Hi all,

An active day on the markets yesterday, with a few more trades placed. It was a day of where, if you use the simple technique of channels, you could have really picked up on some nice trending behaviour across the board.

Below is an example of what I am talking about:

This is the NZD/USD from yesterday, but I could have picked many more of the majors with the same behaviour. You can see there was a clear uptrend, bouncing roughly between a channel drawn from the first low to the first high. If you bought subsequent movements to the bottom channel line, and took profits somewhere near the top, you would have been in for a very profitable day, especially if done on more than the one currency pair. I personally did not use this method yesterday, but looking back, such a simple technique would have worked well.

I did have a profitable day, but you can see a late night trade, against my system, proved to be a mistake, I don't mind losing out on a trade if I stuck with my system and it turned around, but a good slap in the head is needed when I "think I know better" and go against it :)

Ok here are my trades for the day:

Happy trading!

Today's result: +35 pips | Overall: +624 pips

This entry was posted on Friday, October 21, 2005 at 10:28:00 AM. You can skip to the end and leave a response.