I’m new to trading forex and I like looking at charts. Here are a few set-ups I’ve been looking at. I like the pitch fork but not sure how it works. Time frame is off hourly charts…
I recommend this link to assist in determining R/R prior to entry into positions. It is a great tool to let you see the numbers…
Here is an interesting daily chart of the USD/JPY. Notice the resistance zone at 122.21. It pulled back hard from that level. Now this resistance line has been breached and so now it should act as support. Notice the awesome retest of 122.21. For now the daily shows this trend is still up. It does how ever need to get over last swing high.
Thanks, love to get these kind of tools, so one day I can change newbie to seasoned trader. I am also interested in your charting expertise.
Here is a good link on money management.
3 lot position size in high probability zone.
Here is a strategy using 3 lots for position size. Price moves above last swing high and then finds support. One could place stop under support as per your plan. Now this stock moves in our favor. We�ll use the pitchfork as scale targets. Notice the Blue arrow this is also known as the bull/bear line. Because the daily trend was up during this set up we view this set up as a high probable trade. This of course does not mean things will work out as expected.
This trade to the short side is worked out nicely. R/R @ 5. Coverd last lot at 122.30. Used 2 lots for this trade and will post chart with details later. Total risk was .52% for a reward of 2.6%. Total pips risked was 16 for 80 returned.
This is a chart of the EUR/CHF. Current trend is down. I�ll be looking for a retest of the last little pull back high or 38% fib. Should it pop over the 38% area I think a retest of the 61.8% is possible. My bias is short for now.
Possible counter trend play forming on EUR/USD… need more confirmation and break of 1.3613 could apply a little downward pressure back to 1.3590 area. But counter trends are tricky and for now the main trend off the daily is up.
Looking for a reverse back up from here on the EUR/USD…
Possible change in character happening in EUR/CHF… Broke bull/bear line… Need some market structure…
Here is a 1-hour chart of EUR/CHF. It has thus far taken out my Bull/Bear line and is riding along the 78.6% fib grid. Since it has taken out the bull/bear line I�m changing my tune short term to neutral. Just don�t see much market structure to open any position in it as of yet. I would like to see the bull line hold but only time will tell on this one.
This is a weekly of USD/CHF. Ugly to say they least but it does have a symmetrical triangle look about it. Might not be a textbook pattern but never the less the character is there. Now a bust out to the down side would void any bullish tones and notice it is compressing and so I think a move in either direction is near.
Just not very fired up about the charts the last few days. Seems to be a lot of drifting action going on and so we will move into stalk mode. My first few weeks in this Forex thing have been ok as my winnings are greater then my losses.
I’ll chill out from posting until I see something that jumps out at me…
Best trading folks!!
I�m seeing a little market structure that has formed in the EUR/CHF. Now it is at a critical juncture here. It needs to bust the 50% daily fib line to bust resistance. It also did offer a low risk entry for about 25 points. I�ve retuned this chart showing the change in character. Now I would not run out and buy it long here but a bust up through the 50% would change the dynamics even more.
USD/JPY is currently testing short-term resistance. It seems to have put in a little support off the 122.22 areas. Blue line is what I call the Bull/Bear line. I�ll be looking at this one in the days to come.