Hi there, my name is Ivan, FX trader. After studying varies sources of information for the past few years, my understanding of the FX market has improved dramatically, with this blog simply intending to share with you all a journey within my mind. When I make it to full-time trading, I know the first person I should be grateful to is an Aussie PA trader named Jonathon; He has been inspirational and an enormours influence to gauge where the money flows to. His trades can be followed at http://forexpriceactiontrader.blogspot.com/ . What price is telling you is key, as it always whispers in low or high intensity what market intentions are. I do not endorse the use of any indicators, as they are lagging in nature; analysis should be based on pure price action. Besides, other factors like sentiment, fundamentals, risk control, rock-solid discipline, thousands of hours readings charts, also make up the equation to succesfully ride the FX waves. When entry triggers are detected, I act without hesitation, letting the market do its thing. Please note, information and opinions contained in this blog are for educational purposes only and do not constitute trading recommendations, thus will not take responisbility for any losses viewers may have. Trading FX carries a high level of risk, and may not be suitable for all investors. Before deciding to invest you should carefully consider your investment objectives, level of experience, and risk appetite. You should not invest money that you cannot afford to lose.
GOLD BEOB WEEKLY
This is my first post. I would like to point out at a gold short entry (still in), which formed at the beginning of the week, starting Jan 10, 2011. Please note from now on I will be posting trades live as they unfold, this first example will be the only exception you will see in hindsight. Into the trade, I took it as the precious metal gave us a nice BEOB indicating exhaustion of the bulls to extend gains, thus increasing the odds for a correction to the downside in the coming weeks. I waited the price to rebound towards 1,387 (50% fib retac. from Jan 3-7 fall), got filled in, then price pulled back to my favour. Before Frday Jan 14 Ny close, moved my position to BE. Initial target is at 1,323.00, but may hold some portion of my contract for a test to $1,265/70 key support. Will continue to explain how I manage the trade.
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