My EUR/USD trade did not trigger a short entry yesterday before breaking to a new 7-month low. It's a bit unfortunate as I diligently and accurately tracked the dollar, oil and Gustav for multiple days and have only minimal profits to show for it. But as you know, adherence to the rules of my trade plan requires me to place discipline above conviction about a coming trend every time. Money management without discipline is impossible in the long run. Remember, trading is a marathon here, not a sprint.

So we find ourselves at an interesting juncture on the weekly chart at 1.4500, on trendline support. I want to see how EUR/USD acts around here before moving forward.



Todd Gordon is a Technical Currency Strategist and Fund Trader with GAIN Capital Group.

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