Thank you 4xpipcounter, I’m doing my best to be disciplined.
This week’s opportunities will be in the watch list:
Long USD/CAD Prise action and creating divergence between price and oscillator of moving average.
Short EUR/CHF I see pin bar but will be careful on my entry.
I’ll wait for entry on lower time frame.
Rick
Entry 2 lots Long USD/CAD @ 0.9499 SL @ 0.9420
First lot target 0.9585 and SL will move to BE
I also place 2 lots Short EUR/CHF @ 1.1704 SL @ 1.1785
First lot target @ 1.1610 and SL will move to BE
Rick
Update:
Short EUR/CHF first lot hit target for 94 pips. Moved SL to 1.1700
Rick
That’s a really slick trade which is being smartly managed, nice one!
I took a short on that pair too this morning, but you’ve left me in your slipstream 
I’ve only just noticed this thread, but will be following along.
Hope you manage to pull a decent wedge out of this trade.
Thanks Kyle. Unfortunately, I have to close my positions.
USD/CAD closed @0.94444 with loss of 54 pips X 2 = -108 pips
EUR/CHF closed @ 1.16088 with profit of 95 pips
July = 747 pips
Waiting for next opportunities
Rick
Good morning Rick, nice thread with a similar set of criteria to mine, from what I can see. Have been following with interest. Can I ask a question about the EUR/CHF trade at the end of last week? How are you deciding where to set your Stop? I ask as I took a similar trade. Didn’t like the Daily bar so entered off the 240 for a tighter Entry. So just wondered how you picked your Stop figure, if you are happy to share (no problem if not!!).
ST
St,
To explain my entry and trade management, I’ll show the recent entry I did for EUR/CHF. First, I decide from the Daily chart for opportunity. So, last Friday I saw a Pin bar on EUR/CHF; please see the daily chart attach. So, I’m going short only and will do my trades and management on the hourly; please see the hourly chart. Entry is important to me especially if I saw more than two bars bounce off a resistance area…this will be my entry. I decide my stop loss and first target by drawing an area of support and resistance on the hourly chart. My minimum stop loss is 70 pips and maximum of 125 pips per lot…this is at least 2% of my capital. The first target I’m looking for is where I’m getting 1:1 risk to reward ratio. Then I’ll move my stop loss to breakeven on the second lot and move it as price goes my way. I also close my trades early if I see price action going against me on the hourly chart, A lot is discretionary and I hope this explain my trading style.
Rick
Thank you for the reply, interesting stuff. Very similar to how I approach things, drilling down to lower timeframes for efficient entries, although my Stop is always placed according to position of the current bar rather than a set number of pips. Although in practice, that often won’t amount to much of the difference (I won’t enter if the bar is too long). Interesting thread, thanks for sharing.
ST
It’s early morning here in California and I’ll be busy spending time with my sons in an amusement park. If I’m back early evening, I’ll be watching NZD/USD:
The weekly showing the pair reached the 100% price extension (see attached weekly).
The Daily shows a bearish price action yesterday and I’ll be looking at 23.6% entrancement for the first target @ 0.8610 (see attach Daily).
Rick
No trades open since price moved right away and no resistance forming at the moment. I will wait for next opportunity.
Rick
A pin bar on EUR/AUD at the previous low (See chart). I will monitor the hourly time frame for Long entry.
Rick
Update:
Placed 2 lots Long EUR/AUD @ 1.3034 SL @ 1.2920
First lot target @ 1.3140
Rick
Update: 7/29/11
Closed first lot @ 1.3087 with 53 pips and moved SL to breakeven. I don’t usually leave open trades for the weekend but this is a free trade.
Rick
July = +800 pips
My EUR/AUD trade closed at break even last Sunday evening and have no trades since then. I’ll be busy this week for vacation so I might not post for a while until next week.
Rick
I’m still on vacation this week…showing visiting relatives around. But I saw this last Friday and may place a trade depending on my availability.
Bothe NZD/USD and AUD/USD are on the support area and both Stochastic turning up (see pictures).
Regards,
Rick
Just glad I’m still on vacation on this crazy market movements. The NZD/USD and AUD/USD went south when I looked at the charts that evening…so, no trade on those pairs and I went back to the beach.
Today, AUD/NZD looks good for retracement:
Yesterday’s low and today’s low are the same price at 1.2315
Today’s bar is Bullish Engulfing
If someone is into Pivot points, the past two lows bounced off the weekly S1
Divergence between Price (Lower Lows) and Oscillator of Moving Average (Higher Lows)
I will check on this pair later this afternoon.
Rick
The whole month of August was a yucky month for me except Aug 31. I did not lose any money, just did not have any trades. On Aug 31, I saw all the pairs of CHF (USD/CHF, CHF/JPY, GBP/CHF and EUR CHF) started reversing. See charts
It gave me two good days of trading on these pairs and made 750 pips. Next time I’ll update this when possible.
Regards,
Rick
Rick,
Awesome thread!! Can’t tell you how helpful it has been on my journey to becoming a profitable trader. Still trading on a demo account, but hopefully moving up to the big leagues once I consistently trade for + PIPs. Thanks again.
I’ll be watching AUD/NZD for a short trade due to price action, Divergence and stochastic (see chart).
I’ll post later if I did place a trade.
Rick
Very nice post! Thanks for sharing it with us. Discipline with proper money management is the most important in trading.
Great to see another swing trader, I noticed we are rare in the forex community. I noticed you place very small TP’s, I think they should be more like 300 pips, I am at the latter stages of development on my own swing strategy and it’s pretty obvious that such moves exist on the 4HR charts, and BE should only be set after 2 candles [IMO], also I think you’d be more efficient trading a few pairs, I personally like EU and GJ.
