Hey Rick,
Where is that personality test available?
Regards
It’s been a while since I posted…this is hard for me since I travel for work and trade FX, stocks and Options. I will update weekly, especially if I did see a potential trade before the following week.
This weekend, I did noticed NZD/USD and AUD/JPY might reversed since the price is in the area of support. However, the weekly charts shows a gap down and I better just wait until I see a confirmations.
I also see AUD/NZD pair that might be better for a watchlist:
Weekly chart shows price is Lower-Highs and Oscillator is Higher-Highs; indicating a high probability of continuing down trend. Also the previous week is a pin bar:
The daily chart shows price is bouncing on the resistance for seven consecutive days.
Using the FIB retracement I have the target prices and stop loss when I place the trade…I want to wait and get a better price to enter, maybe at 1.2800 or better with stop loss at 1.2870.
Regards,
Rick
Short AUD/NZD at 1.2830 with stop loss at 1.2900
ATR (20) at 66 pips, so I placed my Stop loss at 70 pips away.
Let’s see how this works.
Rick
Stop out with -70 pips
Reversed position today
Buy AUD/NZD at 1.2918 Stop at 1.2840
Target at 1.3045
I used the Fib extension to chart my target price.
Moved my stop loss to 1.2900
Keeping my Target price at 1.3045
Rick
Closed my Long AUD/NZD position at 1.2948 (+30 pips)
Still down 40 pips from earlier trade.
I will wait until the weekend to search for opportunities.
This week, I’ll be watching few currency pairs, especially EUR/USD.
Weekly chart is showing price bouncing off a good support level at 1.2640. Daily chart shows engulfing pattern. I believe this is the beginning of a retracement. I use the FIB Retracement to project my target prices. Price may bounce at any one of those levels and continue with the down trend.
Rick
My pending order was trigged today:
Long EUR/USD at 1.2740
Stop Loss at 1.2640
First Target at 1.2885 and will move Stop loss to Breakeven.
We’re on the same page. Hit some support after a long slip down. Engulfing pattern that was just broken going back up. I am long as well.
Yes, it did retraced but it was a short one. Stopped out with -40 pips. Looks like a continuation is at hand; I will wait until price breaks 1.2640
Rick
Today I found an Evening Star on EUR/CAD. This may be the continuation of the down trend since the Evening Star is also showing an overbought on the Stochastic (Pic 1) Placing the Fib extension, I’ll monitor the different price levels. (Pic 2).
I entered at 1.2950 with stop loss at 100 pips above. Target is open right now.
Rick
I just closed my positions on Short EUR/CAD trade due to weakness on the 4-hour chart. Took 60 pips on this one and will wait for other opportunities.
Rick
Good thread drick008! You seemed a pretty experienced trader with reasonable approach. How long have you been trading to reach this far?
TraderJ12,
Wow, where do I begin. I started stock trading on 2001, then added options, now FX. I bought lots of books, went to seminars and even bought software that gives me green light red light signals, Elliott wave and option tools. I decided, I need my own trading edge that reflects my personality. I found this when I spent three days on a Psychology trading seminar I took early last year. I know Day trading won’t work for me, that’s why swing trading is my trading style. I trade options with GOOG and I tarde FX. I don’t post all my trades here; only the ones that is taught in the School of Pipsology. These are candlestick pattern (Price action), Support/ Resistance, Fib, divergence using an oscillator, etc. Of course I don’t use all at the same time, but the more evidence there are, the higher probability the trade will work.
Rick
Thanks drick008! Your story is very encouraging. You really got a long journey and it shows how committed you are to trading. Perseverance is key, isn’t it. My trading history has been tough so far but I always dream to become a great trader one day
Friday’s bounce due to U.S. employment data causes me to look at the weekly charts and found two possible trades to get into this week. EUR/AUD and EUR/CAD made a good looking pin bars which is a high probability reversal pattern (continuation or correction). EUR/CAD is much better pin bar because of the open and close prices are only one pip difference and longer bar than EUR/AUD. I will watch where they open and decide the entry.
Today I found USD/CAD at three days creating resistance and divergence with stochastic.
Also I’m still Long on NZD/USD.
I closed my Short USD/CAD with 169 pips and Long NZD/USD with 198 pips.
I also placed other trades against the USD and JPY. Took profits and managing remaining positions.
Rick
nice trades, Rick. Do you trade lower timeframes than the daily candles as well?