Sometimes yes, depends on the person though. I like to take out my profits a few pips before it hits the line, just incase any news events send it plummeting the opposite way.
Opportunity @ USD/TRY
Short
What do you guys think?
Also potential trades for next week
EUR/NOR & EUR/SEK - for short
Also, nice carry trades, with positive overnight interest
It may or may not be good. I just came out of a TRY/JPY trade that has topped. I think we will see TRY weaken for the short term. I could be wrong though. To each his own.
Great thread, keep it going guys
Iām out (: reached the MA for about 2:1 ratio! great classic trade (USDCHF)
Yup, that is what I have been saying. When the line is angled it almost always continues through.
There may be merit to closing half of your position at the 50 SMA and then just letting the rest ride with a trailing stop in a trending market like that.
Thats about the best rubber band trade weāve seen so far this week. Lets see what next week brings!
Donāt any of you guys check the RBT trade on lower TF likes H4 is also a good TF right?
I had a trade on AUD/USD on the H4 chart the 50 SMA was flat and the price was resisting so I put a buy trade and got some good profit will check to see some more trades on H4.
I sold GBP/JPY on Monday morning (US ET). The 50 SMA was trending upward, about 160 pips from price. Previous day had ended lower. The pair was still losing ground as of entry. Set T/P at around 82 pips, roughly half distance from 50 SMA; which also looks to correspond to roughly just above series of resistance lines which I thought could turn to support. S/L set at just above July 3rd high.
Tuesday morning, I had about 40 pips profit and stuck in a T/S at 20 pips. Then revised to 30 pips at 60 pips profit. Itās been pretty wild this morning. I came within 1.4 pips of my T/P before price started rebounding. Although I had the T/S set, I felt that the upward movement was going to continue so I got out at around 53.5 pips profit.
Overall, Iām ok with getting out when I did. Since price got so close to my T/P, I think that my analysis that the previous resistance had turned to support was correct. Wellā¦ at least for now.
Nice trading. Based on the H4 chart I think we might continue down though.
The support is actually the neckline of a larger head and shoulders pattern and price has managed to close below it. Iād expect it to keep falling, possibly to 173. A smaller H&S within the larger H&S played out yesterday and pushed us down into this level. Also, the neckline happens to be an even 174.00 which will now act as psychological resistance towards any attempt to push the pair higher.
Iām short based on that and planning to scale out on the way down.
Interesting analysis, Jadd. Definitely tempting to get back in based on the 174.00 psychological resistance. Plus the pair is still way above the 50 SMA so itās got more falling to do. Iām going to wait overnight and then possibly jump back in.
So we should stick to 50SMA on H4 and other TFs also?
Iāve used the 50SMA on other timeframes as well but since thatās going away from the strict Rubber Band setup described at the outset of this trade, feel free to experiment with what works best. I sometimes use a 14 SMA on the smaller timeframes but I keep going back to 50 SMA on the D1 chart.
Heads up peopleā¦ Nice RBT on the WTI (oil) chart, SMA is actually pointing up! Im in!
USD/JPY potential setup.
RBT worked out perfect on OIL! Ending week positive!
Yes I am still trading the RBT. Daily chart and trying weekly charts. I donāt have much time to trade and watch the markets so I am trying to get into longer trades 300+ pips and have the patience to just leave them alone.
These 3 pairs are all over 100 pips to the line. Wait for whatever signal you are using to enter and trade it.
GBPNZD Daily
GBPAUD Daily
NZDCAD Daily
