Swing Trading Ideas

Today I pareticularly like the EURAUD, if you take a look at the daily chart, you'll see that it broke through an importante resistance level (1.3660) and it is heading up and its likely to reach the next LT resistance level around 1.4129.

This is what the short term chart looks like:

http://www.straightforex.com/forex_b...01/euraud9.png

If I see a significant pattern around the green ST support level, I'll definitely go long.

Trade Safe!

Earlier this morning I was waiting for the EURCAD to break the short term range, I need it in order to start looking for a trade opportunity and guess what? It already happened, the EURCAD is currently trading at 1.3745, the ST resistance level was at 1.3691. So as long as the EURCAD trades above 1.3691 I’ll be looking for long opportunities:

http://www.straightforex.com/forex_b...d4-300x192.png

The next LT resistance level is at 1.4100 (more than 300 pips away from where it is currently trading), so we have plenty of room to get a good risk-reward ratio here.

What do you think?

The GBPUSD traded in a short term range for about 8 or 9 days, but earlier today it broke through the upper resistance triggering a bullish market condition:

http://www.straightforex.com/forex_b.../gbpusd371.png

I had a long signal earlier today, here are the details:

Entry: 1.6108
SL: 1.6071
TP: 1.6266

I’m risking 37 pips por the possibility to get 158, good deal ha? 4.27:1.

Trade Safe!

I’ve been monitoring the AUDCAD since yesterday because it is trading in a very clear bullish market condition, it broke through an important ST resistance level, triggering its bullish condition. The next LT resistance level is at 1.6296:

http://www.straightforex.com/forex_b...02/audcad7.png

Earlier today I got a long signal, here are the details:

Entry: 0.9968
SL: 0.9927
TP: 1.0148

This is a 4.4:1 risk-reward ratio trade.

We’ll see what happens.

Not many traders venture to trade in the EURCAD... Let me tell you something, would you trade something that doesn’t have a clear market condition? I know for sure that I wouldn’t, that’s the reason I don’t stick only to a few currency pairs, I do analyze many of them and trade only the ones that have a clear market condition.

In this case, I think the EURCAD has a very clear market condition because it broke through an important ST support level and the next LT support (where the TP orders are set) level is at 1.3211... So we have plenty of room to get a good risk reward ration on our trade:

http://www.straightforex.com/forex_b...02/eurcad5.png

GBPUSD Trade update: already hit my TP order
AUDCAD Trade update: +67 pips

Trade Safe!

Last week the EURAUD, was rejected from an important resistance level and reached the main LT support level, it traded for about a day in a small range around the LT support level and earlier this morning it broke through the ST resistance level, triggering a bullish market condition. It retraced back to the ST main support level and formed a significant pattern with upward pressure just at an important level:

http://www.straightforex.com/forex_b...2/euraud10.png

My order hasn’t been triggered yet, here are the details about it:

Entry: 1.6450
SL: 1.3403
TP: 1.3721

Trade Safe!

Raul Lopez

EURAUD Trade UPDATE: +120 pips, SL around BE (-5 pips)

Do you venture yourself to trade crosses?

Let me tell you something, I like to trade what looks good and clear (only major crosses).

Right now for instance, we dont have many opportunities in the majors, most of them are trading at an important level and its not clear whether they are going to bounce back or break through that level. So its best to trade. But take a look at the CADCHF, it is clear that in the daily charts it is trading in a well defined range, and in this is the short term chart:

http://www.straightforex.com/forex_b.../02/cadchf.png

It is just trading at a place where we could get our signal! We’ll see if we get it

Trade Safe!

Earlier today the GBP interest rate was released, even though there was no change on interest rates, the market reacted to the announcement and got things moving. One of the currency crosses that benefited from fundamental announcement was the GBPCHF.

The GBPCHF was trading at an important level in a short term range, but a few hours ago, the market broke through the ST resistance level triggering a bullish market condition:

http://www.straightforex.com/forex_b...28-300x248.png

What is most interesting about the GBPCHF is that the next LT resistance level is at 1.5921, around 360 pips from where the market is currently trading at.

Today, this is one of pairs that I like the most, I’ll be watching it...

Trade Safe!

The idea of these posts is to help you take advantage of the swings of the market. The market tends to move in swings, from one important level to the other, back and forth (yes, there are times that the market retraces from unexpected levels, this is the reason I protect myself always using large risk reward ratios).

In this trade, I’m using 6.3:1, I’m only risking 1% of my account for the possibility to get 6.3%

Yesterday I posted about the bullish condition of the GBPCHF, it broke through a ST resistance level triggering a bearish market condition. After such breakout, the market traded in a short term range. Now we got a significant pattern with upward pressure around the ST support level:

http://www.straightforex.com/forex_b...29-300x279.png

Here are the details of my order:

Entry order: 1.5565
SL: 1.5513
TP: 1.5890

The market its about to close operations, will see if the market moves in my favor before it closes.

Trade Safe and have a good weekend!

Last week I entered a trade in the GBPCHF but had to close it because the market was about to close and I didn’t have an amount of pips in my favor to leave it open over the weekend!

The good thing about this is that I just got a new signal to go long again in the GBPCHF, its ok because we are still in a bullish market condition and long opportunities are in play:

http://www.straightforex.com/ff/gbpchf30.png

Here are the details:

Entry: 1.5566
SL: 1.5491
TP: 1.5891

Trade Safe!

The NZDUSD was trading in a medium term range from 0.7776 to 1.7555, since last night that the market broke this range allowing us to look for trade opportunities...

The NZDUSD just broke through an important LT support level triggering a bearish market condition:

http://www.straightforex.com/forex_b...2/nzdusd17.png

As long as the NZDUSD trades below 0.7543 I’ll be looking for short opportunities.

The next LT support level is at 0.7358

Trade Safe!

Hi Raul,
May I ask you this questions?

Can you explain what you mean exacly with the LT (long tern) and ST (Short term) S/r zones...
From what I have read I think that you are looking at the LT zones on a daily chart but what about the ST zones? Do you mean that you look for important sr zones on a 1 h TF as well?
May I also ask where you put your stop loss?

Thanks,
Mel

Hello @Mel,

Thanks for your questions...

I define the market condition based on the LT (long term) levels, taken off the daily and 4H charts. The market moves in swings, I try to capture most of those swings based on how the market traded before... So, LT support and resistance levels are used to determine which currency pairs I'm going to trade and in which direction...

The ST (short term) level are used to determine the possible entry levels, once I have determined the market condition, I need to know where the martket is likely to change direction in the short term charts, and there is where I enter the market...

SL levels are always placed 10 pips below the lowest low of the pattern when going long, and 10 pips above the highest high of the pattern when going short.

HTH!

[quote=Raul Lopez;4405307]Hello @Mel,

Thanks Raul for your answer.
Mel

No problem Mel...

Here is a good example of the LT levels:

The first thing that I look for before I start trading any currency pairs id how the market is trading in the long term charts to determine the market condition, I like to see clear support & resistance levels. Today, the currency pair that I like the most is the CADCHF, it has a very clear bearish market condition, it is being rejected consistently from both, the main support and resistance levels:

http://www.straightforex.com/forex_b...02/cadchf2.png

The short term charts confirmed this condition when it broke the support level of the short term range.
Trade Safe!

dear raul
can you explain where you trade on this pair?
please set pic of your trade fore me
thanks

Hello Erfan,

I'm still waiting for my signal in the CADCHF, I'm looking for a retracement to the 0.9696 level, and if the market forms a significant pattern with downward pressure I'll get in...

Please see the link on my signature to see what I mean by "significant pattern with downward pressure".

HTH

thank you for share your planing trade.it is very powerful.i am a little confuse about Significance pthern.is it for enter only?
can you show us more example for entering?
and please show us more live trading from first to end(exit plan)?
thanks

DO YOU ENTER HERE when candle close?

Hello Erfan,

When I measure the significance of a pattern it means that it is larger than the precedent candlesticks (you know it is almost impossible to determine the volume in the Forex market, therfore I use the significance as a "proxy" variable". [dont take in consideration the candlesticks that were formed because a news announcement]

The pattern that you are showing me doesnt have "downward pressure", the size of the shadow should be at least as twice as big as the size of the body.

I'm still waiting for the signal in the CADCHF, let me show you this signal instead in the GBPJPY:

http://www.straightforex.com/forex_b...25-197x300.png

The signal in the orange square is exactly what I'm looking for when the market is in a clear market condition.

HTH