My journal, basic support and resistance makes you wealthy..

Trade #1

EUR/GBP

Short if candle closes below blue trendline (H1)
Stop @ 0.7990
Limit @ Green trendline (H4)

Trade #1
opened @ 0.7922
stop @ 0.7982
limit @ 0.7862

Update:
29/9/08
Stop hit @ 0.7982

I'm working on GBPUSD. I'm waiting for the candle pattern to form a reversal confirmation. On some views it could be a counter trend trade. However, it won't risk you so much as the stop will be tight. And I will give more space for the limit if price goes on my way. I expect it can go for 1:2 risk to reward at least. I will update more about this trade soon.

GBPUSD is showing early reversal pattern now. Well, it's a bit tough here, I was expecting it will first drop at least to 1.7730's area before looking for reversal trading. I will wait for tomorrow european session though. It's a bit tricky in Asian session when volume is relatively small, and could bring me to uncertain price movement.

However, here is the idea. I'll be placing my stop 20pips below recent low. And will put my limit at the upper channel or around yesterday low @ 1.7950
**I will post the update as I enter the trade**

Trade #2 *Updated*

I'm waiting for H1 current candle to print a bullish candle. It's gonna be my entry point. And stop will be placed below 1.7730's area, @1.7710. My first target profit @ fibo 38.2(1.8100), second @ 61.8(1.8300). After price hit 23.6 I will move my stop to break even.

Happy Trading!!

Trade #2 *Updated*

As the GBPUSD is still consolidating. I draw this range box to be triggered by the price. I will long GBPUSD if the candle closes above the box in 15M time frame. With the same target profit. The stop will be 130-150pips below the entry price.

Trade #2 *updated*

I've just been to school, when I came back the candle already broke the bottom of the box which cancel this trade. I will look for another setup.

i like your chart clear and unclutterd, i trade the smae way, supprot and resistance. All the best

You can share yours here if you would like to. You're more than welcome.

I don't feel like shorting GBPUSD though it looks like to start trending down. Thus, I will go long on this pair if candle on M30 closes above the blue entry line. And Stop will be place 20pips below the recent low. Limit will be put on the green line.

1.0805 (17 Sept's high) provides strong resistance and it is divergence.

Sell USDCAD @1.0789
Stop @1.0839
Move to break even if price reaches 1.0725, put limit at the bottom channel.

Trade was not opened.
However,, this is the chart. Not so bad, is it??

Well... it get stopped out @1.0839.

I think the down trend might have ended, i will only look for long opportunity because the price is now at the monthly trend line, and the Saturday close is higher than the Friday closed. Also the down trend line has been broken on the 4hrs chart. so i will enter long
chart is below

long GBPUSD 3 contracts, i will exit 2 at the first line of resistance, if i sense a rejection around that level i will exit all trades.

exited all trades

I like your ideas anyway,, but I think for time like this we should wait for the price to break out the trendline. Entering the trade based on candle pattern could lead to several false entry signal. I don't feel like shorting pound dollar as well. So, here is my chart, and I will go long if price closes above the blue trendline, and targeting the green trendline.

Well, this what I have in my chart. I am looking to buy if candle closes above the upper channel. And will short this pair if candle closes below the redline. Will update soon.

What happened to your system? Looks like it needs work.

I no longer put trade on this journal. I have my own site.
www.miketradingjournal.blogspot.com

Thanks a lot for your attention CTGUY!!