Friday, August 7, 2009

08/07 Day trading FOREX

Today was a great trading day. I have to admit I wasn't ready to take the Non-Farm Payroll, and ended up missing the action. The folks in the trading room called a great reversal and got well over 20 pips in the super-fast price action (see picture down bellow). Next time I'll have a pre-defined capial allocation and will be ready to move at a moments notice.

Here is the trade called in the teachmeforex trading room during the NFP announcement:

After missing this activity, I kept on looking for another entry opportunity, it didn't clearly materialize, and in fact, I may have jumped the gun on the only trade I took. As far as the technical analysis is concerned, I think it was a valid set-up, but there was a crucial factor missing: volume & speed.

1) Short GBP/USD: I took this trade as a 1-2-3 reversal. It had broken the support trend-line and the SMA 50, it retraced and then triggered my entry on the short side. Then.... it failed to keep on pushing lower. Price simply sat there oscilating. I managed the stop by moving it down, GBP/USD hit the stop and then resumed in the desired direction. -1.46% ROI

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