Channel Trading Failed Today
May 16, 2006 by Trader Rich
I put in 3 trades today during the US session after the Housing Report release that were Anti-dollar but all of them failed to push towards my target. I managed to recoup some of the losses with another trade placed when the price fell back into the channel so I'm not too disappointed. It could have been much worst but I wound up losing about 45 pips today. I'm even for the week.
On another note, I was reading about fibonacci and stumbled upon a site that includes some fibonacci tricks. Some of these tricks really only apply to stocks because they relate to gap trading but I found the parabola hunt interesting.
http://www.tradingday.com/c/tatuto/fivefibonaccitricks.html
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