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Gav's trading blog - Perseverance, Consistency, Confidence

Gav

Trade of the day 12 July 2010: $EURGBP Short

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My internet connection has been extremely unstable and crappy today. I am in fact taking additional risk by continuing trading 🙂 . Anyway, this is a pretty straightforward technical trade. EURGBP was hanging around Friday’s high, with failure to make it above 84 level. Short position was entered at 84, two profit targets were achieved, while the last one was taken out by the abusive price action around New York noon. The details of how I managed the position, you might want read my previous post on trade management.

Here is the… CHART!

Working offsite

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As I mentioned before, I am trading from Jakarta, Indonesia for the next couple of weeks. Here is to show you my offsite office setup. Keep it simple. 🙂  Man, I miss my LCD screens back in Melbourne….

Basics of Elliott Wave Analysis

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Coincidently, after I posted the reading materials about Elliot wave analysis, folks at EWI is releasing Basic of Elliot Wave Tutorial. Again, this is absolutely free, and the tutorial consists of 10 lessons.

Here’s is what you’ll learn from the tutorial:

  • What the basic Elliot wave progression looks like
  • Difference between impulsive and corrective waves
  • how to estimate the length of waves
  • How Fibonacci numbers fit into wave analysis
  • Practical application tips for the method

Read the details here.

I thought it is good to go back to the basic, understand the foundation, maybe you might find EW fits your trading. Check it out and enjoy the waves 🙂

Reading material: Hidden Divergence

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Here is another article I found on scribd.com I thought it is worth reading. Hidden Divergence.

Just as classic divergence does not appear on every price chart, so it is with hidden divergence. But when they do appear, they are worthy of attention. The trick is to train your eye to recognize one when it presents itself.

Again, I am not the publisher of this article, but using the sharing functionality provided by scribd.com.

Enjoy!
Forex

Trade of the day 07 July 2010: $USDCAD short

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I was going short of USDCAD and long AUDUSD, however, Aussie order was not filled, missed the move. Dang. Anyway, I thought USDCAD trade was beautiful, and is worth sharing here. I went short after price reached the resistance level. In other words, I was waiting for the pull back to complete and the sell off to resume. I have two profit targets completed, and one still trailing. Looking at 1.05 as target now.

Here is the CHART