Welcome to fenaghfx

This blog is not for specific trades,but to share my experience and what I have learned over the last few years, Trading involves significant risk and may not be suitable for all investors.

About Me

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I have been trading since 2008 in the fx market, trading mainly eur/usd my approach is technical,using support/ resistance .But always keeping one eye on the news

Wednesday, June 29, 2011

Trade recap

One trade I like too look for is a Trendline break, too act as support or resistance. The chart to the left shows a trend in place for 2 days, at A the trend line holds 4365 on the first candle on a 15 min time frame and prints a high at B 4392 these traders are late to the party, the price then stalls at A 4365 for 30 mins.          When the break lower come,s traders with no stop discipline, are trapped at A/B The long pin at B was best entry for a short on visit back with a very tight stop, 3 days later they have a chance to bail for a break even trade, ie buyers become sellers . Leading back into this area there was a big move up from D to C of 97 pips. Profit takers from C trapped longs at  B and new seller,s combined to make a nice quick pull back ,I sold at 4392 expecting some quick pullback ,as my stops are moved to -7 pips immediately and then to break even when at + 4  a stall of 60 seconds is enough to move stops to break even and then control trade. Hope this helps, Dave good luck and tight stops 

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