500th Post

by 13:03 0 comments

I'm reaching a bit of a mile stone in writing this post, 500 posts since the 20th August 2009! Here's to profitable trading over the next 500 posts.


I took a short position yesterday and it's a trade i'm not very happy with. I originally told myself that I wasn't going to take the trade because of the low of the volume zone at 3413. There was every chance that this would provide a bounce - which is exactly what it did. None the less, I convinced myself to take the trade and got caught at the very place I thought I would. I didn't wait to get stopped out and closed out for a loss on the way back up. I think I took the trade because I didn't want to miss out. That's an emotion that I need to put a stop to right away. Lesson learned from this one.

Not long after closing the sell position we completed a quad top break out so I took a long position with an entry at 1.3480. I let this trade run over night and woke up to a nice bit of profit this morning. The chart above isn't completely up to to date but i'd already annotated it earlier. Below is an up to date chart with the proposed target from the congestion zone before the break upwards.

EUR/USD 1hr PnF with target

Another chart which has been good for a couple of set ups is the USD/CHF chart, i've been watching it but seeing as i've been actively trading EUR/USD I haven't taken any positions. This chart is a prime example of volume zones being pretty much ignored as the market was too weak for the zone to act as significant support.




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


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