Engulfing Candle forming on the Weekly Chart in both the DOW and S&P, This is a very powerful bullish signal. if we get a good close Friday look for a retest of May 1st high. this supports our outlook for a decline in the Yen
It all depends on what type of trading you are doing, having a stop loss for long term investments may not serve you well, but for the short term trades maybe. I am cool with a break even stop , better yet a sell stop set above current price to take advantage of spikes in the market
Thank you for the feedback.
Similar quotes caught my eyes a couple of times in FF, but this time i took a screenshot.
Thank you Dennis for the thread and all the tips included in it, it does help
Strong weekly price action signals in stocks combined with trade deals with Mexico should point the stock market upward with Yen and US dollar weakening. For the past week while CHF holds the #1 spot it was NZD with the strongest weekly move.
If your strategy is to play the pullbacks then current Top Trade GBPCHF* is giving you some golden setups. Just like on Thursday we had a sharp price pullback and look at how our favorite trade signal the 200 ma on the 1hr chart gave you a golden short trade signal
Not much happen today
I’ve entered a short position today on the pullback to the 200sma on the 1hr time frame. GBPCHF.
I would love to hear how you managed the trade, looks like it started off good but then gave us a double pullback
a day of pullbacks and consolidations
Just posted the link below for somebody else on another thread and then this thread popped up.
Here you go. May be of help.
I am in it too, and it is exactly flat right now. I missed entry on the first 2 pullbacks to the 200 1hr, by a few pips each time, with sell limit orders. This was v frustrating. I have a stoploss at 1.2675. If price gets below the 200 1hr I expect it to go and test the low, and I will take profit half at 1.2555, if it works out.
I decided to close it out as I didn’t like how it closed above the 200ma. GBP looks to have some strength returning for the time being.
GBPCHF trades this week, 140pips so far, looks like PB to 1.265 then onto 1.27 hopefully, it’s still No1 & looking good.
Not sure you got it right? What is it you’re trying to achieve?
The GBPCHF according to Dennis’ rankings was in favour of the CHF, so GBPCHF sells.
You’ve been buying, so what was your process?
I pulled this number 30 min before the close so they could change a little, another day of pullbacks and consolidation
2 and 7 are stepping forward!
Try to change the oanda strength meter to JPY instead of USD
I was actually looking for a trade on the CHFJPY which changed to positive a few day’s ago and diverging, but was also looking at GBPCHF as it was No 1 or close for a number of day’s. The charts were similar both showing a move out of the AP trend and upwards, so I meant to actually place the trades on CHFJPY. But once you picked up what I had done I opted out and thankfully took the bonus. Might be a nice entry on the GBPCHF if it was a pullback, but to me it looks like every currency is converging towards zero strength so trades might be slow going forward.
The beginner's guide to FX trading