Archive for the Trading Category
I decided that I was going to short silver today, my entry was at 3200 with a stop above the previous high at 3220. My target was 3180 which is a 1:1 trade. Also 3180 was a support level which you can see in the 15 minute chart. You would expect a bounce at this level but you never know how far so I rather take my profit here.
I have found that by taking at least a 1:1 trade you have a chance of making money. If you get into the habit of any less than this, you will be sure to lose mo
March 29, 2012
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Today my focus was getting short on the GBPJPY forex pair. I decide this by looking at the daily and 1 hour chart. This gives me a rough idea where I think the market is heading. This is purely a visual thing to see the direction of the trend... nothing complicated.
What is a bit more complex is looking for an entry after you've decided which way you want to trade.
I've annotated the chart slightly differently today and I'll go through it now.
So after deciding to go short in the
March 28, 2012
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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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