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Forex Trading: High Volatility Huge Profits Last Week
By Benny Nardino | January 29, 2006
I have been lagging behind on my thought and trading reports here. Please bear with me. Everyday of the last few weeks have provided considerable levels of volatility for trading opportunities. Personally, it has been very rewarding by the risks generated from the uncertainty of the market conditions.
In recent weeks, we have seen the Iranian nuclear issue, prize weaknesses in the US economic growth and various geopolitical issues. Good traders relish this opportunity because it means one could jump into and out of the market at will collecting pips.
The chart to our left is GBP/JPY for Jan. 20, 2006. I traded it from 202.55 to 203.20 ending with a +65 pips. How did I take this position? @ 202.35/38 there is a tweezer bottom and a hammer. 20 pips up from this level, I took a position which resulted in the 65 pips trade.
I took another position a from 203.13. I trailed this move after the 1530hrs. vacillation. When this happened again I moved my stop to 203.75 which was taken out on the 4th wave of the trend making a further 62 pips. That was a 127 pips for the day. Great for a day’s job.
Please share your thought also, on how you did. They are highly appreciated.
Have a great day
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“A Mentor’s footprint is worth a thousand walk of trailblazing. Seek the WISDOM of the fore-runners.” — Benny
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4 Responses to “Forex Trading: High Volatility Huge Profits Last Week”
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