Impending Setups/Trades

[DrNinja]

So, I am currently in this trade, and it’s creeping up in the wrong direction…these things happen. I jumped into this trade a bit prematurely, I feel, but am holding because, once I set a trade, I let it go. No matter what. I set my stops, and if I get stopped out, so be it. That’s trading.

The reason I like this trade is due to the divergence on the RSI indicator at the bottom of the screen. What you will see, with the dark green trend lines I drew, is that on the chart, we are still seeing higher highs…it’s still trending upward…BUT down on the RSI, we are seeing a decline in the strength of the trend. It is actually slowing down and beginning to go downward. (Also marked with the dark green trend line.) This is classic divergence and a good indication of an impending reversal. Is this guaranteed? Of course not…but nothing is guaranteed in trading. We can only trade based on high probability. That’s the key to winning.

So, I hope this helps some people out there.

DrNnjA’s Library | Photobucket

-Dr. Ninja

[DrNinja]

[B]WATCH: [/B]

The EUR/AUD (on the daily chart) is shaping up to be an incredible engulfing candle reversal pattern. If it closes like this today (5p Eastern, USA)…this trade - a buy limit - will be put on. An engulfing candle is a STRONG indicator of reversal.

The AUD/CHF (on the daily) is also gearing up for a strong engulfing candle pattern. If this stays until closing, I will be executing a sell limit on this currency pair.

I jumped into these trades prematurely this week and got stopped out, but now, if these pairs close with engulfing candles, then it is a great indicator of trend reversal. I wish I would’ve waited, but that’s trading. Learn from every trade.

Watch these charts!

-Dr. Ninja

[Chinaman]

DrNinja. Thank you for sharing this info with us. Can’t wait to try it out.

[DrNinja]

Sure thing, Chinaman. I’m not an expert, but do pretty well with trading, so I hope to just help other’s learn and also for me to keep learning with every trade I make. I always value questions, input, and suggestions from everyone, as well. So, feel free to chime in at anytime.

I did put on a sell limit and a buy limit yesterday after the close at 5pm Eastern, USA. The retracements were [I]almost[/I] triggered overnight. I’m still keeping these on, because we could easily see a bigger retrace as the trend develops over the next few days, as price usually moves in waves. (Never chase the trade! Let it come to you. If it triggers, great! If it doesn’t…no worries. There will always be more trades.) The dark blue lines are support and resistance lines that I manually drew.

I’ll post pictures, below.

[B][U]AUD/CHF:[/U][/B]

[B]Stop Loss:[/B] [B]0.77658[/B]

[B]Entry:[/B] [B]0.76998[/B]

[B]Take Profit: [/B] [B] 0.75676[/B]

Total Pips if TP is hit: [B]1,322[/B]

[B][U]EUR/AUD:[/U][/B]

[B]Stop Loss:[/B] [B]1.37075[/B]

[B]Entry:[/B] [B]1.38243[/B]

[B]Take Profit:[/B] [B]1.40535[/B]

Total Pips if TP is hit: [B]2,292[/B]

I really love these large engulfing candle patterns that showed up on these charts. To read more about this price action pattern - Engulfing Candlestick Pattern Definition. How to trade?

(Also, I am using Center of Gravity setting - 125 and RSI - 14…for all charts now. No custom settings per chart.)

DrNnjA’s Library | Photobucket

Happy trading and happy Friday, everyone.

-Dr. Ninja

[DrNinja]

WATCH:

So, this is looking nice for perhaps the Sunday night open, on the daily chart. (I only trade daily charts). We’re seeing a whole lot of wicks on these candles hitting a support level. Today looks like we might close with a nice pinbar. RSI and COG all line up. This will be a sell limit trade, if we see this pinbar close today, so I’ll be thinking about putting on a limit order. My only hesitation is that there is still another support/resistance level about where the current candle is. I might wait to see divergence before pulling the trigger on this one. We shall see.

Watch this pair!

DrNnjA’s Library | Photobucket

-Dr. Ninja

[DrNinja]

WATCH:

This currency pair is approaching a key support zone (NZD/JPY), and also close to green line on COG. Just keep watching this pair on the daily chart. We could see a possible bullish reversal next week sometime.

DrNnjA’s Library | Photobucket

Happy trading.

-Dr. Ninja

[DrNinja]

I love playing the support and resistance game with Forex trading. It gives me the most profits and is extremely reliable. I have always drawn them by hand…but now, since discovering this little guy…(based on candle close)…I am no longer going to draw very often. This indicator charts the MAJOR support and resistance zones…for ALL time periods on ONE chart. So these S&R lines are extremely powerful! I use dailys, so it charts the daily, weekly, and monthly S&Rs. If you drop the time down, you’ll see more lines. Download this baby. You will be really glad you did. Price jumps to and from these zones…it’s the way price works and fluctuates. Trade off of these zones! Example below.

DrNnjA’s Library | Photobucket

Enjoy the indicator. Link to it here.
https://www.sendspace.com/filegroup/Eq0SKZYTcnxXs8r1V4e0uQ

I watch this guy’s videos a lot. He’s good at his craft and can learn a lot from him.

-Dr. Ninja

[Chinaman]

Dr Ninja.
Got a question do you run trailing stop? If you do how many pips do you set it for?

[DrNinja]

Hi, Chinaman.

I do not. I just make my stop something I am comfortable with losing, if it were to hit, and make it above the swing high. Then just make sure the profit target is at least 2:1. If things move well, I may adjust my SL manually, but I don’t set an autotrail.

-Dr. Ninja

[AcharyaOne]

I wanted to try but none of the indicators work, are they incompatible with build 1090?