Forex Trading Review 12/07/2018
I am going to give a review of this weeks Forex Trading. We had a good week trading Forex. I began the week on a choppy note. This week saw a ton of volatility based on Forex news. We saw the Forex week gap up based on the news of progress with the Trump and China trade agreement. We saw the USD gap down and the SPX500 gapped up. There were some trades that worked this week and some trades that did not work. The main thing to remember is its not the percent of trading wins that make you a great trader its the money at the end of the day or week that tells the true day trading story.
Chart #1 - Oil Futures
Above you will see the oil futures chart and the bullish divergence is very clear here. I posted and article on this before this large move was made, I hope some of you caught some of this move.
Chart #2 - USD/CAD
The Forex Day Trading chart above shows the clear bearish divergence, this chart will show the break of the trend line. You will often see clues show up in a chart before a big move happens, its very important to study and so your research before placing any trade in Forex. We saw the move lower in the USD/CAD on Sunday night EST, this continued lower into the next day. When we hit our support level we then saw a huge move higher. On Wed I took a long on the USD/CAD during the announcement of the BOC and grabbed some pips, I exited knowing that many of this big BOC moves will often be faded, knowing that the volume on WED was low due to the Stock Market being closed I exited. I then took a short on Thursday when the chart setup.
Chart #3 - USD/CAD
USD/CAD, here is the week end chart of the USD/CAD, you will see after the first move down we saw a huge move higher followed by another move lower.
- Posted by fx_Trader
- On December 8, 2018
- 0 Comments