Just opened a USD/CHF long position based on a bounce off the lower trendline in an upward channel.
The entry signal is the hanging man candle from yesterday and the confluence of trend line bounce + 2 fib levels + CHF news released today
entry - 1.0587
S/L - 1.0495
T/P - 1.0725
Currently open trades:
[B]EUR/JPY[/B] - entered Tuesday am after large bearish engulfing bouncing off 125.00 resistance. Alsmost got stopped out but stayed in with a S/L at 125.10
Entry - 123.82
S/L - 123.52 (B/E + 30 making a risk free trade)
T/P - 121.51
[B]GBP/CHF[/B] - set entry stop buy order that got triggered on Tuesday at 1.6080. Moved S/L to B/E + 30 and got stopped out for + 30 pips. Entered again yesterday:
Entry - 1.6157
S/L - 1.6080
T/P - 1.6300
[B]USD/CHF[/B] - see post above for entry signal and trigger
Entry - 1.0587
S/L - 1.0495
T/P - 1.0775
Letās see the pips 
Stopped out of EUR/JPY for + 30 pips
missed you my friend these last few daysā¦
welcome backā¦
i also took this trade in my morning at 1.0552 and exited 50% just now at 1.0634.
Hiya - and nice trade!
Iāve been spending a lot of time over at the other place and getitng through all the strat/J16 stuff. Thereās a good few books worth of info to get through there, itās starting to make more sense though.
Iām officially a āno-indicatorsā trader now MAs, trend lines/channels and volume donāt count 
can you explain the reason to enter GBPCHF long ? I am looking at daily charts, couldnt figure out any thing
i entered long in USDCAD today. It held the 2 year support and bouncing back.
This chart has the original trade, if Iād have set T/P at 6200 it would have been a nice trade.
I jumped in a second time as I thought it would still keep going up based on the original entry signal (swing low/double pin bars).
That news yesterday came out of knowhere though, I didnāt see it scheduled and had no idea of the impact it would haveā¦
Still in USD/CHF
In reflection of the GBP/CHF trade I can see one reason where it went wrong ā ignoring news etc.
I was banking on a trend reversal and trying to pick out a bottom. This isnāt something I want to be attempting, I want to take corrective retracements in the direction of existing and confirmed trends. Preferably in their earlier stages when momentum is strong
I can see GBP/CHF flapping around and testing 1.6000 for a while yet before either reversing up or continuing further down
Another loser turned winner
Edit - Reverse head and shoulders anyone? Think Iāll wait for confirmation and any institutional stop hunting games/traps!
CHF seems to be heading back down and USD/CHF at around the level I entered yesterday.
Just read this on FXstreet.com:
The Swiss Franc has extended its broad based rally during Fridayās European session as reaching levels close to all-time high against the Euro which adds reasons to expect some action from the Swiss National Bank
I thought one of the main reasonās behind yesterdayās price move was that new SNB guy saying that they werenāt going to intervene and just let Mr. Market dictate the price of the CHF? 
Note to self regarding fundamentals - ignore them!
Set stops accordingly so when dumb money decides to stampede over the edge of a cliff it wonāt affect my positions :mad:
USD/CHF is now back in profit and continuing as if nothing happened :rolleyes:
I have a suspician that USD/CAD might be starting to do the same.
I like the idea of news being priced in already unless itās something major that causes a trend reversal.
Are you still in USD/CAD?
Both charts showing crown/H&S formation, a good sign of possible reversal. I was looking to trade the USDCHF long but I didnt like the daily close as it fails to complete a morning star.
Iām looking at the following trades for the early part of this week - preferably in & out in 1 day as they are all small āscalpsā of 50-200 pips:
GBP/JPY - short
NZD/CAD - short
Iāve decided to focus on setting smaller profit targets and hitting more of them as opposed to waiting for bigger pips then seeing winning trades reverse and become losers. In time Iāll add to positions for more pips but for now Iām focusing on price action moves within 1 pivot point zone (PPZ) on the daily chart.
NZD/CAD - short trade idea:
Price recently bounced off the 23.6 fib level and the downward trendline forming a bearish engulfing candle. Iāll enter ASAP - canāt put on a position of entry order yet as itās Sunday but will put S/L at just above the BEEC at around 0.7290 and T/P at the orange major resistance line from the weekly chart at 0.7150. Hopefully I can get in for a 50 pip āscalpā, if not then maybe Iāll get in for 0.7150 down to 0.7075 if it keeps trending down.
COT report indicates stronger CAD and weaker NZD as well. Chart attached
GBP/JPY - short trade idea
This has already moved significantly so Iām placing an entry order just below the orange major resistance (from the weekly chart) at 135.50.
The stop here is harder because it should go above the Friday candle at about 137.90 which is about 140 pips! T/P will be at the next red (daily) support level down at 133.24
Wish I could set entry limit/stop orders while the market was closed
COT report shows selling of Yen and GBP but Yen seems a lot stronger than GBP. Chart attached
hi didinnov,
for both trades the RR is 2:1. also can you explain the reason for G/J trade ? is it because it hit trend line and started moving down ? i like the idea of entering below friday candle as that would mean continuation of the downward trend
will try to post some charta later
Yeah Iām playing around with the R:R thing because I think itās why a lot of recent trades have turned from winners to losers. I need to edit the original post quite a bit as Iām now using no indicators either.
Iām doing the basic first stage of the strat/J16 style where you go from just 1 S/R (or āpivot point zoneā) level to the next. So the G/J is going from 135.50 pivot level down to 133.24. I think the stop is too wide at 137.90 because thatās a whole pivot zone above so I changed it to a āsafeā region above the 135.50 level at about 136.15. Quite a few pips above the 135.50 pivot and 15 above the 136.00 psycho level.
Had to manually enter this one anyway at 135.15 as it had already moved quite a bit by the time I got up this morning! I wanted to catch some of this move as it looks and feels like it has some good momentum
So GJ is:
entry - 135.15
S/L - 136.15
T/P - 133.15
Put an entry order for NZD/CAD at 0.7150
Still in EUR/JPY - up 154 pips and S/L moved to +126
Still in USD/CHF - up 41 pips and S/L moved to B/E (live trade)
Also entered AUD/USD (short) as itās breached a monthly support level at 0.9147.
Entry - 0.9135
S/L - 0.9177 - 30 pips above the pivot
T/P - 0.9100 - psycho + pivot support + 2 fib levels
Happy Monday and letās see the pips!
EUR/JPY - stopped out for +126
USD/CHF - stopped out at B/E (live trade)
Neither GBP/JPY or AUD/USD or NZD/CAD are ideal trades. Last week I was all focused on price action candles, now I seem to be blinkered on S/R and pivot points to where Iām now taking trades where the PA isnāt there and Iām banking on a continued move.
Next step is to take trades where the PA is right [B]and[/B] happening at the S/R levels. With a dash of patience to wait for and only trade the really good set ups. For example GBP/JPY or AUD/USD or NZD/CAD [B]last week[/B] :o
Oh well - all part of the leanring process. This is a lot tougher than following a mechanical indicator system.
Patience patience patience, and plenty of practice 
NZD/CAD entry order has been filled 
Funny mentals are all over the place - the SNB now say that they [B]will[/B] intervene to weaken the CHF if neccessary, in complete contrast to what they said last week when my USD/CHF and GBP/CHF trades went pear shaped. Thanks guysā¦ :mad:
The Euro is up, no itās down - oh hang on itās back up again, oh no itās downā¦ The whole Greece/risk appetite thing is just here there and everywhereā¦
Screw funny mentals I say!
USD/CAD is back around 1.0200 and I think the institutions and moneymakers are having a bit of fun triggering entry orders and stop hunting with this oneā¦
i think location of the PA is very important. it should occur at any of these
PPZ
BRN ā Big Round Number
Key support/res areas
fib retracement
confluence of more than one will be very good. For PA , i will look for pin bars, bearish / bullish engulfing bars (outside bars).
its better to take only strong setups. even if there is no setup on any day, or few days, its better to sit idle. key is not to trade rather than trade
