Showing posts with label Trade Setup. Show all posts
Showing posts with label Trade Setup. Show all posts

Thursday, November 03, 2011

Camping out with a counter-trend $EURUSD on Monday morning

.Trading is a lot like camping.

You pick a spot. You set up a tent. And you might even build a fire.
Really, all you want to do is to enjoy the great outdoors.

But.....sometimes there are bugs. Sometimes you can't find a loo.  And sometimes it even rains.  Sounds familiar?

Monday, May 09, 2011

Waiting for a Trade Setup

Yesterday, EURUSD created a daily doji. Support at 1.4250.

Looks like it is still trying to go down today.  I will try to wait until it re-test 1.4350 before taking a sell.

This will be hard...I had to force myself away from the 5mins chart so that I wouldn't take a buy trade at 1.4330. I think I am built to trade counter-trend and inexplicably trigger-happy. it was downright painful. I started up my twitter feed to force myself to follow the rules. 

Yesterday was a good day. Hit 25pips on 3 quick trades. All 3 trades were sells (in the direction of the trend)

Definitely trying to work on going with the major trend this whole week.

Here are the rules for the week:
  1. Go with major trend
  2. Confirm support or resistance at 15min chart
  3. Exit at 7 - 1 min candles or when it hits major support/resistance e.g. 80, 00, or 50