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Crude Oil Scalp

Crude Oil Scalp

I went for a scalp trade today, going long Crude Oil when it went back up the pivot line. I got a price of 98.60 which wasn't a bad entry.  I thought that the first resistance would be around 99.00 due to it being a round number and also, just previously you can see how it affected the price. I got out at 99.97 taking 37 points and felt rather proud of myself as it started to retrace. However, it hit the pivot line again and bounced upwards. It actually hit 100.00 which would have been anoth

November 29, 2011 No Comments Full Story

Sometimes the Best Trade is No Trade

Sometimes the Best Trade is No Trade

The difference between consistently profitable traders and those who are not is the subject of this post "sometimes the best trade is no trade". Successful traders understand this, it is about being patient and ensuring that the conditions are exactly right for a trade, ie a valid signal to take an entry. Traders who are not so successful feel that they need to be in a trade all the time to be successful and will think that a setup is 'almost right' and therefore happy to jump in early. B

November 29, 2011 No Comments Full Story

GBPUSD Hunch Trade

GBPUSD Hunch Trade

Today, I look at the charts as usual but didn't see any longer timeframe trades felt as though I was able to read the markets with the GBPUSD pair. I shorted at 15510 as you can see with a stop at 15540 and it wasn't long before my stop was hit. I had no signal to enter, just felt as though I knew what was happening. This sometimes happens when you have had some success lately, the confidence gets to you and then you get over confident with your abilities. The market then humbles you.

November 29, 2011 No Comments Full Story

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