Hello Traders, Today’s trade idea is on USD-CAD. The pair has had an extended run for several days from a swing low of 1.0015 to 1.0252. I believe it has got to a point of potential reversion to the mean. Given overall strength of US dollar, it is a risky trade but I am basing my analysis […]
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Trading a triangle breakout
Hello Traders! A triangle break out is a high probability setup and can often be traded in either direction. A triangle is formed when there is a consolidation between buyers and sellers. The price range narrows progressively forming a nice symmetrical triangle indicating that there is near balance between buy and sell orders. It leads […]
Hello Traders. We have had our fill on the trade idea presented earlier this morning. Price just moved 20 pips in profit and I have moved the stop to break even. We cannot lose on this trade now. For profit taking I will still hold the trade for original targets i.e. 1.5270 for first target and 1.5335 […]
Good morning traders! Here is my preferred trade setup for today: Buy GBP-USD at 1.5229; stop loss at 1.5212 (i.e. 17 pips); Target 1 at 1.5270 (41 pips) and Target 2 at 1.5335 (106 pips) As always I would like to see clean arrival into the level. If the price action hesitates just before getting […]
Good morning traders! Here is my preferred trade setup for today: Sell AUD-USD at 1.0410; Stop loss 1.0425; targets at 1.0368, 1.0337, and 1.0312. I suggest moving stop to B/E if the trade moves in favour by 20 pips. As always I would like to see clean arrival into the level. If the price action hesitates […]
Good morning traders! Just a quick update on the trade idea I presented over the weekend. As you can see our trade got triggered during the Asian session overnight. And we are now in profit. The original recommendation was: Buy at 97.77; Stop loss 97.47 (30 pips risk); Target: 98.64 (Well over 1:3 Risk to […]
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Trade Idea – 14 April 2013
Good morning traders! Today I am looking at UDS-JPY forex pair for potential opportunities that could materialise when the markets open with Asian session on Monday morning. On the chart below I have marked two levels for a potential buy trade. The closest to current price is: Buy at 97.77; Stop loss 97.47 (30 pips […]