I have a pending order on the gpbusd. I used the Fibonacci tool to pick entry, stop loss, trailing stop and profit areas and confirmed with support, resistance, money flow index (MFI) and price, volume, trend (PVT) indicators. I looked at multi time frames to see overall bias. There is no major announcements today or tomorrow. I’m expecting to be in and out before London Close but I will hang on to NY close and even over night. As usual green is entry, red is stop, turquoise is trailing stop and gold is profit areas.
Today I have a pending long on 30 min audusd. Although no economic news scheduled for today, lots coming tomorrow on usd, so I want and expect to be out by NY close today. Entries, stop loss and take profits are fib levels, PVT and MFI confirm as well as multi time frame. Greens are entry area, turquoise is stop loss, gold is profit areas and red is stop loss. Good Luck to everyone today
Gp
Here’s a great video on trading multiple time frames. Let me know what you think.
James Chen - Multiple Time Frame Trading in the Forex Market - YouTube
Large number of economic events coming out through out the day and into evening EST. I don’t trade until all events for the day are finished for the pair I’m considering. I also want to see what economic events are scheduled for the next day. I’m looking to see what impact the announcements have had on the pair I’m considering. I don’t want to project based on whats coming out.
The next thing after the news is to look for a pair where the regression indicator is either pointing up, down or sideways on 5, 15, 30, + 60 minute time frames. All the time frames must be going in the same direction.
From there I apply the Fibonacci tool for entry, stop loss, trailing stop loss and profit targets. Then confirm with volume, price action, support and resistance. So right now that’s what I’m waiting for. Several pairs have potential but right now I’m waiting