Looks like you’re still in business. Pretty clear rejection for now around that 1.4850 level - BIS sold a bundle apparently. I closed out at 1.4830 after the drop back. Probably done for the day - don’t like entering trades much around this time of the day and on. A decent pullback would be nice to reload another long.
Cool, will see where the day closes before doing anything further.
Hi All, closed all my trades, saving my CHF Long. Should price mean to continue bearish resistance will be tested, hence continued bullish PA must be respected. Have a great weekend!
Yep, looks like it’s just grinding higher this morning. Bulls might like to try and have a pop at the 1.49 barrier before the weekend given that there’s nothing to support USD right now. Was waiting for a bit of a pullback this morning but didn’t really materialize and missed my entry. Would probably think about shorting at 1.49 depending on how PA looks.
GM PipBandit! Had my eye on/near that level too.
I missed it it looks like. Was waiting for a bit higher and now it’s fallen away. Traders squaring up their positions ahead of the long weekend here in Europe probably. Oh well - can’t catch them all! Had a pretty decent week all in all so I think I’ll just watch for the rest of the day. Don’t want to get stuck in something before the weekend as the liquidity dries up.
Is there anything else you’re looking at? I have an eye on GBP/CHF at the moment - it’s near 1.44 which looks to be a fairly important level.
Hi PipBandit,
I dont have my laptop at all and I am at work now, so I am not able to see the charts. Glad to hear that the EUR is falling as I sold. Sometimes I set Entry orders in order not to miss out on good opportunities that trigger when I am not at the PC. I never usually hold trades over the weekend, but learning to take a different approach to swing trading. Right now I primarily focus on the GBP/USD, EUR/USD, NZD/USD & USD/CHF.
Dropped away nicely as traders lightened up their long positions for the weekend. They’ll be back early next week though for another run up at 1.49 in my opinion. Having come this far I’ll be surprised if they don’t take out 1.50 over the next while unless something big happens. The poor old dollar can’t catch a bid at all these days!
Haha, certainly keeping the dollar weakness in mind PipBandit. Also giving consideration to the fact that we are at the end of the month, as such we my realize retracements so that the current monthly high may hold for a bit, before higher highs. Lets see if old dollar will get a chance to take a breath. Otherwise, the trend is our friend 
Hi PipBandit,
Your GBP/CHF Trade. Looking quite nice for going long. Lets see how Sunday’s open treats the level as it is tested.
We are at a critical level on GU. Failure to close or keep above this level could mean much selling. Conversely, closing above means a whole new bullish picture. For now we are below and must pay attention to selling possibilities.
Another consideration is that the last time this level was tested was back in November 2009. So this is the first test in 17months.
1.6850-1.6900 could also be targeted areas.
This week saw the EUR revisiting its nearly three (3) year long resistance level at 1.4840, followed by strong bearish reactions. Buying activities should be cautioned round about here, in my personal view, as price could dip quiet a bit from here.
ooops, below should say first test of 0.8100 since March 2008
GM All, Currently watching this POTENTIAL Long setup on the H4 USD/CHF. Close above 0.8665 needed. Should we fail to close above this level, shorting will continue.
GBP/USD, EUR/USD & NZD/USD Shorts are holding nicely. USD/CHF Long just triggered.
Hey Bank! I love this thread and your technique in its simplicity. I’m not trading live but have been studying Forex for sometime now. Right now studying and learning different techniques is a hobby of mine in my free time.
I look forward to practicing, perfecting and contributing to your thread.
Sorry in advance for not having a pic but do you see a short opportunity forming on the H4 and H1 AUD/USD?
If so when would your entry be triggered I’m still a little confused about that, if this is looking to be a valid setup.
Happy Trading!
Thanks PipDoctor! For Pivot Swing High SELL setups, I wait for a close below the Pivot candle, and a retrace to it to enter and vice versa for the Pivot Swing Low. My fib entries are based primarily on the buying or selling the 11% level of the current swing.
Seems like one of the entries has already triggered, however you may get a pullback for a chance to enter at any of the levels marked. Good setup there on the H4 chart.
http://img585.imageshack.us/img585/4810/audsetup.jpg
Happy Trading to you Too!
GM Bank, I see! I haven’t been looking for retraces, I entered when the second red candle closed after the pivot, still a good trade but not by the rules so I’ll keep working on it!
Hi PipDoctor, glad to hear to you took the trade. That was a good entry, notice how the third pulled back to the higher resistance level for a lower risk entry?
Keep it going!
Took Profits on all these trades as I expect some pulling back now. Also shorted EUR/JPY for a nice run.
Early TP1 Hit on GBP/USD, EUR/USD stalling above 55% breakeven level, NZD/USD at critical 0.8000 level again and stalling. USD/CHF too lazy.
http://img827.imageshack.us/img827/6833/gbpupdate.jpg
http://img573.imageshack.us/img573/7025/eurupdate.jpg
http://img545.imageshack.us/img545/9936/nzdupdate.jpg
