This is my first trade. EURNZD is the pair. Since I have started trading on Daily TF, I have posted the relevant daily TF chart. Where ever a zoom-in is required to pin point the exact point of Buy/Sell, I will make sure I include the H4 chart too. I will never go any lower than H4 charts.
Although it was counter-trend, I bought @ 1.5563(H4 support zone) for a TP 1.5629; S/L 1.5497
My Risk=$66.00 & Reward=$66.00 making it a R/R of 1:1.
NZDCHF this time. On the daily, this pair is coming down from a triple top formation contained in the retracement of a impulse move. So this time, I am going with the trend. From the H4 chart, you will be able to see in the colored box, the retracement zone. All I had to do was to wait for price to again enter this zone and give me a continuation signal which enabled me to go short.
SOLD @ 0.7766(H4 resistance zone) for a TP 0.7704; S/L 0.7805
My Risk=$39.00 & Reward=$62.00.
Classic case of support turned resistance. Highlighted box in the H4 chart is the zone. When it tested this zone before its next leg down,
SOLD @ 1.4862(H4 support turned Resistance zone) for a TP 1.4758; S/L 1.4892
My Risk=$30.00 & Reward=$104.00 making it a R/R of over 1:3.
Let's see how it pans out.
The sight of a huge pin bar is always a delight!
Saw one of those on the Daily TF in a core support zone. Entered short at almost 25% of the Pin bar to continue to go down with the trend.
[email protected] 1.2486 for a TP 1.2407; S/L 1.2533
My Risk=$47.00 & Reward=$79.00.
EURGBP - The Violent beast!
Although the trade is now live, I feel I shouldn't have taken it in the first place till it actually broke through the triple top formation.
The reason I took it in the first place is because price tried many times to go into an uptrend(as shown by the "MAGIC" moving averages) and for the first time, price looked good to break through the triple top resistance as is shown by the cross over of moving averages.
Well, there is nothing I can do now. For me the trade either hits the S/L or T/P - No messing with them till either gets hit.
[email protected] 0.8127 for a TP 0.8146; S/L 0.8110
My Risk=$17.00 & Reward=$19.00 making it a R/R of nearly 1:1.
I traded the EURCAD this time. I knew price being awfully close to the triple top resistance had to definitely test it before moving either way. I took an opportunity to buy up on a small correction on H4 as indicated by the rectangled box in the H4 chart.
[email protected] 1.2963(H4 support zone) for a TP 1.3011; S/L 1.2940
My Risk=$23.00 & Reward=$48.00 making it a R/R of slightly over 1:2.
After hitting the retracement level of 78.6% on the daily, the GBPAUD pair has resumed its move down. Therefore, going with the trend. Although at one point came awfully close to being stopped out. [email protected] 1.5351 for a TP 1.5279; S/L 1.5394
My Risk=$43.00 & Reward=$72.00.
After hitting the retracement level of 78.6% on the daily, the GBPAUD pair has resumed its move down. Therefore, going with the trend. Although at one point came awfully close to being stopped out. [email protected] 1.5351 for a TP 1.5279; S/L 1.5394
My Risk=$43.00 & Reward=$72.00.
This is my first trade. EURNZD is the pair. Since I have started trading on Daily TF, I have posted the relevant daily TF chart. Where ever a zoom-in is required to pin point the exact point of Buy/Sell, I will make sure I include the H4 chart too. I will never go any lower than H4 charts.
Although it was counter-trend, I bought @ 1.5563(H4 support zone) for a TP 1.5629; S/L 1.5497
My Risk=$66.00 & Reward=$66.00 making it a R/R of 1:1.
Ignored
Trade Result: +$55.51.
Hit the TP but I wonder why the reward is 55.51 instead of 66.00. May be due to the pip value?
EURNZD Sell [email protected] S/L 1.5658 TP1 1.5563 TP2 1.5464.
Took this trade because price has completed its correction and started moving south. Note the rejection from the core support turned resistance(red line) in confluence with the "magic moving average".
So many forex websites talk about 'Adding to your winners'. I plan to do that on this trade because we have a wide profit target..if it starts going in the direction of the dominant trend.
I traded the EURCAD this time. I knew price being awfully close to the triple top resistance had to definitely test it before moving either way. I took an opportunity to buy up on a small correction on H4 as indicated by the rectangled box in the H4 chart.
[email protected] 1.2963(H4 support zone) for a TP 1.3011; S/L 1.2940
My Risk=$23.00 & Reward=$48.00 making it a R/R of slightly over 1:2.
A counter trend EURUSD trade. Sold from a resistance level upon signs of weakness. [email protected] TP:1.3123 SL:1.3195
My Risk=$100.00 & Reward=$200.00
EURGBP - The Violent beast!
Although the trade is now live, I feel I shouldn't have taken it in the first place till it actually broke through the triple top formation.
The reason I took it in the first place is because price tried many times to go into an uptrend(as shown by the "MAGIC" moving averages) and for the first time, price looked good to break through the triple top resistance as is shown by the cross over of moving averages.
Well, there is nothing I can do now. For me the trade either hits the S/L or T/P - No messing with them till...
Ignored
Trade Result: +$2.92
Closed this trade with almost no damage because as I said earlier I shouldn't have been in this trade at all.
NZDCHF this time. On the daily, this pair is coming down from a triple top formation contained in the retracement of a impulse move. So this time, I am going with the trend. From the H4 chart, you will be able to see in the colored box, the retracement zone. All I had to do was to wait for price to again enter this zone and give me a continuation signal which enabled me to go short.
SOLD @ 0.7766(H4 resistance zone) for a TP 0.7704; S/L 0.7805
My Risk=$39.00 & Reward=$62.00.
Ignored
Trade Result: +$72.26 as I changed the TP to 0.7700.
AUDCHF made a Double bottom formation at the significant 61.8% retracement of the bullish impulse wave from May 18 to Aug 2 (2012)
The actual retracement was all the way down to 78.6 level but I thought 61.8 was a good level to buy this pair. This Fib level is also in great confluence with a core horizontal support.
BOUGHT @ 0.9647 for a TP 0.9708; S/L 0.9620
My Risk=$27.00 & Reward=$61.00.
A counter trend EURUSD trade. Sold from a resistance level upon signs of weakness. [email protected] TP:1.3123 SL:1.3195
My Risk=$100.00 & Reward=$200.00
Ignored
Turns out I ended up calculating the pip value wrong hence my position sizing went for a toss. However, I have only myself to blame for the decision to enter this trade.
AUDCHF made a Double bottom formation at the significant 61.8% retracement of the bullish impulse wave from May 18 to Aug 2 (2012)
The actual retracement was all the way down to 78.6 level but I thought 61.8 was a good level to buy this pair. This Fib level is also in great confluence with a core horizontal support.
BOUGHT @ 0.9647 for a TP 0.9708; S/L 0.9620
My Risk=$27.00 & Reward=$61.00.
UPDATE: After suffering a string of losses due to over-trading I have decided to stop trading the H4 charts for a while. From now, I'd only be trading D1 charts and hence I'd like to number my trades henceforth.
Trade #1: Sell GBPUSD (Note: Uploaded charts aren't real time on this one.The charts are as of Saturday evening)
Well, what can be more obvious than a pin-bar at a key resistance level. Although I couldn't take the 50% of the pin-bar as my sell entry, I did not too bad in entering at a decent level.
SELL @ 1.6262 for a TP 1.6174; S/L 1.6315
My Risk=$100.00 & Reward=$167.58.
I chose a logical S/L level of 1.6315 as the previous pin-bar high at the same resistance level was 1.6309. So about 6 pips above that high would have been safe. T/P level 1.6174 could be the region to take some profits as there is a minor resistance turned support at that level indicated by the red horizontal line.
Trade Result: +$167.58
A BIG bearish pin bar on the 19th followed by a huge bearish candle on the 21st meant the momentum now was shifting to the downside. The bearish candle on the 21st closed below the key support of 1.6174 confirming the weakness.
SELL @ 1.6174 for a TP 1.5977; S/L 1.6210
Possible Risk=$100.00 & Possible Reward=$547.
