Thanks for your support demondray.
I have faith in this style of trading, and find a regular dialogue a great motivation for myself so thank you.
I posted a setup earlier this week on the JPY pairs for a USDJPY long. I basically chickened out of this trade, but if you refer back to why I was considering it this will help as a point of reference.
I will be updating the (please judge me by my actions and results thread) This will be a less active thread but in my experience of trading higher time frames a more profitable one. For example if GBPCHF carries on swinging up on the 4hr we will be looking to sell it all the way back down. For now we are trading inside these motions upwards.
The zones do not have to be touched exactly at the top or hold at the bottom. They are more of a reference point.
It is the nature of the retracement that is of greater importance. Nevertheless, I don’t want too small or large a retracement outside the zones I draw.
I have not back logged what my risk/reward average has been but it is generally in the region between 2.5/1 up to 4.5/1.
Sometimes recent highs are broken and risk/reward turns into anywhere up to 10/1. I would scrap the trade if it offered me less than 2/1.
I will private message you my broker so as not to be in conflict with any kind of advertising policy babypips has with brokers. I am not sure about this so will edge on the side of caution.
I see where two motions down on GBPCAD, GBJPY and GBPCHF on our 1hr timeframe.
We also have significant exhaustion candles on our 4hr on GBPCAD and GBPJPY in particular.
This would suggest to me that we are failing to get any lower in the retracement. As motion 2 was so strong on GBPCAD
and GBPJPY I am a little hesitant expecting another push from the sellers.
Looks like if were going long here GBPCHF might be the first one to leave. Waiting for now no trades taken yet!
Still waiting for a v formation upwards on GBPCAD or a strong sign like an exhaustion candle or a relatively long period where we are ranging before going long.
Note of caution. If GBPCHF fails to go beyond its recent highs I might scrap this trade as it would suggest GBP is not quite as strong as I would like.
Hey Forexsubscriber…
Mike here.
I read through your technique. Is so much like how I view the market, and what I account for before I make trades.
If you haven’t already, you must check out this app. Is from fxcm. It’s called strongweak. StrongWeak | FXCM App Store
I think you will like that. It’s what tells me how everyone fairs against one another.
Tell me what you think of it. Costs some money, but I cannot do without it.
This trade was particularly tough to grab as we had to go down to a 3rd timeframe (30min).
You can see we have a V formation on the 1hr which can be seen more clearly on the 30min.
We then had a big exhaustion candle (the sellers final push down) before we slammed up to recent highs.
If I had taken this one I would have exited for a small profit due to how quickly the we reversed from our recent highs.
This is putting me off the idea of trading GBPCAD as the GBP strength we saw across the board appears to have retraced (suggesting the GBP strength I first posted about may not appear as strong as I liked). Here is the V formation on GBPCHF.
QUOTE=forexsubscriber;613806]Right then guys I see USD strength across my 4hr charts. I am particularly interested in getting a pull back on USDCHF and USDJPY . As updated yesterday I am still looking for a pullback on GBPCAD, and USDCAD due to CAD Weakness.
I am now also interested in a pullback on GBPCHF. This is due to the GBP strength I see across my 4hr charts.
So to summarise I am looking for a nice retracement so I can buy USDCHF, USDJPY, USDCAD GBPCAD, and GBPCHF.
Lots of potential trades setting up here guys, but remember they are only potential. I will scrap all of these trades if they either do not retrace or I consider my retracements too strong.
Here are my screen shots for USDCHF, USDJPY, and GBPCHF.
These trades might take early next week to set up so if your not patient don’t waste your time following my updates!
Cheers guys.[/QUOTE]
I see my USD pairs are struggling to retrace to my drawn areas on USDJPY and USDCHF. (suggesting USD strength)
Whereas on USDCAD I have a nice retracement that looks like its entering its 3rd motion downwards on the 4hr. I will be keeping tabs on GBPCAD as this one is not a lost cause yet and is making similar motions down with USDCAD. To summarise I am still looking for buys on GBPCAD USDCAD.
Yes i can see the V formation on GBPCAD H1 & USDCAD H1. did you get an entry… but later I see price had reversed impluse… how do you manage this situation?
