Low stress swing trading with momentum

Once you master the mental game and have a good trading plan you are comfortable with, the money will come. One or the hardest things to do is not worry about the money.

I was never profitable until I quit trying to make fast money and quit worrying about losing money. Now I take every opportunity I think looks good to me and take whatever the market gives me.

Here's the latest trades. Let's see what happens.


CADJPY Short market order... Really wide supply zone on daily, entry taken off H4 fo zone definition. Will follow exit on daily.

1. Entry 76.97
2. SL 77.67
3. T1 75.07 take off .02 lots move SL to BE
4. TP 73.89
5. Risk 70 pips @ 1% allows .03 position size

CHFJPY Short limit order

1. Entry 83.89
2. SL 84.71
3. T1 82.16 take off .01 lots and move SL to BE
4. TP 80.49
5. Risk 82 pips @ 1% allows .02 position size

GBPAUD Buy limit order

1. Entry 1.4809
2. SL 1.4693
3. T1 1.5087 take off .01 lots move SL to BE
4. TP 1.5558
5. Risk 116 pips @ 1% allows .02 position size

GBPJPY Short limit order

1. Entry 122.30
2. SL 122.90
3. T1 120.35 take off .02 lots move SL to BE
4. TP 118.84
5. Risk 60 pips @ 1% allows .03 position size

GBPUSD Short limit order

1. Entry 1.5665
2. SL 1.5785
3. T1 1.5522 take off .01 lots and move SL to BE
4. TP 1.5302
5. Risk 120 pips @ 1% allows .02 position size

chfjpy looks like a pretty good bet. For now I would still be holding the long, but I would definitly say that you have a good sense of entry. Personally, I like to see some confirmation first and am willing to give up some pips, but that does not always work out either .

Good luck on the trade!

I was just rechecking my usdcad trade long and saw that you were in it as well. 1.0200 area seems like an area to watch for a break, but if it does, I would think that for a long term goal your TP may be a bit conserviative. Providing of course it doesnt' bust south.

I think you take bigger chunks at one time than I do, but perhaps a retest of the high wouldn't be out of the question.

Here is my chart. I don't normally zoom out this far, but based on this formation, it seems waranted.

All I need to see is a decent zone with somewhere to go for confirmation. If you look at this pair on the 4hr and down you have classic bearish divergence with the fast Trix either developing or already happened and it's in a supply zone on several TF.

All I can do is try and try again.

This demand area has been holding quite well since early November. It's like someone put a floor there.

When I draw trendlines I try not to cut the candles or wicks. One thing I like to do is draw the trendlines and see if price is accelerating like this pair. Quite often when price goes parabolic like this it doesn't last long.

Personally, the faster price screams into a good supply or demand zone, the better I like it. Those are the trades everyone is afraid to take and you always hear "don't catch a falling knife" but they usually give the best bounces.

Kinda like a baseball power hitter nailing a 100 mph fastball out of the park when she runs into big orders with the bases loaded.

If I still see momentum to the upside with the Trix and cloud, I'll move my final target higher. The 1st target which is usually the first zone, I'll still pull as planned. Too often I've been right, seen the 1st zone get hit only to come right back and hit my SL at BE leaving me with empty pockets.

A little update this morning.

CHYJPY, GBPAUD and EURJPY limit orders were hit late last night and early this morning.

The markets focus is still on the IIF and Greece debt negotiations as well as the Fed statement that comes out later today.

I question the whole 'using the whole highest/lowest point aspect' of trendlines. To me, those spikes are just the last few people who have set limit orders getting triggered (at a great price by the way) , but the major reversal price action does not happen way up or way down there. It is within this price action battle that I like to be able to try and read the next market move. A spike really tells me nothing.

So I look for more battle scars where one direction won and the other lost, as that is where the true support/resistence takes place.

I also see no benefit in scalling out trades, but most people do it. It is like the hip thing right now and became so a few years ago so people could feel good about at least adding some bank.

What I was going to say: According to President Obama, Interest rates will remain low for the forseeable near future. And, right after saying that, he talked about getting rid of insider trading in congress !

Question: Why does scalling apeal to you?

Also, how do you keep all thoughs TLs straight? So many start to confuse the bajeebers out of me.

I usually turn off the TV when he is speaking. I can't stand listening to lying backstabbing politicians.

Scaling out doesn't appeal to me. All to often I see price hit the 1st zone and reverse. I leave a piece for a try at a push through and more profit so I'll lock in what I can and leave the rest as an almost risk free trade.

I use a spread sheet and a white board to track my trades and flip through the charts a few times throughout the day.


I see the dovish Fed statement is whipping the markets and my positions today. I can't wait to see how whippy it gets when Ben starts flapping his gums.

I had to watch him. He does agree with a few things that I do, but we don't need to worry about politics between friends.

I want Geitner, lasooed, being dragged behind my horse, running at a gallop through the dessert. He is worse than that pro corporate, pro bankrupting america faggot Bernanke.... but, we are here to trade...

Got stopped out on just about everything today. I guess it was just another one of those days for learning something new!

It's been whippy trade all week. Here's today's price action. Kinda like my account.






BB threw a wrench in my trades today. I was up nicely and had almost all of my losses from trying other stuff earlier this month erased and almost everything was in profit and then then WHAM..... Reverse. It's OK though, I've still clawed back half of what I lost and I'll get the rest and more. I'll stand my ground.

Only one trade stopped out though and it was $CAD and one more limit order was picked up $GPB.

Pretty much everything elses bleeding came to a screeching halt once they ran back into the zones I entered the trades. I expect something else to get nailed too but it's part of the game.

The leftover trades I have still running after pulling part and moving the rest to BE did well with $CHF coming close to TP target.

Update

EURUSD SL hit...... Not really surprised after yesterdays US$ dump. What I'm seeing on the charts and in the futures markets right now isn't a "risk on" trade though. So far just dollar dumping. Money is still flowing into safe haven Yen, CHF and US bonds with the dollar down and US equities futures flat. Most commodities are bid.


GBPUSD limit short triggered last night.

I've pulled the final piece of the EURCAD long +183 pips. Looks like it's about to fail as it has bounced back out of the supply zone. The Euro is down against everything but the USD so far today. I'll probably place a short limit order on it later today to try to pick it up if it retests the zone.



I moved the stop on the final piece of the USDCHF to a technical stop just above the demand zone it's currently in and moved the TP lower if it wants to run. Yes this ones tight. Probably should put it just above the level currently above this one but if the market got drunk on QE3 hopium and has a hangover today like I think they did, I'm not giving up 100 more pips. If I'm wrong, this pair should continue to drop. Right or wrong, I'm going to do well on this trade..... Now that's a great position to be in.



I've removed the SL and TP and placed 1 x ATR trailing stops on the final pieces of the AUDJPY and NZDJPY trades.

I didn't sleep well last night, I'm grumpy and a medication I have to take every 2 weeks really floors me a couple days after I take it so I'm not my usual self today and have stayed out of the forums and charts as much as I could today.

Getting whipped and spiked out of a few trades by Benny and the Fed ain't helping my "sentiment" today either.

GBPAUD long and AUDCAD short stopped out on spikes and came right back into the zones I entered.



AUDUSD short limit order was picked up perfectly and China was said to be on the offer and must have been just above my entry because they swatted it back down.

1. Entry 1.0672
2. SL 1.0772
3. T1 1.0303 remove .01 lots
4. TP 0.9956
5. Risk 100 pips @ 1% allows .02 position size

EURCAD was in the supply zone when I got up this morning so I decided to go ahead and try and reverse it short at market after taking profit on the long earlier.

1. Entry 1.3161
2. SL 1.3241
3. T1 1.2954 take off .02 lots
4. TP 1.2667
5. Risk 80 pips @ 1% allows .03 position size

USDCAD long limit order entered. Will try long again on this pair in the fresh untouched demand zone just below parity.

 

1. Entry .9930
2. SL .9880
3. T1 1.0260 take off .02 positions
4. TP 1.0460
5. Risk 50 pips @ 1% allows .04 position size

I am with you short on eurcad, the other two I am still waiting for confirmation. Good luck and I hope you get to feeling better!

AUDJPY trailing stop hit +255.6 pips
NZDJPY trailing stop hit +186.1 pips




USDJPY long limit order placed ADD: Limit order entry hit.

1. Entry 76.81
2. SL 76.44
3. T1 77.96 pull .02 lots
4. TP 80.00
5. Risk 37 pips @ 1% allows .04 position size

NZDUSD short limit order placed

1. Entry .8253
2. SL .8353
3. T1 .8050 pull .01 lots
4. TP .7575
5. Risk 100 pips @ 1% allows .02 position size

Thank's. I'm fine for a couple weeks until my next injection. That stuff just drags me down.

Don't know about you but EurCad didn't go well for me. SL hit today. Oh well.... NEXT!!!!!


Here's what I know so far.

1. Greece still hasn't finalized a deal with the private bond holders on the debt "haircut" talks..... Now they are saying they should have someting done tis week.... Yawn... Wake me up when they actually finalize something.
2. WEF in Davos. Expect some "headline" risk as these finance ministers jawbone. Not a lot on news outlets yet but hearing of plenty of stuff leaking on Twitter. I don't use twitter so for those that do it may be worth looking into.
3. Greeks ain't happy about Germany demanding for budget oversight on them but IIRC they were supposed to have that with the last bailout tranche.
4. I believe the Chinese markets will be open this week as their new years celebrations wind down.

Here's what I have going on.

EURCAD Short stopped out. No surprise to me there.

AUDNZD Short. Price made it to my T1 target. Pulled 2 pieces +89.4 pips and moved the remaining 2 pieces to BE.

USDCHF Short. I've pulled the final piece in this fresh demand zone. +362.1 pips. I'm reversing this position.


One slight change I've made is just for managing the trades. I'm entering positions in 2 parts to automaticly pull the T1. I'll still have to manually bring the SL to BE. I will be pulling other limit orders that havn't been filled yet to make this change to the trades I plan to keep later today.

USDCHF Long at market

1. Entry .9148
2. SL .9053
3. T1 .9348 take off .01 lots, move SL to BE
4. TP .9554
5. Risk 95 pips @ 1% allows .02 position size

Do you always just hit a zone or do you ever wait for some kind of candlestick to move in your favor? I know that this gives up a few more pips, but is it safer?

BTW.. I got stopped out on eurcad as well .

I'm trading price, not price action.

I don't wait on "confirmation". If I see a zone and I like how it looks, I'll trade it. I don't care if if it's something nobody else would touch or if everyone thinks I'm wrong. I won't take everything the indicator says is a zone. The S/D indicator draws some stuff that I wouldn't but it does draw most of what I normally would draw by hand fairly accuratly.

Look up Sam Seidens webinars on FXStreet. This is basicly what I do and how I was taught to trade.

There are 3 basic ways to trade supply and demand zones for entry.

1. Pick your entry, set it and forget it, which is what I usually do.
2. Wait for price to leave the zone and then enter on a retest. I don't like this one and don't use this method.
3. Use a buy or sell stop order just outside the zone and let it trigger the trade up on the way back out. This is considered the safest. I will use this sometimes.

I'm done adjusting exsisting limit orders and canceled a couple.


USDJPY long was just stopped out. Heavy pressure from the EURJPY today is dragging this pair lower. I want to try this trade long again lower.


New long limit order placed at demand zone at historical lows.

1. Limit Entry 75.75
2. SL 75.45
3. T1 76.50 pull .03 lots
4. TP 78.50
5. Risk 30 pips @ 1% allows .06 position size