Wednesday, December 30, 2009

Cable trade of December 29th 2009

The trade opened yesterday has just made its target of 1.5835. As mentioned earlier the cable looks very weak and can fall much further. The target was computed using a Fibonacci extension of the last pullback on the four hour chart. This use of Fibonacci to calculate targets is taught in my forex trading course.

I have just booked at 165 point profit from the first trade reported in this BLOG.
I wont do anything now untill the the New Year and will start operations on the 4th January 2010.

Good Trading

David

Cable trade of December 29th 2009

The trade on sterling dollar is on track for the target as set yesterday of 1.5835.
The daily chart is very bearish with yesterday featuring a multiple outside day.
As i write cable is trading at 1.5875 and i have pulled my stop loss down to 1.5925. This has locked in 75 points of profit.

Lets hope for many more quality trades like this one in 2010.

Tuesday, December 29, 2009

cable trade December 29th 2009

The trade that i posted this afternoon is proceeding as i thought . The Eva trade was taken on the four hour chart and it is very reliable on that timeframe . The target still stands and we were 30 points away from it a few moments ago . If anyone took some money WELL DONE . There is 100 points sitting on the table just before bedtime. VERY TEMPTING.

I shall try and call these high probability trades as often as i can.

Good Night

cable trade 29 th December 2009

Its not a great day to be trading. This is one of the lowest volume weeks of the year.
However in the pound against the dollar i have spotted a high probability pattern which has been confirmed by a bar chart micro pattern. Its a setup that i teach in my forex course and we call it an Eva Mendez trade. For obvious reasons it a very hot setup and i would expect the cable to fall hard this afternoon.
Cable is trading at 1.6002 at 1300 gmt . I would expect the cable to fall to 1.5835 over the next few days . It needs a stop loss of about 75 points ie at 1.0675. This means risking 75 points to make 165 points which is fine for a swing trade.