Archive for the Forex trading Category
Another winning trade today...
I saw momentum towards the downside had dwindled and the market looked like it would make some movement upwards. I went long at 14622 with a stop at 14585 and a target of 14660.
Soon after my trade, the market went south and I was beginning to think it could go wrong and move towards the first support area at 14600 and if this failed, the 14575 level. My stop was at 14585 as I didn't want to take the loss or risk below the 14600 line.
My target was 146
April 28, 2009
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I'm trying to be very careful with trades lately, only picking those ripe for picking and I picked off two more successful ones today!
Both were GBP pairs, the GBPUSD and GBPJPY and both were winners, hence sterling by both counts.
The EUR pairs however were extremely weak and they were ideally the ones to have traded at the same time but the volatility freaked me out and I was playing cautious.
Anyway, here are my charts showing my entries and exits..
April 27, 2009
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I closed my USDJPY long for +3 as I got nervous about it....this turned out to be the correct thing to do! Phew!
Anyway, I noticed that the GBPJPY got stuck in a short term range, 14400 and 14373 so when it got near 14400 I shorted it.. not only was this the top of the range but it was near a whole number.. whole numbers usually form a good support/resistance so I went for it... it didn't look too good a few minutes into my trade and I had my stop at 14420. The spread with the GBPJPY is 10
April 23, 2009
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