Landed A Whopper...


This trade was taken as a direct result of the horizontal 4-hr support/resistance lines and trend line confirmation on the 60-min chart. I would have preferred an entry at ~195.00, but instead entered short at 193.90 due to not being at the screens early enough. The news regarding B&B(the UK banking giant) being taken into public ownership(nationalized) certainly did not hurt the situation. In fact, it may have been the gasoline on this fire.

Comments

Post a Comment

Popular posts from this blog

Sunday Starts Early...

The session got off to a roaring start today and didn't let up. Cable and Geppy both plowed lower from the opening bell in New Zealand. I didn't find much opportunity from a couple of hours before the London open through the lunch hour. I managed to scalp off about 25 pips on trades I thought had a decent chance of turning into a retracement moves on cable. No go. I've been concentrating on cable as my main focus lately. It might do me well to head back over to the geppy camp. It's been running pretty nice the last few sessions. I'll be keeping a closer eye on it this week. It's looking like the GM news of the Obama Administration rejecting their latest plan, yet offering more cash for restructuring(though not through bankruptcy) will take it's toll on the U.S. market Monday morning. Futures are already in substantial negative territory. There is a long shot outlook that the market could view it as a positive in that possibly more of the deadwood that's
Read more

Best Entries for Today

Image
I thought I should post couple of potential entries I spotted but did not enter . Both charts show the potential of price action trading even in tight markets. I generally keep a pretty simple chart with no indicators except a 50sma or 60sma, just horizontal support and resistance levels, previous day's high/low, previous week's high/low, previous month's high/low, and maybe some fibs or trendlines. AUD/USD M15 Chart EUR/USD M15 Chart
Read more