Archive for the Trading Category
The markets have taken a bashing lately and right now they look a little over-extended to me. If you look at oil right now (daily chart above) you can see that it has made a base (price has bounced 3 times at this level). Support at around the 9550 level. If you draw a horizontal line back from here, you'll see that this was a previous area of support and if the big boys were to come in, this would be a good point to. Still, with markets, you can never be sure and going long here could be li
May 9, 2012
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On the 26th evening, I checked the markets for longer term Position Trades and I saw this and got quite excited! This was the Euro (EURUSD) and you can see that the price action had bounced off the resistance line.. the pin bar pattern on the daily candlestick showed some healthy selling.. the market is going down! I shorted at the close of this candle with a target towards 13000. My stop was just above the tail.. the red horizontal line marked stop.
I was going to leave this and just wai
April 27, 2012
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This was a straightforward trade. I entered long as I saw the price action move strongly up to hit resistance as in the chart. I entered long at 3095 and attempted to ride it as high as it would go. You can see that the price action starts to lose momentum at around 1700 hours (UK time) and a final push up which then falls below the previous high which is a sign of weakness. I got out there at 3125 which gave me a total of 30 pips!
April 26, 2012
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