Archive for the Forex trader Category
I got my 90 pips from the trade last night. As you know from my previous post, I had entered the market at 1.2370 with a stop at 1.2460 and looking at a 1:1 risk to reward trade which meant a limit order at 1.2280.. ie a 90 pip stop with a 90 pip target.
The two spinning tops were the key here showing that there was selling at the levels, that coupled with the downtrend movement made me feel it was a good short play and I got rewarded.
So, a decent start to my trading again after all t
August 9, 2012
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The Euro forex pair looks like it's been downtrending for a while and the recent daily price action has printed two spinning top patterns. This shows some indecision in the markets and to me, looks like we may have reached a short term high before resuming a downward trajectory. In fact, todays price action was mainly south with a little pullback.
I've shorted this at 1.2370 with a stop above yesterdays high at 12460. Looking for a minimum of a 1:1 trade here.. let's see how we get on!
August 8, 2012
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After missing out on yesterdays trade, I entered a trade on the GBPUSD (Cable) pair today. The 15 minute charts showed a clear downtrend denoted by a series of lower low and lower highs as per the red arrows. After watching the price action, I saw that the downtrend pattern had failed and it looked as though the price was at the start of an uptrend by breaking the previous lower low in the downtrend.. this is where the blue resistance is in the chart.
I used to love trading breakouts but
August 6, 2012
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