Posts Tagged Forex trading
I got my 90 pips from the trade last night. As you know from my previous post, I had entered the market at 1.2370 with a stop at 1.2460 and looking at a 1:1 risk to reward trade which meant a limit order at 1.2280.. ie a 90 pip stop with a 90 pip target.
The two spinning tops were the key here showing that there was selling at the levels, that coupled with the downtrend movement made me feel it was a good short play and I got rewarded.
So, a decent start to my trading again after all t
August 9, 2012
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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
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On the 26th evening, I checked the markets for longer term Position Trades and I saw this and got quite excited! This was the Euro (EURUSD) and you can see that the price action had bounced off the resistance line.. the pin bar pattern on the daily candlestick showed some healthy selling.. the market is going down! I shorted at the close of this candle with a target towards 13000. My stop was just above the tail.. the red horizontal line marked stop.
I was going to leave this and just wai
April 27, 2012
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