Hey all, I’m new to trading the Xmas period but is it me or is the market going sideways a touch with not much momentum or direction? And is this normal?
Please correct me if I’m wrong.
Darth
Hey Darth,
Yes, usually around christmas and other big national holidays, the market usually slows down and some pairs do tend to move sideways for some time until normal trading resumes.
Did anyone take the H8 trade on GBPUSD or the inside bars on GBPAUD?
I used an H1 bullish hammer to enter the GBPAUD Inside bar trade, worked out pretty well 
GBPAUD H1
GBPAUD H4
GBPUSD H8
[QUOTE=“adamjn;579875”]Did anyone take the H8 trade on GBPUSD or the inside bars on GBPAUD?
I used an H1 bullish hammer to enter the GBPAUD Inside bar trade, worked out pretty well 
GBPAUD H1
<img src=“301 Moved Permanently”/>
GBPAUD H4
<img src=“301 Moved Permanently”/>
GBPUSD H8
<img src=“301 Moved Permanently”/>[/QUOTE]
I was kicking myself again, I took that beautiful Pinbar on the 1 hour USDGBP yesterday which also correlated with the 4hour. I was 35 pips in profit before the GBP news this morning and decided to take profit to be on the safe side…I should have stayed in!! Still, I made a few pips.
Damn! haha. Better safe than sorry I suppose. I have been waiting on the GBPUSD setup quite sometime now haha, so I wasn’t pulling out early lol.
GBPJPY also looks a nice trade, I just opened on it lol. H12, nice 2 bar. All my GBP Trades are now at BE, so I can open further GBP Positions without exposing myself to more risk
[QUOTE=“adamjn;579881”]
Damn! haha. Better safe than sorry I suppose. I have been waiting on the GBPUSD setup quite sometime now haha, so I wasn’t pulling out early lol.
GBPJPY also looks a nice trade, I just opened on it lol. H12, nice 2 bar. All my GBP Trades are now at BE, so I can open further GBP Positions without exposing myself to more risk
<img src=“301 Moved Permanently”/>[/QUOTE]
Good for you adamjn, in hindsight I should have just moved it to break even. We live and learn!
[QUOTE=“Diablo1505;579761”] The decision is yours to make. But think of it like this: Is it worth risking your capital just because you like the trade idea? We all know the markets go crazy during high impact news. The market will give you many new trade opportunities in the future but it won’t give you your money back in case you get stopped out of those trades during the news… ;)[/QUOTE]
Very well said
No worry Aaron. Allow me to take the subject further.
Let’s say we have a good quality bearish pin bar at a qualified resistance zone. It meets all your trading criteria for a quality signal. You decided to short the pair. How wld you handle the 2 scenarios below:
-
price (i) first goes below the low of the pin bar by more than 10 pips, (ii) turns around to retrace [B]up[/B] more than 50% of the pin bar, then (iii) turns around to go [B]down[/B] again in the direction in your favor;
-
price (i) retraces [B]up[/B] more than 50% of the pin bar then (ii) turns around to go [B]down [/B]in the direction in your favor.
Another question: in scenario 1 above, wld you have entered the trade at the break & canceled the pending order for retracement entry?
Thx.
Henry
The trader 6000 just trapped my bits and then imploded! I should have worked out that any tapering hanky panky would zap all currency’s…
Lots of nice PA setups with plenty high volume to back it up. Lots of traders are gonna have an eventful day today
May the odds be ever in your favor!
To trade or not to trade that is the question?
Perhaps it’s me but I don’t like any of those set ups, mostly against trade and way too much risk. Holiday time for me I think!
This is me signing off for the year…have a happy christmas and a fantastic new year! Especially to Aaron and Willy! Don’t go over doing it this Christmas Willy.
It’s important to have goals in the new year, mine is to increase my starting balance by 10 times in a year. Right now that seems a long way away but the new year brings new hope and understandings.
All the best
BA
Just wanted to add if Darth reads this, I did exactly the same, was short on the AUDNZD, got stopped out with the tapering news and then it continued the way I’d planned, very frustrating and a kick in the gonads! Here’s to next year!
I still have two open trades, but otherwise I am not planning to take any more new trades this year as I can see that holydays start earlier for traders. Hopefully my last trades will end up in profit.
But I hope people here still find good setups, so we can atleast keep up the discussion.
Hey everyone, just wanted to let everyone know I have been away from the threads for a while. I get almost 2 weeks off from work for Christmas break starting next week so I am trying to get as much crammed in before this week is over. I will be more active here starting this weekend through the next 2 weeks. If there are any questions for me or anything comment worthy I will be getting to all of that soon. As far as the charts go, I simply have not seen much in terms of high quality price action setups. We finally have many pairs that were once range bound now breaking out into some pretty solid trends. These trending pairs offer by far the highest reward/lowest risk setups of anything you will find in range bound/counter trend setups. Strong trending pairs don’t happen often, we have quite a few that are really cooking now. For these pairs we wait for a correction in price, that often leads to price pulling back to a previous swing high/low were it pauses, forms price action signals, and then continues on in the direction of the trend. I am really looking forward to what the market presents in the coming weeks/months. I still am kicking myself every time I look at the AUDCHF charts.
http://forums.babypips.com/newbie-island/58208-price-action-matters-beginners-12.html#post562467
Price has now moved about 2 or 3 times the distance of my guess at the 2nd potential take profit area. A trader not setting hard TP levels but rather steadily moved their SL as price moved could have locked in a freakish amount of profit. This is a perfect example of a trade that has good bearish momentum behind it. The selling pressure will eventually dry up and give way for a price correction where traders can get in line with the trend/momentum and may well be able to ride this as it continues to go lower. The AUD has strong correlation with gold and gold is poised to get really hammered next year so I believe that will help continue the Aussie drag.
I was busy preparing for my job interview (gotta use that stock broker license in practice!), so I was away from Forex this last couple of weeks.
Take a look of what I’ve missed:
… and I’ve been watching it for days before leaving the chart. This is really the time I need to find a secluded corner and do the usual SOP. :17:
I really hope we all end this year with some Christmas miracle… :51:
Thats nothing compared to the heartache I’m feeling. DAX30 never triggered my retracement and then went on to hit my tp…that trade alone would of made me 20%!!! and you all know I need it after last months shambles. That as well as 2 other trades all went on to hit my tps. and in total would of made back what i lost.
I’m hurting bad guys. sob. :17:
Darth
Have a merry Christmas everyone and a happy new year!!!
Looking forward to a good rest and time out from the markets and then going forward next year with renewed focus and enthusiasm
Amy
So this is it, guys. I’m hoping that at midnight tonight, I will be haunted by the Ghost of Christmas Past, the Ghost of Christmas Present, and the Ghost of Christmas Future. I’m hoping that they will show me the error of my way and I will then become a better Forex trader on the Christmas day. :51:
… although maybe the idea of getting haunted by three ghosts in the same night may make some traders feel uncomfortable, though. Bah, humbug!