I’m looking at the same picture:
zooming in
Friends,
This time I am not entering directly into the trade. Placing a pending order.
See 4 Hour Chart of NZDJPY.
Now, the price is testing the lower border of the rising wedge. A nice bullish candle is also formed at the bottom. The pair can resume it’s uptrend, if price comes back to the top of the bullish candle. So I am placing a Buy Stop order.
Buy Stop @ 65.00
SL: 64.40, TP: 66.50, Risk : 2%, RR: 1.2.5
I will cancel the pending order, if the trade doesn’t trigger till middle of New York Session considering week end.
Thank you, Guys…
BIJOY
AUDCHF
I have been trying to see if I can go long AUD but as you know the AUD is stuck at this narrow range. I thought you guys who are bullish AUD may find this cross interesting. It is a 4 hour AUDCHF chart and the trend looks pretty healthy. I am only looking to buy on the dips close to the 40EMA, currently at 98.01
Any feedback appreciated, thanks!
Merrymaker
Likely. That is why I placed a buy stop order.
I am thankful to all active participants here specially thread starter.
I have been in touch with forex from one year but never took it serious. From the beginning of this month I have made up my mind to take it serious and learn the good trading.
I am lucky that I find this journal. I will try to learn the system quickly and I wish that I also contribute here one day.
Hoping to get support here to learn something really good.
Regads
Nothing to say. Yen is getting more and more stronger. Hope the pair will continue falling. Just my thoughts.
Welcome my friend. Go through the thread seriously. Develop a system based on nice risk management.
Bijoy, how do you determine pending orders?
And about the Stoch, do you only use it on the 4H chart only or do you use dual/multiple timeframe momentum strategy with it?
Stochastic is used only in the 4 hour chart. It is never used as an indicator to enter on a trade. It is used to avoid entries. i.e., never go long when the market is overbought and never go short when the market is oversold.
Regarding pending orders, I am not clear with your question ? Are you asking the methods of entering pending orders (buy stop, Sell stop, Buy Limit, Sell Limit etc.) or are you asking about determining entry points (entry price) ?
AUDUSD Price is now testing the rising trend line in the four hour chart.
Just I was thinking to take a long trade at 1.0375
Friends,
Considering the massive bearish movement on Yen pairs, I cancelled the pending order to go long on NZDJPY at 65.00.[Trade 4(Nov-12) from Post # 502]
BIJOY
Think the momentum on this one is still strong to thew south. Would wait and see if we get a false break. It has already broken the TL on 4 hour.
Just my 2 bits
DD
Yes. The sell off is in extreme velocity.
Apologies if I wasn’t clear on the question… Just wanted to know how you decide whether to buy at market or to place stop/limit orders.
Great pic Kwon.
Thanks
Anyone starting to think that there’s possible bullish scenario for the EUR here…?