Tuesday 11th December

by 12:39 0 comments
A short I tried yesterday. It didn't work obviously. I was basically trying to be smart. One day I'll learn that i'm not smarter than the market. PnF was pointing upwards, I had upside targets but I thought I'd try take a short.

Anyway, here was my thought process.

High volume on a 15min up bar with the next few bars down. I took this as confirmation of weakness then flicked to the 5min chart for an entry. ND upthrust type bar, entered a couple of pips below the low. As well as being smart about taking the short in the first place, once we visited and bounced off the low of the zone for a third time it should have occurred to me that it was perhaps time to get out of the trade!

EUR/USD 15min

EUR/USD 5min

As I mentioned in the last few posts, I've been looking at some other pairs with the hand drawn PnF charts. Once this EU set up failed I decided to turn my attention to these. I took a long entry on AUD but spooked myself and decided to close it early. Bad call as I look at it now, 35 pips later. Made a small profit on it, but there was no reason to get out really. Oh well.

AUD/USD 1hr PnF.

I have two other PnF trades going at the moment as well, a short on USD/CHF that triggered over night as well as a long on GBP/USD that triggered this morning just before I got up. the CHF is going nicely and the GBP is in profit but as sluggish as ever. I'll post about those tomorrow.





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


Post a Comment