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Looking At Foreign Currencies Charts

March 2010 ended a couple of hours ago. I am not actively trading, but I love to watch the chart to remember those good old days or is it bad old days when I was trading. I usually watch the chart to see if I can predict the direction of the currency. If I get good in it, I would start trading again. But in the mean time, I would be mind trading i.e. putting mental enter and stop loss positions without trading.

I was looking at the chart from FXDD metatrader platform. It looked like there were good trades to take. the chart was showing that there was a reversal on GBPJPY by showing a pin bar. So anytime there is a pin bar, that means it is time to go in opposite direction. But I was wrong.

failed GBPJPY trade in March 2010

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1 Comment by on April 1, 2010
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Always Go In The Direction of The Chart

In my last post about the results of the non-farm payroll, I said that I believe that GJ was bullish. Also, there was a gap around 146.88 that needs to be covered.

I believed that GJ was bullish, and it was falling down to get more buyers to push it up to cover the gap. Indeed, GJ rose up to cover the Gap. But it was stuck at that area. That area formed or acted as a resistance, so GJ couldn’t move up. Also, the period was a holiday period. There are not a lot of trading activities that are going on during the holidays (read summer holiday trading). GJ broke upwards towards new year, then it stared it way all the way down. At the time of writing this post, GJ high for 2010 was on the 4th of January 2010, and it is still going down.

Have a look at all what I am saying at the chart below.

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No Comments by on March 22, 2010
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