Thursday, June 25, 2009

06/25 Day Trading - Forex

I had one single trade Today. It was all I needed, as we started the trading session, the first question we have to ask ourselves is: "What am I looking for Today". We did this in our on-line trading room and my answer was "a sell starting from a bounce from the EMAs". Well, I took the sell on GBP/USD once it traded bellow the spinning top at the 21 SMA. It reached the 1:1 ratio and I got my profits for the day.

Nothing fancy, but effective. There was a bit of heat, not much.

I didn't take this trade, but another example of a bearish engulfing, notice it happened right after a hanging man pattern. The trade was a good set-up, there was room for 1:1 risk:reward before the bottom of that small channel.

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