Monday, June 22, 2009

06/22 Intra-day trades

Today was a great trading day, the market was very slow and channeling. We observed and identified a few trades in the trading room. The best thing Today was preparation, before we took any trade we discussed what we were looking for, and that was the key in taking good trades and letting go of bad ones. Let's take a look at a few charts:

1) Observe the currency pairs. This is a snapshot of my screen early in the day. Notice that preparation is key, see the EUR/USD bouncing around its overnight low, same for the USD/CHF on the overninght high (bright orange horizontal lines).

1) Short AUS/USD (+6.3): Nice set-up, observe how it is happening right around the moving averages, the price target (1:1 ratio) is before the previous low point, which makes it more probable in my mind.
2) EUR/USD: Observed this pattern right after we entered the AUD/USD trade, there wasn't consensus in the group, so I decided to pass on it. One of my trading goals is to observe and learn, therefore I am taking only trades that are confirmed and called by the group of traders in the room.

3) Short AUD/USD (+2.9/-10 max heat): The group called this 1-2-3 continuation pattern, it took a while to evolve, but eventually got there. I had a target before the fibo gap, wasn't a great 1:1 ratio, more like a 1:0.5, but positive results anyway.

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