Did you survive this? I was long Sterling at 1.5420 stops under 1.5400. It was a long ride ended up exiting at 1.5460 was hoping for 1.5500 It was a ***** of a day.
My order got triggered 08:10 at $1.13235, got out at 11:48 at $1.13035. I closed out the last of my sterling trades Monday. “***** of a day.” is why I wanted to be in and out.
I don’t like trading 24 hours before or during central bankers speeches. I like to trade after especially: Sterling pairs, EUR pairs.
I had a really big week so far and unless I see something with really nice potential I’m finished trading for this week. I might jump on my demo account and practice my video skills. Listening to your own video is a great way to check your trades before they get triggered
I needed to up date my rules. I am dropping the 30SMA. A friend of mine said it’s a stronger signal when they are in order and the cross is could for entry and exits. I don’t believe in the cross and I found using both was not only not a stronger signal, but in a lot of cases gave misleading signals. So any way I dropped it. So here are the current rules.
Rules
- Check Economic Calendar for announcements in the next 24 hours to eliminate any pairs that have non farm payroll or interest rate announcements.
- On the default screen, add 60 period Smooth Moving average, then draw major support and resistance lines or use a support and resistance indicator. (I like the zz_Orlova) but any will do just make sure they’re accurate.
- Start scanning currency pairs on whatever time frame you want to trade plus 1 higher and 1 lower. You are looking for price to be moving in the direction on all 3 time frames. The longer time frame indicates price direction over a longer period. The time frame you are trading is the one that you will be applying the Fibonacci tool. The shorter time frame is a good indication of the current price direction or if a change in direction is coming up.
- If Price is above the 60 SMA’s on all three charts, that would indicate entering a long position. If price is below the 60 SMA on all three charts, that would indicate entering a short position.
- Go to the time frame you want to trade and apply the Fibonacci Tool. If price indicates a long entry you would apply the Fibonacci tool from the nearest swing low to the nearest swing high If price indicates a short entry, you would apply the Fibonacci from the nearest swing high to the nearest swing low.
- Entry. You would enter anywhere between the 50% retracement level and the 61.8 % retracement level. Your Stop loss would be between the 63% retrace level and the 75% retracement level. Your first Profit Target would be at the 0% retracement level. Your 2nd and third Profit Targets would be at the, 23.6% and the 38.2% levels
- Money Management Rules. No more than 2 or 3% of account balance per open trade. This is my money management, you should have and use your own.
I will post my trades just before London open. I’m watching the GBPUSD, EURGBP for right now, but that may change later on.
I’m long on GBP. This is a simple range Draw line at major support and resistance and since price is above 60SMA means only long. Green is entry, gold is 1st take profit and red is stop
Here’s my trade for today. I didn’t use Fibonacci, just straight forward VSA and price action. This trade has a good chance to deliver much more than the 1st profit target.
I got a couple of Skype requests asking how I trade ranging pairs. So here is what I do.
My Ranging Breakout Strategy
Five simple rules that work on all pairs and all time frames. .
- Check an Economic Calendar for announcements in the next 24 hours to eliminate any pairs that have non farm payroll or interest rate announcements.
- I start by scanning currency pairs on the time frame I want to trade. I’m looking for a pair that is ranging with at least a 20 pip spread between the high and the low range. If the spread is more than 20 pips, I trade the inside of the range, but that’s for another day.
- Next I draw two horizontal lines one at the top of the range the other at the bottom. .
- If entry is long I put a pending order five pips above the top of the range. If entry is short then pending order is 5 pips below the bottom of the range. Stop is placed at the half way point of the range. First take profit is double the stop loss in the direction you’re trading. I use the time frame above the time frame I’m trading to look for other take profit points.
- Money Management Rules. No more than 5% of account balance for all open trades.
The two blue lines are top and bottom of the range. Green would be entry, red is stop loss and 1st potential profit is gold.
Trade for today will be posted here before the London open. I also got asked why I don’t post my trades earlier. Answer is simple. I’m a tech intra day speculator and I start analyzing if and what I will trade after NY close, Sydney open, Sydney/Tokyo overlap. If I’m trading the London session I consider my trade plan, until an hour before London open. If I’m trading NY/London, I add the London information in addition to the above and consider my trade plan up to an hour before NY open.
Anyhow hope that helps
Gp
I’m long on eurusd. Blue lines are the range, green is the entry, red is stop loss and gold is the 1st potential profit
I was also long eurusd. It should have worked out, but … I don’t know. Maybe the banks rushed to sell. Next time.
I took a short sell position of the usd/cad and I really hit my take profit which am glad about. It’s good having a good day of good trade. Hopefully tomorrow will be awesome.
I didn’t do what I wanted to do in the first place. I thought the long would be good in the short run and I expected to be out by NY open, then I was coming back in short. Instead I went with another pair because NFP was coming up. So I ended up missing a great short. That’s the way it goes. I’ll take a look later on to see if there’s anything I want to get involved with.
Congrats on the trade. :35: We’d be all set if you could do this every day. Good Luck
I’ve had to make a slight change from when I post my trade of the day, for personal reasons. Rules have changed a bit. No trading any pair that has NFP or interest announcements in the next 24 hours. No trading within the current 24 hours until all major announcements have been posted for the pair you want to trade.
Having said that I’m going short on the EURGBP. No more announcements today and nothing major tomorrow. Entry Green, Stop loss red and 1st target profit Gold.
Starting to look for trades should have something about an hour before London Open.
Good choice. So far a series of breakeven trades for me. Looking for a good price…
Hope so. Last night I couldn’t find anything I liked. I settled on the usdjpy, but I put a pending short at my stop loss just in case, I checked the trade just as my take profit was hit from my short and jumped back in long. So now I’m long again. I like to be out of any open trades by close of the London/New York overlap so we/ll see what happens. Good Luck with yours
Gp
I have a pending short on EurJPY. I applied the fib tool to the 1 hour time frame. I’m showing on the 15 minute chart to be able to read easier. Same as always. Green is entry, stop loss is red, 1st profit target is gold.
Great choice. The Yen was a power house today. So wise choice. The target was EuroSterling today…
Thank you. It was a nice catch.
When you get a chance check out YouTube (I told you, I want to be just like you when I grow up :57:)
Have good one my friend