention on both sides. Maybe a big clue was that the USD/CHF sellers yesterday did appear to include all a lot of Swiss names!

Trade Details

Account: Oanda Brokerage


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Completed/Closed Trades
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Trade: Long EUR/USD @ 1.2560

Target: 1.2610

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Existing Trades:
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Trade: Long EUR/USD @ 1.2610

Target: 1.2650

Comments: A profitable, +50 pips first day with Oanda Brokerage with implied new system but it's a system without stops. I've already implied the hedging system into my account in case 1 trade turns negative.


Account: FXCM Brokerage


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Completed/Closed Trades:
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Trade: Long EUR/USD @ 1.2600

Target: 1.2620

Comments: Target reached and consolidates losses occured on Tuesday 25 April 2006. Adding to the account is a +20 pips profit. Now with a margin back to $ 100 dollars, trading will be much easier.

It's still expected that the EUR/USD will continue it's rally to a high of 1.2720 or probably higher.



The image above shows the move of the moving average graph of the EUR/USD currency with USD/CHF. Look at what the similariy has occured on Friday.

So, what do you think of the Monday market?