1D charts - Trend channels & Price Action

Trading Systems
81

Nice - Aussies put their interest rates up to 4.25% last night as well :wink:

AUD/CHF about 55 pips in profit now, stop moved to B/E, T/P is only about 20 pips away

Entry limit orders placed for:

GBP/USD short @ 1.5185 - T/P 1.5100
CHF/JPY short @ 88.00 - T/P 87.00

I could get used to ā€˜scalpingā€™ the daily and weekly charts. All I need now is a 50k live account :smiley:

On a serious note, my plan now is to get the J16 trades from 1st support to 1st resistance to a point where thatā€™s my live system.

Then start demoing the more adventurous bigger trades with extra positions, profit targets, adding to positions and taking partial profits along the way on big trend moves (Strat method).

Letā€™s see the pips! :smiley:

82

AUD/CHF - T/P hit for about 79 pips :slight_smile:

CHF/JPY - sell stop triggered @ 88.00, currently 87.59 S/L moved to B/E :slight_smile:

GBP/USD - sell stop triggered @ 1.5185, currently 1.5224. Could have taken partial profit/moved S/L to B/E today but didnā€™t :frowning: Might still go to 1.5100. This is the only ā€˜against the systemā€™ trade I took so far this week

83

nzd/cad - PIN BAR forming on daily

Not sure which T/P to go for though. Much as I like daily scalping the 0.7117 T/P, especially if I enter at about 0.7080 doesnā€™t seem worth it.

Iā€™m gonna put in an entry stop buy order at 0.7080, with T/P at 0.7150.

3 micro lots (got about $1422 equity in demo account), will T/P 2 of them at 7150 and keep one in in case itā€™s a bigger move :smiley:


84

Didnā€™t take NZD/CAD in the end as there was a similar set up on NZD/USD and I figured that as USD/CAD was going down the NZD/USD would have more legs. Think it got stopped out at B/E + some pips in the end.

Had a quite educational week over at J16, learnt a lot about space vs. traffic and ā€œfirst trouble areasā€ to set T/P #1.

Going to start looking on the 4H chart for the first trouble areas and set my profit targets there.

can see a lot of 40-50 pip only trades coming, but at least some solid foundations are being built - Iā€™ll just have smaller stops and larger position sizes to compensate :smiley:

85

i took NZDCAD long at 1.7060, took my TP1 at 1.7100 and it stayed around that for long time, got bored and too TP2 at 1.7121 but went onto to my original TP2 at 1.7150, this is a slow moving pair

took tons of small trades today based on the pins, placed orders above/below the PA and all of them moved nicely and gave 50-60 pips, i accepted them gladly and closed the trades ahead of the weekend, also most of them are yen trades.

i entered long in EJ at 124.85 and 125.12 and sold both at 125.75. will re-enter above 126 or at 125.12, i placed buy stop orders accordingly. i see lot of traffic around 125.6 to 126

one thing i learnt this week is to take small pips and move away. more trades and lesser targets until i learn to pick up A+++ trades . lol

also wait for PA, that means you may end up buying at slightly higher price but we are doing it in good PA. will buy more on retrace. so split the lots. buy 1 lot at PA and one more on retrace (if it comes) or do a add when price moves well in our direction

not doing touch trades or place orders and expect market to follow you. its always safe to wait for PA and follow what market says. look for traffic, space, BRN, fib, TL, swing hi, lo, major SR , major MA , confluence.

86

one thing i learnt this week is to take small pips and move away. more trades and lesser targets until i learn to pick up A+++ trades . lol

This will soon be my live trading system while I demo staying in for the bigger moves. The smaller 40-50-60 pip trades are easy pickings when the space/BRNs/confluence and PA all line up.

They tend to be in and out on the same day as well which I prefer to waiting for a big move to happen over 4 days and go into large drawdown for 2 days before it turns back and hits B/E etcā€¦ This daily scalping is so much better :smiley:

This is what I can see from looking at the charts today, I havenā€™t been over to J16 or strat yet to see if the others are talking about any of these yet. I wanted to do my own research first before consulting the ā€˜eldersā€™ :stuck_out_tongue:

EUR/USD - weekly Pin, T/P 1.3600. Daily PA doesnā€™t look that good and itā€™s just below the upper trend line. Missed the boat on this one already, and it would be a counter trend trade. Passing on this one

NZD/USD - weekly BUOB - if it breaks 0.7200 (0.7210), FTA (weekly) 0.7300, FTA (daily) 0.7350. Entry stop @ 0.7210, S/L @ 0.7140. Would be a touch trade. Trending down, passing on this one.

AUD/CAD - weekly BUOB & daily BUOB. If it breaks 0.9400, FTA 1 0.9450, fairly clear of traffic. Entry stop buy @ 0.9405, T/P 0.9450, S/L 0.9345

[B]GBP/CHF - daily PIN, no traffic, bounced off the 50.0% fib, nice run down to 1.6300 confluence of BRN & 38.2 fib ret. A+ set up? Enter ASAP or set sell stop @ 1.6370 - T/P 1.6300, S/L @ 1.6460[/B] <<<ā€” This is the best one I can see

CAD/CHF - daily BEOB near swing high and no traffic down to FTA @ about 1.0535. Sell stop @ 1.0590 T/P 1.0540, S/L @ 1.0710. Nice set up except for the riskā€¦ Weekly shows strong bullish momentumā€¦ Passing on this one.

EUR/JPY - continuation of Fridayā€™s trade, if it significantly breaches 126.00 - clear run up to FTA 126.50 no traffic. Buy stop @ 126.10 - T/P 126.60, S/L 125.20

So if the market was open now and I could set entry orders Iā€™d go for GBP/CHF, AUD/CAD and EUR/JPY

87

I can make entry orders on a Sunday with GFT :smiley:

88

Just put a trend line on GBP/CHF and it is a thing of beauty :stuck_out_tongue:

gbpchf.jpg700Ɨ393 38.1 KB

89

due to greece bailout news all europe pairs opened with big gap spoiling our plans.

there is a lot of discussion on GBPCHF , it looked like a A+++ setup but this gap thingy put some spin and it could have already hit the FTA and reversing.

AUDCAD is struck in a range, not moving either way.

at this time i dont see any good setups to enter. will wait till europe opens

90

I got all 3 entry orders triggered overnight during the asian session.

GHBP/CHF & EUR/JPY both opened and closed with profit targets hit before I even woke up this morning! :smiley:

There has been AUD news and there is CAD news today - I guess this approach can be vulnerable to the newsā€¦ AUD/CAD is currently -25 but looking bullish on the 4H and 1H. I hope itā€™s a case of news whipsaw followed by price going back to where it was headed anyway.

Iā€™m getting sick of this Greece stuff - how can 1 country have such an effect on so many other coutries. :mad:

92

Hi Matt, thanks for joining in :slight_smile: I keep getting whipsawed by SNB intervention and keep going back to CHF trades. Iā€™ll learn one day - or they will :stuck_out_tongue:

Iā€™ll keep an eye out for AUD/USD, thanks for the heads up.

Got stopped out of AUD/CAD, oh well 2 out of 3 aint bad. Being in 3 trades was asking for trouble I suppose :rolleyes:

93

ddinnov,

been doing alot of reading on PA trading over the last few weeks. Some really good stuff on james16. I think i have seen the light!

Did my own analasys over the weekend and came up with similar results as you, which is good! Didnt enter as we opened with a gap and wanted to see how things settled.

Hope you donā€™t mind me joining your thread, i think we are on the same path with PA trading.

I am still on demo at the moment but looking to put all i have learned into practice soon. How do you rate GFT as a broker? Do you use their mini spot forex product? I have been looking at IG index and Alpari UK

94

Hey Indy - long time no see - glad youā€™re doing the same journey, I really feel very positive about the future the more PA I learn from J16.

GFT are quite good, they make the odd ā€˜mistakeā€™ which they can rectify quite quickly. Dealbook takes some getting used to but is a very good platform and they have a nice online platform and Iphone app which I use a lot for trade management. One thing that drives me mad with them is the reporting. Itā€™s very complicated to and unfriendly when tracking your trades after theyā€™ve closed/reopened them etc. MT4 has a nice simple reporting interface which I really miss.

Iā€™m demoing at the moment as Iā€™m not ready to trade J16 basic PA live yet.

2 new developments for me this week:

[ol]
[B]Inverted pin bars[/B] - was not going to look at these until I was more comfortable with regular pins/outsides but there is sooooo much discussion about them Iā€™m gonna start trading them as well. Hey itā€™s demo and more trading opportunities[/ol]

[LIST=2][B]Wait for pullback then PA[/B] - I think this is what people refer to as ā€œ1-2-3ā€ (please correct me if Iā€™m wrong). Price is near a significant pivot - instead of placing a touch trade 10 or so pips above/below the pivot, watch it breach it, retrace back then [I]then look for PA for a bounce off the pivot into the PPZ[/I][/LIST]

That AUD/CAD - RR was right on the money, the range/traffic made it a bad set up. I thought if it breached the BRN it would take off but my entry getting filled was stop hunting I think as itā€™s now well back in the range.

Lesson learnt!

95

I have also seen the 1-2-3 entry mentioned but not fully grasped it yet. Would be useful for me to post any potential set ups on here to get your views if thats okay with you?

Also using a 365 ema as J16 mentioned and was looking at a potential long trade on USD/JPY on the daily chart as i think it could bounce of the 365 ema, price has already tested this a couple of days ago.

Think i may end up going with Alpari UK as they will let you open micro lots where as GFT and IG index you need to spread bet for Ā£1 per point

96

Go for it - post all the charts you like :smiley:

Iā€™ll have a look at USD/JPY when I get home later.

GFT do support micro lots, Iā€™ve traded them! I have 2 live accounts now, the other is with One financial but Iā€™m not sure if Iā€™m going to keep that as I only opened it so i could use MT4 instead of Dealbook. All because at the time my ā€˜systemā€™ was dependant on that ForexPhantom indicator :eek:

I will never be dependant on indicators/platforms again! :smiley:

97

as per gap theory, all gaps will be filled. but it doesnt say when. gbpchf gap is already filled. EJ also will be filled by tomorrow as the greece news effect will be absorbed by the market.

i entered EJ short, my tp is at gap

98

i noticed that GBP/CHF gap has been filled. Looks like that PB was the trade of the dayā€¦ that i missed!!!

Being new to this, the gaps really put me off taking trades today, another lesson in the journey.

Do you see a bearish engulfing set up on AUD/USD depending on where it closes?

100

Some studying material :wink:

1-2-3 High & Lows Joe Ross.pdf (187 KB)

101

Very interesting!

In the past Iā€™ve asked GFT on their live chat if they offered micro lots and they clearly said no, which was a bummer since they had everything else I wanted in a broker. Went with Oanda instead and Iā€™m very happy with them. Just wish they offered more trading instrumentsā€¦

After reading your post I decided to repeat the procedure and guess what their answer was this time - yes we do offer them if clients ask for it, but itā€™s not something we advertise. Yeah, thatā€™s obvious as you canā€™t find a single trace of micro lots on their websiteā€¦
Great news though that they do offer it on request.

On a side note - talk about pushy people, they chased me up and down the internet cables to get my name and email. Ha, Iā€™m not that easy guys :D. Thatā€™s something theyā€™ll get only when I decide to open a live account with them.

102

ha, i had exactly the same today! However i got told that they did not offer micro lots!! Confusing.

Thanks for posting the 1-2-3 stuff, more reading!

Anyone spotted any potential trades for tomorrow?