Posts Tagged trading breakouts

Second Trade of the Day – Break of Support and Reverse on the DOW

Second Trade of the Day - Break of Support and Reverse on the DOW

Today I got into a couple of nice setups, very clean trading day. I like it when this happens, makes it very easy to trade. This was my second trade today, this time on the DOW. If you look at the longer timeframe charts you can see that the DOW is in an uptrend.. this means that I'm looking for long trades.. areas where I can buy cheap! Anyway, I was watching the DOW as below and drew a support line as the market was creeping upwards. Higher highs and higher lows though you can see that

March 19, 2012 No Comments Full Story

Simple breakout trade on the GBPUSD forex pair – Financial Trading Journal

Simple breakout trade on the GBPUSD forex pair - Financial Trading Journal

Nothing much to say about todays trade. The market had rallied strongly on Friday and then drifted. From the market opening last night and until this morning, the market was consolidating.. not doing too much but you can see that the price was bouncing between a range.. ther resistance at 15850 and support at 15820. The break at resistance was my cue to go long giving me 25 pips as I took profit.  

March 19, 2012 No Comments Full Story

GBPUSD – Going Long when you already have a Short position

GBPUSD - Going Long when you already have a Short position

Look at the 4hour chart below of the GBPUSD forex pair (or cable) and you can see the resistance line. The arrows show where the price action had hit this line and bounced off it..  on the third time of this happening, I shorted with a stop just above the break level. As you can see, I lost on this one and took a 20 pip loss. However, I also knew that objectively, that a break of the resistance could have been a great break out trade.. as you can see, it was indeed but being in the trade and

March 16, 2012 No Comments Full Story

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