Good Morning Traders,
We have a very nice setup on the EUR/USD H4 chart today. Multiple LONG confirmations looking for a big move here.
1.4053 PVSL BUY needs a close above 1.4053 to trigger.
Longs on EU holding nicely and will continue to add to my positions as buy setups are formed on 30M and H1 charts.
We have a higher low and PVSL on the H4 chart giving support and opportunity to add to current longs.
Longs closed at 1.4150 counter long level.
Longs closed at early TP 1 & 2.
Shorting this pair. Very nice sell setup. PVSH Resistance sell already triggered. Will follow through adding to my positions as the others unfold.
Nice downtrend on the Daily, too; I have been Short this pair for ten days or so.
Thanks Simon! Ten days, wow! When I grow up…
Looking for a drop to 0.9100 - 0.9055. Lets see whether we will fade off 0.9200. The buy action that started on the daily is some cause for concern though but lets see. I am also long on the EUR/USD for 1.4300 should we get past 1.4110-15.
Lol! It was not that grown up - I actually misread my chart, it was 19th February I originally entered, not 19th March, so it is a few weeks, now - it was just a simple rejection of the Monthly Pivot, Daily Pivot and 21ema within the clear downtrend on the Daily chart, I got in at 0.9485. I have added to my position once since (10th March), but there was nothing in my analysis that you have not done on this thread so maybe I just had a little luck in spotting it. I agree with you entirely on the strong start to today, hopefully we will ride that out but I at least have the benefit of a trailed Stop. Hopefully the Support-turned Resistance at the top of yesterday’s Daily bar will give us cover.
I am currently Short EUR/USD, so I am afraid that we are hoping for different things, there. Hopefully you will get your rise after Price has dipped a little further for me… or perhaps I am just being greedy after a choppier-than-usual month!
I have learned from this thread, thanks for posting it.
ST
See what I mean Simon? Dont know when I will get the courage to hold longer than a week lol…once again, when I grow up. Good trade! It is good to know that our entry points are converging, even though we may be using two different methods. It gives room for a more confident trade position. All the best to both of us. Indeed last month was indeed very choppy.
Thanks Simon! We may be able to have it both our ways.
I missed the earlier entry on the 11% support, but looking to go long on the PVSL support with close above.
In case it helps, the way I got my courage up for holding trades longer-term was initially only to do it for trades where I had already trailed my Stop to at least B/E. That way there was no continuing risk attached to holding the trade longer. For instance, for the USD/CHF trade, my initial risk was 1%. Once the trade had moved a certain way in my favour, I trailed the Stop to B/E, which was why I was comfortable taking a second position on the same move once my strategy threw up a second entry opportunity - my initial position no longer had any risk attached, being in effect a ‘free’ trade, so I simply took the new position at 1% risk, so have effectively doubled my R:R on the latter stages of the trade.
Anyway, I am digressing slightly, the point is this: I will often trail my Stop to B/E once a trade moves in my direction but then hits resistance, rather than just exiting automatically. At that point, while it would be disappointing if it stopped out on me, it would not actually lose me any money. Initially I, too, was sceptical about holding trades for longer periods of time, so I experimented by holding only these ‘free’ trades, where the Stop was already at B/E. Analysing these taught me, without any risk to my account, that holding trades longer can pay well if there is a concerted trend.
For instance, on the current USD/CHF trade, there is S&R at around 0.9250-0.9330. I would often take profit at that point, but as this seemed a concerted trend I moved the Stop to B/E and let it run. It took a few days but Price dropped through the resistance and gave up a further 250 or so pips beyond where I would normally have exited, which is around a further 2.5% on top of the original return. I don’t hold every time, but for a nicely trending pair it works nicely more often than not, I find. I probably would have exited the original trade at just above 0.9000, figuring that would be a likely spot for Price to rally, particularly following the big sell off into 16th March, and kept the second position open with Stop at B/E, but I was not around so left it in. It might feel like a bold strategy, but the Entry is as simple as any other strategy, and the risk is no greater as you can trail Stop to B/E - or lock in 1% or whatever - before holding the trade longer term.
Anyway, sorry for the rambling response, must be something in the water today, but I thought you might find it an interesting alternative take.
ST
Haha, not a problem. I appreciate the “rambling”. I too move to breakeven at resistance/support, but apart from that, holding for a longer time exposes current profits to “swingbacks”, so for now, I go for 60-90% of the move, enter 2 or more positions and multiply my gains, taking profit just before the current swing ends. I suppose one learns over time to do as you do. Nevertheless, to each his or her own.
Holding Long to TP convergence levels 1.6170 and 1.6190.
Still short on this pair looking for T3-T4. Important support at 0.9075.
I was lazy to post this chart as it is a repeat of the BUY setup that started yesterday at the 11% support.
Currently long off 1.4054 and 1.4080 PVSL. Watching counter-long setup on H1 PVSH - 1.4128.
I have closed the USD/CHF trade with small pips profit. Its just too lazy. Will see where its at tomorrow or so. GU and EU running nicely still.
Good morning all, my internet is down. My EUR longs were closed at the 1.4128 PVSH support. Also closed my GBP trade at early TP. Happy trading !
Good Morning Traders! Wow, I missed the re-entry setups on both EUR/USD and GBP/USD. Hope you capitalized on that move.