I just went long on the USDCHF pair... if you click on the picture above, you can see it more clearly. The price has now hit a support line which was a strong base at the beginning of the year. The price had hit this year on a couple of occasions and it's worth a punt! The negative aspects of the trade is that the price is looking a tad weak and we have gone long as the market is trending lower so we are indeed trading this as a countertrend play. However, the risk is low.. 30 pips w
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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
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.