I’m short on EURCAD: 1 hour time frame. Green is entry, Stop Loss is Red, Orange is Trailing Stop. Gold is 1st Profit Target. I added a trailing stop because at the orange line profit depending on when entry is triggered is over a 25 pip profit. I placed the stop at the 75% level, to give the trade time to breath.
Great stuff. Looking forward to your videos.
I’m Short on AUDJPY. Green is entry, Red is Stop Loss, Orange is Trailing Stop and Gold is 1st Take Profit
I like my friend. I got on @ 92.729 last night with TP @ 90.935. As always manage the trade in the here n now. Keep up the calls n looking forward to your vids
Bob
Thank you. Can’t win them all :17:
Yep. Have to put that in the cost of goods column. Not to worry. Traded to the plan and it frees up equity. Gone short on the EJ and GJ instead because the plan said so. Friday here so all the best for the weekend my friend.
I have a pending short on EURAUD Green is the entry, red is stop loss, orange is trailing stop and gold is the 1st take profit
I took 5 trades this week hit 2 missed 3. After reviewing my trades and notes on the trades, One was total stupidity on my part. :mad: I followed the mechanical portion of the trade plan, but ignored a very basic part in the price action which if I paid attention to, would have still put me in the trade, only with a different trade plan. Anyway done for now, I’ll be back at it Sunday Sidney open my time. You as well have a Great Weekend
Gp
Very interesting posts, will follow up. thanks.
GBPUSD is ranging on the 1 hour time frame. So I have entered two pending orders, which ever one gets triggered first the remaining pending order is closed. Entries are Green, Stops are Red, profit targets are gold.
Rules for Ranging
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Check Economic Calendar for announcements in the next 24 hours to eliminate any pairs that have non farm payroll or interest rate announcements up coming. Wait until all major announcements are posted for the current 24 hours On the default screen, add the 60 period Smooth Moving average.
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Start by scanning currency pairs on the time frame you want to trade. Look for a pair that is ranging with at least a 20 pip spread between the high and the low of the range. If the spread is more than 40 pips, trade “apply the “Trading inside a range strategy”. Draw two horizontal lines one at the top of the range and the other at the bottom of the range.
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Make 2 pending entries, one 5 pips above the top horizontal line and one 5 pips below the bottom horizontal line. Wait for price to break and close outside the upper or lower lines. What ever one is triggered first is your entry; immediately delete the other pending order.
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Stop is placed at the half way point of the range. First take profit is double the stop loss in the direction you’re trading.
Here’s the continuation of last nights trade using a fib tool. Todays announcements finished nothing earth shadowing for tomorrow with this pair. Fib reading was done on 5,15 and 30 time frame. This is not a set and forget, it is a manage the trade, I don’t want to give back any profit I made from the range trade. If your on the newer side wait for the pullback.
The following screenshot from a forty-year chart, which I created on FXTop.com, clearly shows to me one thing,
namely, that the Cable is making a head and shoulders pattern over a twenty-five year cycle, as follows:
a) left shoulder: between 1.40 and 1.70, from 1993 to 2002;
b) head: between 1.40 and 2.10, from 2002 to 2009;
c) right shoulder: between 1.40 and 1.70, from 2009 to 2018(?).
The above analysis suggests that if(!) the Cable were to replicate
the seven-year left shoulder pattern, its right shoulder would hit
1.40 by 2018.
However, market conditions change through the decades, so we
may narrow our focus on a more simple fact shown by the chart,
namely, that the 1.40 - 1.70 range is again in focus since the 1990s,
and that the 1.50 line has been broken, opening up the ‘floor’ of
1.40.
What will happen, should we descend to 1.40: bounce back, as in the
2002 - 2007 bull phase (within the ‘head’), or continue lower? It seems
safe to say that the Cable could(!) be preparing for the last leg of this
descent to 1.40, so going short seems the best plan, medium term -
however, short-term pullbacks will probably happen, although it does
not seem that there is any sign of the Cable breaking the larger downtrend
(not with the USD first rate hike in sight)…
What do you think, GP0053?
[QUOTE=PipMeHappy;689101]
however, short-term pullbacks will probably happen, although it does
not seem that there is any sign of the Cable breaking the larger downtrend
(not with the USD first rate hike in sight)…
What do you think, GP0053?
For me it’s hard to speculate with this pair. They are my favorite pair cause because of how predictable the short term is. Normally the pair ranges Sunday about 2 hours before the London Open, then which every way the money goes it’s generally an easy 50 or 500 pip depending if you’re broker is offering 4 or 5 digits.
Generally speaking from the information available, US dollar in my opinion will correct. For me all pairs at this time is short term. Now here’s some totally useless information. Two long term traders I know that are institutional traders said the US dollar will correct just not sure when?
I know it doesn’t help but that’s all I have at this time.
Gp
Sorry last night I couldn’t post the 1st part of the trade plan. The range part. Now i’m in the breakout part of the trade. Still can’t upload to the server. I’ll try to figure it out and hopefully be able to post tonight
I’m long on USJPY applied on 1 hour time frame. Green is entry, red is stop loss, orange is the trailing stop and gold is 1st take profit
Looked like a good trade. USD was weak today. Got a nice Sterling trade today as well.
Yes it worked out pretty good. Sterling is one of my favorite pairs to trade. Nothing open right now, but that should change by tonight.
I been spending a lot of time working on the video’s. Didn’t realize how bad I sound until you I heard myself. One of the medications I take for my disability makes my voice sound like either I gargle with sand paper or a high whisper. But I got the intro done with a little help from my speech therapist. Now working on Fib one. Talk to you later
Gp
First trade of the week. Long on EURJPY Green is open trade area, Red is Stop loss, Orange trailing stop and Gold potential profit targets. I’m think of posting my trades this way rather than just the lines. I like to make sure that anyone who follows my trades understands that I don’t try to pick tops or bottoms, but potential risk, entry and profit areas.
Like the image. Very clean n clear. Nice pick hope it plays out.
Well done! Nice trade. I bought CAD against Sterling this morning. 50 tick move. My live trading room kicks off shortly so will have trades and sessions live. Should be good fun.