Nothing much to say about todays trade. The market had rallied strongly on Friday and then drifted. From the market opening last night and until this morning, the market was consolidating.. not doing too much but you can see that the price was bouncing between a range.. ther resistance at 15850 and support at 15820. The break at resistance was my cue to go long giving me 25 pips as I took profit.
Look at the 4hour chart below of the GBPUSD forex pair (or cable) and you can see the resistance line. The arrows show where the price action had hit this line and bounced off it.. on the third time of this happening, I shorted with a stop just above the break level. As you can see, I lost on this one and took a 20 pip loss. However, I also knew that objectively, that a break of the resistance could have been a great break out trade.. as you can see, it was indeed but being in the trade and
As I progress with my trading, I'm finding myself more picky with the trades that I trade. I also like to take the trades off the longer timeframe charts as they are less stressful (though I use the shorter timeframe to enter). Anyway, have a look at Crude Oil today... I post the 1 hour chart below: What was interesting to me from this chart prior to the fall (as you see in the price bar one previous to the current price bar) is that the price had lingered around 10700. Big round numbe
