Discretionary Trading

[derek8]

Hey all, I'll be posting my trades in here, primarily to keep myself accountable for each trade.

I trade almost exclusively based on significant levels, derived from support/resistance and fib levels.

Feedback is welcome!

 

[derek8]

Long from 1.13738.

I am seeing a lot of current support, and increasing highs/lows.

Looking to take it to the %50 level, where there is also some resistance.

 

[derek8]

Missed my limit by one pip, lol.

 

[derek8]

Looking at USD CHF, the price seems a little oversold, and we are right at a point of support, so I went long.

I put my target at 0.9548, just under the 0.005 significant level.

 

[derek8]

That last trade worked out nicely:

My next trade is on a bit longer timeframe, looking for 50 pips or so. I like to respect the 00 levels, so I've put my stop/limit on the appropriate side of each.

 

[derek8]

Secured a nice profit from that last one:

Going short on USDCHF. The price seems to be quite oversold, having moved far with no retracement. There is a significant level at 0.965 so that will keep the price from going much further. Take profit at 0.9605. Up 20 pips already as I post this.