S&P500 above same timeframe 75ma, however inbetween the 75 2hr and the 75 4hr - looking for a cross above the 1413 mark to confirm U/Cad trend reversal
Chart of interest from yesterday - Swiss on the 10 min - slope was non agressive - price has broken below trendline, 75 ma and the indicators have crossed - next target .9607
Hi Kate! I commend you on the consistency of updating your thread… Can I ask how long you have been trading this way?
Oh dear that sounds like I have been posting too much. I became more serious with tradeinterceptor over the last few months.
Haha… Not at all, just impressed with the consistency. Are you on demo or real funds?
Real Banker, some trades I wish it was demo, but most of the time it works out.
Do you look at news calendars and fundamentals as part of your discretionary decisions … or are you just focused on the indicators and price?
I watch for the bigger risk events - things that can tilt the indicators - just like the FOMC today. My turn for question - what indicators do you trade and on what timeframe
100 and 200 sma for support and resistance levels and horizontal lines for keeping track of key levels. Most of my trades revolve around trendlines and how price reacts to them in context to news events… Only time frames I use are 15, 30, and 60 mins. 15 mins for news, 30 and 60 mins for technical trading.
Are you actually trading the stock indexes or just using them for reference?
Banker, here is a comparative chart of U/Cad and the S&P - the S&P is the best indicator for market response - assuming the U/Cad follows oppositely gives alittle insight to where the pair may go.
So you are using it to spot divergences in price action between the two and then using the index as an indicator for your usdcad entry?
At times - I have to go to motorcross - see if I can break a leg - would you be comfortable posting one of your charts - I am curious. I would like to look at it later
Sure… Well if you do crash make it worth it haha
Okay, here is a screen shot from my trading chart for the A/U. I have had the trend line drawn since last week. For a trend line to be considered valid, I need three peaks or three troughs in three seperate days that can be connected by a line, after that is confirmed I draw my trend line and wait for the price to come back to it. Typically I trade the trend reversal breakout, in this case it would be a long entry since the trend line is downward. For a trend reversal breakout entry I wait for two things to occur, a 30 minute bar close above the down trending line, AND a bullish 30 minute engulfing bar. The first bullish bar close above the trend line happened last Thursday, but no bullish engulfing bar occurred so I did not trade it, and it turned out to be a fake out. The next close above the trend line also happened to be a bullish engulfing bar as well, this was the result of the monetary policy meeting minutes being released for the AUD. I entered this trade long after the following bar broke the high of the engulfing bar and set my sl at the low of the engulfing bar, and tp equal to my sl. I would typically set my tp higher but I had a significant horizontal level of resistance drawn, as well as coinciding 100 and 200 sma’s, that I did not think price would go through.
Here is another way I trade the trendlines… This one on the NZDUSD. In this trade, I had a trendline forming from two troughs occuring the 15th and 17th, and price was approaching this line last night. At the point the price intersected this forming trend line, it also intersected a horizontal level of support I had drawn previously to that. The 30 min bar that hit the trend line reacted nicely and I waited till the bullish close of the following bar to enter long. I only enter in the direction of the trend like this when there is an approaching news event approaching the next day, in this case the FOMC. Psychologically, people do not want to try driving prices through a trendlines or major support and resistance during the period leading up to major news, therefore supports and resistances work better during this period.
The sl on this trade was the low of the 30 min bar that first hit the trendline last night, and the tp was set at the red (100) SMA.
Now that there are 3 points to confirm the trendline, I will be keeping an eye on this pair for a trend line reversal to go short on. Likely occurring late next week I would imagine…