Not many updates lately, because, meh.
My breakout trading strategies have not been working lately. I like to pretend it's because something strange is happening in the market, and point to the following chart as an example:
Daily EURUSD chart with trend line
Nothing much will happen until the EURUSD either breaks below 1.30 or above the bearish trend line. Until then, chop city.
The following chart shows price has barely poked it's head out above the Ichimoku Kinko Hyo chart, but looks to be stalling again, which is consistent with the above chart and the bearish trend line:
Daily EURUSD chart with Ichimoku Kinko Hyo
In reality, other currency pairs have been moving, it's just that my breakout strategies are most probably flawed and I should quit using them.
Looking at this chart, we can see that despite the contained nature of the EURUSD, there was in fact a trend showing on the 4 hour chart:
4 hour EURUSD chart
It's pretty choppy, the candle wicks are long and indecisive-y, there's really no way of fitting in a nice breakout there, but despite all that, there's a bullish trend line.
I haven't had any decent trades on EURUSD for a long time. I've had a little better luck with AUDUSD, and some with GBPUSD. Last week I placed a nice bearish trade on EURAUD, and this has restored my faith in trading a little.
I think it may be time to ditch trading EURUSD and concentrate on something else for a while.
