EUR/USD 5min - Trendlines and Pivots

Out breakeven

http://i288.photobucket.com/albums/l...g?t=1288002052

Should have taken profit at that upper trend line, nearly did.

Went long at R2 + the bottom of a channel and got stopped out immediately for -10.

Currently short on a triangle break. Right or wrong this will be the last trade of the day.

Here is the set up, the market is pretty choppy and I'm wishing I had called it a day after the first positive trade.

http://i288.photobucket.com/albums/l...g?t=1288006324

Sheeesh. I exited with +0.5 pips a few minutes before Bernanke started speaking, and seconds later it tanks and hits my target.

Frustration is setting in so I will end the day with +3.4

Chart

http://i288.photobucket.com/albums/l...g?t=1288012588

I have another triangle forming so there might be room for another trade today.

Edit: Actually , strike that - existing home sales in 10 minutes.

Despite the news, this was a tradeable set up.

http://i288.photobucket.com/albums/l...g?t=1288016213

I don't usually trade the higher TFs but there is a nice rising wedge forming on 1H, a close below the trend line would be a good bearish signal.

http://i288.photobucket.com/albums/l...g?t=1288019983

Rising wedge on the 5 min, waiting for a break down.

And out for +12.6 Chart to follow

Easy pips when everything lines up like this. Notice also the hourly wedge posted yesterday played out/is playing out. It is a shame we only had 12 pips between entry and the open. Price usually reacts strongly to the open so it is the safe exit.

http://i288.photobucket.com/albums/l...g?t=1288076582

Small triangle forming which may be good for a few pips but the break down will be too close to MS1 for me

Nothing much doing at the moment, will check back around 1pm.

Notice the break up around 9:30... too close to the weekly pivot to take that trade, which turned out to be false.

http://i288.photobucket.com/albums/l...g?t=1288085256

There have been a couple of opportunities but too risky for me, now looking for a long at 1.3900

In a very brave long at 1.3900 with a 12 pip stop.

Safe to say I was caught on the wrong side of that one, -12

Whoops.

http://i288.photobucket.com/albums/l...g?t=1288096478

In light of this I am going to add a new rule to my trading plan.

For Type 2 signals, that is confluences of pivots & trendlines, I will not try and pick reversal points against the direction of the daily trend.

I knew the long there was dumb before it was even filled as the bears are clearly in control today.

Long at 80 with stop now at BE

Target is 97 but may be stopped out.