Original entry:
AUD/USD short @ 0.9548 (I don’t advise taking it. Looks like a double bottom is about to form.)
Open trades:
USD/CHF @ +58 I will close it because of the pin bar
8, July 2008
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Hi Geshwinn. Hope yo enjoyed the weekend? What do you mean by double bottom as regards the AUD/USD trade set-up and pin bar for the USD/CHF.
Timwal
Comment by rotexyo — 8, July 2008 @ 3:36 am |
These are price action patterns.
The pin bar – http://www.scribd.com/doc/192645/Pin-bars-introduction
Double bottom – http://www.trending123.com/patterns/double_bottom.html
Comment by geshwinn — 8, July 2008 @ 4:38 am |
Thanks Geshwinn. The materials proved helpful
Comment by timwal — 8, July 2008 @ 11:52 am |
You are welcome!
I always look at price action. So far it has proved to be the best “filter”. First I look if the method gives a signal and then look at price action to confirm. I stay away from trading around major support and resistance levels and I look at pin bars and candle patterns.
Comment by geshwinn — 9, July 2008 @ 11:43 am |