Ferrowolf's Den of Trading

Still building my humble Den, so please bear with me, it'll be done soon! =)

USDCAD breakout and fakeout setups

Just saw this on the USDCAD charts this morning, and I realised there were 2 very possible plays based on the way I like to trade range breakouts and fakeouts.
Picture perfect setups!
Usually for breakouts, I’d wait for a decent 1-2-3 after the break, doesn’t always happen.
For fake outs, I’d like to see a clear entry where the fakeout is confirmed, with a doji or a break below the consolidation area before the fake break, doesn’t always happen either.

For the USDCAD chart however, both events happened in the same night and both had beautifully clear entry and stoploss levels!
Explainations on the charts.
A little sore that I wasn’t focused on watching the charts last night and missed these beautiful setups.
In some ways, trading really does require you to commit time to it like a full-time job.
But then again, we can’t catch all the pips. =)

USDCAD breakout and fakeout plays

August 28, 2009 Posted by | Uncategorized | , , , , | Leave a Comment

EURUSD trade update 4th Aug

Market went into a well defined range and started whipping both sides..i got caught cos i moved my stop after taking profit..
I readily took half profit at +25 pips and moved my stoploss tighter as I saw an area of resistance just 25 pips above my entry.
Maybe by doing this, I denied myself the chance to ride the move down to my target level.
Anyway, more in the charts.

EURUSD update

August 4, 2009 Posted by | Uncategorized | , , | Leave a Comment

   

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