For those who follow the blog, you’ve noticed that the past few weeks I’ve not put on too many S&P trades. The reason being is that it is too easy to lose on the S&P (well, that’s what I find but that could be because I’m not too hot a trader)…  anyway, I have been watching every day as usual but just been really careful and I am trying to only enter if I see an entry based on price action.

In the past, I have been putting on trades when I am anticipating a move as the stochastics have been overextended… the stochastics are good but nothing beats price action…  all indicators are formed from the price action and they can be used as confirmation of moves to help your judgement in making a trade.

Anyway, I saw an entry today… there was a trend as you can see in the chart below.. I waited for the price action to move to the trend line and then shorted it. It fell quite nicely but then I was conscious that the market was about to bottom out due to where the stochastics were.. this happened to be a good move as it was the short term bottom as price action move the stochastics above the 20 level.

I shorted at 1356 and close out for +3 at 1353.

This bottom would have been a great long entry as the market is now currently trading at 1363!!

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Ok, I’ve gone long on the USDCHF at 10251 with a trailing 50 pip stop. It’s 20 pips up so far but you never know what happens to the market…  if I close now and bag 20 pips I may feel fab but if it shoots up more, I’ll kick myself. However, if the profits now turn into a loss then once again, I’ll kick myself…. basically you can’t win! You just have to stick to a gameplan and hope for the best.

The previous Forex trade I made on the NZDUSD was like that, I could have taken a 25 pip profit at it hit a main level at 0.7700 but I ended up holding it for a -50 loss.

Let’s see how this one turns out!

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Unfortunately the NZDUSD trade didn’t work out.. I got stopped out for -50 though at some stage, I was 25 pips up… oh well!

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