Archive for the Forex trading Category
The chart of the Euro (EURUSD) today on the 1 hourly was as below:
The Euro had a very strong day yesterday and when the market opened today, it was really watching to see if the market would break yesterdays highs at 13370 and continue upwards or fall. It's very tempted to buy on the break of the high but after such a strong move yesterday, any long entries would have been on a pullback for my liking. However, the price action broke above and demand was just not there for it to go any hi
March 27, 2012
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Nothing much to say about todays trade. The market had rallied strongly on Friday and then drifted. From the market opening last night and until this morning, the market was consolidating.. not doing too much but you can see that the price was bouncing between a range.. ther resistance at 15850 and support at 15820. The break at resistance was my cue to go long giving me 25 pips as I took profit.
March 19, 2012
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Look at the 4hour chart below of the GBPUSD forex pair (or cable) and you can see the resistance line. The arrows show where the price action had hit this line and bounced off it.. on the third time of this happening, I shorted with a stop just above the break level. As you can see, I lost on this one and took a 20 pip loss.
However, I also knew that objectively, that a break of the resistance could have been a great break out trade.. as you can see, it was indeed but being in the trade and
March 16, 2012
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