Click on the chart to enlarge.
Here is an intraday trade I took. I am finding that waiting on one pair is daunting as I have been trying to trade the GBPUSD to the short side and on the hourly chart, the pair keeps rising. So I looked over the most commonly traded pairs and looked at daily charts. On the blog posting before this one, the USDCAD was hitting an upper channel line. At http://www.ino.com/, the USD was down and gold was up. I saw this as a potential opportunity today.
The hourly chart was also in a downtrend so the daily and hourly chart correlated. I then used the 1-2-3 entry for a quick scalp trade. My entry was at 1.0682. I saw peak #1 of the 1-2-3 formation at 1.0724. Peak #2 is 1.0672. I set my entry point as a sell limit since I wanted entry near a Fibonacci retracement. Thirty minutes later it was entered. My entry was at 1.0682. The trade triggered and immediate stop loss and target as seen on the chart. An hour and 15 minutes later my trade was closed out for a profit at 1.0664.
It should be noted this trade now has me at a win/loss ratio of 2/2 so far. I am setting up my third trade dissertation and haven't finished with my analysis of the losing trade. When I complete that analysis, I will post it. So my next trade will determine whether I get to move to stage 2 or retry stage one.
Thursday, October 29, 2009
TRADE #4: USD/CAD SHORT: SUCCESSFUL
Click on the chart to enlarge.
Here is an intraday trade I took. I am finding that waiting on one pair is daunting as I have been trying to trade the GBPUSD to the short side and on the hourly chart, the pair keeps rising. So I looked over the most commonly traded pairs and looked at daily charts. On the blog posting before this one, the USDCAD was hitting an upper channel line. At http://www.ino.com/, the USD was down and gold was up. I saw this as a potential opportunity today.
The hourly chart was also in a downtrend so the daily and hourly chart correlated. I then used the 1-2-3 entry for a quick scalp trade. My entry was at 1.0682. I saw peak #1 of the 1-2-3 formation at 1.0724. Peak #2 is 1.0672. I set my entry point as a sell limit since I wanted entry near a Fibonacci retracement. Thirty minutes later it was entered. My entry was at 1.0682. The trade triggered and immediate stop loss and target as seen on the chart. An hour and 15 minutes later my trade was closed out for a profit at 1.0664.
It should be noted this trade now has me at a win/loss ratio of 2/2 so far. I am setting up my third trade dissertation and haven't finished with my analysis of the losing trade. When I complete that analysis, I will post it. So my next trade will determine whether I get to move to stage 2 or retry stage one.
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