haha sounds like we're both making revenge trades.
Descending wedge that just breached the 38.2% fib again from the move up earlier. I'm liking that last green candle with the long wick backtesting the fib line.
50% fib usually does carry some weight however, so I'll be taking profit right around there and leaving a piece on the table for a possible break below.
Lets see if it plays out...
Thrilled to have a substantial gain this week, as I only had time to trade for an hour or two for three days. Was working 14 hours days everyday this week. (If the Marines paid overtime, I would have retired a year ago haha).
Not trying to get too cocky, but my confidence level is really getting to the point where I want to seriously up my stake. Telling myself 2 more weeks of consistent gains before I do.
Thanks, and sure.
Real solid setup here. Fibonnaci lines being respected, with a descending wedge on the AUD/USD hourly chart. I'm definitely expecting the price to get back down to that 61% fib level again, and even a chance at breaking through.
Only thing that sucks about this trade is the Aussie producer price index numbers are getting announced in about an hour. I don't like holding over news so I'm thinking about taking profit right before the announcement, and getting back in when things calm down. Up about 7 pips at the moment.
Just took 17 pip profit.. Had to get out while I could before the insane spread increase during the announcement. When the spread is 40 pips, you are freakin stuck in that trade until it calms down. We'll see if there's another opportunity to get back in.
EDIT: Data was worse than expected and we had a sharp spike down. Can't be bitter though, I went with the safe play cause we aint suppose to be gambling right? Back in short at 1.0339.
DOUBLE EDIT: Looks like some reversal tails here around 1.0330. Took another 10 pips, and I'm done for the night. Thank you AUD/USD
I'm not big on holding positions longer than maybe a day, but this is hard to ignore. Having this daily bar close below 1.3000 might be real significant in breaking out of this channel we started back in February. I do currently have a short open in anticipation of this. If we reverse and head back up above 1.3000 I'll switch my position.
I know it sounds like I'm saying "hey this can go up or down from here" haha but once a direction is picked tomorrow I believe the momentum would strongly continue away from that trendline, regardless of the direction.
HSM... how you been? Miss me at all?
Been going to the field an absurd amount lately, plus just moved into a new place. Things have been crazy, but I have managed to trade some forex here and there. I switched over to TD Ameritrade and gota say I'm really liking it. I was with Oanda, but now I'm getting into the type of $$$ that I won't trust to a retail broker. I don't think TD is going bankrupt anytime soon.
Lets get back to business!
My trust for MACD in the 1 hour timeframe has been growing. Here we see some bearish convergence and a possible crossover about to happen. It's lining up nicely with previous resistance so I'm in here short. Solid risk/return. Let's see how she plays out...