UsdJpy
Rhythm - Pullback to 21ema, move to round levels
Lets see how they play out
Rhythm - Pullback to 21ema, move to round levels
Lets see how they play out
- | Joined Dec 2008 | Status: revisit | 1,896 Posts
Good share orangeRANGE looks like price action on M30 {image}
- | Joined Dec 2008 | Status: revisit | 1,896 Posts
AUDcad
This is a good potential for entry (LONG) if macd forming the head and shoulders pattern. Otherwise, price will continue to go as low as 200sma.
(it is Monday...waiting mode "ON")
This is a good potential for entry (LONG) if macd forming the head and shoulders pattern. Otherwise, price will continue to go as low as 200sma.
(it is Monday...waiting mode "ON")
- | Joined Dec 2008 | Status: revisit | 1,896 Posts
AUDcad This is a good potential for entry (LONG) if macd forming the head and shoulders pattern. Otherwise, price will continue to go as low as 200sma.
Not as I hoped (macd h&s) but here we are. Expecting the price ranging within the box before I can find another good entry (either buy or sell).
USDJPY UPDATE
The good news with this trade is is worked out exactly as anticipated. It has breached the first target and it well on its way to target 2.
The bad news is, I missed the trade! Got sidetracked with something else and completely missed the entry
Oh well, that's trading for you. There will always be more and I wont jump in late for the sake of it if it doesn't comply with the rules. So its no problem.
Hopefully someone else made some pips though
The good news with this trade is is worked out exactly as anticipated. It has breached the first target and it well on its way to target 2.
The bad news is, I missed the trade! Got sidetracked with something else and completely missed the entry
Oh well, that's trading for you. There will always be more and I wont jump in late for the sake of it if it doesn't comply with the rules. So its no problem.
Hopefully someone else made some pips though
EurAud Potential Opportunity Rhythm - Pullback to 21ema, move to 200sma plus round level ** Heads up - This also leads me to be slightly cautious about the EurCad move posted before. The Eur is showing strength which could mean the EurCad set up never happens**
{quote} EUR/AUD, the MACD is showing divergence on the 4 hour, and a double top on the 1 hr. Both signs of weakness.
Regarding the patterns, EurAud is actually showing what is known as an ascending triangle on the 1h, not a double top.
As you can see on the chart below this is a sign of strength, not weakness and suggests higher moves.
Ascending triangles have their own targets (where the purple box is) however round levels have the ability to turn the price and possibly reverse it. This is why it is better to set the limit order below that level as it has a higher chance of being hit. As you can see the R:R is around 3:1.
Patterns can be useful but if you are unsure of the correct pattern,simply following the rules of the market rhythm will keep you on the right track (i.e price is above 21ema).
Same with the divergence, divergence does not mean the price is going to reverse is means there is weakness. Sometimes price can keep going and going whilst there is divergence so if you are trading it you will get slammed.
There is a tendency when you learn to trade (I know as I did it myself) to try and use the indicators as buy/sell signals and to trade from them. You should NEVER trade solely from indicators, only use them to give you guidance of what price may be doing. Of course if you see divergence the price is going to reverse at some point, but it doesn't help with the timing which is what you really need to execute trades successfully.
Plus you have to remember, what looks like divergence at first will often turn into convergence. If the EurAud goes up high/fast enough in price you will see what currently looks like a lower high turn into a higher high on the 4h chart.
Hope this helps
- | Joined Dec 2008 | Status: revisit | 1,896 Posts
GBPusd
This one looks like a "moderate size" of reversal in trend. Whoever wants to "join the party" early and using the "trailing stops strategy" must fixed your eyes to look for a good entry. Good luck and may the pips be with you.
This one looks like a "moderate size" of reversal in trend. Whoever wants to "join the party" early and using the "trailing stops strategy" must fixed your eyes
to look for a good entry. Good luck and may the pips be with you. EurAud Update + 55 pips (I accidentally put two positions on initially and had to remove one straight away, hence the - 3 pips as well) Total = + 52 pips
Me, -32
EURJPY UPDATE Rhythm - Break 21ema, pullback, move to round level (112.50) Trade 1 = +82.2 pips Trade 2 = +42.8 pips Total = +125 pips
I entered there, I saw it, and entered.
I set my profits for the nearest round number. I promptly got stopped out. I thought about setting my profit for the resistant line, that would have been 40ish pips, but looked back and saw it had been to the round number lately.
- | Joined Dec 2008 | Status: revisit | 1,896 Posts
GBPusd This one looks like a "moderate size" of reversal in trend. Whoever wants to "join the party" early and using the "trailing stops strategy" must fixed your eyes
Trying to "free riding" this trade now. Trailing stop to Buy Entry. Let's see how it works (currently still 620+ pips in the bag)
- | Joined Dec 2008 | Status: revisit | 1,896 Posts
{quote} Buy @ 1.29803 (with initial SL @ 1.28653). Not a good entry though. Should have entered earlier but can't afford to watch the screen 24/7
Using H1 chart to do this. Trailing stops @200sma of the previous hour (1.30031).
Now it is confirmed 228pips in the bag. I can sleep well after this since this trade is a free ride.
- | Joined Dec 2008 | Status: revisit | 1,896 Posts
EURgbp For those who are watching this pair, higher time frames leaving us some clues here. I do not fancy LONG position as the price is now revisiting the previous peak in 2013 (monthly chart). Already nearby that "box" zone. Daily chart will of course giving early sign when will be this pair "retracing" or "scalping'. {image} {image}
Lower high is established now (Daily macd).
- | Joined Dec 2008 | Status: revisit | 1,896 Posts
EURjpy
Mini double bottom here. Whoever trading this pair should be looking for a sweet entry spot to BUY.
Watch out resistance level @ 200sma.
Mini double bottom here. Whoever trading this pair should be looking for a sweet entry spot to BUY.
Watch out resistance level @ 200sma.