"Take Risks: If you win, you will be happy; if you lose, you will be wise. Nothing ventured, nothing gained."

Monday, December 14, 2009

14th Dec - Hidden Bullish Divergence Eur/Usd

Im starting to get back the feel for the eurusd pair. did not enter a trade recklessly this time. instead, this time i decided to do the trade in my own room, less the noise n distraction from my family members. i did a couple of buy stop and sell stops. mainly on dollar bias, after reading up some economic news.

i wonder if you would notice the symmetrical triangle forming off Aud/Usd Daily chart. taking the US bias, i did a sell stop at 0.8990, taking a chance that if price happens to dip down away from the triangle. When a symmetrical triangle is formed, usually a breakout would take place, either direction. taking the fundamental datas as a guide for my execution this time.

As usual, blue lines in the chart showing a higher low and a lower low. this happens when the oscillator has been pushing down towards the over-sold level, yet the price is still maintaining higher. despite the sell stop in place, i did a long. price didnt move in my favour the first fifteen minutes. i could have done an average down, but seller looks strong. until the one hour candle bar is completed, price move in my favour. thats when the seller has given up, and the support held very well at below my price level. i did an average up and close the first position on t-p price and the second position when buyer looks like they were not able to push the price to the next level. +16 pips in total tonight.


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