Aug 21, 2012: Trade setup

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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 22, 2012

GBP/USD and EUR/USD look like they could be headed for reversals (into shorts) while AUD/USD looks like a continuation short. The chart from yesterday was GBP/USD, and it looks more attractive now that a full candle has closed above the top BB. Stochastics remain overbought, however the trend remains up. Price below 1.5766 on GBP seems like a good short when looking at the 4 hr chart

12:06am | URL: http://tmblr.co/Z0U4FwRvPhwr
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(Notes: 1)