Posts Tagged trading blog
Remember the DOW trade from last week which I've been following? Today, back to normal trading volumes, the DOW finally showed some strength. It pushed up and closed at the top which is bullish.
You can see where I have drawn resistance, I'm expecting prices to reach here and will take my profit below this level at 12750. I've also highlighted where the pin bar is which brought this trade to my attention.
I don't particularly use indicators but you can see that MACD is starting to turn
May 29, 2012
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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
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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
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