Yes, I do think that my pending level was still ok, but as I’m going to place a short pending on GBPUSD that would essentially mean two bets on USD strength. I’m picking the prettier setup and going with just GBPUSD.
All right,
New pending order: short GBPUSD @ 1.6290, SL @ 1.6470
Chart shows pin bar at swing high with confluence from 365EMA, fibs and MACD divergence. USDX bullish outside bar Tuesday suggesting USD strength coming. This is a good setup, let’s see what happens. As always, 3% risk.
That was pretty a neat entry hopefully the USD announcements tonight/this morning work in tune with the bears
wow, really nice stats guys. Hopefully I’ll reach those stats soon enough.
Best Regards,
Matt 
.
Study, patience and stubbornness is all it takes along with some common sense.
Don’t get lost in the indicator jungle. Stay with basic concepts like support and resistance along with price behavior and long time frames and you’ll get there.
Two things tonight:
Update on GBPUSD - setup was activated and I’m in the trade which is hovering around the entry right now. No new trades tonight.
Second, I’ve started considering a move away from Oanda. Not because I’m unhappy in any way, but the CFTC seems to be bent on killing off the US forex market. That’s one reason. Second reason is that I’d like to switch to a broker offering more than just FX and there happen to be several UK brokers that offer CFDs in indices, commodities, bonds, shares etc.
I’m again looking at GFT, the UK branch. Hmm… We’ll see. It would mean many many more charts which in turn means better chances to find really A+ setups. Hmm…
I know you didn’t ask, but I’ve been with Gft Uk since november, and my experience has been superior to that with the Us office. Really great, and as you said, a whole bunch of instruments to trade besides forex.
According to their website it shouldn’t be much of a difference really. Plus/minus a pip or so on the majors.
Plus they offer a huge array of more exotic pairs and the spreads arenät completely crazy, again, according to their own website.
I’m thinking seriously about doing the switch. They do also offer perhaps the best retail platform. I downloaded their demo tonight and tested the sms alarm just to make sure it didn’t work in Sweden, but guess what - it does!
And then there are the 2700 CFD instruments…
That’s a lot of charts, what are the odds of NOT being able to find a couple A+ setups per month? Hmmm…
disclaimer: this is in no way advertising or meant as such! (I realize it sort of sounds like it…)
That’s great to hear. Another plus for GFT then.
Nothing new tonight really, still in the GBPUSD trade.
Kind of amusing to see how it bounced almost to the pip at 1.6120 where i have a PPZ… Still holding to see if we can’t get a break south to move towards 1.58
Unless Friday turns into a USD drop, the GBPUSD will close as a nice bearish weekly bar. USDX for Thursday does give some concern but my bias is bearish on the pair over the short/medium term so I’m holding.
I see GBPCHF has formed a nice two day reversal at 1.70. Haven’t looked closer at it, but it does look like a not too bad setup. I’m already in a GBP short though so I’m staying out.
Let’s see what Friday brings.
Quite right, I saw that too.
Truth is I like both of them although GBPCHF is much prettier and actually bounces off of the 200 EMA for confluence. If I weren’t in a trade already I’d take it without much hesitation, but I’m trading VERY conservatively now and for that reason I’m staying out. My trading plan does allow for two simultaneous trades and it’s been a mental struggle, the more I looked at the setup the more i wanted to take it.
I wasn’t really mentally prepared for finding a setup tonight so that plays part.
I will surely watch how it turns out though. Soon we’ll have some new weekly bars to study.
Yes, I saw that 
That’s why technical analysis is only part science and a big part art.
Not a contest and if it were I’d be far from the top, probably behind you
Quick update: I’ve decided to move SL to BE on the GBPUSD position.
That’s it, now go enjoy your weekends!
Another quick update:
I’ve set TP at 1.5840.
Let’s see if we get there or if the stop gets hit. Tomorrow is BOE news day…
Other than that, there’s nothing very exciting on the charts tonight.
AUDNZD is the only pair that looks like anything at all, but far from what I’m interested in.
Well, nothing very interesting on the radar tonight either.
My GBPUSD escaped being stopped at BE and seems to be heading lower again.
I have thought about keeping an open target and trail the stop, but I’m not sure. It’s a difficult balance between greed and fear. Stop at BE, and TP in place for now.
My bias suggests that cable could be heading much lower, maybe to 1.50, but that’s predicting and that’s not what I’m good at… I’ve proven that quite thoroughly I’d say.
Still, according to the high-low pattern, cable is in a down trend and that’s why I’m considering trying to run with it. We’ll see what I decide on.
I’m a bit tired tonight so I’m not sure if I’ve written this before, anyway - I’m constructing a very simple “score card” for setups. The purpose is to structure my analysis so that I look at every potential setup in the same way and it’s also hopefully a handy little KISS tool.
It’s not done, but I’ll post a draft (an early draft mind you) in the next post.
Ok, something like this:
[B]Location[/B]:
-
At swing high or low, aka trend extreme point 3p
-
In relation to PPZ or round number 3p
-
Space for the trade to move without getting stuck in traffic / Good R:R expectancy 3p
-
Supporting chart pattern (eg Head&Shoulders or asc triangle, etc) 1p
[B]Trend[/B]:
5. Higher time frame same direction bias or neutral 2p
6. With trend 4p
7. Counter trend 0p
8. Range / no trend 0p
- A+ candle formation 3p
10 Confluence (eg fibs, EMAs, oscillator divergence) 1p
Max possible 20p
I haven’t worked out how many points to be tradeable etc, but it’s something I’m working on to try to “standardize” my chart analysis.
Suggestions/improvements/criticism is welcome.
So did I really. It’s just the odd post every now and then and I quickly remove my subscription to the thread after I’ve posted.
Some yen pairs look kind of interesting but not enough for me to trade. Been out all night so haven’t looked closely at the charts.
Snow storm in Sweden today. Wonderful to drive in…