HO HO HO piping style - revival

[NewbTrader]

This is continuation of my thread half a year ago - http://forums.babypips.com/show-me-money-swing-trading/50181-ho-ho-ho-piping-style.html
I went bust half a year ago…I was too complacent
Forgot to do my homework, got emotional over my losses and kept adding on to losing positions for no reasons
Will never let such tragedy occur again…

A trade without a plan is doomed for failure, therefore I will plan ahead and keep good notes here from now on with my trades…

Weekly chart to identify the trend…
Daily charts to confirm the trend or turning points of a trade
4h chart to pinpoint my entry and stoploss

indicators i will be using includes: fractals, macd, rsi(14), SSD (14,3,3), ema 26+13

Let’s take a look at the EUR/GBP pair

Looking at the weekly trend, it’s very clear that this pair is in an uptrend, also with the help of MACD bar ticking up confirms this pair to be bought in the near future…
Looking at the daily chart, we start to see a pennant like shape formed from april, currently it appears that a breakout has already happened…with this formation, it’s even more of a buy than before
Looking at the 4h chart, it seems there’s a lot of resistance forming up…so our entry will be set beyond this resistance point and at the breakout of the recent highs…

Buy Entry - 0.864
SL - recent lows = 8.6 - 40 pips stop loss
Target - .875 = 110 pips

edit
results

realized the trade wasn’t going in my favor so cut my losses short
lost 33.7 pips
one thing i learned in this trade was that while the trade was going in my favor i was trying to let the profits run without taking a deeper look at this pair
after the trade, i realized all kinds of bearish divergence was occuring at the 4h chart…i only picked up the signal after i saw my profits vanished
when i picked this pair it looked good on all charts, but my entry on this pair was based solely on breakout and i didn’t even look at the bearish divergence signals on the 4h chart!

[NewbTrader]

Looking at the weekly chart, AUD/USD is clearly in a downtrend, however, as you can see, the macd bar ticks up…which is a sign of this trend slowing down…
When the trend and the macd bar slope goes in opposite direction, we can either pick long, short or stand aside as the strategy…
But since looking at such steep slope of going downwards then macd shows signs of it slowing down, I would pick to go long…

Let’s take a look at the daily chart, on all 3 indicators they clearly indicate a bullish divergence, looking at the stoch alone, a buy signal just popped up…we will exit immediately if the stoch crosses back to a sell signal

Wow, just from the 4h chart alone, it’s an insane buy signal, a falling wedge has been formed since june…
currently it’s at the breakout point of this wedge…

with that said
Buy entry immediately at .9193
Stop Loss at .903 - this is the recent low for 190 pips
Target - .934 - 147 pips

[booze007]

@NewbTrader

Looking at the weekly chart, AUD/USD is clearly in a downtrend, however, as you can see, the macd bar ticks up…which is a sign of this trend slowing down…
When the trend and the macd bar slope goes in opposite direction, we can either pick long, short or stand aside as the strategy…
But since looking at such steep slope of going downwards then macd shows signs of it slowing down, I would pick to go long…

Let’s take a look at the daily chart, on all 3 indicators they clearly indicate a bullish divergence, looking at the stoch alone, a buy signal just popped up…we will exit immediately if the stoch crosses back to a sell signal

Wow, just from the 4h chart alone, it’s an insane buy signal, a falling wedge has been formed since june…
currently it’s at the breakout point of this wedge…

with that said
Buy entry immediately at .9193
Stop Loss at .903 - this is the recent low for 190 pips
Target - .934 - 147 pips

sorry but i am just a newbie . all i know is buy low and sell high .how can you buy on the highs made today .we will -20 in matter of seconds

[NewbTrader]

sorry but i am just a newbie . all i know is buy low and sell high .how can you buy on the highs made today .we will -20 in matter of seconds

all i know is breakouts, false breakouts and trading ranges…
also, buy low sell high seems so easy but it’s really hard, in order to buy low, sell high you have to identify tops and bottoms correctly
even pros have difficulties identifying the top/bottom of a formation while at the end of the chart…
of course tops+bottoms are easy to identify if u look back at past data…but with just current/recent data, can you really identify tops+bottoms as the market moves that easily???

new highs and lows are made daily…could be continuation of a trend or start of a new trend…
also each and every system has its own method to pick entries/exits

and, what works for you, might not work for me
of course vice versa

this is just a blog to take notes of my trade and planning ahead

[NewbTrader]

EUR/AUD just hopped on the bull train…but it seems bull’s strength is losing power as indicated on the weekly macd bar slope

On the daily chart, bearish divergence is indicated on all 3 indicators…will looking to short this pair

on the 4h chart, it presents itself as a perfect setup seemingly looking to burst from the breakout on the downside…

sell entry - 1.4
SL - 1.415 = 150 pips
Target - 1.385 = 150 pips

edit
results

realized it headed back into a falling wedge direction, which most likely a short coming uptrend will follow
so took profit early
profit - 55.3 pips