I like the cool currencies and here is the USD/CHF long I took two weeks ago. Pretty much one of the most predictable pairs I have ever seen. Been cruising on the 20 E. Ma since the corrective on the 25th of June. So far 340 pips up and seeking for 130 more before closing the trade.
On the topic of USDCHF, I too have spotted this move. My opinion is that we are approaching yearly highs so depending on the PA when we approach that level, if it is impulsive I would keep with it, else I would take a sweet 3:1 on this trade and go out for the day. That would be some good trading done right there.
So again, the PA is very important when we approach this level, if we get stagnation/consolidation, I would get out right away.
My next setup is actually a live setup which is yet to play out… That said maybe I have to add some disclaimer here and say something along the lines of USE YOUR MINDS! Im not responsible for your decisions… Although I think this is a really legitimate signal.
Apex, the bias for the AUDUSD is still bearish and if you look at the daily chart, it is still very bearish. I would look for a reversal on the daily chart to go long if not continue with the downward trend and look for shorts.
Last week and this week has been pretty much dull for me so I’ve been taking a break and hopefully spot a few setups soon.
An update my from yesterday’s analysis on the USDIX. The set up formed on the EUR/USD providing an excellent entry around the EMA 20. 8 hours later, 100 pips in.
Appreciate your thoughts mate. And hope you catch something soon!
Also is it just me, or have pivot point strategies been killing the pips recently? They are doing superbly! Pivots will ensure that you catch a nice part of daily moves, so you might want to look into that if your sitting around all day not making trades!
And on your comments I would say this, based on your logic, the USDCHF chart I posted would also have been a no go? Because that trade is virtually identical to the current scenario on the AUDUSD… According to my system, all the signs are pointing to an up move… All im waiting for is a convincing break of the white line on the chart…
I eliminate risk very early so Im happy trading these moves…
If it is a trade, I will continue posting updates on it!
Apex, I don’t know anything about pivot point strategies. Lately, I’ve been strictly focusing on pure price action. However, I am also thinking about intra day trading and haven’t really had time to sit down and evaluate anything yet.
As for AUDUSD I would wait for a reversal confirmation on the daily chart before going long for a long term trade.
Which website do you recommend to get started on pivot point strategies? Or just google and start reading whatever shows up?
Hey mate, I already knew what pivots were… So I just googled for a daily pivot indicator, and there are many on a specific forum which Im sure everyone knows about
And because pivots are just lines… There are only so many different ways to trade them… But intraday trading is quite fun. Enjoy!
I am aware Chris doesnt like talking about pivots here, so I wont transgress his limits anymore than this!
The EU trade profited +91 pips in a matter of hours, with the Crude Oil hitting its target in less than 7hrs so hopefully you got into that.
Good high quality setups do not require a time frame. They require good price action analysis, and when you learn to trade PA well, the time frame becomes less relevant. And you certainly do not have to wait days on end for a good trade, as they happen everyday.
Ill still look to short EU on deeper pulbacks, while Crude Oil on more shallow ones as its more stable above the 20ema on the 4hr.
Ive just moved stop to Breakeven and taken half off the table. I have to say, I do feel more comfortable trading the 1 hour and 4 hour charts… I just feel naturally geared towards those timeframes. Watching 6 timeframes on 2 laptops is not sustainable… I clearly dont have the infrastructure (monitors) to compete at that level haha!
I should defo cut down to 3-4 timeframes (5Min/1H/4H/Daily) - I only have to check the Daily at 10PM London time so thats fine…
But anyway heres my trade on the 1 hour GBPUSD, theres no more risk on the trade and I took this with my demo account.
Always still to 02 - 03 time frames and test. Otherwise it is confusing and time wasting. I am saying this because I also had difficulties with time frames earlier.
What is your trading method based on ? Pure Price Action ?
