Trading Idea: SHORT EURUSD 30 June 2009

Posted on June 30th, 2009 in Trading Journal

Long story short. I see EURUSD reaches resistance area, and forms a nice short setup for me. So, I am going SHORT.

Here is the …. CHART!

From the desk of Tradergav.com

Tags: EURUSD, FX, Trading Journal

Gulzaar

Hello Gav!
I came across your blog and found it very interesting! I am an aspiring Forex trader myself. Your trade looks interesting - the level you have marked as resistance is the top of a range. I think we may have broken it though. I look forward to more of your posts!
Good luck!

Jules

Do I love the "W"? I want to marry the "W"!!! :-) Stop calling yourself "old". Wait til you're in your 30s...or when you start losing some hair (why am I obsessed over your hair??)...
I heard snakeoil cures baldness by the way. LOL!

Jules

Now I see why I keep seeing "W"s. It's from your charts, Gavin! :-) I woke up one day a few moons back and a HUGE "W" greeted me. Was all in my mind of course. After that day, I noticed that price is always attempting to go up with a "W" / "Cup" - shaped base. And it's when the top of the handle fails to hit where the rim of the cup has reached that price starts to turn south. Yup, definitely from your charts. :-)

Gav

Oops...too much secret revealed, Jules!shhhh....
Old fart Asian trader like me loves to keep the secret to myself... :lol:
Dontcha love the 'W'?

Andre Siregar

You're right on this one. I was waiting for a butterfly pattern (same chart as above) that started with X on 24 Jun. I was waiting for price to go to 1.4200 before going short.

Andre Siregar

Well, what do you know, price did reach 1.4200 after all and I got my butterfly pattern. This was off my radar until I read the comment from Gulzaar this morning. So, thanks Gulzaar! :-)

Andre Siregar

Yeah, I tightened my stops, but fortunately I was on the right side of it. If anything I probably exited too early. But I reached my profit target and exited. Didn't want to be greedy :-)

Gulzaar

You are welcome:)
What is your plan off of this butterfly pattern? Today's NFP announce should probably throw everything out of balance, unless you are lucky and on the right side of it:)

Gav

Well, I see resistance at 1.4100 area, so put in some chips here. Anyway, I am wrong enormous times. :lol: ...

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