Aug 6, 2012: Set ups

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The thoughts and techniques of trading, as learned through a student. Currently only trading currencies:

Welcome! This is my 2012-2013 daily journal/blog to see if, and to what extent, trading can really be done for the average Joe; Without the fancy automated trading systems, spending thousands of dollars on books and seminars, and quad monitor business. Everything I have learned is through the internet and free e-books.

Link to Live trading account:

All equity charts are presented using Charles Schwab's Street Smart Pro. All forex charts are presented using Oanda's Metatrader 4 Java edition.

The following are my most recommended (and lengthy) posts:

Reading and using the Metatrader 4 platform:
Part 1 part 2
The beginnings of analysis
Compilation of Bearish Reversal candlestick patterns
Compilation of Bullish Reversal candle stick patterns
Blog list for the year

This is meant to be a learning experience above all. If you have a question, ask! Ask me anything

August 6, 2012

Watch and wait is the name of the game. Currently looking at EUR/USD and AUD/USD. I keep expecting AUD to reverse but it just hasn’t.

Might have a short opportunity on the Euro here if it starts moving down. Shorting at the red line would be the aggressive move, the more conservative idea would be once it’s under the red/green candle combo sandwiched between the small peaks there.

Last week looked like a good time to short this pair but it just hasn’t been happening. I’m watching as RSI is creeping closer to overbought and same with Stochastics.