As you can see from the chart, the GBPUSD has been in an extremely bearish market. However, when I saw the bullish pinbar, I knew my trade would be a countertrend trade where I would have to be extremely careful, ensuring that I don't end up losing pips. With my last few trades, I've been holding out for the longer trades but they've not been working out for me so I'm going to split my trades... I'll report on the ones where I have had my most success (ie daytrades) on Twitter but will be
Posts Tagged trading blog
The below chart shows what happened to the Euro (or EURUSD) forex pair on Friday.. the price action had plumetted shortly after the pin bar (as highlighted in blue). I was actually a day late with this trade but the price was pretty much as the same level of the close of the Wednesday bar so I shorted it. My initial target was the previous support level 12885. You can see that the price hit that yielding me 50 pips but it also continued to fall.. there was another 50 pips in the move.
We were sitting pretty with the breakout of the crude oil trade if you took the trade.. it would have been over 200 points in profit if you had traded it. I had mentioned that if price has moved above the support/resistance line, you should be wary of it's ability to go lower. Today, the market rallied and from the bottom to where it is now, it jumped 300 points. Obviously for anyone who is still holding this trade, it's a tough one as no one never likes to see a huge profit become a loss...