JPY Group - Best Group to Trade 58 replies
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FOREX, Robert Gray, FXLQ, and Nfa/ctfc... PLEASE REPOST IN EVERY GROUP 0 replies
DislikedMost appreciated, LJ. It's crystal clear now and when you look at the current chart, you seem to have a crystal ball in your hand.Ignored
DislikedIt's no crystal ball, I get it wrong at times ... but that's where good risk management comes in.
However, when you get it right the trade management strategy sure makes up for the losers - I'd say I pretty much nailed it today!Ignored
DislikedBTW, LJ, do you mind telling me where I could get the EA for the BRN marker on your chart?
Thank you.Ignored
DislikedAs the quote says, we don't blindly buy USD or JPY based on the facts presented outside of FX, we use them as confluence for setups on FX pairs - AU and UC being at monthly S/R with this type of confluence is a high probability trade.
If you can open your mind and look at the bigger picture, how markets interact and be patient you'll find some some high probability setups that offer impressive risk/reward - after all, that's what it's all about at the end of the day - maximising our reward to risk with high probability trading setups.Ignored
DislikedAs the quote says, we don't blindly buy USD or JPY based on the facts presented outside of FX, we use them as confluence for setups on FX pairs - AU and UC being at monthly S/R with this type of confluence is a high probability trade.Ignored
DislikedThese are excellent trades! Thank you for sharing them.
On such correlation trades, do you usually wait for USDx to have actually found support and/or EURx found resistance at the S/R levels before taking the AUD/USD & USD/CAD trades? Or do you anticipate that these S/R levels will hold and therefore place limit orders on the AUD/USD and USD/CAD?
Thank you also for the EA.Ignored
DislikedAttached are charts from your previous post. The daily S/R line is obvious, but an FTB to it, that I could not see. Could you please enlighten me?Ignored
DislikedI'll be interested to see where the USD pairs are sitting when these areas are hitIgnored
DislikedIf there is not enough confluence for me to want to take TT's on AU and UC by themselves then I'll wait for USDX to hit it's area I'm expecting a bounce from before taking the AU/UC trades. Most of the time they will hit the areas at the same time.Ignored
DislikedI was actually in the middle of moving house on Friday, but I saw those setups and they were such high probability no brainer setups I just took my entry, set my SL and TP (the TP are obvious higher TF S/R areas) and got on with my move.Ignored
QuoteDislikedWere these TTs then? If not, could you please show your trigger and also your initial SLs?
QuoteDislikedIn the previous USD/CAD long that I took, it was a TT as it & the confluenced USDx were FTBs, so I thought it was of higher probability and took the plunge. But was also quite nervous then as at that same time EP was moving up rapidly until it hit resistance.
QuoteDislikedRight now, the pairs are doing it again! Reacting to the S/R levels as per your post #649.
DislikedThe FTB was on the 1HR TF - so it was an FTB to the daily S/R. Price broke through this area at the beginning of October and was coming back for the first time.Ignored
DislikedAs the quote says, we don't blindly buy USD or JPY based on the facts presented outside of FX, we use them as confluence for setups on FX pairs - AU and UC being at monthly S/R with this type of confluence is a high probability trade.Ignored
DislikedHi LJ,
Could you please advise where were your initial SLs on these trades? Thank you.Ignored