11/18/07 Trading Notes

A Rising Wedge??

Have been reading about interpreting charts and came across several bearish signals that might hit during 11/19:

There appears to be a Resistance Candlestick reversal showing similar to the one shown on stockcharts.com:



See the one I've identified in EUR/USD:



That appears to say that EUR/USD will cap at 1.4714 or slightly higher as it hits both resistance and the effects of the wedge.

Currently, there are no immediate signs in MACD but Stoch and CCI show overbought. There might be one more support before testing the top resistance target.

Tinkering with the idea of entering in the following trade:

Sell Limit of 1.4714 with Stop Loss at 1.4724 and Buy Limit of +30 Pips or 1.4684

I don't know how to do that on my demo account in MT4 so sent an e-mail to them to ask how.

8:41 PM (11/18) - The White is showing signs of crossing the yellow, but it hasn't reached that resistance level yet. Going to wait for e-mail back from traders to see what to do. Support is falling below my bottom trendline showing that it may break that trendline.

Through a couple of errors in setting up the MT4 account, I ended up with multiple lots all with about the same parameters:

SELL ORDER:

8:47 PM - EUR/USD

Sell 1.00 Lots at 1.4671

Stop Loss at 1.4687

Take Profit at 1.4647



The 15 minute chart is telling me that my Stop Limits are too tight and that it might still hit it before going down.

It started to fall and I closed one of the two trades out with +70 profit (only 7 pips, but that's something.)

Set the take profit on the other trade at -20 and going to bed.

In order to go to bed, I popped the profits off at 11 pips and went to be up 18 pips. Going to research Fibbonacci tonight.



(That wedge is toast on the bottom side. By the way…)