Posts Tagged forex blog
The markets have really taken a bashing yesterday.. lots of volatility and not easy to play.. you could have easily been caught out on the sharp reversals which were seen this morning.
Anyway, a forex pair which looks interesting is the GBPUSD or cable forex pair. The price action has fallen from the previous area of resistance and looks to be close to support. I've got an order to buy at 15480 with a stop at 15435 (45 pips maximum loss) and a target at 15680 (200 points profit).
Let's s
August 2, 2012
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Today my focus was getting short on the GBPJPY forex pair. I decide this by looking at the daily and 1 hour chart. This gives me a rough idea where I think the market is heading. This is purely a visual thing to see the direction of the trend... nothing complicated.
What is a bit more complex is looking for an entry after you've decided which way you want to trade.
I've annotated the chart slightly differently today and I'll go through it now.
So after deciding to go short in the
March 28, 2012
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I forgot that the US markets are not open today due to Independence so perhaps it probably wasn't a good day to trade. Oops!
Anyway, I shorted the GBPUSD at 15120 as it moved below the support line. It dropped 15 pips... I've got a 80 pip stop and a 75 pip target on this. However, it's currently retracing and that's the thing on holidays. Low volume means that it takes less to move the market and could also mean that some traders go stop hunting... that's moving the prices around to take out
July 5, 2010
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