Hi People,
I been trading forex for around a year or so learning almost everything i could pick up and eventually pick this out of all the stuff i studied.
First thing first, this way of trading wasn’t originated from me. I pick it up from someone else in the forum
and found it pretty effective and sorta improvising it. This isn’t a mechanical system, it’s more of a way to analyse the market for the intraday basis, therefore i don’t really care whether the pair is bullish on daily or weekly or the next 6 months. All it matters is whether today at this point of time where will it be going.
Price action has always been one of the best ways to trade for most people but to me i use it differently now, i no longer use price action to enter trades because it belong to the past aka lagging indicators. I use it to assure that I’m more or less right after i enter.
My stops are always 10 pips which is what i believe all that is needed to prove me right or wrong. I usually have a target in mind before i take the set-up but i will usually close the trade around London session close even my target is not met.
Secondly this is just a journal for my own record keeping purpose and of course would certainly welcome constructive insights. I trade intraday and usually only take 1-2 trades a week depending on whether i see my set-up.
Tools:
200 sma
100 sma
Fibs
S/r
daily pivots
Knowledge of basic price action
Main chart is the 1 hour
Daily is used for technical support/ resistance
Ok great! Monday is finally here, well today the US is having their holiday and well monday is usually slow moving but let’s see if i can find anything today
EUR/USD chart 1 hr chart
The orange dotted zone is the place i expect to see decisive price action to go long, if it breaks thru then i will see if it holds on the other side. This area is a confluence of the 50%/ 38% fib and the 100 sma
GPB/USD 1 hr
Same here, the 2 smas and the 50/61.8 % fib confluence. Anything below and my bias is short
As expected the eur/usd bounced off the 38.2 fib that i marked out with a railroad track pattern on the 1hr chart if you notice,
and now its starting to consolidate above the 100 sma, my plan today is wait for it to bounce back onto the 50% fib and wait for price action there.
1hr eur/usd
cable was pretty much a 1 way road yesterday, and now it is oversold, i will be waiting for it to retrace back to the zone when i drawn out with the orange dotted to see if any bearish price action will form there.
GBP/usd 1 hr chart
I don’t know what is going on with cable but it’s completely getting ripped apart going flat everywhere…
Yes, cable is pretty flat and far from the place that i mark out. That’s why I’m more interested in the euro/usd for now but that would be after Mario Draghi speech.
Today chart for eur/usd , pretty much broke thru all the resistance and bias has become bearish, area that i mark out contains the 50-61 fibs / ma and a strong daily resistance , so if it is able to reach there imma watch for price action to go short.
1hr eur/usd
Well nothing change much for cable, bias is still the same.
1hr gbp/usd
I found something interesting on cable, the pair cross 100 sma and has been holding there, chances are imma look for bullish price action to bounce off the 100 sma before buying. After it bounce most likely it will head towards either 38.2, 50% or the 200 sma before holding again. So i will take profit from there.
CABLE 1 hr
Today i found a great set-up for eur/usd, orange dot zone that i mark out happens to be where the 200 sma and previous support level. take profit would be somewhere around high which i drew the fib
Eur/usd 1 hr
Looking for a bounce to go long at the 38.2-50% fibo which is also in line with with one of the daily S/R
GBP/usd 1 hr
cool. i too am kinda heavily fibo trader, so ill be following this thread closely, assuming of c you will keep posting. best of luck.
Yesterday cable pair worked out just fine, but it was near the major news release in the early part of london session so i gave it a miss. For today i have 2 interesting set-ups to share with you guys.
Eur/Usd 1 hr
As you can see the pair has been dropping lower slowly, pull up the fibs and u would have realize it was a 38-50% fib retractment, it also happens to fall in the zone of the 100 sma and previously held resistance turned support, i would expect the strong bounce off the zone i mark out , most likely the 38.2%.
As for the cable, it has dropped and broke thru 100 and 200 sma only to consolidate just below the 200 sma , my bias here is bearish and I’m looking for some price action at london to go short.
Good luck to you guys on your trades
I don’t really like mondays , slow moving and weird but i saw something potential today on eur/usd .
Price broke thru the 100 sma indicating a bias change and is slowly retracting slowly up back to where i mark out. The area i mark out is made up of previous s/r, 100sma and 50/ 61.8 fibs. If it manage to reach there today, i will look out for signs of strong sell offs on 15 min chart. Anything above here means the bears has most likely lost control.
Eur/Usd 1 hr
The pair is going retest the confluence of the 100sma / 50% fib and previous S/R, my pending order is at the orange dot to go short. Tp is 40 pips from there and stop loss is 10 pips, Once in profit of 15 pips i will move stop to BE.
Fiber 1 hr
Yesterday pending order didnt get activated as euro slide all the way down, today we have a a nice set set-up forming here at eur/usd.
Price is slowly retracting towards the area of confluence between 100, 200 and 50 sma , 38-50% fib and previous S/R. If you pull out the daily pivot, you would also see that the R1 is also at the area forming a very strong area of sell off if price managed to reach the area.
Trade idea today on fiber
I have set entry, stops and limit on the chart. Area is a 200 sma , 50% fib and daily pivot r2 confluence.
Good morning here in the Eastern side… I like your approach as it is something I’ve learned and borrowed as well from some other respected scholars and teachers of Forex. Here’s my chart for EURUSD today on the 1 hour. The system I use focus on 3 charts mainly: daily / hour / 5 minutes…
In the following chart: the move back to the 50% calls for a sell confirming with the 50SMA (red) and having the stops a little higher than the 100SMA (blue)… Hope we can contribute and trade together some of these setups!
Nice to meet you Sliver! , thanks for sharing your insights with me. I wasn’t here last friday thou, been busy last weekend. I hope we have some nice set-ups this week.
Good morning back at you! I haven’t looked much yet to the charts - will look soon - but I haven’t seen any setup yet on the EURUSD according to the rules and system… Will look on to the EURUSD and probably some other charts… Will keep posting! At least it keeps me in check with the system and with what is going on!
What is usually your goal for the week / daily?
As promised here are the 2 charts I’ve looked over for today on the EURUSD… 1.2900 is the key level here on the 5 minutes… Will keep an eye and probably adjust some orders for tonight and hopefully get them filled in the early morning!
Good morning there, i usually look for 70-100 pips a week. My aim is to look for a major swing during the one of the days in the week. Now for the set -ups.
Eur/Usd 1 hr
This one is pretty much the area of 100 sma , 50%-61% fibo and trendline resistance area. Could also be a potential reversal if it managed to break thru the area i highlight.
Gbp/usd 1 hr
Price has cross 100 sma and currently may be looking for a retracement here before going down again.
