Trade Setups

Aox,

Hope you are recovering well. talk to you soon.

Confluence setup on 4 hr chart

I must remember that a 4 hr chart trade setup gives a lot more pips than a 60 min or lower t.f setup. I must look for more pips and leave a portion to run, when plannning and taking trade based on 4 hr, daily, and weekly charts.

1. 50% fib
2. r.r
3. weekly C.Pivot

Confluence setup to sell on 4hr/daily resistances-a u turn point.
Combination of:
1. Daily 21 ema
2. Daily r3 pivot
3. 4hour r.r
5. Daily fib 50%
6. Weekly pivot (near by)

gbp/usd

1. 50% fib of after making lower highs and lower lows on 60 min chart
2. Previous s/r lines.
3. Asian was up (retracement) , (even thoug Price action was showing uptrend on 15 min chart Europe sold it as a pullback and contionuation off 4 and 1 hr charts.
4. There were couple of pullback setups on 1 and 5 min.

Today's setup/Scenerio:

No trend in Europe/London since there was a big move in the afternoon.

Only a Channel on 15 min. Oppertuniy taken to recognize after 3 touches (two on bottom one at top). The shorted at the top, Got stopped out the first time, then re-enter short again for 20 ips

Setup:

Trap Breakout-retest-fib 78%-Continue

GBP/USD bounced off from support in context of recent upmove.
It U-turn from:
4 hr 21 eam, daily cpp and 38% fib of recent move, from around 1.6550 area

GBP/USD Trade:

This is the continuation move I planned, but I was waiting for further pullback to daily C.P.P. I still got part of the move, but did not stay in for the maximum. I must get better at trade management-in terms of letting profits run, in scenerio like this. Everything was pointing to a strong continuation move.
What I learned is there are no absolutes in trading. Price does not have to pullback steeper, where I wanted to sell it, in this case it bounced off first area of resistence in context of downtrend.

We did get an early entry of 1m blackjack, in a trend continuation day.

Conditions: Non trending

Play: Look to range trade, look to sell at possible resistance, buy at possible support (upon P.A confirmation).

Possible S/R's:
Other than Trendlines on 15min,
Bollinger bottoms and tops on 15min and 60min were acting as supports/resistances (u-turn swing areas).

Today's trade setup:

B.C-P.B setup (on 15 min)

PATIENCE IS THE KEY. NEVER ACT WITHOUT ONE OF YOUR SETUP.

We look to trade: pullback then a u-turn (from one or confl. of p.b levels/key tech level/s after one of the following:

* A First time Bias change, or
* When P.A is trending, and or,
* M.A's are angled and seperated
* After a consolidation breakout

The P.B / Key tech leveles (to watch for possible u turn area) are:

* A fib level
* A 21 ema (on 30min, 60min, 4 hr, if planning on 4-hr, 60min move/chart)
* Hourly 200 ema
* C.P.P
* R.R (previous S/R)

Swing trades setups:


* A U turn at key S/R tech levels (confluence of) on Daily, 4hr,(&wkly) Charts

* They do setup once a week or once in a few weeks

* Often price over shoots the s/r levels. Often it takes a long time for the u turn, severel hours to a couple of days,

* Most often picking tops is not a good idea, small position at early signs maybe.

* Wait for A bias change on 60m, 8/21 cross then a p.b to a possible p.b level and a u-turn from the p.b level is safer. Lookout for blackjack entries, fibs and R.R of broken trendline after the Bias change

Following is a recent setup of a swing-uturn at conf. of s/r'd on daily:



* CHARTS SETUP-FOLLOWING

Swing trade setups and entry timing

On Weekly, Daily, 4hr, 60m and 15m:


* What is the price action?
* How do the bollingers look, what are they telling?
* Where is the price in relation to key tech s/r's?
* How are the angles and seperation of moving averages? Any new G.C?
* Any dramatic Candle formation, and where in relation to s/r's and B.B's?
* Any waves of divrgences?
* Any obvious pattern, any defined range (any channel, wedge etc.)?
* How are stochs on 15m


The key tech s/r's: (Possible U-turn Levels) On Wkly, daily, 4h,1h:

- Horizontal s/r lines. R.R lines
- Trendlines (upper and lower, connecting highs and lows)
- Fibs ( specially when in a trend)
- C.P.P on daily and weekly (specially when in a trend)
- Daily pivots, Weekly pivots
- 21 ema and 34ema on all T.F's inclding: 30M (specially when trending )
- Top, bottom, middle of Bollinger bannd (specially when flat)
- 200 ema, 50 sma on all T.f's (specially when it looks like R.R) (on 60m specially)
- Double --00's and --50's



What to expect in a session: Possible Scenerios:


1. Tight range, choppy, noise, wicky = No trading, staying out.

or 2. Consolidating, in a trap = wait for a confirm breakout.

or 3. Price pulling back, retracing On a 4hr trend to find a p.b-s/r level and
to U turn (Trend continuation). ( You can confirm the Utrn and trade
continuation setups on 1m and 5m, 15m).

or 4. A range day (30 to 60 pip), A Channel or Bollinger play.

or 5. A choppy, noisy, wicky trend (directional move of 40 to 80 pips), with
steep pullbacks to 5m,15m 21/34 and or a fib (after a B.C or a B/out).

or 6. An alpha trend, riding 1m-21, 5m-21, ( usually after a 4hr/daily
Confluence U turn setup, as trend continuation or a trend revrsl.

GBP/USD broke the neckline to the downside bounced off 50% fib, retraced, retested the broken neckline and continued south.

2 setups today.

1. P.A trending , higher lows-higher hi's, price fibbed to 61% and continued.
2. 5min blackjack, P.A trended, ema angled

Needed a lot of patience today for the continuation setup to bake (continue).
Went sideways for about an hours at the pullback/uturn level before continuation, after the bias change and pullback to RR and 38% fib. At that level price made a 1m swing-uturn in the direction of the B.C/Trend.

Lesson: play by rules, to profit needs a lot of patience and courage and temperament.

g/u

TRADE PLANS:


USD/JPY: Bullish

Keep buying on dips.

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USD/CAD:

Bullish ema's

Plan: Look to buy here till next resistance(previous low/r.r) on weekly/monthly) around 109.00

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EURO/GBP

Bearish possibility as per P.A and C.A
Wait for confirmation and a setup to Sell

Focus all your energy on something you can actually controlinstead of dwelling on things you can’t.


1. Entry Selection Based on the conditions at present :
- Do you have a possible u turn area (better with candle signal/s).
- Is price bouncing off an angled M.A?
- Did price go to a tech level fast and will likely get a bounce?

2. Position size. Awareness of risk in $ amount. Do not let it get out of affordable amount.
3.Cutting the when the market changes direction against you. And switching.