Friday, July 10, 2009

07/08 Day Trading FOREX

I am really late posting these, if you follow my options blog you'll know I had Internet connection problems almost the entire week, it all started on the 7th, and then went on to a total "black out" on the 8th.

I was able to trade for the morning session on the 8th, and am glad to say there were a couple of positive trades.

1) Short GBP/USD: Took this trade in 2-steps, I entered the first 1/2 when the market took over the most recent low, bouncing from the Moving Averages. As for the 2nd 1/2, the entry was at the break of the #2. GBP didn't make it to the target, and I was quick to exit when I noticed the other currency pairs were in a reversal mode.

2) Short USD/CHF: I took this reversal pattern when it broke the #2 position in the chart, this was a fast trade and went straight to the target. Notice how clear is the break of the lower trend-line.

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