With all of my trades, I trend with the Weekly Trend on the Daily Chart.
I’m out of the Minneapolis Area.
I’ve been trying to start a new career in trading. For now, I’m venturing into Forex and have been demo trading for a while now. I have just a few setups I look for.
Yesterday I created a few threads for some trades I was looking at. I thought I would do a journal instead.
I was looking to short CAD/CHF, CAD/JPY and long AUD/CAD and NZD/CAD
I’ll update what I’ve decided to do in this thread.
AUDCAD - I’m looking for a pivot on the Daily Chart to go long.
CADCHF - I’m looking for a pivot to go short on the Daily Chart
CADJPY - I’m looking for a pivot to go short on the Daily Chart
EURAUD - I’m looking for price to resume it’s upward trend on the Daily Chart
EURCAD - I’m looking for a pivot to go long on the Daily Cart
GBPAUD - I’m looking for price to resume it’s upward trend on the Daily Chart. Price was triggered and I’m now in this trade
GBPCAD - I’m looking for a pivot on the daily chart to go long
NZDCAD - I’m looking for a pivot to go long on the daily chart
NZDJPY - I’m looking for price to resume it’s down trend. Price has triggered
USDCAD - I’m looking for price to pivot to go long
CAD had a lot of news this morning and I questioned whether I should have had any positions working at the time, but after checking with another trader it’s not necessarily a bad thing.
You always want to be careful when entering trades right into the news.
That said, as long as you have considered the risk and adjusted stops for increased volatility, it is okay.
Ultimately with news, you never know what will happen but if you really like the setup and the trend is strong many times it will work out in your favor. Like I said though, you just have to account for the likely increase in volatility.
After the volatility had settled I was only stopped out of 1 of 7 CAD trades I’m managing (active or working).
Since this morning I had one other trade Stop Out.
My loses for today
- CADCHF - 67 Pips
- EURCAD - 125 Pips
If my stop had been a hair higher I would probably still be in EURCAD, which goes back to the point mentioned earlier regarding adjusting stops ahead of news or increased volatility.
My Active Positions Include
- CADJPY
- GBPAUD
- NZDJPY
- EURAUD
- NZDCAD
Canceled Orders
- USDCAD, Setup fell apart.
Working Orders i’ve Adjusted include
I’m looking for pivots to go long on the daily chart.
USDCHF I’m looking for a Pivot to long on the Daily Chart with the Weekly Trend
AUDUSD
For AUDUSD I’m determining it’s currently in a downtrend on the weekly chart.
I may be looking for a short position here.
However, based on my lines on the Weekly Chart
- Pivot Line
- Horizontal Support of .71296
- Channel Support Line
I’m not sure price has much more room to go lower for a Short Position on the Daily Chart.
Even the weekly moves have been consolidating.
- I trade with the Weekly Trend on the Daily Charts.
AUDNZD
I like the Downtrend for AUDNZD on the Weekly Chart.
I’m looking for a Short Opportunity.
AUDUSD
For AUDUSD I think price may bounce off of the Channel Support Line on the Weekly Chart.
For today I’m going to look to short this position till it hits the Channel. (After the close of today I may change my mind)
After it hits the channel I may look for a pivot on the Daily Chart.
EURAUD
I like the uptrend for EURAUD
I’m looking for a buy setup
EURJPY
Before I look for a setup on the Daily Chart for EURJPY I want to see price breakthrough Weekly Support
GBPCHF
GBPCHF might be in the early stages of an uptrend, so I may want to wait to see it break Weekly Resistance.
GBPJPY
Just like GBPCHF, I’d like to see GBPJPY break Weekly Resistance
GBPUSD
For GBPUSD I’m looking for a breakthrough on Weekly Resistance before I look for a buy setup.
However, I think there may be room to already start looking for a possible buy setup on the Daily Chart.
USDCAD
Looking for a breakthrough on the Weekly Support Line for USDCAD before I look for a Buy Setup on the Daily Chart.
1 Like
Hello.
Can you give us a rundown of your strategy?
I look at the Weekly Chart to help me determine a trend and I trade with that trend on the Daily Chart.
I primarily use Support/Resistance Lines to help me when to look at entering a trade.
I may look for some possible pivots and flat movements as clues as well.
AUDUSD
This next week I think I’m going to look to enter AUDUSD since it may have made a pivot on the weekly chart for an upward move.
I’m looking to go long on the daily chart.
USDCAD
Since there’s room to go lower on the Weekly Support Line for USDCAD I think I may look for a Short opportunity on the Daily
EURAUD
I think on this one, EURAUD, I may want to look for a buy in the channel on the Daily Chart.
There was buying pressure on Friday.
AUDNZD
I think AUDNZD might be another where I could trade in the channel for a short position on the Daily Chart.
I have someone I talk to routinely about my trades since I’m still fairly new.
Here are a few notes from that person.
- AUDUSD - I agree that it is looking like it is ready to begin moving higher.
- USDCAD - I am looking for the same thing. Just do not want to jump in too quickly. I would actually like to see another attempt to move up that fails. Not sure we will get it though.
- EURAUD - This one looks good but, because of how the daily pulled back, it may take a little time to get going. I do not say that to suggest you should not take the trade but rather bring awareness to how it may initially act. Having your expectations in alignment with how the pattern is set up is a huge part of trading success.
- AUDNZD - While I do not disagree with you, just be aware of the slow grinding nature of the movement. You will need to patient with it to see a decent return.
