I got a 50 pip stop and tp at 1.4650 about 150 pips. Between the daily and weekly 50 lines. But as usual I will probably close early. haha
Here is why I say we should get a move down about 25 pips. It appears there will be an equal distance move right now in this 15 minute channel. But I could be wrong…haha
If it closes below 1.4785 at any time it should be a great trade.
GBP news early Tuesday morning 1:30am PDT 4:30am EDT . Gross Domestic Product . I would exit this trade before that news.
we got about a 17 pip move down, would have been a nice quick scalp. haha
GBP/CHF H1
The price rose steadily toward the top of the 1H range before snapping back down with strong bearish momentum, but then it stalled. All of these lower wicks suggested to me that the support level may not have truly been broken, as we’re seeing some decent resistance towards heading lower.
I closed the trade at break-even. I should be trading away from support and resistance levels, not into them. Maybe I over-analyze and doubt myself too much, but if I start getting second thoughts about a trade it’s a sign for me to close out.
Here is the current 1 hour chart GBPCHF It is making lower highs and higher lows into a wedge. I am still in the trade up 8 pips. I’m hoping it breaks out of the wedge to the down side. It is still a great rubber band trade on the daily chart, still 67 pips away from the line.
I saw this short 2 minute video a year ago. This is an anonymous trading room in New York . Trading the stock market. But the reasons I want to share this is what this guy says about the value of money and what the 2 stick notes on his computer say.
Enjoy
Here is the next trade I’m thinking . The GBPNZD . The white line is the daily chart 50 sma. The thicker blue line is the weekly 50 sma.
It may not be at resistance yet . Keep an eye on it . It’s 170 pips from the daily 50 sma
EURNZD looks good as well. Just sell it at resistance . If you have ideas about a resistance level , share it .
Blue line is weekly 50 sma
Was watching GBP/NZD since yesterday too. I was hoping for a pin bar to form so I could get in this trade and that’s exactly what I got. Loving it. 1:1 R:R.
I will be shorting when the spread calms down.
I just got in the gbpnzd sell.
I am seeing lots of other opportunities now…
NZDCAD
EURCAD
CADCHF
AUDNZD
GBPCHF
USDCAD
Some look good now some will be soon
Got lucky last night , I am glad I closed that trade. The GBP news came out and it shot up . Would have stopped me out. I closed with just an 8 pip profit.
No more GBP or NZD news this week.
Big move down on the GBP/NZD, about 55 pips. Still halfway to my profit target. I’ve taken this opportunity to trail the stop from break-even in order to protect my capital.
Edit: Price just keeps falling away! I’ve locked in 50 pips of profit by shortening my stop. It’s currently at +75 pips, halfway between my stop and my TP of 100 pips. Whatever happens I will be satisfied with the outcome of this trade.
Got stopped out for +58 pips and +5% on GBP/NZD. Nice!
CAD/CHF and AUD/NZD both have a flat SMA. However CAD/CHF is trading right into the .8000 key level, and the R:R is too small for my liking on both of these set-ups. I’ll be patient for a better opportunity.
Awesome! That was a great rubber band trade. Hit my limit at 102 pips. Up 113% to finish out April.
Well done guys. Im following along.
Great going. Do you just add a 15-20 pip buffer above the SMA for your TP? Looking back at my backtest results it seems like if the price came close to the line and then reversed (like it did here), the range was from 5-18 pips. In this case it was 11 pips.
I’ll add a buffer to my trading plan… Don’t want to leave pips on the table again!
The rubber band is stretching on USD/RUB; too early for an entry yet but I’ll be watching how the next candle or two closes.
Thanks Tyrone, are you trying any of the set ups?