Archive for the Forex trading Category
I forgot that the US markets are not open today due to Independence so perhaps it probably wasn't a good day to trade. Oops!
Anyway, I shorted the GBPUSD at 15120 as it moved below the support line. It dropped 15 pips... I've got a 80 pip stop and a 75 pip target on this. However, it's currently retracing and that's the thing on holidays. Low volume means that it takes less to move the market and could also mean that some traders go stop hunting... that's moving the prices around to take out
July 5, 2010
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![Trading and the Non Farm Payroll Economic News]()
Today at 1.30pm GMT time the Non Farm Payroll economic news hits the markets and usually you would expect some volatility in these markets. Big ticket news items like this can completely mess up your trading system so it's best to avoid it. I didn't trade today but if I had done.. I would have lost.
Although there was movement it was choppy and was just moving up and down with no clear direction....
(You can see some movement when the new release is announced)
There are some people
July 2, 2010
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![GBPUSD trading luck today!]()
I've dropped the chart into the 5 minute chart so you can see clearer.. the upper and lower band today were so close that I felt a bit uncomfortable with the trade... the upper band was at 14836 and the lower was 14819, a mere 17 points which is tiny.
However, I put in the orders and from the graph, my short should have been hit which would have been a loss. It looks like it was within a pip or so... so that was extremely lucky.
The long came on just before 8am however and powered away..
June 23, 2010
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