Archive for the Forex trading Category
This is what Friday's trade looked like. You can see that a support was formed at around 10400 and I went long after the second bounce of the support level. Although the price action was still in a downtrend, I felt that we had a good chance of a good move up from this level and hence the long trade. However, I got stopped out as the price action pushed down below support taking out the stop and then finished above the stop again. This to me looks like a push to trigger the stops b
February 3, 2013
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This week we had two trades.. AUDUSD long and EURJPY long. I'll go through both of these and why I entered.
Firstly AUDUSD
[caption id="attachment_7671" align="alignnone" width="580"] Long AUDUSD[/caption]
I went long here as the market had found a base.. it had retraced after a move up and I thought it would actually move above the previous resistance point at around 10600 and if it did, a huge move above. The following day, the market indeed shot up and if I was cautious and doing my
January 27, 2013
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[caption id="attachment_7664" align="alignnone" width="599"] Buying AUDUSD[/caption]
Last night, I went long the Aussie (AUDUSD) forex pair at 10517. From the chart you can see that there was support at 10500 and the trend had been up so this was a retracement play. The first target is the high at 10600 but what I would really like to see is a break of this.. if so, we should see a strong move upwards.
I could take profits around 10600... to be safe, 10590 has more chance of making it but
January 22, 2013
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