DislikedLong USD/CAD at the 0.9986 range
you could go at parity right now and scale into a position if you wanted to in case price continues to push down, which it mightIgnored
+76 pips from .9986
+90 from .9970
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DislikedLong USD/CAD at the 0.9986 range
you could go at parity right now and scale into a position if you wanted to in case price continues to push down, which it mightIgnored
DislikedNailed .9290 for + 25 pips so far
There is more support at .9275 so if it heads lower I would fade that tooIgnored
DislikedGreat thread, have discovered this style through James16 just recently and would say that this is the way forward. Thanks for putting your stuff on here.
Any thoughts on the pin bar on the daily TF for cable at 1.9400 level. Dont want to say what I did (though it might be obvious) as this is your thread and your calls, but do you have any thoughts on it?Ignored
DislikedSure why not...here's another one:
Long AUD 0.9290, long AUD 0.9272
right now bouncing off higher level support of .9300 for about 33 pips.
with any of these there are multiple support/resistance levels in these ranges. some you might take some heat on if price flows up to the next one, but fading the higher/lower level and breaking even on the first one isnt uncommon. so set your stop lossess accordingly. profit is profit.Ignored
DislikedI am attaching some articles i find relevant to the style of trading in this thread.Ignored
DislikedGreat thread, have discovered this style through James16 just recently and would say that this is the way forward. Thanks for putting your stuff on here.
Any thoughts on the pin bar on the daily TF for cable at 1.9400 level. Dont want to say what I did (though it might be obvious) as this is your thread and your calls, but do you have any thoughts on it?Ignored
DislikedAny pair ride the gunning of stops, enter 10 pips before a double 00 number TP 10 pips to 20 pips above it. Watch momentum and Reverse back down under the double 00. Takes practice but it works. 15 pip stop can gain 30. 2:1 RR. Such a no brainer. Do it on multiples of 50 as well.Ignored
DislikedAlso I could talk alot about retracements, maybe later, but I almost always target .50 originally from the last wave. Almost always price hits it, starts traveling back, and might continue or waddle around before it finally breaks it. Like on the AUD trade my main target was around .9385. Again, though, leaving a little open just in case.Ignored
DislikedThe .50 fib level sounds fascinating, I sort of neglected fibs lately as I was cobbeling together my strategy anew but I'll see how I can integrate it into my way.
Just how do you determine the bottom of a wave? Do you just jump in once a S/R level is reached or do you wait for PA or other confirmation on some TF?Ignored
DislikedHi MP....here's the AUD trade as an example. .50 ret's are generally the strongest.Ignored
DislikedNice one, this trade had a potential of about 80 pips. Fibs are a fascinating thing.
Though the difficult part for me would be to determine my entry based on fibs.
How do you determine that a wave reached it's bottom before targeting the .50 fib level?
Do you just speculate that a S/R level will hold? Or just how do you decide to enter a trade? And also how do you determine your S/L?
Hope you don't mind me asking.Ignored
DislikedI dont mind at all....
Here's what I basically do:
1. Find a strong level of support/resistance and fade as explained in previous posts.
2. At 15 - 20 pips move your stop to breakeven
3. At around 40 pips take partial profit
4. Let the rest run to your target
5. Keep a small amount open in case of a run further
to be more specific with your question, I assume that the entry will hold based on its strength. at that point I draw the retracement from top to bottom and locate a reasonable target. use a stop loss of course on entry, but make sure it makes sense if there are strong levels not too far away. price might bounce off of these as well, in which case, you dont want to get stopped out. like on CAD today.Ignored