Posts

Showing posts from August, 2011

And gold moved ... a lot

Image
I haven't post last week as I was enjoying a well deserved holiday with the family in sunny Turkey. However, I did have a trade on on Gold while I was sipping margharita's in the pool. And boy was I happy with the way my trade played out. Half way during my holiday I almost made enough to pay for our stay in the 5 star all inclusive hotel. Yahoooo!!!! And than ... boom. Heavy profit taking and risk appetite picked up. I should have gotten out after a dark cloud cover candle pattern formed at 23th of august, but I already put a stop at breakeven and after that I wasn't really paying attention to the charts as my family deserved my attention. So, no free holiday this year as my stop was hit and then some what.
Than on the 25th I got a second change. I got in on a pin bar bounce of the 20 ema and a 38% fib retracement. That's a nice confluence of signals. See the chart below.


The triangles are my entries and the dot is my stop getting hit. Also notice that instead of the 20…

Week 32: trade anything trending against the USD

Image
"May you live in interesting times" is a Chinese saying I believe. Well it has been an interesting week. I took three long trades: two on the NZDUSD and one on the AUDUSD. As I lost 5% of my account on these trades, I stopped trading for the week (as per my tradingplan). The market was all over the place. Especially the USD was making some big moves. As the US has lost it's triple A rating from S&P the best bet coming week is to look for continuations in trends against the USD. The Euro and the GB Pound are moving in a range against the Greenback, so we will not look at these pairs. So I will take a look at the commodities and save haven pairs.

AUDUSD
The pair retraced 50% of the move higher since the low of march 2011 and bounced. However, the up trend is not strongly in place anymore, so I am going to wait for a close above the 20 EMA, before looking for new long setups.

NZDUSD
Last week the pair failed to bounce of the 8 and 20 EMA. Last Friday it formed a bullish pin…

Tradesetups Aug 3 2011

Image
NZDUSD
I just took a trade based on the pinbar that formed on the 20 EMA and the 38% fib retracement. SL is just below the fib level and the 20 EMA.


AUDUSD
Same kind of setup occured on this pair, but then with the 50 EMA and 50% retracement as support.