AUDJPY appears to be a strong upside reversal candidate...actually reversal has been in progress for some days no...and right now price is holding above the support level
There are two set of questions here. They are written on the charts. The second question deals with the issue of consolidation right infront of your S/R level for entry within +/- 20pips...because breakout of from that consolidation may blast past your entry just enough to trigger your SL before reversing...i am curious about how you address this potential problem. Do you have a designated wide berth or breathing space between any consolidation formation and your entry? A certain minimum pips requirement? Anyways, attached are the charts/question.
AUDJPY appears to be a strong upside reversal candidate...actually reversal has been in progress for some days no...and right now price is holding above the support level
My trade here, short AUD/USD, resulted in a loss of -30 pips. Entry was at 1.8740. Looked like a sensible trade. Oh well, no man can capture all the fluctuations.
I have to cancel the LOB setup in EUR/CAD due to indecisive, multiple dojis. LOB are momentum rush breakout...not this kind of indecisiveness. GBP news in 30 minutes or so. Besides, the strong S/R level of 1.4750 is waiting. I am letting this one go.
There are two set of questions here. They are written on the charts. The second question deals with the issue of consolidation right infront of your S/R level for entry within +/- 20pips...because breakout of from that consolidation may blast past your entry just enough to trigger your SL before reversing...i am curious about how you address this potential problem. Do you have a designated wide berth or breathing space between any consolidation formation and your entry? A certain minimum pips requirement? Anyways, attached are the charts/question....
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In general, if I have multiple levels, I will always take the highest/lowest one which is further away from price than the others. So here, SGD/JPY, would be 63.85. Better not participating in a trade at all, than losing on one.
Yes, I do worry about price consolidation, and right before price goes back down into price consolidation I take off 50% of my trade, that's normally anything between 20 to 40 pips, and put my stop to b/e.
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Joined Jun 2009
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Status: There is no "cause" of anything
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[quote=EntropyLad;3449753]I have to cancel the LOB setup in EUR/CAD due to indecisive, multiple dojis. LOB are momentum rush breakout...not this kind of indecisiveness. GBP news in 30 minutes or so. Besides, the strong S/R level of 1.4750 is waiting. I am letting this one go.
Hi Entropy
I agree, the news is way too close and the momentum just not there
In general, if I have multiple levels, I will always take the highest/lowest one which is further away from price than the others. So here, SGD/JPY, would be 63.85. Better not participating in a trade at all, than losing on one.
Yes, I do worry about price consolidation, and right before price goes back down into price consolidation I take off 50% of my trade, that's normally anything between 20 to 40 pips, and put my stop to b/e.
hope that answers your questions.
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Yeah, by inference, then consolidation should not be any more than +/- 20 pips from expected entry point because we plan on exiting 20 pips as soon as feasible. Got it. On the highest vs lowest, opting for 63.85. Cool. That is my inclination too...always err on the side of caution.
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Hi Entropy
I agree, the news is way too close and the momentum just not there
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Yeah. Annoying. Most of them broke out at 6:45 am(eur/jpy, eur/usd, eur/gbp). I am sure you've probably noticed this too...the 6:45am breakouts...that sometimes happen. Only the eur/cad waited till 7am to breakout..then...just...died. No momentum. Anyways, rules are rules. Tomorrow is another day. The 6:45am rush was also what triggered my SL in AUD/USD short. Oh well.
For me the eur/cad is in a downtrend, I would not bet against that trend in the moment since it's also near the down trendline.
At least my opinion
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yeah, i know, but LOB are like quickies.....if i am trading a typical 1, 2,. 3 formation..i wont go even think of going long with EUR/CAD...but this is the LOB...when they breakout, they breakout.
My trade here, short AUD/USD, resulted in a loss of -30 pips. Entry was at 1.8740. Looked like a sensible trade. Oh well, no man can capture all the fluctuations.
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you could have entered when price reached the lows of the last swing, coinciding with 61.8% fib and the test of the retracement trendline...
Just something to think of. I didn't take it since I slept, just something I noticed right now.
you could have entered when price reached the lows of the last swing, coinciding with 61.8% fib and the test of the retracement trendline...
Just something to think of. I didn't take it since I slept, just something I noticed right now.
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Yes, i could have re-entered at that price point. MY SL was triggered during frankfurst open. We have USD news coming up(trade balance today)...1:30pm london time......
Anyways, thanks for the thought....what is done is done, i guess.
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Joined Jun 2009
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Status: There is no "cause" of anything
|442 Posts
Germany bailing out Greece?
"Talk that Germany is looking to bailout Greece helped spur the Euro higher against other major currencies, bouncing off eight month lows. Having been hit hard over the past couple of weeks, a possible bailout has helped raise confidence in the 16 state currency. If approved, this will be the first rescue in the 11 year history of the single currency. The school of thought is that an announcement may be made on Thursday when leaders are scheduled to meet"
Yes, i could have re-entered at that price point. MY SL was triggered during frankfurst open. We have USD news coming up(trade balance today)...1:30pm london time......
Anyways, thanks for the thought....what is done is done, i guess.
IF you use USD est time. JPY holidays is all day today(WEDNESDAY).
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Good so you also see the JPY as no-go today... Was getting a bit worried...
