Archives for July 2012

Be careful trading at the end of the month or end of a quarter.

The GBP had a nice move down overnight before reversing sharply to the upside.  After hitting Target 1 there was a long lower wick, followed by a bullish candle with another longish lower wick.  This looked like  an imminent reversal. The third candle confirmed the reversal with a very long lower wick and very strong bullish close.  This was enough for me to close the remainder of the position.

Good luck with your trades!

Questions are always welcomed.

After a wonderful Thursday, there were no clear setups for me in the majors overnight.  It’s never a good idea to give back your money after a great day of trading, by taking a poor setup.  Stick to the rules and be rewarded.

As I don’t like Sunday/Monday trading, my next chart will be from Tuesday’s session.

Questions are always welcomed.

Have a wonderful weekend and enjoy the Olympics

It is always nice to have one of these parabolic moves.  After the intial breakout move the GBP pulls back then gives us a safe long entry and hits both our targets.  Today the market is very generous.

Great trading everyone!

Let’s see what tomorrow brings us.

The EUR looked better than the GBP last night.  Although the Reward to Risk was not great, the trade worked out with little risk as the stop was quickly moved up to protect profits.

Questions welcomed.

Good luck in your trading.

Tricky trading of the GBP overnight but some useful tips come from it.  Never trade an early breakout…wait for the retest and confirmed signs of trend direction.  Be aware of range bottoms and tops as well as the previous day’s highs and lows.  When looking at last night’s GBP there is symmetry in its pattern as it oscillates.  I was taught to have uncluttered charts and to step back and look for symmetry.  If you move up to a daily chart or just scroll back through an hourly or 15 minute chart, you will frequently see reoccurring patterns of symmetrical price movement.

If you went long last night or short this morning, it’s prudent to keep a tight stop near the top or bottom of the range and not give back your gains.  Don’t be greedy and accept what the market offers.

If you are new to this blog, read through the other posts and you will find many tips that can be applied over and over to your trading.  If you would like to learn more, please contact me for details about my private coaching.

Good luck in your trading!

Not being a fan of Sunday/Monday trading – I passed on any trades overnight.   At first glance, the GBP may have appeared to be an easy short trade… as the down trend continued progressively through the Asian session with a substantial move.

Let’s see what the week brings.

Good luck in your trading and remain disciplined!