Trades based on Market Geometry and Price Action

Hi Brandon,
Market is the reflection of traders psychology. the second point is that news are discontinued. Insiders know the stuff in advance, before us. You don't want them to be gambling with billions of dollars...Do you?

they know that. that's why most of the time, you see good news for dollar, but dollar goes down or vice-versa. The technical aspect of the market is too important, and so powerful to understand the crowd behavior.

One thing, i have also noticed is that: before the release of an important news like NFP, you will see the technical set up ready to move in a clear direction. I say the set up is totally completed. this happened on gold and euro last Friday with NFP.

Concerning my entries before news, when the set up is obvious. i will take the trade anytime the pattern is ready. But as insiders like doing fake trades, they can take your stop loss before making the market move in your direction.

so what ? you can do all your technical analysis, set everything (before the news), and then put your entry order after the release of the news FOLLOWING YOUR TECHNICAL SET UP, BUT NOT THE NEWS.
Some great traders don't even look at them...all depends on your trading style. whether you are aggressive or conservative.

In my case i don't bother myself with these news. News have only 3 impacts. Wether they bring a retracement, reinforce the trend or reverse the trend. If you know how to read candlesticks, you will see clear market turning points, and make your decision according to the market direction of that very moment....

cheers...

Hey Dailyking,

Thanks for the reply! How do you manage to keep track of so many different pairs?

For me, I keep track of the EURUSD, and USDCAD and I know when a there is a nice setup, whether it be at a major support or resistance level, MACD showing new trend forming, Fib. Retracement levels etc.

I'm just curious how you can keep track of so many pairs and know when a setup is ready? What pairs do you usually focus on?

Keep up the good work!

Regards,
Brandon

i have been studying these pairs for many years. and i know a little bit their behavior, in term of trend set up and market direction. i keep watching them and analyzing them, to spot good trades.

i also have my personal set up, i look for in these pairs which work best with my strategy. So, the thing is to master a strategy first, and them apply to the pairs with which it works. once they respond correctly, now you select those pairs as your preferred trading currencies....

regards.

prices are retracing now. And will give beautiful signals later. let's wait and and be a little bit patient.. i'm watching at the usd/cad, gbp/usd, aud/usd, usd/yen....

just entered the usd/yen short trade with the same sl and profit target..up +1.4 pips

entry short=79.94 sl=80.48 tp1=79.00 tp2= 78.00

Morning DailyKing ! shorted the darn eurusd for a sweet 20 pips over the night lols

ok good. but take your profits and move stop loss to break even...

already did. i long back. going sideway trading for eurusd. btw, usdjpy seems to be a little dangerous. bounced back to the support

buy gbp/usd at 1.6437 sl=1.6400 tp1= 1.6487 tp2=1.6510
buy aud/usd at 1.0696 sl=1.0583 tp1= 1.0750 tp2=1.0800 tp3=1.0850
buy nzd/usd at 0.8196 sl=0.8134 tp1=0.8250 tp2=0.8280
buy gold at 1542.78 sl=1535.95 tp1=1549.40 tp2=1557.70

happy pips

buy gbp/yen at 131.73 sl=130.70 tp=132.70
short usd/chf at 0.8350 sl=0.8386 tp=0.8300
buy eyr/yen at 117.69 sl=116.50 tp=118.30

sorry tp is at 8300 for usd/chf

if you can only take a couple of trades. then the perfect trades are the gbp/usd, and the gold trade. aud/usd is not bad too. Concentrating on these 3 trades will give you enough money for today...

the risk for aususd is about 100 pips lost as compared to 50/100/150 gains. isnt that a little too risky?

another question i would like to ask is that did u use fibo retrace for the entry for gbpusd?

no the risk for the aud is exactly 114 pips. normally stop should be place where pattern is broken. But in the case of the aud trade, because the candle is not really firm i put it at the pivot. the trade is still good. . and if this candle does not trigger the entry, the 5 am one could do it.
the up trend is still intact supported by gold...also the real target is far at 1.0856, but i don't like holding too long my position...

if you feel a bit hesitating, only take the gbp/usd buy which is by far the best set up. i have 2 lots on it...

cheers

yes i used fibo retracement for the entry, combined with other tools. the wide range bar (big up candle) you see is very informative because it gives you the importance of the bull power. then the doji candle that formed at 1 am (edt) confirm the lack of strengh of the bears....

i see. great thanks ! i have already entered due to limit buy hahas.

edwinsieng, what are the pairs you trade ?

if the 4hr candlestick forming now gives us an inside bar. it would be a really great entry with tight stop loss. keep in mind that the 4hr candlestick closing at 5 am (eastern time ) is very decisive in market direction