1ST TRADE OF STAGE 5: SHORT EUR/USD. TOTAL FAILURE. ALL 5 CONTRACTS STOP LOSSED OUT. 0 WINS, 1 LOSS FOR STAGE 5
Here we go again. Shorting the EURUSD. During the training I had the instructor said we should learn one pair and trade that pair constantly. I guess this one is becoming my short.
I am watching the EURUSD again and it is near the overbought area on the stochastics and since it is in a downtrend, this may be a ripe opportunity to short the pair again.
So looking at the chart, you can see my other trades present on the chart too. When you click on the chart to enlarge it, note the reasons for me to short this pair again.
1. The pair is near the overbought area again on the stochastics.
2. The pair is still in a downtrend as noted by the down-sloping purple line and the candles are colored red. This is my manipulation of the chart and has nothing to do with the typical interpretation of candlesticks. (I may change the candlesticks to OHLC)
3. It is nearing the 200 4-hour moving average [white line] ( I guess that would make it the 800 hour moving average since 200 x 4 hours = 800)
4. 1.3725 may offer resistance based upon the high on 3.3.2010
UPDATE: Sorry this update is taking so long. Had a death in the family and I took a break from trading.
Well the pair entered where I wanted to at 1.3720 but within 4 hours of entry I was stop lossed out at my 70 pip level. Here is the chart to show the effects.
Here we go again. Shorting the EURUSD. During the training I had the instructor said we should learn one pair and trade that pair constantly. I guess this one is becoming my short.
I am watching the EURUSD again and it is near the overbought area on the stochastics and since it is in a downtrend, this may be a ripe opportunity to short the pair again.
So looking at the chart, you can see my other trades present on the chart too. When you click on the chart to enlarge it, note the reasons for me to short this pair again.
1. The pair is near the overbought area again on the stochastics.
2. The pair is still in a downtrend as noted by the down-sloping purple line and the candles are colored red. This is my manipulation of the chart and has nothing to do with the typical interpretation of candlesticks. (I may change the candlesticks to OHLC)
3. It is nearing the 200 4-hour moving average [white line] ( I guess that would make it the 800 hour moving average since 200 x 4 hours = 800)
4. 1.3725 may offer resistance based upon the high on 3.3.2010
UPDATE: Sorry this update is taking so long. Had a death in the family and I took a break from trading.
Well the pair entered where I wanted to at 1.3720 but within 4 hours of entry I was stop lossed out at my 70 pip level. Here is the chart to show the effects.
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