Back off Holiday.
Had a stop out in the EURCAD, but took profits in the USDCAD.
My long term trade CADCHF was stopped out for a nice profit. Don’t know why I was stopped out as I did not move my stop aggressively. Something strange happened there. Anyway a win is a win.
Oanda balance $126
City index balance $81
Latest analysis can be found here - Supply & Demand Live 28 Jul 2014 - YouTube
Looking at the GBPUSD to go long & I have placed a set & forget in the NZDCHF to short.
Safe trading
Just a quick update.
I had an order to short NZDCHF if price retraced up to my supply level. Unfortunately price still dropping so this order has been cancelled.
I am now waiting for NZDUSD & GBPUSD to show me some buying pressure, i.e. new 60/240 demand levels to go long. This will probably happen next week but if it happens sooner I will make a video of my setup & order placement. There is a chance price may not turn at all which should reflect in the lower time frames not giving any nice demand levels. Its all about the impulse move on the smaller time frame as an indication the big boys are stepping in.
I will make a video update Sunday eve if nothing happens this week.
Safe trading all
Just placed an order to go long the GBPUSD at 6870 as the 60 min has given me a valid demand to lean on. My stop is 6846 with a 26 pip risk. I placed 2 targets. First at daily supply 6944, second at Monthly supply 7690. All was explained in my last video as to why im looking at this trade.
I may cancel order tomorrow depending on price structure that forms over next few hours.
Cancelled GBPUSD setup due to 60 min price structure. Basically I got no descent pullback on the 60 min chart. Price is now consolidating a little hence cancelled set up. The NZDUSD may produce a 240 demand level today so I shall watch this closely.
Maybe the GBPUSD will produce a 240 demand level too.
Finally the NZDUSD has produced a 240 demand level. An order to go long has been placed. All explained here - YouTube
No change so far. Still waiting for a pullback on the NZDUSD but may cancel this order sometime tomorrow if no entry.
Also waiting for the GBPUSD to give me a demand level to lean on.
Cancelled the NZDUSD because of 240 basing.
Finally got a nice 60 min demand level to lean on for the GBPUSD. This could be a monster trade if it works. Risk is only 38 pips & first target is 3 to 1 reward to risk.
As this is only a 60 min demand level, I may cancel this order in the next few hours if price does not retrace to make entry in a clean fashion. Any 60 min basing & I will cancel order & wait for next opportunity.
GBPUSD 60 min order has been cancelled.
Im watching both NZDUSD & GBPUSD for 240/daily demand levels to form.
Nothing new this week. Still waiting for the GBPUSD & NZDUSD to give me some new levels to lean on.
Not looking to great on the 240 time frames now. Waiting more for Daily demand levels to form. This way I keep from entering on a possible down trend continuation.
So far no losses last week following the rules.
OANDA $126
CITY INDEX $81
I placed a long order for the GBPUSD 240 demand level last night. I should of cancelled order this morning due to a new base & quick push higher, but I was sleeping so took the loss. Now I will wait for any new demand to form to place long orders.
Supply & Demand Live 13 aug 2014 - YouTube
Just placed my order for this week. NZDUSD long setup. Again price is high on the Monthly TF but its a valid trend trade on the Weekly TF. If it works, who knows where this will stop.
Just come home from work to see my NZDUSD setup has been triggered. This is a valid trade by the rules but that doesn’t guarantee a winner. Time will tell.
Stopped out & price has taken out the Weekly demand so no more trades for this pair.
After scanning all pairs, there is nothing for me to do this week.
I will re analysis sunday/Monday next week.
As a long term trader, I will have quiet periods where there are no setups. Price had stopped me out on NZDUSD & GBPUSD breaking HTF demand levels so that was the end for these pairs. I [B]never[/B] chase trades. If there is any one lesson to profitable trading, this is it.
Part of my strategy is patience & now finally there maybe a setup this week in the EURUSD.
NOTE:
This is my last post on babypips due to the ad pop ups. Im fed up closing these boxes. I will continue to upload to youtube for those who follow.
All the best traders