iiivb - LiveTrades

This thread is to share my trades with the community.

I would like to remind all the distinguished visitors that the purpose of this journal is to give you trading ideas based on my strategies and tactics. I strongly recommend to follow your own criteria to open and close trades, and if you decide to follow me in my orders, please DO NOT DO IT UNTIL YOUR PARAMETERS WERE ALSO MET.

Entry Limit Buy: 1.8500

Stop: 1.8450

Trailing Stop: 0.0010

Limit: 1.8600

Do you expect the GBP/USD to drop to the S2 Daily for your entry on the buy. What are your indicators that leads you to take this position? Thanks
Monarch

Well, since Stochastics were oversold, and now trying to reverse, MACD probably will show divergencies @ 1.8500. If you analyze, 1.8500 has shown a very probable support. Friday this cross tried to overcome 1.8640, and maybe going to retest this week, maybe today. I decided to enter this point, because I have considered that friday's behaviour opens the door to retest 1.8640.

I see the GBP/USD maybe going down to the 8520 before it takes a turn. Then it should come back below 8500 area.
Have you thought of taking a SELL position for 30 pips now, then taking a BUY position when it drops to your 8500 entry target?

Monarch

Yes, I already did. The point is that this long is 100 pips profit, and the short I already took is 35 pips profit... and 35 pips stop! so... 1:1 risk reward I consider that trade as an scalping one. Maybe not everybody here are seeking that kind of trades. My long trade is 1:2 risk reward... sounds more interesting.... doesn't it?

I think taking a Sell shows you feel your right on the target for your upcoming Buy position at 8500. This is a good technique, and I think you can make pips going both ways during this slow time. I would set my exit target on the Sell at 8520, then wait for 8500 for the re-entry Buy position. The problem I have is I make no trades until Monday after NY Time 8:30 am new releases. There is plenty of pips for me from Mon through Fri.
Monarch

Well, the Short position I took, I have just closed it at breakeven point. By the way, my long order is still active, but I am thinking about changing my entry point to 1.8520... but I am not sure yet.

If you have time look for the thread by itme, he counts waves, and it has been beneficial to see some of his predictions.

Good Trading,
Monarch

Thank you Monarch!

The GBP/USD just hit the Friday 13th High 8578, and is currently stalled there, lets see where it goes in the next 2 -15Min Candles.
Monarch

At this point I am honestly thinking about aborting my dip buy long... and to revert it to a rally sell short -but I HAVE NOT done it yet!- ... anyway... this business is about being patient... just like a predator... lying down on the grass.. making no noise.. no movements... and when the "meal" comes around... jump on it!!!

Just wondering if you are Demo or Real? I would try a sell on Demo, but using real money, I will wait and see if it sets around the middle of the S1 and R1 Daily. No hurry here for me, I have all week to make some pips, and I prefer to wait myself!

I am currently only using my Live account Monarch.

ABORTED!

Unfortunately, my Gbp/Usd Entry Limit Buy Order was structured to take advantage of any dip buy opportunity. The price did rallied nice, but, did not hit my lower trigger price. Forex sometimes is like that.

Now, 1.8600 became key level, since technicals are gradually waking up and maybe preparing to assault 1.8640 level. If this price level is broken, maybe we are entering in an initial trend reversal.

I am still waiting for technical confirmation of this information, if I get confirmation, my next order will be a BUY ORDER AT MARKET PRICE.

I am going to take this one... maybe it is going to be more risky than I would have wanted... so you choose if you follow it:

Entry Limit Buy: 1.8605

Stop: 1.8565

Trailing Stop: 0.0010

Limit: 1.8700

Attention: If you do not have the Automatic Trailing Stop characteristic, BE COMPLETELY SURE when price hits 1.8640 trail your stop to breakeven point.

Active!

Closed!

Profit/Loss: -20 pip

Even though this trade did not close automatically, and technicals indicates still the rally can appear, I decided to close it because it lost 1.8600 support. Due to the riskier rate of this position - as I mentioned before opening it-, I would rather wait for further oportunities.