long on usdjpy and gbpjopy as the set up were spotted on them. How good the set up are time will tell. we have an up trend and both of these trades are with trend.
the trade I put on yesterday, were stopped out during the asian session, I re-entered the trade and almost recovered the losses.
I took this trade this morning at 10:15 GMT on the basis of hidden divergence and was very succesful. it took about an hour to reach target of about 1:4.
hidden divergence has a very success rate. if u understand the swing structure , it can be very accurate. hidden divergence is opposite to regular divergence.i have a small explanation of hidden divergence on chart. u may google it for more understanding.
this is a 5 minutes gbpjpy chart.
Seems like you like to trade the Asian and Australian pairs! Nice work the GBP/JPY divergence! Do you mainly work on 5 minute timeframes?
there is very fast movement in jpy pairs and give u quick reward or otherwise. i recently started using M5 chart. or if i have time for the purpose.
this whole week, the asian session have been volatile while the london/ny have been passive. I suggest you to take a look at the london/ny for clues entering the new day for the asian session. I am glad you focus on asian pairs! They have been very profitable this week.
put couple of trades on jpy pairs and doing well. both trades put ion my new strategy of using channel and RSI . seems to be working well. on cadjpy I put the trade using 3 units which are RR;1:1,1:2, 1:4, at 1:1 RR move sl to BE and let the trade run.pt2 is not far now.
got another signal on cadjpy and added two positions, one has been liquidated and other is still open for swing trades. so total two positions are open on this pair, both swing trades.
I had 4 position on cadjpy in two trade. trade 1 had 3 position and trade 2 had 1 position.
trade1
position1 R:R 1:1 achieved
position 2 R:R 1:2 achieved
position 3 R;R 1:5 almost there.
trade2
i traded with only one unit.
position1 R:R will remain open till I stopped out on trailing stop
closed cadjpy with more than R:R 1:2 and half of the position on eurjpy and increased the TP on eurjpy as a long term trade.
That was a nice divergence trade you had on the cad/jpy. How did you set your stop loss?
elephants thanks for ur comments. I usually set my SL few pips below the low and then move to BE as soon as prices move in my favour to the extent of 1:1
added another position in eurjpy for 1:2. hoping for good.
Hello nisar,
i read your post in this thread abt 20ema channel trading http://forums.babypips.com/show-me-money-swing-trading/44740-21-ema-system-simple-but-works-3.html#post440777
do u still trade it on lower timeframes???
yes I do trade it on lower TF, but we do need to follow the rules very strictly. and take each and every set up.
i went long on gbpnzd using daily fakey. my SL is 10 pips lower than the low. this set up is usually very productive. we have a very strong down trend. I hope it works against the trend well.
can you explain that method more??? with some examples?