03/05/19 COCO SHORT TRADE [DIV3]
Coco has now formed a 3-point Divergence on the Daily Chart in addition to two bear candle signals Harami followed by an Engulfing. So I have shorted this commodity but since we are going “against the trend” I am only seeking a 1.5x return.
3/5/19 AUD/USD LONG TRADE [DOUBLE BOTTOM]
As shown, unfortunately no time to post this on time…
There are some trades I just can’t make it to post that I have been taken…
KISS is an acronym for the design principle “Keep it simple, Stupid!” and it’s one more trading strategy.
SHORT NZD/USD Right Tip: Stop Loss Hit -1unit
Hello fellow traders, after a very nice and long holiday I am back and refreshed. During my holiday I had a chance to reflect on my trading philosophy. I concluded that “less is more” the lesser number of well selected trades is much better than seeking the action. I apply the same concept in my punting and will aim at the same here.
So we are selling the nzd/usd at market around the 0.6723 mark.
I will post pictures later on. It is dinner time here down under.
Happy trading
18/7 Not a good welcome back home to start my trading. I obviously jumped the gun and misread this possible King Crown. There was no candle confirmation at the 618 or 786 since I was going to sleep I placed my sell order “pre-empting” a right tip.
Onto the next…
18th Jul 2019 11:00am (OZ TIme): LONG GBP/JPY 30m Chart: RSI Divergence / Double Bottom Profit Hit +2unit (+35pips)
I am going long for 35pips target with a 17.5pips risk (2:1) on the g/j
18/7/19 11:50 Stop @ 12pips
18/7/19 16:52 Profit hit +2 units (+35pips)
I cannot comment on your methodology. But damn nice to see another decent thread with details of actual trades and trading going on. Keep it up. And do well with your trading.
By the way: I used to work for a boss some years ago. His favorite saying was “work smarter not harder”!!! LOL!!! Same thing as the KISS principle. And he was right!!! LOL!!!
thanks dpaterso, appreciate your comment.
hope you doing well too.
I have tried many ways of trading, I do not why we humans seek so much action! instead of sticking to what it works albeit the “slowly but surely path”.
So I am trying to distract myself away from the computer so I leave my trades alone and I do not enter trades out of boredom!
happy trading!
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GBP/JPY BULL BIAS?
Okay, so our mini trade hit its profit target of 2:1 which is good. In preparation for what “might come”, I can see that the G/J is forming a RSI Divergence in the Daily and 4-hrly charts, which really tells me “it would’ve been nice to move my stop to b/e, and move the tp further away before it hit it!”…but I am just joking, there is not “would’ve should’ve could’ve allowed” in this business…
Here is the chart. I will be looking to keep entering longs (until the 4hr trend changes) using the 30min-1h charts along the way if possible…
As I mentioned earlier, you won’t get as much action from me here on, since I am back to my “focus” trading, that is, I have removed all products and I am only trading the G/J. This has been by far my most successful product over the years and I regret to have sought for extra action in pursue for more and more profits which really didn’t work as well. dropping my ROI.
However, the good news is that, because I am focusing on G/J I can find trades in the 30m which used to give me about 2-3 trades a week in average and we either win or lose pretty quick as well which suits my trading style. I really have no patience to wait and wait and wait for days to find out if I won or not!
Let’s see if I can stick to my plan!
Happy trading!
Can I give you some input???
I don’t trade FOREX (as you may or may not know) but for years I’ve been trading just about every Index known to man and all at the same time. But of late: I’ve cut it down to only three or four. And I can tell you that I’m making more money NOW trading just those three or four than with trading ten, eleven, or twelve of them at the same time. Point I’m trying to make: they say that it’s better to stick to one or two instruments (pairs) and get to know them and their “personality” and trade only those one or two. And while I’ve never before implemented this nor agreed with it: I do now for sure. It’s less stressful, less time consuming, cheaper (interest), and one can actually concentrate on what you’re doing.
say no more totally agree!
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POS TRADE SET UP: G/J 30m Chart
Following above Bullish Bias on GBP/JPY, here we might have a Gartley on the making. Looking to re-enter long at the 618 or 786 PLUS a Bull Candle set up with stop at last low. My target will be the 127 Fib as usual.
We have all the first steps: Trending for a while, RSI Divergence before breaking the inner down trend line and the last high (which by the way, should’ve been our target in our previous trade ), and now in the process of forming our “right tip”.
I feel a lot more confident on this set up for the fact that we also have signs of bear exhaustion in the Day and 4-hr charts.
Happy trading and I hope I am not sleeping when this happens!
Fri 19 Jul 2019 8AM: A nice entry early this morning as per my “Trade Set Up” analysis above. We had a nice hammer formed in the direction of this new up trend at the Fib 618 which is also a Fib 382 of the larger up swing…unfortunately I was having breaky…and totally forgot to check, I really thought i had time!
However, we should have another chance soon since the RSI on the 30m is showing a possible Divergence at the 127 extensions of these two up swings…
We can’t catch them all!
The day chart is re-enforcing our only way…up! with a very nice textbook Morning Star, in the process of breaking the long term down trend line and a confirmed RSI divergence…what else can we ask for… except that we have a 50/50 chance that given all of the above, the market will turn back down for a re-boost at around the 135 area to hopefully give us a re-entry somewhere around the 134.60 area…stay tune and this time I ain’t missing it even if I have to stay up all night!
happy trading!
FRI 19 JUL 2019 12:00: G/J 3-Point Divergence SHORT 15M-30M Charts (S/L @ 0 units)
This is a counter trend entry while I wait for the retracement and long trade…
This is the same set up I used on the long entry yesterday, when we picked up the very bottom of the down trend reversal. The 3-point RSI Divergence set up. However, this short entry is a “riskier” trade since the current up trend is “a baby” “a new” one and therefore a lot of chances to keep going up…hence the 0.5unit investment only.
Techs: 30m Chart RSI Div3 + Bear Engulfing
Target: 2:1
Fri 19 Jul 2019 17:00: Trade now at B/E (0 risk)
Stopped Out at B/E
LESSON NOTE: Here I showed I am still a bit rusty since returning from my break. I do not know why I moved my trade to b/e when I am only risking 17.5 pips to make 35pips on the G/J.
Perhaps because I was trading against the trend.
I will aim at “setting my trades and forgetting” and let them run their course. Unless I am riding a trend in which case it makes sense to trail the stop.
FRI 19 JUL 2019 18:30 G/J SHORT 2H CHART - S/L -1u
This trade is based on the 786 bounce in the 2h chart compounded by a bear engulfing candle at the same and a Outer Down Trend Line juncture.
Risk 20pips Target 40 pips 2:100:
We are still looking to enter long at the 618 or 786 Right Tip of this Bull Gartley in the form.
FRI 19 JUL 2019 G/J LONG 2h Chart: -1unit
It appears the market is resumed on the bull side after forming a Bull Eng at the 2h chart at the Fib 38.2% junction.
I am going along and will keep my trades only on the direction of the current Bull Trend
The trend is your friend!
If this trade doesn’t work out, we should be looking at the Right Tip Long entry around the 134.10-134.30 area or 786 / 618 of the largest up swing on the 2h-4h charts.
SAT 20JUL19 G/J WEEK RECAP AND NEXT WEEK ANALYSIS
Ok, a bit of a seesaw last night for me. I am printing the key golden rules for my trading and posting them in front of me so I remember: “If in doubt, stay out!”.
WK 22JUL19: DAY CHART ANALYSIS
The day chart is clearly in a Down Trend, however, there is signs of exhaustion shown by the RSI Divergence and a Morning Star candlestick formation. This is the time where most of my “losses” usually come from. (1) Trying to pick the bottom of the reversal (as I have done a few times last week); (2) seeing opposing signals and jumping from one to the next (again, case of last night).
WK 22JUL19: 4H CHART ANALYSIS
On the 4hr chart, we get more opposing signs, a Bear Engulfing candle at the 786 of the last downswing, is a tempting trade (which I took using the smaller timeframes and unfortunately got stopped out prematurely as mentioned above). Although this candle is sitting under the outer trend line, there is a strong reason why we need to stay out of this one: The pound has taken out the last high and the inner down trend line. In my research on precisely these type of situations, I concluded that the best action is to stay out until the cross forms a King Crown or Gartley “D” point.
The Gartley is my best type of reversal with the highest chances of success (still a chance).
So, provided I don’t forget my plan during the hype of the week ahead, I shall stay out until the G/J has retraced to the 134.30-134.10 (61.8/78.6) fib area AND formed a CLEAR Bull Candle pattern.
IF this happens, we will enter long, IF the pound is simply pausing its down trend and proceeds to resume it (pink arrow), then I would’ve missed on this Short 786 Bear Candle Trade.
But like I said, MOST OF MY LOSSES HAD COME FROM THIS TYPE OF SITUATION
I already made the same mistake and lost a couple of units here!
Let’s wait and see!
Happy trading
Mon 22JUL19 16:00 Short DIV3 Trade 30m G/J +2units
Based on a Divergence 3 point, entered short for a quick 1.5:1 on the 30m chart. Just updated to 3:1 to the 618 retracement of the last upswing.
At B/E
TUE 23JUL19: TRAIL STOP HIT @ +2UNITS
Onto the next
Wed 24JUL19 16:30 Long Fib618/786 [Gartley] Trade 4h G/J: +2u
Today was a busy day since our grandson was born, yet after a long nighter (at hospital since 4:00am til 4:00 pm) I got back home on time to enter this long trade as I have been waiting for (see above analysis), I hope you guys caught it too.
The entry was based on a prior Bull Engulfing around the 61.8% fib retracement. Due to the volatility of the market around UK, I placed the stop loss below the 78.6%. Since it is a 4h entry, I will be moving the profit taking target as we go along attempting to ride the new possible up trend.
Thu 25Jul2019: After an eventful 48 hrs in my family life, am back with my normal routine now I can write more about the technicals of the above trade. I have previously mentioned on the “WK 22JUL 4H Chart” two posts ago that we were looking for the right tip or the “D” point of a possible Bull Gartley. Sometimes these come very quick specially in the GBP/JPY cross. I managed to catch this at the 618. We are not out of the woods yet, the new uptrend can either resume or not be the uptrend we are waiting for.
As we can see on the attached 4h chart…
Day Chart: Possible Bull Gartley coming up?
Now, the good news is that it appears we may be heading towards forming a Day Bull Gartley as seen in the attached day chart. If this is the case, we must take profits as soon as the Last High has been taken.
We have the first steps of a gartley, “trending for a while W-X”, Divergence (in this case a 3-point div), Last High taken out: This is what we are hoping next, after which the point “D” is due.
I will set up a price alert at the last high to ensure that we take profits around that area before it turns back down to “D”.
Having said all of this, this is just a plan and plans can go to the trush tonight!
Happy trading
THU 25JUL19 19:30: TRADE AT B/E
FRI 26JUL19 03:00: CLOSED @ +2u
THU 25JUL19 19:30 PYRAMID LONG TRADE ENTERED ON 30M/1H CHART FIB50 1H ENG: CLOSED @ +1.5units
FRI 26JUL19: S/L @ +1u
FRI 26JUL19: G/J LONG ON FIB 50/ENG 30M CHART: CLOSED @B/E (0units) 
Another entry long as shown but risk only 1/2 unit
FRI 26JUL19: This entry was not supported by a RSI and the 30m chart has shown signs of another type of gartley, perhaps the one that is mostly common: forming at bear engulfing at the 618 in opposite direction whose 127 extension concides with the 61.8% fib and its 162 ext with the 786 of the upswing.
we can see it on the light blue area. this is the area we will be re-entering the up trend in the next few hours…
happy trading…
