Trading Signals for EUR/USD on Monday, Aug 5 2013

It is Monday, the fresh start of the new week of this month. But interestingly, this is the first Monday of the month.

This beginning day of the week generally remains an extension to my weekend mostly. Generally, I do not get into active trading on this day. I prefer to stay away from taking up any sides and rather wait for the solid trending patterns to form, on which I act upon the following days of the week.

As far as the day has been, it has been a rather sluggish one. The market rather moved side-ways and did not show much movement in the either directions.  Though in the last one hour, it has been falling slowly. I hope it remains that ways, cause then only it will prove beneficial to me.

I have 4 deals open right now. 3 at 1.3201 and 1 at 1.3251

As of now all are in losses. Due to the insecurity related to the market I am happy with whatever is there in my account right now. As I said, I will take a call tomorrow.

But whatever position size I open at whatever price, I will definitely do that in the Sell direction. I personally do not see the market going any time much up now.

Also, the major news and announcements for the day till now have not been really great. Though, there is one big announcement coming up in an hour and half from now. The news is regarding the manufacturing data from the U.S. If that comes out positive, the definitely the market would be pulled down, and the converse will happen in case it comes out negative.

As I always say, I got no clue what would happen. But I can come up with a trading plan accordingly. Though my equity is stuck because of the 4 losing deals, but I can still afford a small Sell deal at 1.3301.

If in any case the market seems to be going up and above, then this entry deal will get triggered. Buts seriously I cannot afford anything more than this.

Let us see what happens next. Till then take care and keep trading.
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