Posts Tagged countertrend

Caught on the Countertrend trading Oil

Caught on the Countertrend trading Oil

Unfortunately we suffered another loss trading oil last week - this time a countertrend trading Oil. We've not been having much luck lately :( The trend was down but you can see that there was some support which had formed around the 9200 mark. I had gone long Crude Oil at this point expecting a move up to 9400 and beyond. The market did move a little bit up from my trade the following day but the following day, it fell hard, our stop was hit and I was nursing a 100 point loss. Counter

March 3, 2013 No Comments Full Story

Snatching profits from Trading the Aussie (AUDUSD)

Snatching profits from Trading the Aussie (AUDUSD)

Trading the Aussie, that's the AUDUSD forex pair last week I saw a double bottom (as per blue horizontal line). The price action was quite strong but the underlying trend was Short so once again, like the GBPUSD trade earlier, a countertrend play. I went long at the close of the pinbar at 10296 and watched to see what would happen the following day. Price did indeed go up but hit resistance on the moving average line. I got out at 10328 (not bad as the high of the day was actually 10340,

February 24, 2013 No Comments Full Story