Anyone spotted a likely 3 ducks for tomorrow?
I’d like to forward test with GBP/USD and EUR/USD initially and while there could well be a 5min signal from both tomorrow sometime, i can’t help but think that the big boys won’t want to be buying at these levels…will they?
Hello Cowaboi,
I use the “system” more as a guide, I also use it with my own market knowledge.
If YOU think the big boys wont be buying at these level, then maybe you should trade a signal more cautiously or even ignor the signal!
Its good to see a trader using his brain aswell as a system! well done to you!
Kind Regards,
Captain Currency.
Went short AUD/NZD as 5 min traded above and closed below 60SMA… let’s see how this works out.
Time to get out …
Trying again … going long EUR/CHF as price traded back up the 60SMA.
SL is below recent low at 0.6618, looking to take profit at below one of the previous highs at 0.6644.
Let’s see how this goes.
Let’s see what’s happening here with cable GBP/USD.
It just broke the 60SMA on 5 minutes and that level also seemed to be a strong support for the whole of yesterday’s (1 Oct) trading.
Going for a long with SL at 2.0402 and limit at 2.0436.
Just as I entered the position some large sell orders were filled … doesn’t look too good!
Got out of this position with +26 pips. Although it may look like I was stopped out, that did not happen in FXCM so you could say I got a little lucky? Or not? Remember, when you plots charts and trade on low time frames such as the 5 minutes, it is extremely important to understand what price is being quoted on your chart. Is it the Last Traded Price, Last Bid Price or Last Offer Price? Or something else? If you trade visually, always remember to use your broker’s charting package rather than one from another service provider.
Didn’t get so lucky with this one.
Out at -24pips.
This type of strategy is fine for getting your bearings & setting out your stall, but still requires quite a bit of work to put the odds firmly in your favor.
Looking across your 5 minute timeframe, there were multi signals for the most part of yesterday’s New York session. But they were printing underneath a confirmed lower top resistance zone off recent session highs.
During the Tokyo shift, prices were printing lower high’s & that signal you executed on the GBP occured late into the Tokyo shift, before London woke for today’s session.
I’m not saying all such signals need to be avoided, but due care is certainly required before London clears it’s throat, especially under current 24hr price action conditions.
We’ve got a lot of important news being released this week, & with all the recent bid action on this currency, players will be jostling for some value positioning.
Thanks for the reminder Jocelyn, this is once again something I should have kept in mind and in check. It did excite me when I saw the 5min opening above the previous session bases, but good thing I had my stops on.
Entered with stop at 1.1718. Take profit is left open.
Hello Marketbreaker,
Great trade - the drinks are on you! 
Kind Regards,
Captain Currency
One thing to add to your chicken theory, we all know not to count them before they’re hatched 
Cheers!
I missed that one! :mad: Just looking at my charts now, you are up 2 to 1 on your risk - reward. Clever trader.
Kind Regards,
Captain Currency.
Hi Guys,
I know I’m being dense, but I’m looking at the chart…and I’m looking at the chart…and I’m having trouble seeing where the entry is and why? Could you help a newbie out?
It’s been a long day…
Crossover on the 4hr chart.
EUR/CHF again … probably another opportunity to enter this one.
Went long again, let’s see how this one goes.
Stop loss at 1.6637, mental take profit is 1.6667 but may go higher? :eek:
Stopped out for -15 pips.
Got 2 positions on the dollar … long USD/JPY and long USD/CHF
Should be able to ride a little on this one.
We’ll see how these go.