This came back after being up 100 pips and stopped me out for +!0 pips. I don't mind these trades actually, because by waiting I will get the big gains once in a while and that will increase the average win. Just didn't happen this time.
This GBPUSD short trade is now closed, it may be on the way up for a while, so I will take the 140 pips and run.
nice calls, was with you (bought in a little higher) on the usd/cad pair. Looked like it really would have made a run to 1.1800. Any idea what caused the reversal?
Inks2002: Not really sure what happened with the USDCAD, I am sure there will be more opportunities in the future with that pair (and the others). For me, thinking about *why* pairs behave the way that they do is as fun as listening to some blowhard on TV wax on about the quarterly outlook for the ______ (insert favorite pair), it just doesn't help me. In fact, it hinders me quite a bit, so I stick to my charts and get my news from The Onion. I don't mean to belittle your question, if I have understood it correctly, I just mean to suggest that, for me, fundamental analysis is not a priority. My all-time favorite trade was repeatedly going long USD/JPY for the last 3 months in 2005, all the while reading about why the yen was going to strengthen. There are many ways to make money in this, and for me the easiest is to pull up a chart and throw support and resistance lines. Adding news into the mix complicates it too much for me. For others, I am sure that fundamental analysis may work wonders.
These are the pairs I am looking at, will post more as the trades unfold. USDCAD GBPUSD AUDJPY CHFJPY NZDJPY
USDCAD is the first trade to get triggered tonight Sold USDCAD at 1.1605 Stop up at 1.1685 Target #1 1.1490 Target #2 1.1250
Like the look of this one, a lot. NZDJPY Went long at 60.85 Stop loss down at 59.29 Target 1: 62.80 Target 2: 66.00
Short USDCAD at 1.1605 Stop at 1.1685 Target #1 1.1490 Target #2 1.1250 AUDJPY Long Trade Long at 76.40 Stop loss at 74.70 Target 1: 78.20 Target 2: 79.50 NZDJPY Long at 60.85 Stop loss at 59.29 Target 1: 62.80 Target 2: 66.00 Obviously, these were all losers - unfortunately sometimes we get breakouts when expecting these s/r zones to hold. Will wait for the next setup and will post it. Looks like it will have to be next week. Have a great weekend!