No Brainer Trades

Currently in usdjpy short...

Hi guys. I am excited. put trade in on eurjpy then went out for dinner, and came home to see it had almost hit target. I think 131 on a drop would be a good place to take another buy. The eurusd has pulled it up and that looks like slipping back a bit again. I might look at a buy on that at 264 if other charts are moving up again, especially pound from 990.

Hi Shermenator. Are you still in your long term trade on usdcad. I have been watching that pair for ages, ever since you were talking about it. I am looking at a buy from 1.2091. What do you think

Shorted AUD/USD from 0.7232. Target 0.7195.

Pound pairs (GU, GJ, GC) have taken out former daily highs, there is clear uptrend on GJ GU daily, I think it's time to look for breakouts on the long side, also for "stacks of bricks", a very visual way of looking at a trend, thanks to BRV:
http://www.nobrainertrades.com/2008/...ng-bricks.html

[quote=fx-junior
I hope you dont mind, but looking at this audusd chart on four hour, the trade you took is in the middle of a high and low area, and what I would call a 50 percent each way bet. I used to do this and found I might just as well have tossed a coin. I now will wait till it is either at the area around one of those two lines before looking at it. This is just my opinion, but hard lessons have taught me to take the further point. In that way if it goes against you there is room to let it go a little and come back. I would like to hear your opinion so please reply if you think I am overly cautious. I have many charts to look at and if you pick the ones that have run the furthest there is more chance of it coming home.Also you are going for way too few pips. If you choose a trade that can run a distance you can at least end up with something.

Sorry, the lines didnt print on chart. 7323, 7055

[quote=Tori;2670362][quote=fx-junior
I hope you dont mind, but looking at this audusd chart on four hour, the trade you took is in the middle of a high and low area, and what I would call a 50 percent each way bet. I used to do this and found I might just as well have tossed a coin. I now will wait till it is either at the area around one of those two lines before looking at it. This is just my opinion, but hard lessons have taught me to take the further point. In that way if it goes against you there is room to let it go a little and come back. I would like to hear...[/quote]

Thanks for your comment!

I have been in business just about 6 months, so I'm not so experienced. Appreciate the comments from more experienced traders!

I know that it's not a major level, but it is only intented to be a scalp with a small stop (20pips). 1H and 15M charts shows the level has given some good reactions. And profit target being almost 40pips the risk/reward isn't so bad. Good profit altough it'd hit just 50% of the time.

how very true! Honestly, junior's m15 chart looks just perfect for a short. However the h1 and h4 charts - so to speak - provide a "cancel" signal. There is a clear uptrend on the h4 chart, a diagonal line fits almost perfectly... That's why it is imperative to have a look at higher TFs before pulling the trigger.

to avoid "gambling in the middle", I always try to identify important turning points, let's call them "A" and "B"... no fixed rule what I'd do at "A" or "B", fade or trade breakout, maybe just sit and watch... but no gambling in the middle.

Hi Fx- Understand the scalping scenario. I learnt to scalp 3 and 4 pips at a time, so know well about in and out in a hurry. So that is good to be able to do, but if you apply that strategy to major levels, then you get the chance to have a good run, or a scalp if that is all there is. Your hit rate will be much higher, especially as you can scalp well. I reckon with how tough this gig can be, that it is best to get as many odds on your side. All I am saying is do the short trades from an area where you could also get a long trade, and you will find life much easier, especially when things get choppy and scalping trades become a trap. I really hope you dont mind the opinion. I guess I paid well to find that out the hard way.

this is looking good for another buy. dropped lower than I expected. will be watching other charts and looking at 214

this is my next line as a possible entry depending on pound and eurjpy which are still droppy. If they all slow down at respective lines I will enter if 5 min chart says fine.

Yep, the high probablity trades are the ones I try to catch, just always don't identify them, lol. But now I have got again something new into my trading toolbox, thanks Tori and spekitox!

Got my 37 pips from AUD/USD, but I'll be more careful next time I take this kind of trades.

took the eurusd trade almost to my line. target 214, then 264, but any profit will do

Now I'm long on GBP/USD. Nice breakout there.

That was a great call on the 3168. I got in at 3173.

TaTa

Forgot bloody news at 1.30. Ah well.................

fx-Junior Now I'm long on GBP/USD. Nice breakout there.


I was hesitant about making a trade after the break, because after the up and back down move I believe the pair usually keeps going down. Did you get in after the break avove? and why? (Just trying to learn.)

US CPI data lowest since 1955. That will test the level.

We did discuss 13168 as a great level the other day but all too often news can interfere with logical PA.

Yes Mr Cabbage. If I had looked at the calendar I would have waited. A lesson learnt. Time for a cuppa.