Scalping the pip out of it

Hey Jonathan - what do you think about the GBPUSD right now? It's had divergence and has what I think is a head and shoulders pattern and recently broke the trendline. If I do short not sure right now when to get in. Here is the chart:

http://i382.photobucket.com/albums/o...UNE72010NY.jpg

Here is a good confluence... There is a huge swing low on the 1 hr chart right at price action... Not quite to the fib level but I got in.

I am in short at 109.81 Stop 110.00 Target 109.50( I apologize, I mean to have it 109.54 where my fib level was. )

Lets see what happens

PhoenixForex

I wanted to quickly touch on exiting trades. There is a lot of criteria for entering trades but there doesnt seem to be as much on exiting trades.

This can be a big problem. For instance, this trade. This was in the direction of market flow on the 1hr chart but I was still considering it counter trend.


Stoch is was low and crossed up on the hourly, and for this I made sure to be clear about getting out at my target fib level.

Look what would have happened if we had waited

PhoenixForex

Hello all... I want to share with you my videos documenting some of my trades.
My web address is http://phoenixforex.org/index.php/blog/

I am in the process of putting up the video of the Eur/Jpy trade that I took today.

If you have any questions or comments please feel free to contact me

Good trading and Good Fortune

PhoenixForexhttp://www.phoenixforex.org

Here is another one. Fib at the 200ema with stochs overbought.

I think that there is some more than normal buying here but I still like the double top at the safest fib.....

Lets see how this one plays out!

25 pips

Hi Jonathan - it is 12:30 pm NY right now. Here is a chart of the eurjpy. Do you think it is ready for a long?

http://i382.photobucket.com/albums/o...UNE92010NY.jpg

Guess it's not going up - just closed below s and r line so it's falling.

Not that it matters now but I meant 12:30 pm NY session Mountain time.

Hi Jonathan - what do you think of a close below this channel for a short?

http://i382.photobucket.com/albums/o...EFOREASIAN.jpg

I think that was a good looking trade. I actually took a video capture of it, only got like 15 pips but I was liking the way that it looked. Guess there was more pressure that needed to sell off first

I dont trade channel breakouts so I am not really familliar with how sound the idea is but I do like the overall 50% fib from the last two day run up.

I am actually long EU from 1.1973 witha stop below1.1960

Hey Jonathan I did a fibo trade today on eurjpy for about 80 pips. I drew a fibo from the London move then another on top of that fibo from the last swoon up and the 50% and 78% fibo were on top of each other and also that was a pretty valid s and r line from before so I went long down there and a few minutes ago it took me out for about 80 pips:

http://i382.photobucket.com/albums/o...0NYSESSION.jpg

Seriously that is a great move. It is so good to see someone banking 80 on a trade.... This is how to do it!

Good look on previous S&R stoch and fib!

You obviously understand the value of confluence, Now if we can get some more people here trading confluence...

Good to hear

PhoenixForex

I am posting some more screenshots of what I am seeing. I am just getting back into trading after a long hyatis and I am interested in sharing some of my thoughts. If you have any thoughts of your own please share


We have price collapse coming back to the 200EMA and a fib level overlapping. Great place to get in and ride a little bump. The GY is a little reckless so you need a little bigger stop. I am medium term short on the GY but I think we will get a little bounce here. The stochs are oversold on the 5 and 15 minute charts. Hope it gets a 25 pip bounce!!! Lets see...

It did get a decent bounce. Exited before the 50% fib. Not bad for a counter trend trade. Now I will probably be looking for a continuation...

Got in short on this again. Price action came back up to the 50 EMA on the 15 minute chart. Stochs overbought on 5 and 15. My overall bias is short on yen crosses, so I need less indicators to get in the direction of the trend.

Got a decent drop. About 20 pips on the EY. I am expecting to get in with a breakeven stoploss and hold this position with any other yen cross shorts for the next few days. Hopefully price action will break to a new swing low and I can relax.

So we have a broken swing low. The grey tag is my stop loss for my additional short. Because all my positions are short they average down, but I pust a conditional stop buy for the amount of the recent short to effectively stop out the recent short trade at break even. Hopefully we will see more downward pressure off the higher timeframes.

I am picking up a short on the USD/CAD. Hits at a 74% fib and its topped out on stochs and rsi. We will see if this one just blows through or not. I have about a 25 pip stop loss on this one.

In the time it took me to create this post it has turned agaisnt me by about 10 pips. I will average down if it hits the previous high. if it continues I will have to let it go.

So price did not go high enough for me to average down on it. I am still at my original entry, but it looks like price did get caught from continuing through. I am changing my outlook, If price gives me a small move down I will get out. As price becomes congested I am having to change my stops and limits. It feels like if price breaks higher than previous high, then I will have to cover. If price comes back to positive I will cover as well. Price action has stayed above the 21 moving average and it seems like it will break to the upside. I am going to make the market prove it to me.