Posts Tagged daytrade
Trading the Aussie, that's the AUDUSD forex pair last week I saw a double bottom (as per blue horizontal line). The price action was quite strong but the underlying trend was Short so once again, like the GBPUSD trade earlier, a countertrend play. I went long at the close of the pinbar at 10296 and watched to see what would happen the following day.
Price did indeed go up but hit resistance on the moving average line. I got out at 10328 (not bad as the high of the day was actually 10340,
February 24, 2013
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So today I've entered long trading the Euro at the bottom of what looks like an ascending channel. Of course, this is my interpretation and the points within the channel never exactly match up but what is clear is that the price action have generally been moving upwards.
Within an uptrend, the optimal point for entering is the higher low as you can put the stop below the low and if you're right, you should benefit from a good risk/reward trade. The exit would either be the top of the chan
February 12, 2013
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I thought I'd post my trade of last week and also talk about what has happened over the last couple of days with the Euro market. It's important to review looking back to help formulate future plans when trading.. it is something which one needs to do all the time to ensure that you're on top of your trading. Anyway, my initial plan was to hold onto the trade for as long as possible and bring the stop loss down to the high of each day. This would then help lock in profits and give enough roo
January 7, 2013
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