I know there are some of you out there who also took a position on the AUDNZD on friday which turned out to be a nice winner so far.
I am curious on how you are going to manage the trade?
I personally decided to close the trade for 137 pips of profit and a r:r och 1:3 now that we got down to the next support area. My guess is that we can see a potential retrace back up to the latest s/r we broke through, alternatively a retrace back to the trendline. I will watch out for new PA signals at those levels and re-enter.
[QUOTE=“Diablo1505;574200”]I know there are some of you out there who also took a position on the AUDNZD on friday which turned out to be a nice winner so far.
I am curious on how you are going to manage the trade?
I personally decided to close the trade for 137 pips of profit and a r:r och 1:3 now that we got down to the next support area. My guess is that we can see a potential retrace back up to the latest s/r we broke through, alternatively a retrace back to the trendline. I will watch out for new PA signals at those levels and re-enter.
Your right, it looks like this is turning out to be a nice trade. I’m still in this one and intend to stay in a little longer. The downward trend was very strong today which could mean there is further to go. I have to admit i was tempted to take profit earlier but as i am using only half my usual lots i am hoping for a few extra pips. I plan to watch price action for reversals and see what happens, I may also consider using fractals on the 4hr chart to manage a trailing stop loss.
No worries, I appreciate this post and encourage more like it! While I am the Captain of this thread(as some like to call me, lol), I am also a member, and as a member wanted to throw in my opinion of what was unfolding on the pair. People disagree with me all of the time, it’s just part of trading. As much effort is done by trying to stick Forex chart analysis in a box and saying it’s as straightforward as A-B-C-1-2-3, truth is it is very dynamic, subjective and people of same trading methods can come to different conclusions. We all learn from trade setup and analysis, keep up the good work. BTW great job cleaning up on the AUDNZD!
For those of you who are regulars of Mainstreet to Millionaire, I want to let you know the forums are back up and running. I want to thank Willy for letting me know they were hit with a major spambot attack. I had to temporarily shut it down to clean up all of the spam posts, and I also added in some extra security which I hope will curb most of the fake spambot accounts created.
[QUOTE=“krugman25;574205”]For those of you who are regulars of Mainstreet to Millionaire, I want to let you know the forums are back up and running. I want to thank Willy for letting me know they were hit with a major spambot attack. I had to temporarily shut it down to clean up all of the spam posts, and I also added in some extra spambot security which I hope will curb most of the fake spambot accounts created.[/QUOTE]
I need to come and sign up over there, I’m possibly missing Willys, Billy Ray Cyrus party’s
[QUOTE=“krugman25;574204”] No worries, I appreciate this post and encourage more like it! While I am the Captain of this thread(as some like to call me, lol), I am also a member, and as a member wanted to throw in my opinion of what was unfolding on the pair. People disagree with me all of the time, it’s just part of trading. As much effort is done by trying to stick Forex chart analysis in a box and saying it’s as straightforward as A-B-C-1-2-3, truth is it is very dynamic, subjective and people of same trading methods can come to different conclusions. We all learn from trade setup and analysis, keep up the good work. BTW great job cleaning up on the AUDNZD![/QUOTE]
Thank you. Yes, i totally agree. Not many things work by themselves when trading. It is when you combine them when “the magic happens”. There are tons of different combinations between both systems, signals and of course the human psychology of the human using the systems/signals in different combinations. The market condition is the same for all traders but some come out as loosers and others as winners. Thats what makes it all interesting and fun, trying to figure it all out for yourself. You can’t “beat” the market but you can learn do “dance” with it.
And as i said i both appreciate and ecourage straight foward and honest comments on my posts. That is the only i way for me to learn and re-evaluate my decisions.
Yes, i am very pleased with the outcome of the AUDNZD trade, thanks. I started to get a feeling of greed so decided to take good profit of the table when i had the chance. In the past i have too many times let nice winners turn into losers. Now i’m trying to learn to find the balance between letting my winners run but combining it with healthy profit taking before letting them turn into losers. Still trying to figure out my path in that matter though.
anyone keeping an eye on this one? GBPJPY H4, 30 mins to close
lovely pb off SR, 21 ema and 61.8 fib
the swing could be a bit bigger and price is very far removed from 100 ema but it is in such a strong uptrend at the moment i think it could go back to 169.00 or maybe even 170.00
cable is looking like it might form a double top, still a way off but it is very over due for a big retrace back to mean price. at the moment price is around 500 pips away from daily 100 ema
Hi wookie - I only trade the daily so apart from that - my two pips worth: as you say the only con I can see is that the swing looks a bit shallow - and we are coming up to 169.00 round number…if you can manage this so you can move to break even and take off some profit when it reaches 169.00 …otherwise there might not be enough profit potential in this one.
Have been looking at the daily charts on the other pairs (nothing exotic) - no setups I can see so will sit tight, I think…
EDIT: Just realised - the level on your GBPJPY chart is the 4H s/r level - I think Aaron advocates trading from daily s/r levels? Anyway, I wouldn’t take this is it has not yet retraced to nearest the daily support level at 163. cheers.
half will be taken off at 169 and the stop moved to BE if it gets triggered, on weekly the next serious level is 170, i think it will probably retrace a bit from there so will close another half of what i have left on and leave the final quarter to run its course
I trade from solid intra day levels if there is a clear intra day swing point to trade from, and the pair must be in a strong trend. While the trend for this pair is very strong right now, I agree that the pullback is too shallow and the swing point is pretty weak. We could see price bob around this level before possibly moving lower. Also on this pair and many of the other Yen pairs, price is reached some key resistance levels which is why we are seeing the pause and pullbacks.
Could you please specify how did you get “next support area” ? Did you just take a RoundNumber of 1.11 ?
As I also took the trade I have trouble managing it, because I cannot find any resistance ( a good problem to have tbh :D). So my plan is just to move my S/L every 8 hours(the TF I took the trade) to the previous candlewick high and let it roll or hit S/L. Is that in any way a legit strategy?
Could you please specify how did you get “next support area” ? Did you just take a RoundNumber of 1.11 ?
As I also took the trade I have trouble managing it, because I cannot find any resistance ( a good problem to have tbh :D). So my plan is just to move my S/L every 8 hours(the TF I took the trade) to the previous candlewick high and let it roll or hit S/L. Is that in any way a legit strategy?[/QUOTE]
Hey Papagoy
I’m not saying we are correct but for this trade I am using the same strategy. I took my signal off of the 4hr chart and plan to trail my stop loss using fractals which is exactly the same as using the last swing high.
Haha, I’ll be there with some new music videos. I still think Benedict is surreptitiously videotaping you’re twerking back then, BA. That’s before Krugman banned the practice, of course.
If you do not have any close structure to the left to draw any s/r levels from you simply have to zoom out until you find any. I took the trade on the 8 hour chart but zoomed out (a lot) on the daily to find any kind of important level, even if it is 1-2 years back. That happens when we see highs or lows where the particular pair has not been for a long time, like we are seeing on the AUDNZD right now.
The exit strategy you explain is like a simple trailing stop loss. But you need to know where to place your stops every 8 hours. I strongly recommend that you only place it behind new swing highs (if you are trailing a short position) and do not move it randomly. Or you can just set a specified trail stop pip amount and it will trail price automatically. But as I said I strongly recommend the first option. And yes, that would be a legit strategy.
