Posts Tagged daytrading
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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Unfortunately, EURUSD broke through the lower bullish trend channel line and our stop was hit.
I've been thinking a lot about holding trades longer as I've known that this is one of my weaknesses in trading and with this trade, I did hold the trade and didn't meddle with it.. however, the price action didn't go where I was hoping it would and the trade ended up in a loss.
It's extremely frustrating when this happens, my old method would have meant that I would have taken profits at 135
February 17, 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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