It's been a very quiet week this week because I only managed to find one decent trading opportunity overall. There were no trades according to my 4 hour trading system (see right for more details) because the price generally moved against the trend on the FTSE and the GBP/USD and EUR/USD pairs. The only trade I did find was a breakout trade on Tuesday morning.
The overnight trading range (between 00.00 and 08.00 UK time) for the GBP/USD pair was just 44 points so when the price finally broke below this range at around 08.55, I went short at 1.5401.
I then closed the position for 20 points profit a short while after. The S1 level, which is often a good exit point was a little too far away for my liking (around 50 points below my entry point), but as it turned out the price did actually hit this target.
Not to worry though. A 20 point profit for the week is better than no profit at all, and certainly better than losing money. Plus the stock market rally has meant that a lot of my long term holdings have gone up nicely, and I even banked a 150 point profit going long on Vedanta earlier in the week.
So it wasn't a bad week at all. Looking ahead, there could be some decent trading opportunities next week if we get the slightest whiff of bad news because the indices and the GBP/USD and EUR/USD are all geared up for another downward EMA crossover on the 4 hour chart. They are all still in downward trends on the daily chart according to the Supertrend indicator, so this could well happen.
source http://theforexarticles.com
The overnight trading range (between 00.00 and 08.00 UK time) for the GBP/USD pair was just 44 points so when the price finally broke below this range at around 08.55, I went short at 1.5401.
I then closed the position for 20 points profit a short while after. The S1 level, which is often a good exit point was a little too far away for my liking (around 50 points below my entry point), but as it turned out the price did actually hit this target.
Not to worry though. A 20 point profit for the week is better than no profit at all, and certainly better than losing money. Plus the stock market rally has meant that a lot of my long term holdings have gone up nicely, and I even banked a 150 point profit going long on Vedanta earlier in the week.
So it wasn't a bad week at all. Looking ahead, there could be some decent trading opportunities next week if we get the slightest whiff of bad news because the indices and the GBP/USD and EUR/USD are all geared up for another downward EMA crossover on the 4 hour chart. They are all still in downward trends on the daily chart according to the Supertrend indicator, so this could well happen.
source http://theforexarticles.com
ليست هناك تعليقات:
إرسال تعليق