After a price correction, the pair is back the impulsive bullish move having already formed a candle that has cleared much of yesterday’s price action. Nice one to go long on.
the Dany Magic
Hello Dany,
yes, good spot of a trend continuation setup. our models/systems actually picked up a long just above the horizontal line you drew, and is nicely in profit, so good intuitive spot here mate.
Kind Regards,
Chris Capre
Hello B4A,
Have you read my recent article on ‘How To Trade Trends - What You’ve Been Missing’?
Reason I ask is, on the AU trade, if you had spotted the type of trend it was, you would have been looking to trade a breakout instead of pullback, and thus not missed the recent downmove and profits.
To trade trends, it is absolutely critical to understand what type of trend you are in, and then apply the proper with trend entry technique. If you don’t, you’ll miss it, or get stopped out often.
But if you do, you’ll catch it, and profit from it by having the right method, so make sure to check out this article, so you can apply the proper tool to trade with trend.
Kind Regards,
Chris Capre
Hello Traders,
As stated yesterday, there were some signs in the intra-day price action that the GBPUSD was forming a short term base. The key upside mentioned was 1.5272, and so far, this is holding as you can see from the 5m chart below, there are clearly sellers parked there.
But buyers have stepped in short term at 1.5246, so definitely a lot of two way price action and order flow here. Watch the intra-day charts for clues on the next move as some solid action in the pair.
Kind Regards,
Chris Capre
Good for you mate,
I could trade on a 15 minute but on a 1 minute? Never dreamed lol.
I wish you luck man.
It’s good to have you here Tammy. Welcome aboard.
Hello Dany and Apex,
I was actually seeing 4 set-ups. The other 2 were the AUDCAD and EURAUD. Both trains also left w/out me in it.
Normally, I risked 1% in each position and my money management allows me to run trades not more than 2 (x 2 positions each) at any given time not including existing positions that are already locked in at BE at the minimum.
I was confident w/ all of the set-ups and placed limit orders on them spreading 5% of risk on all of them.
Of the 4, only the EURO was filled and got stopped out at 15 pips each position lol.
The others were already cancelled.
Cheers.
Hello Chris,
I did read the article. It’s just, I’m not yet too confident in taking breaking outs of this kind.
Thanks for pointing out the kind of trend we have on AU right now.
Hello B4A,
Tis an honest response - but what is it about breakouts that seem challenging or uncomfortable to you?
And do you have a plan in place to get confident in trading them?
Kind Regards,
Chris Capre
Haha, I was taught in trading that only the daily timeframe is good for trading, that couldnt be further from the truth.
And yeah 1 minute sounds nuts, and I would never call myself a scalper, but I have programmed my own indicator which will maybe make me famous like Hosada (ichimoku guy) one day!!
Thanks for the wishes, appreciate it!
Apex.
Hey Chris, just read an interview you did with Hufeza Hamid… You said you donate before the trading day? That just inspired me so much. Hopefully I can be in a position to do the same before the trading day.
Very good interview though.
Great read.
Apex.
Hi Chris,
Pullback entry and trading at a key level depending on current price action are my main focus right now. I am going to polish my knowledge on these two strategies first.
I will incorporate break out entries soon thereafter.
Thanks for asking.
Cheers.
Hello Apex,
Yes, everyday before each trading day, I make a donation which helps me get into the mindset of gratitude and abundance.
Definitely changes my energy, but hopefully you can do the same.
Kind Regards,
Chris Capre
Hello B4A,
Just out of curiosity, do you have specific clear goals as to what constitutes ‘polish your knowledge on these two strategies first’ so you know when to start practicing breakout entries?
Am always curious to see how traders work on building their current strengths/methods, while also working to grow their abilities.
Obviously you want to trade trends which is excellent, and respect key levels, which is a good start. It should be noted that to understand ‘key levels’ is a component of breakout trading, so they go hand in hand.
But looking forward to your response.
Kind Regards,
Chris Capre
Here’s the link to the interview for the others who are interested:
Interview with Chris Capre | Forex Figures
I really subscribe to the belief that having a mindset of gratitude positively influences one’s trading. Have personally experienced the benefits myself recently. Outside of trading, I’m also a happier person and the world seems a much better place.
Wes Hopper’s “The Astonishing Power of Gratitude” was a liberating and empowering read for me. I encourage those interested in this subject to check it out. Chris, I believe, has also written a piece on gratitude and trading on his website.
Hello Pipnol,
Yes, it definitely has a positive influence in one’s life, and trading as well. And the world definitely seems like a better place. This is because it taps us into the power of appreciation, which when felt, understood, and worked with, really changes the way we experience things.
So am glad you noticed this as well and are experiencing this in your life.
Kind Regards,
Chris Capre
Very nice read.
So impressive.
So inspiring.
You have a very kind heart Chris! And the abilities. No wonder blessings abound on you.
I have to go Chris, I’ll attend to your follow up question later.
Thanks a lot for your time.
Cheers.
Hello B4A,
Tis a great compliment and much appreciated.
But we make our own blessings day by day with our actions.
Kind Regards,
Chris Capre
Finally got a setup today on the AU. Even though I was kinda nervous in taking the trade as the daily TF is way over extended to the downside and a bounce is likely. Momentum is still down and a decent pin on the one hour at resistance. Just wandering what you all think.
