[INTRA-DAY ACTION]
Poor start to the day for my paper account, was caught at the open on commodities shorts which retrospectively were too volatile into the bell.
Nice trade in USD/JPY though, was waiting for it to break 98 and it did so with a pennant formation and my entry was more or less parfait as the French say.
Here is what I was wanting to trade on the longer term with USD/JPY. More often than not these moves occur overnight in the forex markets and I missed it. Nice horizontal retest of the wedge breakout price for the entry supported by the moving averages. Nice trade if you can catch it!
Currently short crude (/QM) on a bear flag setup, feel I may have entered too soon. Stops are quite tight too so we'll see how this one works out.
Nothing else catching my eye at the moment.
Update 16:40GMT
Crude flag setup following through nicely of the 20EMA. Pretty easy trade. Technical target is 39.5 but I'm trailing a stop tightly to guard against any sudden rallies. Currently 40.125 as this chart is now 5 minutes old.
Quick trade on a reversal candlestick pattern at the 20EMA on JBLU at $3.16 too for a quick scalp that I should have held for another .10 at least.
Update 19:00 GMT
Spectacularly boring afternoon. Only action I caught was a no-brained gap closing short on PFE at $12.20 and rode it down for 30 cents. Crude flag really followed through quite nicely with lows at 39.5 - it's just mucked about since some reversal candles and I don't see it doing anything into close.
On the FX front USD/JPY is forming a big pennant formation but I'm not convinced on it's strength, especially with some substancial recent overhead resistance in the 98.5 area.
And to close, this is how the crude trade turned out, nearly perfect but not quite - lows were about .039 points off the target lol;
Nice trade in USD/JPY though, was waiting for it to break 98 and it did so with a pennant formation and my entry was more or less parfait as the French say.
Here is what I was wanting to trade on the longer term with USD/JPY. More often than not these moves occur overnight in the forex markets and I missed it. Nice horizontal retest of the wedge breakout price for the entry supported by the moving averages. Nice trade if you can catch it!
Currently short crude (/QM) on a bear flag setup, feel I may have entered too soon. Stops are quite tight too so we'll see how this one works out.
Nothing else catching my eye at the moment.
Update 16:40GMT
Crude flag setup following through nicely of the 20EMA. Pretty easy trade. Technical target is 39.5 but I'm trailing a stop tightly to guard against any sudden rallies. Currently 40.125 as this chart is now 5 minutes old.
Quick trade on a reversal candlestick pattern at the 20EMA on JBLU at $3.16 too for a quick scalp that I should have held for another .10 at least.
Update 19:00 GMT
Spectacularly boring afternoon. Only action I caught was a no-brained gap closing short on PFE at $12.20 and rode it down for 30 cents. Crude flag really followed through quite nicely with lows at 39.5 - it's just mucked about since some reversal candles and I don't see it doing anything into close.
On the FX front USD/JPY is forming a big pennant formation but I'm not convinced on it's strength, especially with some substancial recent overhead resistance in the 98.5 area.
And to close, this is how the crude trade turned out, nearly perfect but not quite - lows were about .039 points off the target lol;
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