Trading Analysis based purely on Price Action as taught by Nial Fuller at www.learntotradethemarket.com. All I post here are setups which i see fit to trade win or lose.
Monday, 18 January 2010
USD/CHF crossover trade
The chart will show the crossover. I entered the trade after 9am after the 9,8,7am candles touched the upper trendline and failed to break. The stop loss was always above the 13ema and not threatened throughout the day. As we headed lower slowly throughout the day i was able to drop my stop, most of the time 6 pips above 13ema.
If you check 2hr MACD histogram it was pretty much green for just over 4 days so a short position was favoured.
AUD/USD had a crossover a couple of hours before USD/CHF and travelled more points so i guess i chose the wrong trade.
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