Bijoy's Trading Set ups

My Sell Limit is at 1.2850

pairs tend to front-run for some reason. 10pips is in case price misses 50% by few pips. wouldnt want that now would we.
ps: btw i just bought gbpjpy stop below today’s low tho im not confident about the trade its a hedge agains all my shorts that are dominating.

hope you do remember the #NZDUSD chart from early post. Well thats how it looke now (clickto enlarge) :


tnx to NZ retail sails obviously :wink:

You mentioned before that you use the Stoch to confirm direction of your trade. I can see that it was still in the OS area and has a flat slope at the time of your entry.

Not pointing fingers and don’t want to offend but something to think about, perhaps…

btw, I’m also looking to go long this pair … still waiting for my setup though…

Dear JunFlores,

I am very particular with my rules and always follows it strictly. But, in my memory, I am not remembering anything as you mentioned, that I use Stoch to confirm direction of trade. In my earlier posts, It was very clearly mentioned that stochastic is not used as a signal indicator or anything to determine the direction to enter on a trade. I also mentioned that the stochastic is used to avoid entries and not to enter on trades. Purpose of this oscillator was very clearly explained as it is used to avoid any long entries while the stochastic is overbought and to avoid any short entries while the stochastic is oversold.

After starting this thread I executed 14 long positions and you can see that the stochastic was never overbought during execution of these trades. Also I had 7 short positions and the Stochastic was never oversold during entry on those positions.

Even then, nobody is exempted from mistakes. If you can point out any such mistakes and violation of rules from my side in any of the posts, please feel free to point out the same with post numbers so that I can correct myself and take necessary actions to avoid such mistakes in future. I am always eager to learn something creative from all of you.

Apologies, my bad … I must have mixed it up with my rules then.

No worries… Let all of us go together.

Is NZDJPY again for another rally ?



usdjpy …

whats up Bijoy…?! i just noticed that AUDCADis approaching a major trend line. Maybe you can squeeze a trade or two out of it huh. Daily chart:


#NZDUSD update from earlier CHART - up almost 100pips now and very likely to hit our target. H4 CHART:


Friends,

My 1st trade for this month [Trade 1(Nov - 12)Long on EURGBP from Post # 322] is still open and is presently up by about 25 pips.

This trade was initiated on 5th November and today after 9 days it is just plus by 25 pips.

My doubt is…

Is it better to keep this trade open in expectation of hitting TP or is it wise to close the trade now ?

Comments appreciated.


BIJOY

Updated in Post # 616

i dont know bijoy im awfully bearish eurgbp and will enter short at 8050 if not 8030.
but you gotta trade the plan so stick to what your system tell you.

Nice set up. Way to go… Nice scope for a swing trade.

This is just my opinion… I would keep it open. Price looks like started a new swing high. The bias in the 4H and daily chart is to the upside. Stick to your plan and let your profits run.

If in doubt then move your SL to BE… but so far I see no reason to do that

I am long from 0.7980 :slight_smile:

This is what I’m seeing right now. Like Yunny said let it run or move stop to BE.

There is a rising trendline. The pair is trying to kiss the trendline. Montly and weekly candles showing different bias for me.


good luck

#EURGBP Daily:



http://i1086.photobucket.com/albums/j449/yunny11/eurusd166.png

thats another way of looking at it. i dont rule out 8100 for a possible h&s too. i wish i had more understanding of waves.