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Pattern/Price Action Trades

  • #21
  • Dec 10, 2006 7:02pm Dec 10, 2006 7:02pm
In looking at the Eur/Aud, I would say a short right now would require a petty big stop on a longer term swing trade. It looks to me that it will remain bearish unless taking out 1.7150 area with next support level below at 1.6500
Profit is where readiness meets Opportunity
  • #22
  • Dec 11, 2006 5:56pm Dec 11, 2006 5:56pm
Played a 1-2-3 off the bottom of the trend last night for 30 pips. Was a viable trade and it worked in my favor.
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  • #23
  • Dec 11, 2006 6:11pm Dec 11, 2006 6:11pm
Sometime ago I said I'd never trade this pair, but I'm in a position on this pair. Its nice to leave in the morning after placing a trade and come back and you're at -1.2 pips. Somehow I have a sense of security about this trade LOL. Anyway, what's the basis for entering this unlikely marriage? Well EUR/GBP has been consolidating since 2003 in a massive traingle. She's at the bottom of this triangle now, so at this time the trendline on the bottom represents significant support. I entered after seeing the bounce off the 61.8% fib retracement because it gave me an extremely low risk entry and I'm planning on adding to this trade in 3 stages if it goes in my favor all the way up to its target. So maybe next year from the way things are looking LOL...
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  • #24
  • Dec 11, 2006 7:30pm Dec 11, 2006 7:30pm
are you offering in put if we post other charts on your thread
  • #25
  • Dec 11, 2006 8:27pm Dec 11, 2006 8:27pm
Quoting goodthings
are you offering in put if we post other charts on your thread
Regarding the 1-2-3 setup yes I would be happy to give input. I can't however describe to you the value of subscribing for at least 6 weeks to Phil Newton's website. It'll cost $45 for that period.

Otherwise pls post away and we can probably learn from each other!!!!
  • #26
  • Dec 12, 2006 4:31am Dec 12, 2006 4:31am
Quoting Donadoney
Sometime ago I said I'd never trade this pair, but I'm in a position on this pair. Its nice to leave in the morning after placing a trade and come back and you're at -1.2 pips. Somehow I have a sense of security about this trade LOL. Anyway, what's the basis for entering this unlikely marriage? Well EUR/GBP has been consolidating since 2003 in a massive traingle. She's at the bottom of this triangle now, so at this time the trendline on the bottom represents significant support. I entered after seeing the bounce off the 61.8% fib retracement because it gave me an extremely low risk entry and I'm planning on adding to this trade in 3 stages if it goes in my favor all the way up to its target. So maybe next year from the way things are looking LOL...
So far the setup is still valid, but I decided to pull out of this for a loss of -15pips. I failed to heed my most important rule, waiting for a confirmation via a trendline break!!! Now I wait some more.
  • #27
  • Dec 13, 2006 4:28pm Dec 13, 2006 4:28pm
This trade is already 60 pips in for now. I entered on a break of the trendline. I expect a retracement sometime, if not, oh well I'm already in. The first view is on the daily showing why I thought it was a good opportunity to go long. Basically a reversal pattern off a fib retrace of an uptrend. All factors have been met for my setup and now I sit back and await results. Lets hope it continues to run in my favor. Also looking for add in opportunites during this trade to increase my profits once I feel comfortable with the direction. But this is it, these are the types of trades I look for....
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  • #28
  • Dec 13, 2006 4:31pm Dec 13, 2006 4:31pm
Here's an 8hr view of the trade setup. I can't be seen here because of the software I used to capture the image but the 3 portion of the setup hit the 23.6 fibo exact before returning to its present price.
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  • #29
  • Dec 19, 2006 2:42am Dec 19, 2006 2:42am
Target has been met on the GBP/CHF trade. I can't fundamentally explain why, not did I expect it to run so quickly. But it was a very easy and beautiful ride this time.
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  • #30
  • Last Post: Dec 19, 2006 3:01am Dec 19, 2006 3:01am
The 15 minute timeframe. I do scalp off of. It has to be a perfect setup or else I won't take the trade. Depending on the size of the move, I'll triple my position because of the small stop loss which must b rigorously adhered to, or else we risk losing our hides. This is not for the timid. We're talking 10 to 15 pip moves at up t three times the amount of money we're used to handling. Fortunately ths one went well, and I exited with 15 pips profit and a small headache. This trade was on the CHF/JPY 15 minute timeframe. There was a bounce off the Vegas 1hr emas, and that was just luck that I saw this, but nevertheless it was a nice confirmation for me when making my decision to enter.
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