Pipbull's thoughts

[pipbull]

Originally Posted by pipbull

Here is my next trade idea for the USD/CAD.

When viewing the charts, start from the daily overview, then move down to 1hr and then back up to 4hr. The reason for this is because i started with major S/R from daily chart and then timed an entry on the 1hr. I used the 4hr chart to then plan an exit that would gave me a very nice risk:reward

Don't hesitate to ask questions if there are any.

Here is the update on the USD/CAD trade. It achieved full profitability. Great trade. I will post my next idea when i see it.

[ForexNinja]

Originally Posted by pipbull

If i doubt the strength of the signal i will just reduce my position size or scale into the trade.

I agree! I've found much success scaling into divergence trades. While some traders scaling when they either out-of-the-money or in-the-money, I prefer to only scale in when I'm out-of-the-money.

[topgun]

Nice analysis & trade. Question: Do you monitor certain pairs or don't you care what the pair is as long as the trade looks good according to where the price is from the trendlines or indicators? I'm only asking because I am just watching two pairs EUR/USD & GBP/USD now but it seems like you can find good oppourtunities on all the pairs if you don't have to pay attention to all the fundamentals.

Thanks,
Topgun

Originally Posted by pipbull

Here is the update on the USD/CAD trade. It achieved full profitability. Great trade. I will post my next idea when i see it.

[pipbull]

Originally Posted by topgun_68

Nice analysis & trade. Question: Do you monitor certain pairs or don't you care what the pair is as long as the trade looks good according to where the price is from the trendlines or indicators? I'm only asking because I am just watching two pairs EUR/USD & GBP/USD now but it seems like you can find good oppourtunities on all the pairs if you don't have to pay attention to all the fundamentals.

Thanks,
Topgun

I look at several pairs, even those with higher spreads because many of my trades will be held long enough to potentially catch enough pips to offset the spread sufficiently. But because i only take the best looking set-ups, i would never get enough opportunity on just a couple of pairs. This is why i look at many pairs. In fact, i took another trade last night that i did not have time to post. I'll post it later on...it was for EUR/CAD

And to tell you the truth, i don't really pay much attention to the news releases and i've been doing just fine. My trades are off of major (longer term) support and resistance and i find the market often respects those alot better than shorter term support and resistance, in spite of the news.

The only exception to this is NFP and interest rate announcements where i might make some trade adjustments. Other than that, i like looking at the charts and charts alone. For me, the news is a big time distraction and if i start reading this release and that release i am just opening up the possibility of second guessing my set-ups and throwing my discipline out the window.

Take care

[topgun]

That's the problem I am starting to have . Thanks for the reply.

Originally Posted by pipbull

For me, the news is a big time distraction and if i start reading this release and that release i am just opening up the possibility of second guessing my set-ups and throwing my discipline out the window.

Take care

[pkffw]

Originally Posted by pipbull

I have found the histogram to work quite well. I find picking up divergence on the histogram much clearer visually. Does that mean to say divergence using the MACD lines or stochastics is any less reliable? No, not at all. In fact, I will take a divergence trade using the MACD lines as well or even stochastics. The point is that if you find divergence across multiple time frames, it almost doesn't matter what oscillator you use to see it.

This being said, i will question the power of the divergence if i see it only on the histogram and noweher else. I feel more comfortable with my trades if i can confirm the divergence, if not on other time frames, at least on other oscillators. In any case, divergence is divergence. If i doubt the strength of the signal i will just reduce my position size or scale into the trade.

Hope this helps

Interesting points pipbull. Thanks.

PKFFW

[pipbull]

This was a trade i took last week that did not work out. Even though the trade is all said and done, i am still posting it to show the set-up.

[pipbull]

Hello again...

I know it's been a while since i've posted. After a couple of setbacks in my trading, I would very much like to pick up where i left off with these kinds of set-ups. So, here's my next trade idea for the EUR/CAD

[Ultraman Trader]

hi i'm new here,
just call me ultra, i'm members fo forex factory,
i come here to learn something new from this forum
so what do you think about EURUSD and GBPUSD?

[pipbull]

Originally Posted by pipbull

Hello again...

I know it's been a while since i've posted. After a couple of setbacks in my trading, I would very much like to pick up where i left off with these kinds of set-ups. So, here's my next trade idea for the EUR/CAD

Here's an update to the EUR/CAD trade. It's going well...we picked up 150 pips and closed half of the position and moved the second half to b/e. We are waiting for PT2