Posts Tagged forex
I forgot that the US markets are not open today due to Independence so perhaps it probably wasn't a good day to trade. Oops!
Anyway, I shorted the GBPUSD at 15120 as it moved below the support line. It dropped 15 pips... I've got a 80 pip stop and a 75 pip target on this. However, it's currently retracing and that's the thing on holidays. Low volume means that it takes less to move the market and could also mean that some traders go stop hunting... that's moving the prices around to take out
July 5, 2010
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I was a little bit disappointed with how the 4-to-7 GBPUSD system worked today... my short was around 14727 and it didn't really go anywhere.. it just went and hit my stop exactly before it reversed and it would have made 30 pips.
The long trade did activate and get my 30 pips but I still ended up 20 pips down.
June 22, 2010
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Today I woke up early and was rather more alert than usual. This is not a good thing necessarily when it comes to trading.. certainly not in my case. I saw that the market had consolidated from yesterday after shooting up strongly. A consolidation usually happens after any particularly large moves so rather normal.. however, the market could have easily topped here or just biding time before heading higher. I wanted to play it safe so I didn't trade...
The 4-to-7 trading system's range was 14
June 15, 2010
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