Monday Monday…get your demo on! (trade contest)
Mondays can be tricky trading. I bagged some good pips early today on GBPJPY longs. I had a clue about buying this once price broke Friday’s high and just kept going up. Friday was a tight range day, making a nice inside daily candle. I love those! Now I am looking toward tomorrow…check out both EURUSD and GBPUSD are inside daily candles. So I am watching for a break of support or resistance on both pairs. That pesky USDJPY surprised me today and ended the day higher than I was expecting. So I am eagerly watching what it will do next. The past 9 daily candles have been hitting resistance creating a trendline down that is now holding around 108.20. A break and close above this trendline and I will be long this pair. But I am curiously watching this one, something still smells bearish..
Hey, if you are feeling good about profiting in this crazy market and want to prove it, check out the demo trading contest at www.fxstreet.com. This contest starts March 2, 2008. The winner will be awarded a $100,000 managed account to trade, get paid by a bank to trade other people’s money!