Well, anyone who took the euro trade is get well paid now, and its bound to run the round number of 1.2500 tonight which will take us to our first profit target.
Attached Image (click to enlarge)
I called this trade because the S/R level of 1.2660 and the fib level of 38.2% were within a couple pips of each other. Price was exhausted after a hard run up and due for a turn. I put the most emphasis on the clearest pivot. If you are refering to actual pivots and not J16 PZs, I prefer the monthly then the weekly. Daily better have some other good reasons.
There are 7 majors to choose from as well as the EURGBP and the EURJPY, so there are more than enough opportunities if you are patient. I get about 2 or 3 a week on higher time frames, and some nice scalps as well. The best setups come on retracements after a hard obvious trend. People are itching to get in and S/R is very clear. I usually will have my entry a couple pips ahead of the level closest to current price with a stop 20-40 pips away on the other side, depending on the time frame. If the confluence is too spread out, I will pass or look for pin bars, inside bars or engulfing bars to trade. But I prefer it when it is absolutely clear to everyone in the market.
If you're nimble you can daytrade these on 1 hour and 15 minute timeframes ONLY if it is trending hard. Whatever was hot in the US session would usually be a good S/R trade in London, because EYES are on it. Eyes, eyes, eyes. Eyes move money, money moves market, period.
Here's what I did to get good at this. Go to Steve (BRV)'s free website at www.nobrainertrades.com and download all 58 of his charts and review them over and over until they are burned into your brain. You will begin to understand how it works, and with practice, you can gain a ridiculously accurate win percentage, even daytrading. This, by the way, is one of the FEW ways, and by far the easiest, to scalp forex. I can snipe 10 and 20 pip winners all day with this method.
Lucky you, you're on the right track and hopefully you didn't drop a lot of money learning the hard way like I did.
There are 7 majors to choose from as well as the EURGBP and the EURJPY, so there are more than enough opportunities if you are patient. I get about 2 or 3 a week on higher time frames, and some nice scalps as well. The best setups come on retracements after a hard obvious trend. People are itching to get in and S/R is very clear. I usually will have my entry a couple pips ahead of the level closest to current price with a stop 20-40 pips away on the other side, depending on the time frame. If the confluence is too spread out, I will pass or look for pin bars, inside bars or engulfing bars to trade. But I prefer it when it is absolutely clear to everyone in the market.
If you're nimble you can daytrade these on 1 hour and 15 minute timeframes ONLY if it is trending hard. Whatever was hot in the US session would usually be a good S/R trade in London, because EYES are on it. Eyes, eyes, eyes. Eyes move money, money moves market, period.
Here's what I did to get good at this. Go to Steve (BRV)'s free website at www.nobrainertrades.com and download all 58 of his charts and review them over and over until they are burned into your brain. You will begin to understand how it works, and with practice, you can gain a ridiculously accurate win percentage, even daytrading. This, by the way, is one of the FEW ways, and by far the easiest, to scalp forex. I can snipe 10 and 20 pip winners all day with this method.
Lucky you, you're on the right track and hopefully you didn't drop a lot of money learning the hard way like I did.
- #27
- Mar 4, 2009 9:53pm Mar 4, 2009 9:53pm
You said you won't post your exits, but if you could, what are your guidelines regarding them?
I'm working through BRV's (almost like SRV) stuff right now, interested in your take. I know the exits can be at the next S or R but that's still a bit out of my reach for me so I just go with three times my risk for now, if there's room. What do you do?
I'm working through BRV's (almost like SRV
) stuff right now, interested in your take. I know the exits can be at the next S or R but that's still a bit out of my reach for me so I just go with three times my risk for now, if there's room. What do you do?
You said you won't post your exits, but if you could, what are your guidelines regarding them?
I'm working through BRV's (almost like SRV
For exits, I need room for the trade to run at least 1.5 times my stop. I really prefer 2:1 or higher, and maybe if I retire someday I'll be that picky, but you can maintain an edge with lower RR it just isn't as robust. So I'll usually look to exit 10 or 15 pips in front of opposing 4 hr S/R (adjusted to time frames) The higher the time frame, the better the reward risk ratio. If its a very tight, stiff level, you can have a tight stop and really ramp up your RR. Those are my favorite trades.
- #36
- May 3, 2009 11:54pm May 3, 2009 11:54pm
- Joined Oct 2007 | Status: follow momentum. | 1,202 Posts
I appreciate that H.. I'll be keeping an eye out. Right now if you will look at the aud/cad we have some pretty good confluence there.On the 4 he chart you have 2 tweezer tops-08699 monthly pivot -50% fib- round numebr 8700 -daily chart you have possibly a false break of the previous candle. My limit order is at 8700 with a stop at 0.8750 . Will see how it goes
Tex
Tex