I have been rather cautious with my trading as the markets seem extremely volatile whipsawing as uncertainty seems to take grip. As a result, I have been extremely selective in my trading and hence the rather less frequent updates on the website. However, on Friday, I did make a trade on the AUD/USD forex chart.

I traded this as I saw negative divergence on in the 4 hour chart on the stochastics as the market had hit a second high at around 0.9630. The stochastics also crossed and my trend signal turned red indicating a sell.

Nothing really much happened for a long time and then the market moved this Monday dropping… I closed out for +50 but the market reached a bottom of 0.9615 which would have make me an additional 50+ for a total of over +100…

Tags: audusd, daytrade, daytrader, fibonacci, foreign exchange, forex, long, makemesomemoney, negative divergence, position trader, short, Spreadbetting, stochastics, stock market, Trading, trading blog

The markets have been looking rather choppy lately and have been rather difficult to trade. Anyway, last night the only market which looked relatively clean and non erratic was the AUD/NZD chart. I went long at 1.2600 and got out at 1.2660 for +60 pips which isn’t a bad result considering the markets currently.

The stochastics action looked clean and the short term price action looked ripe for some movement up. There was some previous resistance (as you can see from the chart) at the take profit levels and hence my rationale for closing.

Tags: audnzd, daytrade, daytrader, fibonacci, foreign exchange, forex, long, makemesomemoney, position trader, short, Spreadbetting, stochastics, stock market, Trading, trading blog

I got today off so woke up early at 6.45am to log into Simon Grinter’s chatroom. If you are able to listen, he offers a real time commentary on the markets and lets you know of the trades he is taking.

Today, one of his entries was a short below 107.80 and I took it! I rode the price action 30 points!! Hoorah! The market did go a lot lower however but a profit is a profit!

If you want to join or sign up for his free trial, visit http://www.rainbowforex.com/ 

Tags: daytrade, daytrader, fibonacci, foreign exchange, forex, gbpjpy, long, makemesomemoney, position trader, short, simon grinter, Spreadbetting, stochastics, stock market, Trading, trading blog