I got a few trades I am looking into just looking for advice on them from you all.
First is a AUD/USD I am hopeing the price goes up after hitting that low. My goal is after it breaks through the resistance level I will buy and if it breaks the second area of resistance I will move my stop loss (somewhere between the 2 support levels) to break even. Then I will put a trailing stoploss of50 pips (if price move that high) and let it ride till I get stoped out or close myself. Here is a chart the second is the same chart just zommed in on the entry point. Just mainly looking to see what you all think and if I am missing something. I understand it is the weekend and have not taken into consideration any news events that might be coming out but will spend tomorrow looking into those to consider. Trade 2 coming on next post.
Second trade is pretty much the same concept as the previous but I will be shorting instead of going long. Also keep in mind the chart you are looking at is silver futures. Same thing as before fist chart is a long shot the secong is zommed in to show the entry position. Now not sure if this trade will trigger an entry due to the face silver has been on an up trend since 08 but spiked pretty good mid2010 and seem to be turning but only time will tell. Also not sure if these trades will be triggered any time soon (at least for the next week or 2) but I am trying to get a strategy down to trading even if they dont get triggered what are opinions on my strategy for a newbie trader. I like this new platfrom (thinkorswim owned by ameratrade) due to the fact that even if I wait and only make a few trades a year my money is in IRA accounts or what ever I choose collecting intrest till I find a good entry. So given I am still kinda young I can watch and learn on the sideline till I find a good entry.
lol I read the first couple of paragrahphs and remembered it. Went back and looked at my charts and realized I posted my zommed in version of the aussie dollar for the first graph for the silver futures trade here is the real chart nice catch. But now that you mention it your right there is a very similar path they are tanking I didnt see it. I only was going to take one trade as I only 1 trade at a time but I think I have been schooled here thanks man. I did learn that but took you to jog it from my pee sized brain. There no point in posting the zoomed in shout on this chart I see you point glad I asked
You are looking at two freight trains trading the Aussie this coming week. The FED freight train to your left and the Bank of China freight train to your right.
Going long the Aussie; you are starring into the headlights to your right.
Thanks I will have to check this site out they seem to have alot of very useful information. Especially for what I am trying to do as far as goals. I am not just looking to forex but all investing in general. I got into investing to become rich but learned that it is possible but not likely. However given my age and amount of time to lean till retirement. I may not become rich but can live a very good life. But must hit the bumps in the road along the way to get to where I want to be. I am young and dumb as you proved. However nothing can stop me but me. So live and learn learn and learn so more. Then live live live and live
There no point in posting the zoomed in shout on this chart I see you point glad I asked
