Daily trade setups

trend is up,we were waiting for this moment,trade entry is to buy gbp/usd at 1.6628

another entry,buy aud/cad at 1.0015

happy trading :19:

Aud/Cad position closed at 1.0150 with +135 Pips.
Gbp/Usd still in position with -50 Pips.

another setup for Gbp/jpy sell at 168.28
Happy trading :eek:

Hey mate,

I also had a short but bulls took my stop loss -30 pips. Waiting for another setup. How about you ?

Hey perry sorry to hear that,I am still holding for my short position, I trade only on daily candles, it is just a matter of time for me:54:

Yeah, Hope pair will turn the other side soon. Don’t you trade other time frames ?? Lower than Daily TF

As you see Perry pair(GBP/JPY) is starting to turn down again ,Hopefully it will continue;and no i don’t trade else Daily time frame because i found that it is more reliable and more accurate plus less stressful :45:

Buy AUD/USD at Current Price 0.9048

GBP/JPY closed on daily time frame Forming a bearish pin bar with momentum.

Happy Trading:22:

Following up my earlier entry buy signal on AUD/USD i am currently +75 Pips i will lock my profit at 0.9095 but i will stay in as i am seeing price will keep Going up.

About GBP/JPY position i will stay in as i believe that price will fall down tonight.

Happy Trading:)

[B]AUD/USD Target Limit set to 0.9245[/B]

i will suggest to set a [B]Stop loss[/B] for [B]GBP/JPY at 169.50 wich is -122 Pips [/B] from our sell entry at 168.28 just in case price break up

Closed [B]GBP/JPY Position at 169.20 with -92 Pips Loss[/B] and open a new [B]BUY[/B] Position for [B]EUR/JPY at current price 141.45 [/B].

Price just hit my target limit(0.9245) for my long position AUD/USD (0.9048) having a profit of +197 Pips.
Other open positions will be followed up upon changes happen.

Happy trading :60:

Hi ForexFox101,

I am new to FX trading and prefer to trade short timeframes - a typical day trader. With that in mind, when you find you are on a losing trade, is it wise to close the position and open the same trade in the winning direction?

Hello NitroPips,
personally i found longer TF is more reliable; of course i look at 4 Hours TF but i do this to only get more idea, i decide to go in a position based on Daily TF with a rejection of a dynamic support(EMA).And no this is the biggest mistake you will ever do if you trade against your loss,if you notice with this chart i cannot really tell what is gonna happen

at the same time i have more chance with this setup

Hope i answered your question
Have a great Day :wink:

Hi ForexFox101,

Indeed you have answered my question. In fact, I tried trading against my loss yesterday with the GBP/JPY yesterday and made an even bigger loss - started with a long position in the London session and lost about 35 pips, then went short in the NY session and lost another 35 pips. Luckily, it was on a demo account. Another question, if you do not mind, why do you prefer the EMA over the MVA?

Hi again,
The reason why I use ema instead of mva is I found it more smoother and faster to react to price ,nothing else.
You can use both what ever you feel comfortable more with.

I will set my [B]Target limit for for my long EUR/JPYposition to 143.00 [/B]
Have a great Weekend all!:57:

Good white snowy morning from canada :slight_smile:
This week our main focus will be on the strengthen of Australian Dollar and the weakness of Japanese Yen.
Keep tune.:slight_smile:

Hi ForexFox101,

Thanks for the response. However, my long-term goal is to trade using Price Action and Trend alone - Naked trading. I believe it is relatively easier to master that type of trading than the EAs based trading. On a different note, what currency pairs do you intend to trade this week?