Posts Tagged currency blog

Big GBPUSD consolidation channel – went Long

Big GBPUSD consolidation channel - went Long

As you can see from teh chart, there has bene quite a long consolidation channel.. it's almost been 4 days since the market has been bouncing around 15200 and 15080. I had two lines, 15209 and 15083 and was looking to take a position if the market went beyond this range. The market did indeed break above my upper line and I went short with a stop at the bottom of the line, 15083 and a 100 pip limit. However, the immediate short term top was 15220 or so before the market fell.. it's current

July 6, 2010 No Comments Full Story

GBPUSD – all in a days trading (or not)

GBPUSD - all in a days trading (or not)

Today I woke up early and was rather more alert than usual. This is not a good thing necessarily when it comes to trading.. certainly not in my case. I saw that the market had consolidated from yesterday after shooting up strongly. A consolidation usually happens after any particularly large moves so rather normal.. however, the market could have easily topped here or just biding time before heading higher. I wanted to play it safe so I didn't trade... The 4-to-7 trading system's range was 14

June 15, 2010 No Comments Full Story

11th June GBPUSD – 4 to 7 trading system

11th June GBPUSD - 4 to 7 trading system

Today, the range bars was rather narrow... just 30 pip range which is tiny... The upper range line was 14737 and the lower bar was 14707 The market did break towards the upside triggering the long.. however, the target was 14767 but the highest it reached was 14759 before it collapse. This meant a 30 pip loss. However, the short which followed was good netting 30 pips resulting in a stratch trade day. I have decided that I need to be disciplined and this involves trading the system tire

June 11, 2010 No Comments Full Story

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