Jul 01

Print this Post

Thursday 1st July 2010 – trying something a little different…..

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 :

Bollinger_Stochastic Counter Trend Trade

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


If you enjoyed this post, make sure you subscribe to my RSS feed!

Permanent link to this article: http://intradayforextrading.co.uk/2010/07/01/thursday-1st-july-2010-trying-something-a-little-different/

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>