GBPNZD looking promising. On an uptrend, but price has been moving up for 5 days. ATHs too. I’ll watch this one.
Also a note to watch some more exotic stuff that looks promising but is outside of my normal watchlists.
USDZAR has been on a tear. The Month candle looks crazy!
Man, it’s been a while since I posted about a trade. Pandemics will do that, I guess.
Anyway, I’m trying out my luck on a trade. Giving EURAUD a trade. I think I’ve caught it at the right time Weekly was on the move up until Pandemic March hit, then it came back down to where it was pre March. The daily move down is also maybe exhausted, right at the 200 MA, so… let’s give this a whirl shall we.
So the question is, wait for a break and pullback, or bounce? Hmmmm, maybe give it another 12 hours?
Let’s watch and be a bit conservative here.
EURSEK had a crazy move today? Dare I trade this? Opened at 10.8326 and closed at 10.7013. Nope, I’ll stay but watch this for the week.
4H showing RSI showing 21. Also watching.
Arggghhh, had a USDCAD trade running for +40 pips and didn’t get a chance to check it after moving the trade to breakeven. And bust! At least nothing lost.
Trying a short on the same pair on the daily.
1.3620. Let’s see if I’m seeing things right.
Finally got one right. 70 pips! Set my entry order above the 200 MA on the 4hr, and as soon as it broke, back down. And a nice move down. Had I not moved my SL to lock in profits, I’d be up another 10 pips. But I’ll take 70 pips on one trade.
And there’s a chance this moves back up. So I’ll trade the bounce back up. Let’s try it.
Tried to trade the move back up @3550, with a SL that was too tight. Got stopped out for -25 pips. Really thought the move back up was happening, so placed another market order while watching the 15m and 30 min charts, and closed out at 3567, for a gain of 42 pips. Not bad! 2 out of 3 winning trades.
Had I left the trade to run a bit more, price hit 3631. Could have been another 65 pips. Something to think about.
But watching the quicker time frames is a bit nerve-racking. Not sure it’s my thing.
I back tested a theory similiar to this while in confluence with a Stochastic RSI for about 500 trades. It seemed very promising, but when it came to Live, it did rather poor. Possibly due to my beginner physcology.
I am now using it as a final form of confirmation. First I am using structure with price action, support/resistance. Once I see something line up, especially around LDN/NY, then I step down to the 15M and use the RSI and Stochastic RSI together to pin point entry. I also never trade against the daily trend. Unless it is showing strong signs of reversal over the course of a couple days or more. This has been working very well so far.
The longer you use these strength indicators, the more revealing their behaviour becomes. Just be careful to not allow yourself to use them for anything other than a 5-6th level of confluence. Keep it simple, and keep your mind straight.
Can you talk about Stochastic RSI? Why use both?
Yea, the trade with the trends is sound advice. Something I don’t always follow to be honest.
How many trades did you give the live trading attempt after your demo trading?
