Posts Tagged trading blog

GBPUSD – Going Long when you already have a Short position

GBPUSD - Going Long when you already have a Short position

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

March 16, 2012 No Comments Full Story

Watching for signs of weakness – Trade Crude Oil

Watching for signs of weakness - Trade Crude Oil

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

March 13, 2012 No Comments Full Story

56 points on GBPUSD but left another 50 on the table!

56 points on GBPUSD but left another 50 on the table!

I had a really nice short in the GBPUSD market today with a trailing stop. I closed out early for 56 pips however when the market was retracing.. it retraced 25 points before it fell heavily (another 50 points) to 16500. My actual exit is a trailing stop loss and it would have not hit it before it fell. The old trading adage 'cut your profits short and let your profits run' is a key principle to be successful in trading and I'm annoyed by myself that I broke the rule. The chart is shown be

May 3, 2011 No Comments Full Story

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