1D charts - Trend channels & Price Action

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

Let’s see the pips :smiley:

Stopped out of EUR/JPY for + 30 pips

missed you my friend these last few days…

welcome back…

i also took this trade in my morning at 1.0552 and exited 50% just now at 1.0634.

Hiya - and nice trade! :smiley:

I’ve been spending a lot of time over at the other place and getitng through all the strat/J16 stuff. There’s a good few books worth of info to get through there, it’s starting to make more sense though.

I’m officially a ‘no-indicators’ trader now :smiley: MAs, trend lines/channels and volume don’t count :stuck_out_tongue:

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 I’d 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 didn’t see it scheduled and had no idea of the impact it would have…:frowning:

Still in USD/CHF

In reflection of the GBP/CHF trade I can see one reason where it went wrong – ignoring news etc.

I was banking on a trend reversal and trying to pick out a bottom. This isn’t 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 :smiley:

Edit - Reverse head and shoulders anyone? Think I’ll 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 Friday’s 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 reason’s behind yesterday’s price move was that new SNB guy saying that they weren’t going to intervene and just let Mr. Market dictate the price of the CHF? :confused:

Note to self regarding fundamentals - ignore them!

Set stops accordingly so when dumb money decides to stampede over the edge of a cliff it won’t 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 it’s 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.

USD/CAD recovers from 20-month low


I’m looking at the following trades for the early part of this week - preferably in & out in 1 day as they are all small “scalps” of 50-200 pips:

GBP/JPY - short
NZD/CAD - short

I’ve 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 I’ll add to positions for more pips but for now I’m 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. I’ll enter ASAP - can’t put on a position of entry order yet as it’s 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 ‘scalp’, if not then maybe I’ll 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 I’m 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 :frowning:

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 I’m playing around with the R:R thing because I think it’s why a lot of recent trades have turned from winners to losers. I need to edit the original post quite a bit as I’m now using no indicators either.

I’m doing the basic first stage of the strat/J16 style where you go from just 1 S/R (or ‘pivot point zone’) 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 that’s a whole pivot zone above so I changed it to a ‘safe’ 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 it’s 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 let’s see the pips! :smiley:

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 I’m now taking trades where the PA isn’t there and I’m 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 :cool:

NZD/CAD entry order has been filled :slight_smile:

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 guys… :mad:

The Euro is up, no it’s down - oh hang on it’s back up again, oh no it’s down… The whole Greece/risk appetite thing is just here there and everywhere…

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 one…

i think location of the PA is very important. it should occur at any of these

BRN – 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