My forex chart for the day

Quote from jonathan734:

I am attaching a 5 min chart of the Eur/Usd. I wrote on them where my entry and exit for the trade was. I had already made a few other successful trades for the day and didn't want to lose anything so I exited, mainly because my 20/40 moving avgs crossed. I was hoping someone else could have told me a reason for exiting or staying in other than a gut feeling I had.

I was shorting all morning for 15 pips and waiting for the price to come back to the top of the channel before shorting again. So I am not sure if I am doing this right but I thought I would post up and let some people critique. This is done on a forex .com practice account. Thanks for the time guys.

Please excuse the the chart in paint. I am not very computer literate.
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a comment. why didnt you trade earlier when the supply line was hit around 10. good exit, you really didnt get a good reaction off that supply line.

lose the ma's :)
 
Quote from speres:

a comment. why didnt you trade earlier when the supply line was hit around 10. good exit, you really didnt get a good reaction off that supply line.

lose the ma's :)
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What do you mean supply line? Was that some news that came out? Keep in mind I am a total noob at forex.

There are 4 trades there, the first 3 made me 15 pips, the last one I sold out with a 1 pip gain. On the last trade, what could have been an indication that the market was about to make a reversal?
 
Quote from Moderator:

Bummer, I'm going to send this trendometer back. They said it was dead accurate but it was 1 pip out - huh.

1.4281 reversed but it was supposed to be 1.4280??

EUR has only fallen 50 pips since last post.

I want my $9.99 back.
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Yeah man, the fuckin thing is broke like my box of indicator filters, prolly made by kmart damn scammers

Just called 'em and they won't take 'em back 'cos I opened the box :mad:
 
Quote from jonathan734:

What do you mean supply line? Was that some news that came out? Keep in mind I am a total noob at forex.

There are 4 trades there, the first 3 made me 15 pips, the last one I sold out with a 1 pip gain. On the last trade, what could have been an indication that the market was about to make a reversal?
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supply line, thats the top line on your chart, or the downtrend line. where supply overcomes demand. the opposite or uptrend would be a demand line, I just call them these rather than support or resistance, my preference..... learn to draw the horizontal lines or support res lines...

I dont know if it was news or not to be honest...my advice would be dont trade news for various reasons.

an indication would have been like i say a decent reaction off the supply line, instead you had price hugging the line, your looking for upthrusts, fake moves and the like , there is a lot more i could go into but this will get you going.....
 
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