Well the EUR decided to really buck the longer term trends today, and Sterling followed suit a little while later.
The move on EURUSD and EURJPy didn’t give me any setups – so I had to leave those moves to leave the station without me on board.
There was a possible setup at 13:00 on Cable, but I was having to assume cable would extend past its current daily range in order to hit my targets – so I left that alone too.
So that left me with some strategy development on the 15m chart. It’s well documented on the net and on various websites, so not something I can claim as my own, but it is complimentary to my “momentum with trend trades”. This strategy is a counter trend trade and is 100% technical…..extension of price beyond a bollinger band coupled with a signal of overbought/oversold on a stochastic. Once you have a confirmation bar in your counter trend direction – off you go. I have a twist, as it’s counter trend, often the counter move doesn’t work but the next peak leaves a huge divergent stochastic allowing a counter trend trade to be taken again….it worked for me 2nd time around.
See Below :
As it turned out both the EURUSD and GBPUSD went well past their daily ranges which would have given me some nice returns on my typical setups….oh well!
Wimbledon Mens Semi-Finals tomorrow, I have tickets for Court 1 so will watch from Henman Hill no doubt and then have to try to find a pub nearby to watch Holland vs Brazil at 3pm……what I am saying is no trading for me tomorrow!
Great Trading, see you Monday