I Need Your Help! It Will Take 10 Seconds and I Would Really Appreciate It - Click Here
 
«  
  »

07/07/2009 GBPJPY Trade

Written by Hugh, on July 8th, 2009

Long 1 (500 units) GBPJPY @ 5316
Stop @ 5265 (-51 pips)
Target @ 5384 (+68 pips)

I was looking for:

  • A bounce off 5300, the big figure
  • Previous low @ 5300
  • Pivot point

Also:

  • There was a MACD divergence, possibly an early TriScreen trade.
  • It was late in the NY session, volume might dry up, leading to reverse in price.
  • The daily range was > ATR on the daily chart.
Click above for larger image

Click above for larger image

I was stopped out for a -51 pip loss.  The price action didn’t look good on the 1 hour chart, but I took the trade anyway.  Not a great trade. The issue was that there wasn’t enough of a price rejection on the 1 hour chart.  It looked like it was going to go down more.  I also should have gone short since my original premise was proven wrong.

Click above for larger image

Click above for larger image




If you enjoyed this article, you might also like:

  1. 06/08/2009 GBPJPY Trade
  2. 04/13/2009 GBPJPY Trade
  3. 06/15/2009 GBPJPY Trade
  4. 07/02/2009 GBPJPY Trade
  5. 06/22/2009 GBPJPY Trade



Category: My Trading   Tags: ,

This post was written by . His goal is to become a professional trader.