Matty’s Money - Trades, Ideas and Info

I think I still don`t have enough experience to agree or disagree.
:sweat_smile:

1 Like

I didn`t mean it in a lazy way, but like for day training some traders they use to match the strongest and weakest pairs first and then find some important zones on that select pairs.

I though maybe you had a system to cut the choice down.

Thanks

1 Like

Good stuff Matty! Note also that, as price moves through the down trend, in addition to reacting to previous lows, it also reacts to previous tops created during the preceding up trend. This allows you to trade retracements with confidence.

See the last region where price touched the bottom of your channel. It reacted to a previous top (look left). Since the top was a significant one the retracement was correspondingly significant. Your first TP could have been the swing low above the beginning of the retracement impulse. Move your SL to BE at that point and then ride it up further to the bottom of the bullish candles in the middle of the down trend sandwiched between all the bearish candles, which also corresponds to previous swing low. That’s the market telling you where it might go. :slight_smile:

3 Likes

Handy list to keep to hand. Thank you

1 Like

As a matter of fact, I do have the currency index list at the top which I reference.
image

1 Like

@teppo1990 I would recommend following @Dennis3450’s Trading the Trend with Strong/Weak Analysis if you’re not already. This thread is updated regularly.

I have been watching AUDNZD for awhile now waiting for price to drop back down into that weekly channel. If/when it does, I’ll be looking at a long term short. This might not happen any time soon though.

Thanks will do.

Those were some interesting stats Matty, and you looking for a long term short on AUD NZD is also a great idea. Thanks bud.

1 Like

My long term analysis for the DXY(USD).

I can see some more down side, at least to the trendline that’s been acting as a support area since 2012. Worst case scenario price drops to SR2, but that would be extreme, which is not out of the question right now with this pandemic! More likely if it breaks through that area then I would expect it to bounce off the weekly SR area (WSR4).

Here is my Weekly chart:

1 Like

I also trade Weekly/Daily Chart and look for trades on H1 and H4.

On a $1000 account what would your daily Goal be ?

On a $200 Account what would your Daily Goal Be?

If we was only building our account 1 to 2 % a Day?

TabiusLee
My Proof Profit Strategy

Yes, I’ve read your threads.

I’m not trading on a $1000 or $200 account.

I don’t set daily or even weekly goals, too much pressure. My goal is 6% per month. Compounded, this will double an account each year. If I attain that, great. If I go over, even better. If I don’t make it well then, there’s always next year.

2 Likes

That’s Ok I know the answer . I use a compounding chart myself.

when we start out with Forex we are impatient to make money right NOW!

I grew my account 1% this week. As a former scalper that use to get 200,000 pips a day 1% growth is Awesome since I could never hold on too my money and would blow my accounts. Love these boring trading days :slight_smile:

TabiusLee
My Proof Profit Strategy

2 Likes

Also love to sleep at night :wink:

2 Likes

Was looking at daily S/R opportunities and came across GBPJPY, which is in a nice ascending channel.
It is approaching a daily R level (DSR3), however that channel looks pretty inviting, so let’s see if it plays out.

I will watch closely once it gets to DSR3 as it will probably retrace, giving me an opportunity to take some profits, then re-enter.

Long term target is in the blue box. SL is just below DSR4, risking 1%.

1 Like

EURNZD looks promising for a short, providing it breaks through both the daily and weekly SR areas. NZ is strong, so I have a sell order placed at 1.70900.

CADJPY - My short got picked up just below a daily SR level. Tight SL as I’m looking to target DSR4 (yellow line). If it breaks through that area then I’m looking at the monthly SR area (blue line, MSR3).

Well this one got away from me…


I was eyeing the Monthly SR level (blue line) but it turned around at another SR level I did not have marked off, @QuadPip called it!
I will hang on and see what it does at that daily SR (yellow line, green circle).

Yesterday I posted that I took this long position on GBPJPY. I was waiting to see what it was going to do at that daily R level (DSR3). As you can see, it reached that area:


Looking at the 4H chart, it is now retesting that area:

A week ago I said I was watching AUDNZD, waiting for price to drop back down into that channel on the weekly chart. Well it has, and my short was triggered earlier. I probably could have waited for more confirmation, but I just have a good feeling about this one.