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Stringmine · 19-01-2004, 07:27

I look solely at the trend, support and resistance. I often find I'm completely bogged down by technical indicators which can lead to me not taking the trade when I feel that I already have the ingredients in front of me - pure price action.

March futures contracts: Long from Friday 1.2360
I switched on late last night and saw 85 and thought "OK - the correction is underway" and left it at that. This morning it crossed over the channel (which was my target - or more exactly 1.2412) and I placed my stop at 1.2400 - managing to grab 40 pips on the trade. Once it hoped back out of the channel, I took a short and trailed a 15 point stop down to 30, adding another 70 to the trade. I didn't catch the bottom to reverse but it's currently at my *line in the sand* at 1.2356. As I'm not now totally sure where it's headed from here onwards, I'll wait.

19-01-2004, 07:27	#6 (permalink)
Stringmine level 1 Join Date: Jan 2004 Posts: 26 Rep Power: 0	I look solely at the trend, support and resistance. I often find I'm completely bogged down by technical indicators which can lead to me not taking the trade when I feel that I already have the ingredients in front of me - pure price action. March futures contracts: Long from Friday 1.2360 I switched on late last night and saw 85 and thought "OK - the correction is underway" and left it at that. This morning it crossed over the channel (which was my target - or more exactly 1.2412) and I placed my stop at 1.2400 - managing to grab 40 pips on the trade. Once it hoped back out of the channel, I took a short and trailed a 15 point stop down to 30, adding another 70 to the trade. I didn't catch the bottom to reverse but it's currently at my line in the sand at 1.2356. As I'm not now totally sure where it's headed from here onwards, I'll wait. Attached Thumbnails Last edited by Stringmine; 19-01-2004 at 07:31.