DISCLAIMER: Hi everyone, I'm new to trading and this is just a log book for me on applying everything that I have learned and continue to learn as I go along. That being said, I do not advise you to base your trading on these "ideas".
This week I'm keeping my eyes on the Euro / New Zealand Dollar pair. Its been on a down trend for a while now and could be hitting...
Chesapeake Energy is coming up on the 6.9-7 area that has proven an area of support and resistance in the past. We recently put in lower highs around 7.50 after retesting the high of 8.00. If we break down though. 6.9, I believe we can see more downside toward 6-6.25.
This stock also has the potential to move back up toward 8 if the 7.00 area holds in the coming...
I am short at 83.10 with a stop at 83.25.
I sold last Friday after a failure at the 83.20 level.
My first target to B/E is ~80.
Here is my framework on how I think through a trade.
Is this trade worth taking?
* Where is the R/R right now? Is it obvious?
* Is the market trending or ranging in the time frame you are watching?
* Is price currently at a level...
HCP is trading in a short term rising channel, and since it is re-testing support-turned-resistance at 33.80-34, it is very likely to break out of the channel to the downside. The measured move takes us down to ~28.50.
NZD/USD has failed to break the critical level yesterday. The uptrend is still intact, becareful shorting the pair.
However, with a potential double top and the uptrend losing its momentum, we will be on a lookout for a possible move to the downtrend.
This could grab us some nice pips if it works out nicely.
Please leave your comments so that we all can learn...
After the previous 2 high volume days, VLO has made new highs. However, it did not close with a strong candlestick above the resistance and instead put in a doji. With this location it is setting up a nice Risk vs Reward trade for the short side. Previous resistance will be the 1st profit target and will be moving up the stop loss if the trade goes in my favor.