USDCAD
Nothing lost, nothing gained as price retraced to hit my SL at BE.
Looking for another long entry point. USD is weak today, but I’m expecting a breakout next week as price is being squeezed, respecting that diagonal trend line:
Long term on the monthly, this pair is not so easy. I’m calling long, based on the continued strength of the USD:
AUDNZD - Price is consolidating on the 1H chart. I like consolidation, the longer the better. It usually means a nice breakout and gives you and idea of entry/exit:
Long term outlook on this pair seems obvious, which likely means it will fall through the floor, lol:
This is a classic thread Matty, I’m sorry I’m late joining in.
Yup. I expect the same. Several pairs are due for a nice swing. Next week should be interesting!
You’re digging into m1?? Oh god! I can’t imagine that kind of movement!
That’s interesting that you look at everything from monthly to minute charts.
Which do you trade the most? Faster or slower charts?
I had two orders placed around there. Just in case price bounced off of either one.
No dice.
Price ran right thru both of them. Sometimes, price will bounce perfectly off such support zones.
I always plot SR levels on the monthly charts, it gives me an idea of long term price direction. On some charts the zones are pretty obvious and easy to see, others not so much. I do the same with weekly charts and look to trade with the trend. I don’t look at anything under 1H.
Faster, usually 4H. I don’t really have the patience for long-term, or position trading right now. Eventually I will put some money into an account, make a trade or two then forget about it for a few weeks at a time. But right now I just want to trade.
Yeah, I can understand your opinion about position trading. I had a USD/DKK trade and it went up very nicely. On the monthly it was in a triangle and had just bounced support.
I assumed it would be bullish for the year.
It ended up hitting some resistance then returning to support.
I watched my wonderful profits dwindle. What was the point of all that? To prove a point? What sense does it make to have a 40-50% profit and not take it?
Strategy or not, that’s some nice profit. If you’re in the green with a nice robust profit, there’s some resistance but your original strategy said to hold it, you’re gonna close and collect your profit, or watch the profits shrink because you wanna follow your strategy?
Your strategy is about profiting. Period.
Sorry, I’m going on a rant because I can remember that trade so vividly. Haha
Anyway, yeah, position trading can be a pain.
I prefer the D1/W1. I feel like that’s a happy medium.
So, for trading the H4, you’re basically day trading only, right?
Omg. How do you have time to watch so many instruments?
Hi Matty - Your thread here prompted me to expand my range of charts to monitor. I have pulled up Gold, Silver and Brent, and all show at least as good prospects medium-term as any forex pairs.
I am especially looking for targets that re non-correlating with forex. With regards Silver, have you any idea why it seems so heavily correlating with EUR/USD?
No, not technically because I don’t close my trades before 5. I will let trades run for as long as they need to play out.
I don’t really watch Bitcoin much because I’m not holding any. I was just curious about it on this particular day.
I also have a job that allows me to do analysis throughout the day on down time, which I often take advantage of. All my spare time is used on charts, it’s probably not healthy, lol.
@tommor you are right, there is an uncanny correlation between these 2:
I have never noticed this before. I know Gold and Silver are correlated, but I guess I’ve never compared them against another currency pair. Good eye!
Why not do both, I have the ability to do so. I have decided to open up a sub account for longer term trades based mostly on the weekly charts, and I have transferred a portion of my funds there.
My strategy will be simple:
-Entry based on breach of last day’s H/L (daily candle).
-Exit based on ATR(14) x1 of weekly candles, OR H/L of last week’s candle, whichever makes more sense.
-No TP set as I will just move SL to BE at first R, then follow price hoping for a runner.
-Risk will be a bit more, 2% because SL will be wider and position size smaller. Money CAN be made with smaller, long term positions.
Here are some pairs with orders pending:
EURUSD
USDCAD
Brent Crude Oil
Some pairs I’m watching/waiting for confirmation on:
AUDCAD
EURCAD
GBPJPY
CHFJPY
Good luck and happy trading!
Then this happens and your buy order gets triggered then closed in a matter of seconds, reminding you who really is boss here:
USDJPY is a tough one to follow from a technical standpoint because there’s no clear SR levels on the longer time-frames. I did notice this channel on the daily chart though, which is something to watch:
GBPJPY Daily - This strong S level was once again rejected and that triangle pattern was broken. Technicals are in line with USDJPY, whereas price is approaching a R level. This week will be interesting, I know I’ll be on the edge of my seat, lol:
I have this as an attractive stable uptrend and plan to get long soon as we have a weak session on D1.
Wheat Daily - Price formed a triple top and looks good on the daily and weekly for a short:
Soybeans - looks like they could continue their downtrend as well. :
