That explains the lack of activity then. I couldn’t find anything on the economic calendar. Strange.
Hey Traders, despite the slow start of the week, I opened with a cool two hundred pip on the EUR/JPY and now hunting for new trades…looking forward to some nice trades before friday…
Dany
Hello Dany,
No trades for me though I can see some activity in the market. Expecting much bigger moves before Friday which is the last trading day of May 2013.
Hello Traders,
After almost three weeks of travel and some treatments, am back in the office and plugged into the Zion Mainframe 
Trading/working off a laptop is torture when you have 6 screens at home. Like going from a 6 bedroom house to a studio apartment :-ooo
But the market just got really active with the USD surging vs. EU and GU. Am short GU at 1.5060 and also short EU at 1.2867, but about 4 pips to first target on one, and 10 on the other, so just a little more push and am there.
GU should likely test the big figure at 1.5000 after the SL (swing lows) at 1.5013.
EU looks set to challenge 1.2843, and perhaps 1.2800 if the pressure keeps on.
Will keep you updated if I have any new signals, but USD is on the move.
Kind Regards,
Chris Capre
Hello Traders,
After three weeks of traveling and being mostly away - I am back at the home office and have no travel plans (at least for a month), so am now posting regularly.
Today I am watching the Aussie which has been really testing the multi-year support at .9600 now 3x. The rejections are getting weaker, which usually suggests breakdown and more downside (chart below).
Bears wanting to trade pullbacks can look for rejections at.9718 and .9815 to get short. Another option to get short is to look for a breakout below the key level, particularly looking for the price action squeeze on a 1hr or intra-day time frame.
I’ll post others as I see them coming, but now back in the regular daily posting.
Good luck tomorrow.
Kind Regards,
Chris Capre
Looks like that support broke shortly after you posted this Chris.
Will you be waiting for a pull back and re-test of .9600 before going short on this?
already short on this one just below .9600
may add more if a corrective move gently pulls back to this
Kind Regards,
Chris Capre
I was short from .9672, but I trailed my stop too closely, only made 30 pips.
By the way, I’m enjoying the videos and articles on your site
Why trail it so closely when the next level down is not for another 280 pips?
just out of curiosity, what was the initial risk in pips as I’m guessing with that entry, your stop was above .9600, so curious what the overall R:R on that one was?
Kind Regards,
Chris Capre
The R:R was probably about 1:1, the stop was above the high of .9694, so about 22 pips.
I did make some other trades for the day, usdjpy long, eurusd short and gbpusd short, all above 40 pips with stops about 20 pips or so.
Holding onto trades is something I’m not good at, picking entries is not a problem though.
Do you trail stops, how many pips before you move to break even?
I have TP1 and TP2 for most trades, and only trail after being up 1:1 on my R:R. Otherwise, I don’t adjust.
But why do you feel you have a hard time holding trades? And do you work on improving this?
Kind Regards,
Chris Capre
When I look back at all my positive months, they all have one thing in common, small profits that add up in the long run.
On the few occasions that I let my winners run, guess what, I got stopped out. So in a way it’s become a habit.
The best I have done is hold it overnight, can’t trade in my sleep
I’m trying your long term position trade at the moment, the 20 and 50 ema crossover on the daily chart, I’m long on the EurGbp since yesterday. It’s easy to leave it because I’m only risking 0.25 %. Maybe that’s the trick ?
Ha - now you are getting it (risk very little till you get good/comfortable at it).
But good to hear you are expanding your toolset.
However, also glad to hear you did some analysis on your performance, and found what is most natural to you for now.
Kind Regards,
Chris Capre
Learning new techniques keeps my mind fresh and alert, and keeps me motivated. Some people refer to it as system hopping, I call it keeping an open mind
As long as the expanding into new systems does not a) disturb your current system focus, and b) is done in a directed, focus and clear parameters, then its definitely keeping an open mind.
Hey Chris, Apex, Alan, Dany, Piptronix and everyone else.
I have been closely following the USD/CAD and its now my second favorite after the GBP/USD.
Well after a pullback off the annual high, the pair resumed to the prior impulsive move, and once again broke the high.
The price obeyed the EMA 20, hardly breaking below as the strong uptrend continues…
Despite major fundamental releases last week, the pair has remained in a relatively steady uptrend, that looks all set to continue…
.Holding a long trade for two weeks now and can’t figure out the exit. Any Ideas? :53:
Grix
All I can say is well done for holding it that long.
Nice trade, I think I was in there for a few pips last week.
Hello Grix,
I think you stumbled on the answer which is the 20ema. Why not trail it behind the largest breach since the upmove?
Kind Regards,
Chris Capre
Hello Chris,
So far the price has respected the EMA 20 with no break below for the past two weeks. Notably I have been observing that tick volumes have been increasing with each touch of the MA following the formation of a continuation candle. Is there another way to integrate volumes in such a scenario? Eg Falling tick vols should signal the possible end of the move?
Volumes are a dubious sort of thing in Forex because they are local, not global or aggregate volumes - just from your broker which is not reflective of overall volume.
Tick volume refers to a volume profile technique which I experimented with back in 04/05, but never really felt it to be a consistent model. Although it can be useful in some ways, I find it more of a distraction, and complexifies things too much, so I tend to keep things more simple, and find that is much more successful for me and others when they gravitate towards the simple.
But falling tick vols should not necessarily = the end of the move, could be simply less people chasing, but the trend is still consistent. Some of the longest running trends had low volumes for days/weeks on end, yet kept on running (case in point is S&P/Dow for this year).
Kind Regards,
Chris Capre