Another trade done and dusted.It's times like these when you question your thinking.Maybe just do the opposite? No doubt to the 95% of losers, myself included we would all be doing well if we applied that theory to our trading. I look at the GBP/CAD Daily chart now and while it's holding the trend line I can't help to think it's going to fall further..Never mind lets move on.
So looking into a new trade. The USD/CHF looks to me like it's ready for a bounce. I like the bullish engulfing candle that closed this morning. Technically it is still in consolidation mode, but it has closed above the Monthly pivot and the 20EMA on Pro-real time. Metatrader would dispute that but this is a mini trade so I stick to the chart I'm trading of. Sar is still bearish but I think next candle will change its mind. Indys all point to some bull momentum too. Ok I'm on with a pending order. Stop below swing low. Target? Well I'm looking at it retesting the Trend line it held from Nov09-Jul10. Also coincides with the MR2 pivot around 1.09 -1.10.
Chart below:
So looking into a new trade. The USD/CHF looks to me like it's ready for a bounce. I like the bullish engulfing candle that closed this morning. Technically it is still in consolidation mode, but it has closed above the Monthly pivot and the 20EMA on Pro-real time. Metatrader would dispute that but this is a mini trade so I stick to the chart I'm trading of. Sar is still bearish but I think next candle will change its mind. Indys all point to some bull momentum too. Ok I'm on with a pending order. Stop below swing low. Target? Well I'm looking at it retesting the Trend line it held from Nov09-Jul10. Also coincides with the MR2 pivot around 1.09 -1.10.
Chart below: