Wednesday 30th March

by 19:07 1 comments
Took one trade today which closed at break even. The trade was a sell on Cable. At one stage it got very close to stopping out. Once it got back to break even I just closed it myself and started looking for the next opportunity. The chart is below for cable. We'll go through it from left to right so as to make it as clear as possible.

Trade 25 - GBP/USD - Sell @ 1.6059 -  Closed @ 1.60591 = +0.1 (woo!)

Trigger Line 1 - This was the first trigger that I put in once I got up this morning. The test a couple of bars later was a perfect entry for a long position but I missed it.

Trigger Line 2 - It was from this trigger that I took my sell. I've highlighted the No Demand on the chart and my order was placed on the low of this bar. Two bars later the bar trade triggered. My stop was a couple of pips above the high point. The bar I've marked exit was where I got out of the trade. I thought the volume was a little high and that buying had come back in. Technically there was a bit of buying as the next two bars were then up. It then bounced from the trigger line and approached it on decreasing volume showing there was no interest to the upside. It would have hit my target.

Cable 5min

The Eddie chart today showed some interesting set ups, most of which I didn't spot live. The chart from left to right again;

Trigger Line 1 - This was similar to the first trigger on the Cable chart. This was setting up as I was getting up and I unfortunately missed the test to get into a long trade. Towards the end of this short move we were given another trigger level off some increased volume.

Trigger Line 2 - We were looking for price to fall below this line and come back up on a No Demand. Whilst the no demand i've marked didn't come up to touch the line I think it's relevant because of how much the volume dropped off. This marked the turning point for a down move.

Trigger Line 3 - This was based on a news announcement which gave us a nice trigger level to look for another short. This unfortunately didn't materialise and the price dropped off straight away. It then bounced from this mornings trigger level and moved back up to give us another trigger line.

Trigger Line 4 - I'm not sure if i've mentioned this before, but the one trigger line can be used for a sell or a buy. It doesn't matter if the trigger was formed from a high volume up or down bar. In this case the trigger was formed from a high volume up bar, the price didn't come back on a No demand bar and pushed above the trigger line. It then came back down to test on two or three occasions as marked on the chart. This was probably one of the best opportunities of the day.

 Eddie 5min

It's been a tough week so far, two losses and very nearly another loss today. Quite a few missed opportunities along the way as well. I need to start taking this more seriously I think. Whilst I do enjoy trading and studying charts etc. I'm taking the piss with not getting up on time and generally being too tired to concentrate. Time to get down the gym too. Healthy body, healthy mind and all that. Need to be in the right mindset. I'm so very close to this all falling into place, just need that final bit of effort. One good thing I can take from the week so far is that I am spotting the opportunities and I'm not needing it to be explained to me.





28. Forex. Trading. Music. Beer. Food. Travel.

1 comment:

  1. Hey Liam,
    I'm trying to add some technical analysis to my vsa trades, I think with that I will maximize the chances of a good profitable trade.

    See u