Hi all,
Here is the Tuesday update for the three markets (last set out with chart in post# in brackets):
AUD/USD (post #57): Current 7801. This is now nearing the established local low in the 7760-7800 region so we must watch carefully now. It must either break and fall, break and bounce back, or just bounce off and recover. Whichever it does could give us a useful trade to enter.
EUR/USD (post #57): Current 12233. This market has also fallen today to threaten range support around 12200. The same three possible outcomes as for the Aussie exist here also so we will watch with renewed interest.
USD/JPY (post #57): Current 10740. As feared yesterday we are stopped out at breakeven with the market continuing to rally. We had an open 91pt profit available at one point but I wanted to play for the very reasonable possibility of a move down to 10600 which, unfortunately, never materialised. Such is life but at least it has cost us nothing more than opportunity cost, thanks to moving the stop to breakeven. Next thing to look for here is a possible attack on the prior swing high at 10800.
TRADE #8 STOPPED OUT FOR BREAKEVEN Sold £1/pt USD/JPY at 10730, stop at 10730
Daytrading update: My intraday trading so far this week reminds me of the old joke about London buses: you wait ages for one then, typical, two come along at once. A second successive nice opening winner for me today, in stark contrast to the struggles of last week. I attach a hopefully self-explanatory annotated 5min chart for this trade as it typifies one of my favourite higher probability + low risk patterns, a failed break of a triple top.
I also think it helps to at least partially explain why my daily chart experiment here is so less successful than my daytrading thus far. The whole pattern spans over 30 candles, under three hours on the 5min chart but over a month to wait for the daily timescale. I am used to far more frequent opportunities than the daily charts are throwing up. Not sure what the answer to this might be.
Anyway, back tomorrow
Account summary (closed trades): Balance £9,903 (-1.0%) No. Trades YTD 8
Here is the Tuesday update for the three markets (last set out with chart in post# in brackets):
AUD/USD (post #57): Current 7801. This is now nearing the established local low in the 7760-7800 region so we must watch carefully now. It must either break and fall, break and bounce back, or just bounce off and recover. Whichever it does could give us a useful trade to enter.
EUR/USD (post #57): Current 12233. This market has also fallen today to threaten range support around 12200. The same three possible outcomes as for the Aussie exist here also so we will watch with renewed interest.
USD/JPY (post #57): Current 10740. As feared yesterday we are stopped out at breakeven with the market continuing to rally. We had an open 91pt profit available at one point but I wanted to play for the very reasonable possibility of a move down to 10600 which, unfortunately, never materialised. Such is life but at least it has cost us nothing more than opportunity cost, thanks to moving the stop to breakeven. Next thing to look for here is a possible attack on the prior swing high at 10800.
TRADE #8 STOPPED OUT FOR BREAKEVEN Sold £1/pt USD/JPY at 10730, stop at 10730
Daytrading update: My intraday trading so far this week reminds me of the old joke about London buses: you wait ages for one then, typical, two come along at once. A second successive nice opening winner for me today, in stark contrast to the struggles of last week. I attach a hopefully self-explanatory annotated 5min chart for this trade as it typifies one of my favourite higher probability + low risk patterns, a failed break of a triple top.
I also think it helps to at least partially explain why my daily chart experiment here is so less successful than my daytrading thus far. The whole pattern spans over 30 candles, under three hours on the 5min chart but over a month to wait for the daily timescale. I am used to far more frequent opportunities than the daily charts are throwing up. Not sure what the answer to this might be.
Anyway, back tomorrow
Account summary (closed trades): Balance £9,903 (-1.0%) No. Trades YTD 8