Euro Trade

Euro trade for a R 1.0 win. I actually took the trade on the 10 minute chart a few minutes earlier.  There was an engulfing bar near the previos swing high.

A way higher probability trade I should have waited for posted here on the 1 minute chart.

Monday

Traded Aussie dollar short for a R 1.5 win after a retrace in an overall down trend..  It did hit my second target that I was aiming for.  Not a very good exit.  I added to the position but was stopped out on my add with a very tight stop....too bad!!  I took 3 gold trades, they all went in my favour only to be taken out at B.E. or close to B.E.  My goal today was not to over trade.  I think I accomplished that; there just happened to be a lot of great action in the markets today!!

Aussie 5 min:

Gold

I have been watching Gold all day after it breached a key level on 3 hour chart.  It held below, so I looked for a short entry.  My third try worked after 2 small losses.  I covered at my second target (lower green line).  The thin red line is my trading platform indicating where my stop is.  At this point I lowered it from the original stop at top of swing (thick red line).

Entry:

 3 hour chart key level.

Another entry I should have taken.  Had to let the wife use the computer though.  Still dropping.

Euro S/R

Waiting for the salmon coloured level to break and perhaps run would have been futile today as daily resistance was just overhead.  Dave Landry style arrows told me to sit on my hands.  No trades today. 

Euro 30 min:

Euro daily S/R levels I am watching:

Best Day Ever

Well not my best day.  I remember I made $50,000 in a day "investing" during the tech boom.  Took me a year and a half to lose that money.  Tuition :)  But I digress.

I let my profits run to their targets and  it paid off today for R 6.0.  Today was almost as good as my entire "great" week last week!!!  I realize the markets are volatile and trending nicely....hopefully I can spot these wonderful opportunities in the future.

I was stalking this Aussie trade on the daily timeframe.  Friday printed a bearish engulfing candle bumping up on support @ 1.0400 area.  The second yellow arrow is where I added to my position.  I should have waited for a better entry on the add...but it worked.  R 4.0 total was the final gain.  The blue circles are buy (cover) limit orders.

Euro retraced and filled gap left by weekend.  It produced 2 nice trendlines to play off of.  The second trade where I added printed a 15 min reversal bar at second trendline.  R 2.0 gain in total.

Log:



Trade What I See Revisited

On Tuesday a quote hit home by Thalestrader from Traders Laboratory, ¨Trade what you see not what you think.¨  Then, even more importantly, Richard  has mentioned many times over the years to let winners ride and cut losses.  I still am challenged at both; however, I still came out with one of my best weeks ever after having one of my worst.  

With my broker, Oanda, I can risk any amount per trade.  This amounted to plus R 7.0 since Tuesday morning.

Euro Still Droppin

I traded the Aussie dollar in the morning for a break even result.  This Euro trade was my big winner.  I exited a wee bit early.