The Jail Break System | Page 358 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Break Out + Pull Back & Pure Break Outs 59 replies

BB break + trendline break 24 replies

Looking for L > Break High Break Low Indicator 1 reply

A break below - A Break Above Question 1 reply

Attachments: The Jail Break System
Exit Attachments

The Jail Break System

  • #7,141
  • Feb 27, 2020 8:01am Feb 27, 2020 8:01am
Quoting billytt
{quote} Hi P, hope you are well...... looking forward to some interesting info off you.
Good morning Billy.

I'm stuck again, USD/CAD is now a runaway train.

I just got filled on my sell with GBP/USD.

Will see how that goes.

I'm thinking about buying NZD/USD, I'm going to post a chart of it shortly.
Patience, let the trade come to you.
  • #7,142
  • Feb 27, 2020 8:07am Feb 27, 2020 8:07am
NZD/USD possible reversal.

I'm not entirely convinced that this pair has reversed.

I'm going to keep watching it.
Attached Image (click to enlarge)
Click to Enlarge Name: nzdusdi-d1-tw-corp-n-u.png Size: 52 KB
Patience, let the trade come to you.
  • #7,143
  • Feb 27, 2020 8:15am Feb 27, 2020 8:15am
Quoting prozor7
GBPNZD price hit 2.06060 that should be top of the Jail, breaking 2.05676 we could see some actions down to 2.03602 {image}
Quoting prozor7
{quote} GBPNZD - update TP 2.03602 {image}
Quoting prozor7
GBPNZD - update close short @ 2.04200 GBP is overstretched (sell) possible pullback to 2.05041 price should not break above line to continue down move {image}
let me explain why I close GBPNZD @ 2.04200 instead @ 2.03602 as it was my plan:

when I receive alarm symbol is "Overstretched" like in case GBPNZD it means that in 75% cases we have pullback.
in that moment GBPNZD was @ 2.04128 daily support line.
I trust my calculations and I didn't want to wait for potential pullback to 2.05041 losing 80 pips

look @ charts that I post and you will see

Edit:
in case EURCAD alarm was before resistance lines @ 1.46426 and we have room to hit target @ 1.46524 - 1.46663
Forex can only be understood backwards, but it must be traded forwards.
  • #7,144
  • Feb 27, 2020 8:18am Feb 27, 2020 8:18am
Quoting PokerChip
{quote} I'm stuck in USD/CAD, probably won't start dropping until next week.
USDCAD should find resistance on weekly @ 1.33798
Attached Image
Forex can only be understood backwards, but it must be traded forwards.
  • #7,145
  • Feb 27, 2020 8:29am Feb 27, 2020 8:29am
Quoting PokerChip
NZD/USD possible reversal. I'm not entirely convinced that this pair has reversed. I'm going to keep watching it. {image}
Quoting prozor7
{quote} NZDUSD - update TP 63.443 {image}
NZDUSD - update
if price reversal it should be @ 0.63443
Attached Image

NZD is in buy mode so far it find support @ 0.63212 there is day resistance @ 0.63288
Attached Image
Forex can only be understood backwards, but it must be traded forwards.
  • #7,146
  • Feb 27, 2020 8:38am Feb 27, 2020 8:38am
Quoting PokerChip
{quote} Good morning Billy. I'm stuck again, USD/CAD is now a runaway train. I just got filled on my sell with GBP/USD. Will see how that goes. I'm thinking about buying NZD/USD, I'm going to post a chart of it shortly.
Hi P, I wish I could help.
I have lines and a daily range,,,
I suppose I could incorporate an area where price might move. actually years ago I did look for areas .
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #7,147
  • Feb 27, 2020 8:40am Feb 27, 2020 8:40am
Quoting prozor7
{quote} USDCAD should find resistance on weekly @ 1.33798 {image}
The market maker has a lot of sellers trapped in those last 2 daily candles.

It's going to be awhile before it moves back down.

This is the first time of being stuck this month.

That's why I preach always have a big margin.
Patience, let the trade come to you.
  • #7,148
  • Feb 27, 2020 8:47am Feb 27, 2020 8:47am
Quoting PokerChip
{quote}.... That's why I preach always have a big margin.
that should be "Holy Scripture" for every trader
Forex can only be understood backwards, but it must be traded forwards.
  • #7,149
  • Feb 27, 2020 9:25am Feb 27, 2020 9:25am
Quoting prozor7
{quote} that should be "Holy Scripture" for every trader
The Fox business news is saying the Federal Reserve is going to cut rates.

If they do, it might start to have a impact on US currency soon.
Patience, let the trade come to you.
  • #7,150
  • Feb 27, 2020 9:32am Feb 27, 2020 9:32am
I'm trying to get my sell ordered filled at 1.29000 for GBP/USD
Patience, let the trade come to you.
  • #7,151
  • Feb 27, 2020 9:37am Feb 27, 2020 9:37am
Quoting PokerChip
{quote} The Fox business news is saying the Federal Reserve is going to cut rates. If they do, it might start to have a impact on US currency soon.
US rates schedule should be Mar. 18. is this correct?
Forex can only be understood backwards, but it must be traded forwards.
  • #7,152
  • Feb 27, 2020 9:53am Feb 27, 2020 9:53am
VIX is fliying + 31.79% wow
this behavior reminds me to 2008
Attached Image
Forex can only be understood backwards, but it must be traded forwards.
  • #7,153
  • Feb 27, 2020 10:05am Feb 27, 2020 10:05am
Quoting prozor7
{quote} US rates schedule should be Mar. 18. is this correct?
I don't have a clue.
Patience, let the trade come to you.
  • #7,154
  • Feb 27, 2020 10:07am Feb 27, 2020 10:07am
Quoting prozor7
VIX is fliying + 31.79% wow this behavior reminds me to 2008 {image}
Nice chart, I think the Dow Jones starts moving back up by next week some time.

A lot of over sold stocks right now.
Patience, let the trade come to you.
  • #7,155
  • Feb 27, 2020 11:02am Feb 27, 2020 11:02am
Quoting PokerChip
{quote} I don't have a clue.
rates schedule March, 18.
Attached Image (click to enlarge)
Click to Enlarge Name: rates.png Size: 54 KB
Forex can only be understood backwards, but it must be traded forwards.
  • #7,156
  • Feb 27, 2020 11:50am Feb 27, 2020 11:50am
Quoting prozor7
{quote} rates schedule March, 18. {image}
Okay thanks for the information and post.
Patience, let the trade come to you.
  • #7,157
  • Feb 27, 2020 12:11pm Feb 27, 2020 12:11pm
Quoting PokerChip
{quote} The market maker has a lot of sellers trapped in those last 2 daily candles. It's going to be awhile before it moves back down. This is the first time of being stuck this month. That's why I preach always have a big margin.
Trapping is what USDCAD does best, maybe 1.3420 could be a take profit area and we could start to see an ease off?

Just out of interest I reversed a chart on 4 hour so the sellers become the buyers of CADUSD. The GAP trades that short sellers still fall for... including the big bearish engulfing was actually the signal to buy.

Thought it might be interesting to you as I trade in a similar way but normally INSIDE of your jail.... so I see the world from behind the bars i guess!

USDCAD normal

Attached Image (click to enlarge)
Click to Enlarge Name: InkedUSDCADH4right way_LI.jpg Size: 465 KB


USDCAD reverse or "CADUSD"

Attached Image (click to enlarge)
Click to Enlarge Name: InkedUSDCADH4reverse_LI.jpg Size: 454 KB


Ha! What is up is not always down and vice versa...
Private Msgs are turned off to weirdos, loafs and brain drainers
  • #7,158
  • Feb 27, 2020 12:29pm Feb 27, 2020 12:29pm
Quoting BeyondTheSea
{quote} Trapping is what USDCAD does best, maybe 1.3420 could be a take profit area and we could start to see an ease off? Just out of interest I reversed a chart on 4 hour so the sellers become the buyers of CADUSD. The GAP trades that short sellers still fall for... including the big bearish engulfing was actually the signal to buy. Thought it might be interesting to you as I trade in a similar way but normally INSIDE of your jail.... so I see the world from behind the bars i guess! USDCAD normal {image} USDCAD reverse or "CADUSD" {image} Ha!...
That is interesting.

I almost made it through the month without getting trapped, ha.

I do like to trade inside the blue jail box myself.

My weakness is that I stay in trades to long.

I try stretch my profits, pure greed is my problem.

It's very hard to close a trade when I'm up.
Patience, let the trade come to you.
  • #7,159
  • Feb 27, 2020 1:29pm Feb 27, 2020 1:29pm
Quoting PokerChip
{quote} That is interesting. I almost made it through the month without getting trapped, ha. I do like to trade inside the blue jail box myself. My weakness is that I stay in trades to long. I try stretch my profits, pure greed is my problem. It's very hard to close a trade when I'm up.
I had exactly the same problem, always swinging to hit it out of the park.

On my long term trades I take profit at the next obvious level and move on. I said to myself last year, do this 50 trades in a row without fail or quit trading. Once it stuck I have been consistently profitable ever since. Intraday I chase the range to the levels like billy does, the add ons make it interesting too.

Also on USDCAD it took me out of the market for nearly a month last year and my broker charges swap on both sides. Now if I’m planning a long term trade I’m careful to choose a positive swap and get paid for holding in drawdown. What I’ve noticed when you plan your exits is you can often just reverse with the market when it comes back to your exit. I did it recently both ways on the big EUR move but left quite a bit on the table and still with big profits.
Private Msgs are turned off to weirdos, loafs and brain drainers
  • #7,160
  • Feb 27, 2020 2:54pm Feb 27, 2020 2:54pm
Quoting BeyondTheSea
{quote} I had exactly the same problem, always swinging to hit it out of the park. On my long term trades I take profit at the next obvious level and move on. I said to myself last year, do this 50 trades in a row without fail or quit trading. Once it stuck I have been consistently profitable ever since. Intraday I chase the range to the levels like billy does, the add ons make it interesting too. Also on USDCAD it took me out of the market for nearly a month last year and my broker charges swap on both sides. Now if I’m planning a long term trade...
I have to re-teach myself to take a profit and then wait for a setup.

I hate being stuck in a trade, there is no excuse for it.

Every time I get stuck I say the same thing, I'm never doing that again.

And here I am again stuck again for being to greedy.

Insanity is doing the same thing over and over and expecting a different result.

This is a crazy business, ha.
Patience, let the trade come to you.
29 traders viewing now