Welcome to this trading blog. The purpose of this blog will be to highlight simple trading setups and concepts which will hopefully help to increase account balance, minimise stress (due to trading) and make us all better traders. I only look at higher timeframes (1 HOUR AND ABOVE) and as such am able to walk away from my computer screen i.e 'set-n-forget'. I am also a believer in the KISS (Keep It Stupidly Simple) principle and try to apply this to my trading using simple concepts e.g. divergence, minimal number of indicators, confluence of factors, and most importantly PRICE ACTION.
Hope you all enjoy it.

9 August 2010

AUDUSD

Hi Folks

Opportunity to go long on this pair. The signal is the inside bar (NR7). In addition there is a confluence of factors which support this trade idea:

1. Uptrend shown by the golden cross of the 8,21 EMAs(arrows) and sloping upwards
2. Trend very strong as indicated by an ADX over 30 and rising
3. Weekly chart (not shown) indicating 1,2 above

Entry would be at the close of the inside bar candle. I would be looking to exit @ 0.9400

Cheers and happy trading
Posted by Ayo Odunuga at 22:13

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