GBP/JPY seems to be behaving so far, in at 137.77
Edit: not in yet, waiting for pullback to complete on 15mins...
- #5,345
- Mar 15, 2010 3:46am Mar 15, 2010 3:46am
- Joined Dec 2006 | Status: Trader | 3,852 Posts
Maybe I am stretching the concept of R:R here too much. But I am thinking of entering a trade on gbp/usd on the h1 chart at 61.8% fib retracement. First target next minor S/R level.
Now when I look at my gbp/usd on the h4 time-frame, I see it just bounced off the h4 trendline & 38.2% fib, thus leading to a further swing down. Now I was thinking, why not choosing the second target at 150.0% of the h4 swing.
The combined R:R would be an incredible 46:1. Of course not sure if price will return back to my entry level or respect that entry level. But just the idea of entering at a lower time-frame and basing the target level on a higher time-frame is intriguing me for the obvious reason of this seriously high R:R ratio.
Any comments appreciated. And let's make this a general discussion about entering on lower time-frames after having seen a reaction on a higher time-frame and choosing the second target to be based on the higher time-frame.
Hope you guys understand
Now when I look at my gbp/usd on the h4 time-frame, I see it just bounced off the h4 trendline & 38.2% fib, thus leading to a further swing down. Now I was thinking, why not choosing the second target at 150.0% of the h4 swing.
The combined R:R would be an incredible 46:1. Of course not sure if price will return back to my entry level or respect that entry level. But just the idea of entering at a lower time-frame and basing the target level on a higher time-frame is intriguing me for the obvious reason of this seriously high R:R ratio.
Any comments appreciated. And let's make this a general discussion about entering on lower time-frames after having seen a reaction on a higher time-frame and choosing the second target to be based on the higher time-frame.
Hope you guys understand
- #5,352
- Mar 15, 2010 11:48am Mar 15, 2010 11:48am
Well, i would just set my targets like that if we are at the beginning of a higher time-frame move. Thus the likelihood of getting stopped out is not that high, if price follows through, in my opinion.
Hi Custos,
I understand what you are saying. I have been experimenting with something that I saw on the charts and it appears to be yielding exceptional results / R:R.
Interesting: we all stand in front of the same set of charts and get a slightly different view.
For quite some time now I have been searching at Setups at Day level, including Fib’s, S/R, RN, TL, Confluence as per normal.
Then I noticed that working off that Day TF:
1) With the trend the pair retraces;
2) On the retrace , start hunting for a setup on the smaller TF with TP on higher S/R levels - who was it that drew out your S/R pic so nicely the other day, making it real easy to understand:
a. ie. GBP/USD (demo trade) today:
i. Retest of 1.5200, S/R level
ii. Entry on 61%fib of previous retrace + RN, breaking below Asian low
iii. No b-p-c , entry was at 1.5145
iv. Trade to BE @ +45, currently +145
b. i.e. GBP/JPY (live trade) trade today:
i. Retest of 137.90, S/R level, 50% Fib
ii. Entry below RN, breaking below Asian low
iii. 5min b-p-c , entry was at 137.15
iv. Trade to BE @ +45, currently +105
c. i.e. EUR/AUD (live trade) trade today:
i. Retest of 1.5050, S/R level
ii. Entry below RN & Support @ 1.4990
iii. Chart very wicky/taily for the day – but a good example that it not always go to plan – this trade I will bring to BE soon or close out.
d. More examples are EUR/JPY, GBP/CAD, EUR/CAD etc... Unfortunately I was away most of today, but returned to good results...
This results in less trades, less losses and it seems higher R:R... Patience is my challenge – allowing the trades time to develop.
- #5,358
- Mar 15, 2010 12:55pm Mar 15, 2010 12:55pm
- Joined Dec 2007 | Status: Trading the Trends | 2,584 Posts
Whos driving this boat? Anyone making any money out here...
--NM
--NM
- #5,359
- Mar 15, 2010 1:18pm Mar 15, 2010 1:18pm
Whos driving this boat? Anyone making any money out here...
--NM
What your crew had to endure while you were away - man, we can start scripting a movie: almost had a riot turned mutiny
, then some "windless sailing" and some good days, some brazzz humor
and today the pips were good...
Trust you enjoyed your break...
Now's not the time to show up on your ship Captain!
What your crew had to endure while you were away - man, we can start scripting a movie: almost had a riot turned mutiny
Trust you enjoyed your break...
Hahahaha. I couldnt have said it any better myself. Welcome back, nightmoves.