Monday, May 29, 2006

Pennant Breakout Arrives as Predicted

As predicted on Friday our pennant was breached upward today on the eurusd. As it’s a holiday today though, the breakout was not as dramatic as I hoped and I closed the trade after a shooting star appeared. Still some nice pips – which is better than a loss!

Noticed the USDJPY pair had reached a turning point with a couple of bearish candlesticks at a resistance line.

Entered the trade and watched as the trickle of bearish candles (spinning tops) turned into a flood! Followed it down to a 20pip profit before the emergence of a bullish candle prompted me to closeout for 18 pips.
Now looking at a 12% gain on the account this month, which is not bad considering I had a 10% loss day earlier in the month.

Slowly refining, and defining a strategy. I think my main focus is still candlesticks. Then trending and pivots. It’s looking like a powerful combo.

That’s all for now. Want to learn more about pivot points? Check out

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