Friday, June 26, 2009

06/26 Day Trading FOREX

Today was a difficult day to trade, during the first few hours we couldn't really make any clear decision as to what trades to look for (buy or sell?). One of the things that came to my attention was the fact that most currency pairs seemed to be pegged at the top of their channels/trend-lines.

I almost got tricked into a sell on the GBP/USD, but one of the traders in our group called to my attention that price wasn't approaching the entry in a decisive way, so we avoided that loss.

So, about 1 hour into the session I decided to look for a sell at the high levels. Eventually this happened after the 08:30 US announcements. Prices moved higher up and started to give up fading signals. I took the AUD/USD trade, but there were 2 more opportunities on the GBP/USD and EUR/USD.

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