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Euro and Sterling Intraday Targets Achieved

Last updated 3/17/2009 12:43 PM EST (GMT -5) 0 Comments - Add your comment

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FX360 Technical Analyst Staff

Technical Analyst, GFT

In this morning's report, " Intraday Technicals: This Could Be a Busy Day... ," a buy on both the EUR/USD and GBP/USD were set in motion in a rather interesting way...

A bullish 30min Gartley pattern was projected to complete on the EUR/USD right near the 1hr bull trendline providing an ideal setup to go long (see "before" charts here ). Similarly, in terms of multiple timeframe confirmation, the GBP/USD completed a bullish 30min Butterfly pattern as well as a 1hr bullish Gartley pattern (see "before" charts here ).

What's interesting is that our suggested buy on the Euro was set at 1.2933 with the initial profit target (T1) at 1.2983 ...the EUR/USD hit an intraday low of 1.2933 (on the buy side), and so far has hit an intraday high of 1.2983. In other words, both the entry and the initial profit target were both hit on the pip. As usual, partial profits (half of position) were taken at T1, stops have been moved to break-even, and we'll let remaining profits run to T2 at 1.3096.

This morning's GBP/USD buy at 1.3968 with initial profit target at 1.4015 was not quite as accurate...the Sterling hit an intraday low of 1.3967 triggering our buy by one pip, and then quickly turned north reaching an intraday high of 1.4026 surpassing the initial target by just 11 pips. Again, partial profits (half of position) were taken at T1, stops have been moved to break-even, and we'll let remaining profits run to T2 at 1.4065.

Now what's really interesting is that yesterday our short on the AUD/USD was stopped out by just 4 pips at which point prices dropped by about 70 pips about halfway to the initial profit target. My point is that Forex, or any market for that matter, can be a fickle friend. It's easy to pat ourselves on the back when things go off as planned, and it's even easier to place blame on anything or anyone other than ourselves when things don't.

As we all know the market has no friends, no enemies. It doesn't know we're watching, and it doesn't care. Successful trading is about consistency, discipline, and the ability to control our emotions. Most importantly, it's about taking responsibility for our decisions--good, or bad. Then it's no longer about winning or losing or profits or losses. It becomes about constantly learning, improving and growing. This is why I love trading, and why I love the direction that FX360.com and GFT are headed.

30min Chart - Bullish Gartley pattern reaches T1	30min Chart - Bullish Butterfly pattern reaches T1

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