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Oct 18

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+48 pips and over 1:1…..patience patience patience

After last weeks wait upon wait for the afternoon you can imagine my amazement this morning to find that Asia had had another party without me !  I examined my charts as it was the start of the week and re-drew some trend lines and Key Prices.  So what was my trading plan today ?

1) I wasn’t going to go short on EURUSD / GBPUSD/AUDUSD  this morning – overstretched and liklehood of whipsaw was high.

2) I was going to wait for a good setup on one of the pairs to take me to the daily Pivot.

AUDUSD looked the best bet as was less sold off over the Asia session and wasn’t too far from the daily Pivot as a good target. Additionally the lowest points of the day on AUDUSD traversed a Key price at 0.9844 and lower 4H trend line…had a chance of a 1-2-3 setup forming with a bounce of this points of support. So I waited and waited……at 13:15 the setup appeared as clear as a Lager after a trek over the Sahara…….bang in I went. As always would have been nice to have not waited 3 hrs for the trade to mature, but it looked strong all the way……very very happy with this trade !

AUDUSD 48pips Reversal

Will probably not be blogging for the next few days as I am off to Barcelona for FX Streets International Traders Conference……whoooooo. Working vacation :-)

FX Street : International Traders Conference 2010

Good Trading

Jimmy

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