Forex Trading Blog

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I finally closed this trade with +200 pips. The target wasn’t reached and price rebounded to north hitting my trailling stops. Below is the new trading idea based on today’s data. Mizuho’s technical analysis: Market is sideways. Suggested strategy is to attempt long (buy) at 1.5880; stop below 1.5400. First target 1.6000. Danske’s technical analysis: Market is sideways. Suggested [...]

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Intraday Trading Idea 05-11-2008

I finally closed this trade with +200 pips. The target wasn’t reached and price rebounded to north hitting my trailling stops. Below is the new trading idea based on today’s data.

Mizuho’s technical analysis:
Market is sideways. Suggested strategy is to attempt long (buy) at 1.5880; stop below 1.5400. First target 1.6000.

Danske’s technical analysis:
Market is sideways. Suggested strategy is to attempt long (buy) if price breaks 1.6675 with first profit target at 1.7235. Place the stop at 1.5585 or change trade direction if price breaks it. Profit target for this sell (short) entry is 1.5400.

Ino MarketClub’s Trend analysis:
Strong Down Trend (score -100)

At the time I wrote this, gbp/usd price was ranging around 1.5890. My plan is to place long order if price breaks 1.6000 The stops will be at 1.5900 and trailled. I will place short order if price breaks 1.5500. Stops for this short order will be at 1.5585 and trailled.

Please note that this is just a trading idea, I do not execute trade solely based on this. I write this in purpose to show you (especially novice traders) about how I make use of the free technical analysis data for my intraday trading.

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Intraday Trading Idea 05-11-2008

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