Thanks to Rich at the Forex Project for this..

The January 2008 edition of Currency Trader magazine is out and you can download it for FREE from here:

www.currencytradermag.com

You can also get the previous issue. Brilliant!!

I was anticipating my first entry at around 19:00 GMT when the market was bouncing up. I was hoping for an entry at around 142500 (or just below) as this was the 5 day MA. I was a bit cautious and wanted to wait for this level as the stochastics were already in the oversold region. However, the bounce only made it to 142400 before dropping and therefore no entry this time.The 15 min chart is showing a short for both MACD and stochastics.

I will see if there is another chance for entry… the chart is strongly moving south, there may not be a safe one.

First trade was a short at 141900 with a target of 141525 but I was aware that it wasn’t the perfect entry so as soon as it had moved a bit, I moved the stop to entry…. Shame as it would have made target if I hadn’t moved the stop! This ended up as a scratch trade.

Second trade was a countertrend play, I went long at 141900. However, resistance was close so I had my finger on the button to close it when it looked like it wanted to turn. As it hit the 5 day MA in the 4 mins, I took profit at 142100 for +9.

Third trade was a short off the 5 day MA but in the right direction at 141975. I was a bit unsure of the indicators (they were contradicting the price action) and took profit manually at 141775. It would have made my target at 141525 if I had held. 

Made +18 today which is nice. Could have been more if I was disciplined enough to hold the last trade.

 (click for enlarged picture)