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  • #61
  • Jan 13, 2016 6:36am Jan 13, 2016 6:36am
Quoting Pip-Miner
good to see some fellow aussies trading my time zone. I mainly trade gbpaud( check me out on thread) as it moves twice the speed of this during the asia, European and generally any time so double the pips. Happy to learn new strategies, interesting grid methodology anyways.
Welcome to the thread! I agree, the EURUSD is rarely a good pair to trade during the Asian session. I used to spent a lot of time on the AUDJPY with some success. Volatility is your friend .

I'm finally back at my trading desk, thankfully it doesn't seem like I've missed out on a whole lot so far today.

Here's a 1-hour chart showing that splendid channel from yesterday. We're definitely jumping into that demand zone around 1.080. I won't be entering long unless I see price action confirmation on the lower time frames, however I do agree with the sentiment behind your trade JustUsePrice! Lets see if this one works out

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Mike
Understanding yourself is synonymous with understanding the markets.
  • #62
  • Jan 13, 2016 7:41am Jan 13, 2016 7:41am
I know we've been talking about these long positions in the demand zone but man... I was considering a short at the 1.0825 level once the 5-minute reversal candle in the blue circle appeared. I was pretty keen on it to be honest; yes we're facing right into demand but the amount of pressure being exerted by the bears right now is really strong. Coupled with the fact that we had 5-minute price action confirmation at a round level with an ADX signal and plenty of room left in the hourly channel and I really would've liked to take this trade. It's just unfortunate that the second 5-minute candle didn't give me a better price... I was looking to get in above 1.0824 to give some breathing room for my 5 pip stop. As you can see in the chart after that reversal candle posted I didn't really get an opportunity to enter.

Mike

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Understanding yourself is synonymous with understanding the markets.
  • #63
  • Jan 13, 2016 7:55am Jan 13, 2016 7:55am
Follow up to the previous post - that one would've been either a 10 pip gain or breakeven for me. I absolutely would not have re-entered short when the price came back up because of what you can see on the one minute chart below. The price ticked slightly below the previous swing low before aggressively moving upwards. This indicates that there was likely a good number of buy limit orders at or just below the price 1.08157. I would anticipate the price to rise further now that I've seen this.

I could of course be very wrong though - there's still a lot of downwards pressure on the EURUSD at the moment. It could well be enough to squash that demand zone however I'm trading under the assumption it will hold until the level breaks.

My view for the rest of the session: looking for price action confirmation at these key levels:

  1. The top of the current hourly trend channel
  2. The bottom of the current hourly trend channel
  3. 1.0850 (possibly indicates a new uptrend though!)
  4. 1.0875 (this level would be considered counter-trend if a new uptrend is created)
  5. 1.080, 1.0775 for long trades within the current demand zone
  6. 1.075 for a long trade below demand but near the base of the current hourly trend channel

Mike

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Understanding yourself is synonymous with understanding the markets.
  • #64
  • Jan 13, 2016 2:16pm Jan 13, 2016 2:16pm
Quoting JustUsePrice
Long EURUSD @ 1.0805 Lets see where this one will take us ... I will be adding more long positions all the way down to 1.0770 if this one goes down further. As mentioned in previous post I see the zone between 1.0770 and 1.0800 as demand zone ... good luck to all

Out at 1.0875 which is previous resistance level for 70 pip profit

I will be going in short around 1.0880 to 1.0900

Happy trading
  • #65
  • Jan 13, 2016 6:11pm Jan 13, 2016 6:11pm
Quoting JustUsePrice
{quote} Out at 1.0875 which is previous resistance level for 70 pip profit I will be going in short around 1.0880 to 1.0900 Happy trading
Great trade! You were spot on with that demand area, nicely done. What kind of risk to reward were you working with there? Presumably a stop below 1.0770?

We're getting close to the top of the overarching hourly channel again. I'm starting to look for short entries as we prep for the European session later today.

Mike
Understanding yourself is synonymous with understanding the markets.
  • #66
  • Jan 13, 2016 7:05pm Jan 13, 2016 7:05pm
Quoting JustUsePrice
{quote} Out at 1.0875 which is previous resistance level for 70 pip profit I will be going in short around 1.0880 to 1.0900 Happy trading
Great trade JustUsePrice!
Know your edge and trade within it
  • #67
  • Jan 13, 2016 7:06pm Jan 13, 2016 7:06pm
Quoting mjrsaunders
{quote} Great trade! You were spot on with that demand area, nicely done. What kind of risk to reward were you working with there? Presumably a stop below 1.0770? We're getting close to the top of the overarching hourly channel again. I'm starting to look for short entries as we prep for the European session later today. Mike
Looking forward to it. What time are you going to be starting up again?
Know your edge and trade within it
  • #68
  • Jan 13, 2016 7:32pm Jan 13, 2016 7:32pm
I'll be trading the early Euro session today and then coming back before the NY open. Unfortunately tomorrow I don't think I'll be trading at all, going to see Australia vs India at the cricket .

Knowing myself I'll be watching the charts from my phone all day regardless...

Mike
Understanding yourself is synonymous with understanding the markets.
  • #69
  • Jan 13, 2016 7:35pm Jan 13, 2016 7:35pm
Quoting mjrsaunders
I'll be trading the early Euro session today and then coming back before the NY open. Unfortunately tomorrow I don't think I'll be trading at all, going to see Australia vs India at the cricket . Knowing myself I'll be watching the charts from my phone all day regardless... Mike
Awesome! I have been getting into cricket these days. Been watching the BBL during the london open.
Know your edge and trade within it
  • #70
  • Edited 9:48pm Jan 13, 2016 9:28pm | Edited 9:48pm
Quoting mjrsaunders
{quote} Great trade! You were spot on with that demand area, nicely done. What kind of risk to reward were you working with there? Presumably a stop below 1.0770? We're getting close to the top of the overarching hourly channel again. I'm starting to look for short entries as we prep for the European session later today. Mike

Exactly mjr ... SL just below 1.0770

I am already in Short at 1.0890 targeting 1.0805 again but will babysit and manage this trade ... SL just above 1.0905
  • #71
  • Jan 13, 2016 10:48pm Jan 13, 2016 10:48pm
Quoting fxtrader29ca
{quote} Awesome! I have been getting into cricket these days. Been watching the BBL during the london open.
That's great to hear. Unfortunately my team (Brisbane) is on the absolute bottom of the ladder right now... Oh well

JustUsePrice I'm in with you on that trade. My target is at 1.0825, so just a little more conservative than yours. The previous 4-hour candle is looking really nice for our short position. Hopefully the current bar follows suit in the next hour and 15 minutes or so. My only concern is the hourly trend channel (charts below) and the way the price action on the hourly chart is reacting around it...

I've scaled into a pretty beefy position on this one, risk to reward is really, really nice and I'm glad to get in short near the top of the main hourly channel.

Mike

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Understanding yourself is synonymous with understanding the markets.
  • #72
  • Jan 14, 2016 12:59am Jan 14, 2016 12:59am
Good morning guys. Nice catch on the 0890s. I was sleeping at the time that hit. Looking for new setups.
Know your edge and trade within it
  • #73
  • Jan 14, 2016 4:43am Jan 14, 2016 4:43am
Quoting fxtrader29ca
Good morning guys. Nice catch on the 0890s. I was sleeping at the time that hit. Looking for new setups.

Only went down to 10855 and then took me out at BE
  • #74
  • Jan 14, 2016 4:54am Jan 14, 2016 4:54am
I am thinking of re-loading short again around top of 4-HR channel around 10925-10960 area ... hmmmm


What do you guys think ??
  • #75
  • Jan 14, 2016 4:56am Jan 14, 2016 4:56am
did a quick scalp with that pinbar at 1.0925 for 10 pips ... :-)
liking this thread thus far ...
  • #76
  • Jan 14, 2016 5:36am Jan 14, 2016 5:36am
If 0945s breaks , 0990-00 could be tested. I am not sure what to do here, really like to short but I feel like it could go either way here.
Know your edge and trade within it
  • #77
  • Jan 14, 2016 6:16am Jan 14, 2016 6:16am
I'm back, feeling heartened as Brisbane actually won a game in the BBL tonight

I set a trailing stop on that trade from earlier so I ended up with about 10 pips... not the worst but would've preferred 65 pips of course!

I'm seeing a lot of price action above the overarching hourly channel (see hourly chart below). This could be the beginnings of a breakout towards 1.10 and perhaps higher.

Quote
did a quick scalp with that pinbar at 1.0925 for 10 pips ... :-)
liking this thread thus far ...

I really like this scalp cvds16, it's a pity I was out at the time, looking at that I can see 15 pips depending of course on the entry price, 10 is still great though. Welcome to the thread as well, you're more than welcome to contribute

As for the rest of the session, we're now in a funny spot. Obviously the three scenarios we face are:

  1. Continuation of the upside breakout
  2. Consolidation at or near the top of the channel
  3. Downside retracement


I think a continuation of the upside breakout is the most likely scenario right now, but as always I'm very keen to go counter-trend at key levels with some odds enhancers like price action confirmation and an ADX at a round level. I'm looking to short at 1.095 with almost any confirmation, however I'd sell at 1.0975 without confirmation as it'll be a sell straight off supply that hasn't been touched since December 29th.

Mike

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Understanding yourself is synonymous with understanding the markets.
  • #78
  • Jan 14, 2016 6:40am Jan 14, 2016 6:40am
...and this is why I don't trade based of my "ideas" of what the price may or may not do in future. I just finished saying that I thought price would continue upwards and its done the exact opposite. This is why I trade patterns and high-probability setups rather than biases

Long entries anyone? I'll be proceeding with caution, waiting for really nice price action setups.

Mike

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Understanding yourself is synonymous with understanding the markets.
  • #79
  • Jan 14, 2016 7:12am Jan 14, 2016 7:12am
Quoting mjrsaunders
...and this is why I don't trade based of my "ideas" of what the price may or may not do in future. I just finished saying that I thought price would continue upwards and its done the exact opposite. This is why I trade patterns and high-probability setups rather than biases Long entries anyone? I'll be proceeding with caution, waiting for really nice price action setups. Mike {image}

Blah, I just exited my short position from 10925 down to 10895 for about +30 pips .. I will not go long because of the 4hr channel
  • #80
  • Jan 14, 2016 7:57am Jan 14, 2016 7:57am
Quoting JustUsePrice
{quote} Blah, I just exited my short position from 10925 down to 10895 for about +30 pips .. I will not go long because of the 4hr channel
Nice trade there!
Know your edge and trade within it
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