Longer term trends
gbp/usd
eur/usd
Hello,
The charts are a little hard to read. Can you make them bigger?
Thank you Mike, I did take your trade although I wasnât very sure if it would work out. Made about 110 pips 
But E/U did not get affected at all in that short trend. I believe it was due to Pound weakness. The Euro remains strong.
Hi TrickShady,
Thank you for your comment - much appreciated.
I was very sure this trade would work out. I am glad that you managed to profit from the majority of the sub-trend.
EU has not been affected yet because the market has oscillated much in a narrow range and not given a short. I am feeling confident it will give us the short we so badly want and hopefully it will turn out to be a large sub-trend. We will know tomorrow.
See you!
MIKE
Hi Mike,
Iâve been following you over this past month on skype, twitter, and the babypips.com and prosperityfxpro.com website. I am a big fan of your tight stop loss and over 100 pips gain. Over the past week Iâve endured the small loses and w/ my small account itâs a big deal. Iâd like to enter into trades that you are most confident on, is there any way you can point those signals out? Although Iâd like to learn and enter into all trades, right now I just cant afford it. This would help me greatly Mike. Let me know if you can. Thanks!
Mike I have a question for you. I have entered a long last week on E/J and it is up above 250 pips now. My target is around 107.33 You say the euro may sink very soon. What would you suggest I so with that trade? Should I close it when this starts happening or the yen wonât be that affected by it? Do you believe that trade will hit my target? Entry was based on the daily chart at the breakout.
Trickshady,
As you know I do not trade any other pairs apart from cable and fiber. I would therefore not want to comment as I simply do not know. I would however say if you have 250 pips floating profit and you are uncertain BAG THE PIPS. There is nothing worse that being a few hundred pips in profit only to have price move in the reverse direction and for you to lose the profits you could have had. I would take the profits and look for the next trade.
Mike
Hi MIke,
This is great stuff and thanks for sharing your wealth of knowledge. HOw do i get access to your skype chat room?
can you please advice. I would love to be part of it. Is it an invitation required thing?
your response is greatly apprecaited.
Thanks for the feedback Mike. I was gonna ask the same question about your skype room.
Hi Hafizesh,
Unfortunately if I explicitly state that I run the risk of being seems as âsoliciting/advertisingâ and the babypips moderators do not like that very much. All I can suggest is that you ask the other members or if you are already a skype user workout how you would find me. Also⌠there is always google
To your success,
[B]ProsperityFXPro[/B]
Trickshady, please read my response to Hafizeshâs question. Thank you.
Mike
We had a short signal on EUR/USD earlier this morning at 09:50gmt.
Entry price = 1.3330 SL = 1.3355 TP = 1.2888 (currently)
We were stopped out of this trade late yesterday evening. Market reversed at 1500 on the hourly chart. Even though price pierced the reentry level of the original short from 9th Feb, the hourly reversal that occurred at 3pm gmt held more weight and traders went long. Unfortunately we stayed in this position and price hit our sl at 1.888. Euro had an hourly reversal but gbp did not, and in fact the plans for a short on that pair still hold true for today. Once EU reaches its tp for the reversal trend at .3413 It would be wise to look for shorts on both pairs.
Upon further analysis I have come to the conclusion that EURUSD may be in a bull trend, 4hr TF, with tp 1.3600
Lets see if we can reenter the trend on a subtrend or retracement.
Most up to date analysis of the two pairs:
- EUR/USD is in an uptrend with target 1.3600
- GBP/USD has just completed an uptrend with target 1.5818
My expectations:
-
that gbp/usd will drop now to give us a new uptrend - this would correlate nicely with eur/usd which still had a fair way to go to its target.
-
that eur/usd will retrace somewhat and give us a new long subtrend entry.
Best wishes,
Michael:5:
May i ask, what system do you use? Do you add fundamentals in you analisys? Theres greece up for fight todayâŚbe careful
I have developed my own technical trading system. Fundamentals do not play a role in it whatsoever. I have witnessed that fundamentals DO NOT in any way affect trends. Trends are created purely based on technical analysis. Fundamental may simply give moments of increase impetus behind the trend. Although it may sound crazy to anyone reading that I ignore fundamentals in my trading I have solid proof and evidence BEYOND ANY DOUBT in my system that this is the case.
Perhaps if I choose to teach FX in the future I will demonstrate and it will become instantly obvious to everyone watching that this is the case.
Erm I would use caution stating that fundamentals donât influence trends⌠Euro zone crash back in January wasnât a technical trend it reached that low because of debt worries. Prime example of fundamentals affecting the trend .
Another prime example countries go to war Oil goes up