Up and under price pattern

eurgpb

Woke up to 7R on this trade this morning and have taken profits. I believe this will move lower still however i have just been triggered into a USDCHF short position and do not want to take on 2x risk on CHF pairs. Also my EURUSD level from yesterday has just been triggered from yesterday however again I have withdrawn my order as i now have a position USDCHF (inversely correlated with EURUSD) and i feel this is the better option today. Good luck all!

euro was good but i didnt take it because there was a sudden move due to the French news. Just wanted to ask do you guys ignore news and put on limits?

Hi Croc,
How to trade around the news is a very common topic in trading and one that you need to have a plan for. Personally, I try and think logically about the risk I'm taking in regards to my position and the news event. I wouldn't say that I ignore the news as such but am more just 'aware' of when it is being released. I think the market will often move in it's intended direction regardless of the outcome of specific news events. How often do you see a 'bad' figure come out, only for the currency in question to strengthen? The answer... all the time. Look at my AUDCHF trade this morning, Great AUD employment figures only for the Aussie to be hammered lower. F
A question to ask yourself would be:
What impact is this news going to have on the market? The French PMI figures in my opinion will have minimal impact on the market and as such I would disregard this news. On the other hand I wont be entering a new position close to a bank's interest rate decision.

Example: Price is 10 pips away from my entry on USDCAD and we have the fed talking in an hour. What do i do? I dont take the trade, the risk of price moving much more than 10 pips at this point is very high on such a high impact news event.
Example 2: Price is 10 pips away from my entry on USDCAD and we have CAD manufacturing sales coming up in an hour. What do i do? I leave my entry in place. Why? Well this news isn't going to rock the market very much at all.

Stay out the way of Bank reports, press conferences, monetary policy statements.
In summary, gauge your risk. Are you up 4R on a trade and a big news event is upcoming? If so, take your profits ahead of it...
Are you at breakeven on a trade with big news upcoming? Personally i would get out of the trade unless i had high conviction in my thesis.
I am currently 1.5R up on my USDCHF trade, the ECB press conference coming up at 13:30GMT, what do i do? Well i have already accepted my risk and i am happy to hold through it, I will move to breakeven to hopefully prevent any losses however i have high conviction in my trade idea of USDCHF moving lower today after yesterdays daily candle, an excellent area to get in short (that i have been triggered in). Will be keeping an eye on this trade and the EUR up until the presser but things normally slow down in the build up to these events.
If in doubt, get out...

UJ H1 about 21 pips at the high as stop. Let's see.

[quote = CrocodileRex; 11920987] UJ H1 около 21 пипса на максимуме в качестве стопа. Посмотрим. {} Изображение [/ цитата]
Hi.

Not visible on the EURUSD but the DXY chart is confirming USD weakness across the board. Again i see this as a very clean example of the pattern, no chopping around at the level in question, no question of it breaking the lows. There is no uncertainty in my mind that it qualifies as a good setup and i have no hesitation in taking this trade if it occurs. Win or lose I'm happy with it.

"xample: Price is 10 pips away from my entry on USDCAD and we have the fed talking in an hour. What do i do? I dont take the trade, the risk of price moving much more than 10 pips at this point is very high on such a high impact news event.
Example 2: Price is 10 pips away from my entry on USDCAD and we have CAD manufacturing sales coming up in an hour. What do i do? I leave my entry in place. Why? Well this news isn't going to rock the market very much at all." My thoughts pretty much the same

perfect entry CREX on the USDJPY Still in

pendings on NZDUSD AUSUSD EURJPY

Staffry nice!

EC H1 50 pips

EJ H1 18 pips, not very clear but it's valid for me, lets see if it triggers

Still holding this but will likely be out before the weekend as i prefer not to hold over the weekend.

EC H1 44 pips triggered. let's see.

You don´t need widen your SL to the absolute swing high ;-)

That's a good suggestion but the stop seems too little, it was about 8-10 pips. I think it's quite risky for a volatile pair like EC but that's just my opinion.

Yea it would be 2:1 already if I set stop at nearest high

Yes but if you look the price had react on each support level before so the last set of orders was this little spike :-)

Do you draw the lines manually.

How many signals does one pair get per day.

Depends on your timeframe. There is no guaranteed amount of trades per day. Yesterday i had 2 setups that didnt trigger, today i am looking at about 6 or 7 potential setups.

Hi.