Author: RS2OOO

Over recent Week's Cable has been trading a relatively large range of approximately 400 pips. The overall trend on the Weekly chart is down, but on smaller time frames there is no trend at the moment, only a range that will eventually break into a trend. Whilst price is trading in a range it's relatively common for traders to make a decision as to the outcome of that range, but in reality the range itself is proof that there is indecision within the Market. The only way to capitalise on that indecision is to ignore any overall directional bias and play the range as it forms. In the case of GBP:USD on shorter time frames that range has run a sequence of marginally higher lows whilst resistance has been repeatedly found at 1.5736 region. This could be indicative of an ascending triangle formation or looking at the chart the possibility of a bullish inverted head and shoulders pattern, but in reality these potentially bullish patterns can fall apart through time decay. Therefore, the long position I've taken from

As the heading suggests, I've taken a few new trades this Week, but have struggled or am struggling with all of them. It's one of those Weeks where I'm left wondering if Markets are just completely random and only a look at previous trading results remind me that TA must play a major part! I came into the Week with one open trade, an AUD:CAD short, but on Monday my Day Trading system gave a long signal on the 5 minute time frame, so I decided to

I have no idea which way this will eventually break, but just wanted to share this triangle formation on the Gold 4 Hourly chart which seems to have been going on forever! No definitive clues here as to which direction this will break, but worth watching as it develops:

There are still a few possible swing set-ups in progress but only one trade was taken this Week. Following on from the AUD:CAD analysis I decided to enter a short position based on TA across a combination of  time frames, using the Weekly time frame for the longer term set-up and the 5 minute time frame for the actual trade entry with all other time frames offering something in support of the trade.

As there's no new set-ups ready for entry right now (including AUD:CAD detailed in the previous post which still awaits confirmation), I thought I'd have a look through some old trades and found something interesting with EUR:AUD. It was originally taken (see post here) as a "Box Trade" short. Box Trades are fairly rare set-ups, but thus far every one that I've taken has been a success. With EUR:AUD I covered the position at the 61.8% fib (circled) which seemed sensible at the time but re-visiting the chart and I realise maybe

Finally a little bit of action this Week that resulted in a decent trade. The Week started with my main focus still on GBP:CHF having previously been stopped out of a swing long position that can only be attributed to poor stop loss placement.  The risk/reward ratio for a swing long entry had somewhat deteriated following

Ok, so updates have been so few and far between that I'm searching for anything that I can talk about! The quality of trading set-ups has been pretty poor, and those that look good technically have had major fundamental overhangs that  put me off the trade. For example, I'd been lining up a