Very good 10pips! Are you using it by just the crossover, or how are you going about it? You’re off to a great start!
Thanks jayboii478
Here is my workflow
First , i will zoom out to see a clear picture about the trend , then identify S/R , draw some trendlines if ineed , so the idea is "believe the trend if its trending until it touch the next S/R " . about the S/L and T/P, IMO , there is no strict rule about S/L and T/P , it will depend on S/R and the swing points . See my example below
just my opinion , share your ideas and help me improve the strategy , hope we will have each other to build the best strategy
1st pic : a clear picture about the trend
2nd pic : after that , i will find a short term S/R , why ? , because if it can break out the short term S/R , it will go ahead to the next S/R , if not , close your position and take the profit . On this trade , it cant break the short term S/R so i close the trade and got 45 pips
, 3 red lines are entry, S/L and T/P
how about your trades jayboii478
Well done 10pips! I use a similar strategy, I use S/R level on daily/weekly chart, trendline on daily/weekly chart and FIBONACCI. I look for a area on the trendline that intersects with major S/R and 50-61.8% FIBO level. Then once price enters this area I look to enter the trade on the crossover. My SL is dynamic as of now, usually go for levels below the next FIBO mark. My TP is dynamic I usually use recent highs.
My advice is be carful of ranging pairs, If a price is hitting the same lows and highs for over a month without making higher highs or lower lows, its stuck in a range is how I play it. If it is making higher highs or lower lows, it’s in a trend. You can get a trendline to fit on ranging pairs, but usually its less accurate.
This is the EURAUD notice, it is hitting the same highs and lows for over a month and just moving sideways, its in a range right now i’d now.
This is the USDCAD, see how it is making higher highs consistently, besides the past week, it is in a uptrend.
Happy to help!
Feel free to ask many more questions!
Happy trading
Jason
Hi 10pips
welcome and certainly. the more the better.
love it when you guys speak foreign.
joking, looks really good. guess if you want to be more accurate you have to put in the time folks.
Foreign… you mean foreign forex?? Haha! If you have any questions, we will answer!!
Hello people! Any pairs u guys are watching this week?
For me, GBPJPY is heading towards a S/R area and I’m looking to short from there at the moment.
I also entered AUDNZD long but it seems like its on a short term bearish movement. Well, I will just let the trade play out for now.
Lastly, welcome to the thread 10pips!
I haven’t seen to to much this week, it’s a lot of bank rate announcements and other important factors this week. Also some pairs are looking like they may be starting new trends, they are making lower lows and breaking out of major S/R levels. But the GBPJPY does look good for a short I do agree!
Jason :43:
Does anyone else see a potential up movement in GBP/USD ?
I see a short term short entry once price touches a key S/R zone around 1.5331.
Got stopped out on my AUDNZD trade. Life goes on…
Like Fotovinic said, 1.5350 is a strong resistance area right now, and 1.5100 is strong support area, I would not take any trades until price hits/breaks one of these areas.
Hey it happens, if we could win all of the time, everyone would be trading forex! Everyone loses, some more than others, you make mistakes, you learn, you improve. Where is the AUDNZD 200 EMA for you on your chart? Mine is at 1.0931, personally I would want price to break out above there and then retrace to the 200 EMA for a long. BUT that is the bottom of a range and strong S/R level. Just my 2cents! Either way, learn from the trade and improve for the future is the best way to go!
Happy trading
Jason:43:
Hey Jay,
Price of the 200 EMA is around the same area as yours. On my chart, I saw the 200 EMA as a support (price was still above it) and since it is at the bottom of the range, I used it as a key level to go long. My mistake however, I believe, was the fact that the crossovers already happened sometime ago and I was probably too late to go long. By then, momentum has slowed down and even reversed to hit my S/L I guess.
Regards,
Kelvin
Hello,
What you guys think about sell in USD/JPY and EUR/USD?
I see, hey it made sense. Sometimes the market can suck at times
I will wait for the crossover to happen on the EURUSD first before I go short as it is still too early judging from the indicator on my chart. For USDJPY, I will prefer to wait till price goes to the bottom of the range before looking for a crossover to go long as the trend is still to the upside in the longterm.
Regards,
Kelvin
EUR/USD
Nice to see that EU doesn’t was crossed, on my metatrader app(mobile) the price seems to be crossed(5 hours ago).
USD/JPY
This pair actually is boring, i made this trade becouse i want to see how this system works.
I begin to trade this strategy on this week, setting my tp with 150-200 pips and my SL with 50-75 pips, using price action to determine S/R.
Morning guys,
this week has been a rough week for me. Made quite a few losses even though I followed the rules. Think what may have happened is that I jumped in after a late cross. So the question that I would like to ask is how can you determine the strength of a move after a cross takes place? ADX doesn’t help. I’ve never been a fan of RSIs or stochastics. Generally speaking, if the pair is ranging I stay out. Also, if the MAs are flat I stay out. If the pair is near a S/R zone, I stay out.
Now is there any correlation between the strength (of a crossover) and the distance between the MAs. Seems to be just by way of casual observation that if they are spaced apart at a reasonable distance then the move should be a strong one.
It’s just heartbreaking to see that today, Thursday morning, there are a few pairs that would have moved hundreds of pips and nothing clued me into these moves or made me feel confident enough to enter the trade.
Your thoughts.
David
Hey David, This week was a rough week for many people. It was the AUD bank rate, GBP bank rate and today was the USD Minutes Meeting. All very big impacts on the market. They probably had a lot to do with why you have some trouble this week. The calendar here at babypips or the forexfactory economic calendar will tell you the times of these events. As far as your question about the trend strength, that is a rough question because I’m not sure exactly how you could tell if the cross is still strong or not. What I do is only enter on a new cross, if the crossover already happened a couple candlesticks ago I don’t bother. What where the pairs you had trouble with? I’ll take a look at my chart and see if I can shed any light.