Forex Trading

last two days have been difficult trading conditions for anyone on cable - the pair has been rangebound and is currently forming a triangle ready for a breakout.

so the signals listed above are all 1 min trades due to conditions and those arent even great.

question is which way will the breakout go - lets look for some clues on the higher timeframes

the 4 hour chart is at a crux but is setting itself up for a short on hilda. The daily on the other hand shows that we should expect at least a retrace of last weeks losses before the weekly chart continues its move down.

my guess (and it is a guess) is that overnight tonight cable may well go and test the 8077 - 90 area before giving us some downside tomorrow but i dont think tomorrows slide will be significant with support beig seen at 7980 followed by a rise in the next day or so to the 8150 area and maybe higher before the drop to new lows.

I know this sounds highly suspect and guessing games always are but in a nutshell downside - upside then major downside.

as for which way this current range will go - down i think, but then im not a guesser - just trade what you see.

NEWS

as from october 1st i will be starting a new part of the blog - this will feature the investment strategy we call grail - it wont be for sale so dont start on about this being a marketing thing. Grail is not the holy grail some search for but it is mine - grail requires very little attention and is a very simple intraday strategy which trades once a day only.

I wont be featuring individual trades but heres what the new part of the blog will be for.

I aim to show how an account making small amounts of pips can make major money with compounding. I will, once a month post a screenshot of an actual account which will start off at £10,000 equity.

Please note that this will be a real money account and not a demo account. The account will be held on capital spreads - a UK spread betting broker.

reports will only be shown once a month as this strategy can suffer up to 400 pip drawdowns during the month and the month isnt over till the last day.

the aim of the account is to turn £10,000 into £1,000,000 inside 2 years and prove that it can be done safely. Hopefully we can resist the temptation to take money out which will decrease the compounding effect. and keep us on target.

I will release the blog address to you soon just as soon as we have set target amounts to reach and set the ground rules for you to see.

before you ask, no, we will not be giving or selling the system used for this. the blog will merely be a record for us to asses our feelings and actions during this time. who's we? there are two of us doing this from 1st October.

keep checking the blog in the next few days for more information.