This pair has retraced to its Weekly Pivot Swing Low BUY area at 1.6120. Based on that we should see some strong buying with first major resistance at 1.6220 and Long Term T1 being 1.6500.
My first position (half left after profit taking on) was +70 pips and the other half was stopped out at breakeven
My 2nd position was stopped out after I had moved my stop to the low of the ichi cloud after seeing low volatility to the downside…stopped out for a loss of -24.8pips
Net +45.2 pips
bank you have had some nice trades so far, let me ask you a question. Could you walk me through a little more on how you scan your intial setups? Do you start from the weekly charts and zoom down to the 30? What trend do you consider in your trading for going long or short, for example if the daily trend is up do you look for longs on the 1hour or 30min?
Hello BankDaPips!
Please confirm do you use low or high of the fractal candle as your SL.
Very interesting and thanks for sharing it.
Hi gelmatic, yes stops are a few pips below/above the fractal candle high/low and in some instances the previous high or low.
Thanks!
Nicely managed trade raging.
Thanks raging! Yes I start with the Weekly and H4 Charts to see whether there are any setups in favor of the trend or indicating trend reversal, mark those areas on a 30M or H1 Chart and trade setups that align with the Weekly and H4 setups. After that its just adding to your position on that time frame, each time a setup favors your trade. I will try to do step by step analysis future setups.
thanks bank,
the reason I use the ichi is for that reason alone of utilizing the larger time frames, so basically my original method was just making sure that price was below the clouds and a down ma cross either in or below the clouds signal shorts for me. Using the ichi clouds it shows past present and future s/r areas. After that if a break went below the clouds I would wait for price to pull back to form a lower high and get in on the lower high low.
Basically im trying to time my entries a little better to capture much larger moves so any help is much obliged lol
just noticed while I was out my gbp/jpy short was hit for a quick scalp…[email protected] [email protected] exited at 7:42pm 2/08/10
net +10.5 pips (yawn lol)
GM raging. What time frame and sessions do you trade?
Result +25 and +38
Above 1.6070 is the Key/preferred buy price as this is last month’s high. Failure off this price will lead to deeper pullbacks.
I trade the late london to us session, generally I look at the 4hour setup and trade off the 1hr
Ok great! Thats pretty much the time that I trade as well. EUR and GBP Longs paying off. Still holding.
hey bank, take a look at usd/jpy, its currently bouncing off a rising trend line starting 02/04/11, im thinking of going long as there is a higher low being made on the 1 hour and has room for upside to find resistance of the lower trendline of the long term…currently waiting for the present candle to close to hold the low of 82,269 and current candle high of 82.396
Ok let me check. Which Timeframe?
look at the 1 hour…the daily and 4 hour have all been trending up
im thinking of going long at close and high of current candle 82.43 area and tp1 is 82.656 and move stop to B/E and holding the other half to tp2 82,80 area
Somehow I am seeing a short setup at 82.42…hold on
what timeframe are you looking at?