Archive for the Forex trader Category
So today I closed my EURUSD long trade which I got in a couple of days ago at 13225. You can see that from the chart where the price is at now.. 13278.
From the Daily chart, you would wonder even why I closed this trade and from the Daily chart it's not clear. However, earlier today, the big green candlestick did not look like this.. the EURUSD market had dropped heavily and looked like it was about to go lower. The blue resistance line which allowed me to go long the first time which was
July 25, 2013
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A good trading week last week. Sometimes just a couple of trades can do it and last week we had two relatively straightforward trades.
Firstly, on the USDJPY forex pair, the trend has been up and there was a clear pinbar. We went long on that bar and the following day, the market went up. As it was Friday and I wasn't keen on holding my position over the weekend, I took profits for 80 pips.
My Gold trade was actually done a few days before - on Tuesday, shorted at 1242 with a stop at 1
July 8, 2013
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Pinbars are usually great indicators showing strong buyers or sellers in the market. Typically, you would follow the strong participants in the markets as there is a greater chance of the price going your way if you follow them.
However, this wasn't the case for the GBPUSD forex pair on Friday. I actually placed a long on the Thursday seeing the pinbar. Now, it was a countertrend trade which is more risky and the day before, we did get a very strong sell bar. However, the pinbar as you can s
June 22, 2013
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