Up and under price pattern

I didn't take this trade because it was to early, but it does show how discretion can play apart in our trading decisions.

I would have traded that even though price didn't completely engulf below just because of the speed that it came into 3520.

I could have been wrong with that decision, and anyway this is hindsight now but I would have risked 10-12pips on that, and remember I'm not trying to hit the ball out of the park either.

3520 now on everyones radar.

Here is GBPCHF trade I am currently in: (update: took profit)



Looking to get into USDCAD trade: (update: quick stop out)



I missed the GBPJPY trade last night by less than a pip (not U/U pattern, but a S&R flip play):

Excellent stuff Sciz.

Unlucky with the GBPJPY that would have been nice.

This is my USDCAD plan for the moment. I see what you where going for but don't forget to check the calendar, you've unhappily got taken out by a news event (Ivey PMI) there.

The pairs that you've posted are generally pretty volatile, especially GBPCHF...... be careful mate, trade at the edges

You got me thinking about this pattern on exotics.

Incredible entry on this EURAUD, the same pattern then repeats twice on a smaller scale before kicking off lower from a broken level.

Interesting to see how you look at USDCAD chart differently from my point of view. Thanks.

This bring me couple more questions.
1. In the UC chart below I had an sell order in. Price went up but made a turn before the order. The temporary high it created now serves as FTA, which make the RRR not favorable. Therefore I canceled the order. If the UU formation is what you like, will you canceled the order due to how price approach it?
2. After my previous stop out, I had another buy order in to take the fast approaching price. However price made a turn at different previous low as shown on the chart. I canceled the order again. In situation like this (multiple lows before the "fakey" low) , will you cancel you order (let's just assume you like the U/U formation)? If you cancel the order, is it due the very close-by FTA created or due to the fact that one U/U formation is good for just once? I hope my question is clear.

Yes very clear and it's an important issue. It's also difficult for me to give a yes/no answer as I tend to take each trade on it's own merits.

It's worth repeating that I'm not yet a professional trader and I also have problems with the same issues as everyone else, and maybe even some professionals who are by no means perfect.

I like to start with 1R minimum. It's got to have somewhere to go even if it's only going to bounce. I always try and look at the worst case scenario.

The location of the trade is important, time of day, news, am I going for a trend/counter-trend/range trade etc.

I've pulled my order too.

Quidsey,

Thanks for sharing your notes and your honest answer. Nobody is perfect, professional traders or not. It's all about finding a winning edge.

Quiet this morning.

I was thinking about consistency in trading so I want to try and apply more of that in what I post here. Nothing dramatic, just want to keep the charts as shown below.

This shows my money management set-up and shouldn't be considered the best, or the one and only. This is the only control we have so I've shared what I do purely as an example. There are many different ways of applying MM techniques.

Also, I don't reference them much here, if at all, but I'm always looking at the Higher Time Frames for clues and perspective. A top down approach is what I presume most traders do.

Had a nice S&R flip play (shorting) this morning. Now waiting for U/U long play.

Waiting for another U/U play:

An awesome day (especially if you think about the quantity of money that was flying about there)

I got short kiwi...... starting to like that old bird..... and went long EU at the gap close (nothing to do with this pattern).

Your GBPCAD had a perfect entry long this afternoon.



Aussie as well.



Hope you're still in Sclz, nasty squeeze up, what are you targeting on that trade?, looks good.

Still in. Took some heat. Will see. (update: took profit as price hesitates at minor support. The profit target was 1.6775)

Many flip plays today. Also a great "fakey" play on GBPCHF----I didn't take it.

UCad's just hit that high and pushing.
Fair enough to take profit there imho, nice little trade 20 odd pips.

What's that saying? "better to be out wishing you could get in, than in wishing you could get out"

You are right. We are traders. We can't decide market. Only market can decide our trades.

Very interesting USDCAD charts:

I never could understand the classic neckline trade on H&S patterns, always seemed you were getting in way to late and they often just reverse at that point. The obvious logical entry is the RS as is clear from your chart, but they also pullback significantly first.

This is my next order in USDCAD.



Woke up to this overnight trade.

Always good to wake up with profit, isn't it?

I posted the same entry on Aussie yesterday but pulled my order because how price approached it. I also pulled my long order on Kiwi (flip play), which turned out to be a decent bounce play, due to similar situation. I have to admit I am sometimes confused with how to identify FTAs. Your TP on Aussie is a very logic place. I shouldn't give too much weight on the noisy area below it.

I agree H&S formation is not very useful for trading. I might have confused you when I say head and shoulders. I really meant to say the high and multiple markers before that. It's interesting to see that price has reacted to those markers.

Nonfarm Payroll is coming. Hopefully more opportunities after that.

Stopped out of that one.

I know it didn't quite hit, off by a couple of pips, but what an entry into USDCAD off that 0404 area.

Take a few of them and the confidence will come flooding in

Yes, It's also called positive feedback.

there was a short entry on EURAUD this morning 10 minutes before US confidence data. I saw it and didn't take it because of the pending data. It turned out to be a beauty.