Posts Tagged currency
[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
No Comments Full Story
My order at the end of last week missed it's entry by a mere 10 pips which is rather annoying. I was correct about there being strong supportĀ at the 15480 level except that the buyers came in earlier at 15490 and pushed prices up to 15660 which is +170 pips! It would have been a very nice start back into trading if it had trigger but it's given me confidence that my analysis is still good and I can still see good trades.
If I had an entry, I would have moved my stop to breakeven and see
August 5, 2012
No Comments Full Story
A pinbar usually shows strong buying or selling. That, alongside the direction of the trend is usually a good entry to get into a trade. I went long the USDCAD on the break of the high of the pin at 10296 with the stop at the low of the pin at 10210. Therefore I am risking 86 pips. I would like to target 2x risk which gives me a target of 172 pips but as a minimum, I would see what happens when (and if) my trade reaches 86 in profit.
The weekend is here and I'm going to let the trade run it's
June 8, 2012
No Comments Full Story
« Older Entries
Newer Entries »