iandekoker's 5 profit target trades

oh no a loosing trade.....but here is a good lesson to learn

i took this long trade...but didn't draw the trendline before hand...and that was the reason i got stopped out....so next time i will only take the trade once it has broken above the trendline...indicating the uptrend is still in progress

here was a more riskier long trade...it is better to wait until the candlestick closes above the trendline before entering trade....but i took the chance and it paid off...5 pips in dthe bag...lol

One more advantage to going for 5... there's enough noise/fakeout/stop hunting around the trendlines, s/r, pivots etc. to give you your profit!!!

here is a long trade on gbp/usd

yes that is why i love trading eur/usd mostly. Only a 2 pip spread and you only need the market to move 7 pips once you have entered and you can get out with 5 pip profit

here is my first trade for today

2 Trades on cable today with +5 each and 4 trades on euro.

+30 for the day.

I love it!

beautilful.....see how easy it is to some pips

here is my long trade on gbp/usd

here is another long trade on gbp/usd

here is a potensial set up for those traders who wants more than 5 pips. This set up gives you low risk entry points and stop loss points that is well placed.

This is called a fibonacci channel. Most MT4 platforms have these indicator.

All you need to do is find 2 low points and 1 high point. Then you can draw your fib channel.

The 3 lines inside the channel is the 23%, 50%, 61% fib levels.

The theory behind this channel is only to trade long in an uptrending channel and only trade short in a down trending channel

The chart i have posted is a uptrend channel so we only look for long trades.

The beauty of this channel is that if you want to go long in the chart posted you can go long once the price hits the bottom of the channel. Then you put your stop loss a few pips under the channel.

Or

You can go long once the price hits the fib lines. If you wanna go long at the first of the 3 lines which is the 23% level then you can place your stop loss a few pips under the 61%. If the price obeys the fib level then your stop loss wont be hit. If the price doesnt obey the fib levels and your stop loss do get hit then you can try a long trade once the price hits the bottom of the channel.

The fib channel just gives you a better picture of price action. And now you don't have to enter at random prices or put your stop loss at random levels.

Plus

The fib channel gives you excellent profit targets. You set your take profit level at the top of the channel if it is a uptrending channel. and at the bottom is it is a downtrending channel

gimme some feedback if you have tried it

iandekoker,
no way to find the fibo channel.
I have about 10 fibo indis and was looking in the MT4 tools.
No way to find it. Only horizontal fibos here or the fibo fan indi...
Any idea?

Thanks...

Go to "inset" menu. A drop down menu will open and then click on fibonacci. It should be the first option.

Hahaha, needed 3 years with MT4 to find that out.
Thanks mate. It's in Insert->Channels. Seems obvious though!

i dont often trade usd/jpy to get more than 5 pips but i just couldnt let this one slip. Look how the price took off from the bottom on the channel all the way to the top of the channel where i put my take profit target. Nice 44 pip profit.

It was a low risk trade once the price broke up thru the bottom of the channel. For the price to go down it had to break thru the monthly pivot point, the 61% fib retracement level and the M2 support level. So i put my stop loss 10 pips under the M2 support level. The price never came near my stop loss

things dont always work out as you plan. I expected usd/chf to go down after it reached the top of the channel. But it seems to have mind of its own. So let's so how this trade works out. I am short on this trade for the reason that there is a inverse correlation between usd/chf and eur/usd. If the one goes up then the other one goes down.

My stop loss is put 10 pips above the daily pivot cause i know once the price breaks up thru the daily pivot point then we are looking at a long day. However with all FOCM today i dont see this one going up. Besides the long term trend is down.....

if you are wondering where i get my chart formations from it is from Autochartist. If you have a live account with InterbankFX then this service is provided free of charge.

Autochartist send you chart formations every 15 minute, 30 minutes, 60 minutes, 240 minutes depending on your settings.

It does all the hard work for you. Now you dont have to search for chart formations. It gets done for you. It even shows you how strong or weak the trend is, how clear the formation is. Wheter it is continuation or reversal pattern.

As you can see there are lots of ways to trade forex. I like to look at the bigger picture provided by the weekly and daily charts. Then i like to buy dips or sell rallies.

Also i like to see chart formations broken. It gives me good low risk and high reward trades.

Playing the price channels also offer good risk/reward trades.

But most of all i love my ADX to make a quick 5 pips

If your stop was at 47 it came close enough, within 5 pips!

I took the same trade at 23:20 based on S/R bounces and 1H trendline. My stop was at 50 and price got down to 52. Whew. I barely made it but got 20 while I slept....

I think that is one of my problems no matter what trading method I've tried -- stops too close.

Also, take a look at this.

http://www.forexfactory.com/showpost...77&postcount=7

Here is a text book trade on usd/jpy that i took earlier today. I just wanna show you the whole picture

see how price respected the fibo levels and once the price hit the bottom of the channel (which was also 76.4% fib level ) it went up and stopped at the fib extension (123%) which some traders use as take profit target

and who said fibs and channels dont work?lol