Peaks and Troffs

I thought I'd start a thread to post my charts and thoughts.

NOTE: TO ALL, AND ANY, READING MY POSTS. NOTHING I SAY IS TRADING ADVICE. DO NOT FOLLOW MY TRADES, TRADING METHODS, TRADING MODELS, OR TRADING

AU is at an interesting place. I'm flat at the moment.

I'm short EY from 135.10 with a stop at 135.40 on account of the resistance and dble top on 1hour chart.

I've now brought the stop down to above the swing on the 15 minute chart.

Exited 2 lots at .70 and the other 2 at .84
Not liking PA.

Long again AU at .9383
Swing

Short EA 1.4394

Nice Put a cheeky one on for a quick trade.

I am still holding from yesterday PA looks looks good, But looks like we will be relying on news to push it further south.

It's great that you have started this thread, good on you, look forward to more of your charts and ideas.

Thanks mate

Yeah, not a hundred on this one, but I took it because of the swing in the yellow box.

Yes well I think the EUR has set itself up for a dive, I don't like the AUD long (looking for a short setup) but I think if the EUR drops hard this will bring this pair down.

I took profit as intended and got stopped out on the last lots at 1.4358

Entered long this arvo at 1.4385

Update

I'm looking for longs on AU.

Hey Dave

Ok I see the way in which you trade now, buying high and buying higher, with good RR. Well I think I got the bulk of it. Seems like a good strategy, and entries are important.

I am doing really the same thing but I guess we are on different timeframes and have different risk management. i.e stop loss, TP

Instead of taking the loss I back my trade up in the most logical spot. Usually I walk out of the trade with Break even or in good profit, and then once in every while I will take the loss, When I feel the trend has changed. Best example is the EURAUD right now, if I had shorts on and a couple of back ups on then it would be time to take the loss and move on. The loss is costly, but the most important thing is taking focus on the daily and weekly areas to make sure I'm not buying high and then higher on major resistance ect... this is where big reversals happen and losses can be very costly, so as long as I avoid these areas ill do ok.

Couple of questions -

Is there any reason why you don't trade other pairs when set up's occur? Like EURUSD, GBPNZD has been cranking the last couple of days

How come your now on the AUD your wanting to buy? You talk about selling low and lower, but your going the other way? is this because your feeding off the pivot's mid August, or just a general oversold view, or something else.

To answer your question but in no order:
I watch closely 8 pairs including gold. I very rarely trade EU because I don't like the way it moves. I find AU & EA the most predictable. GU is too erratic for me. I do trade NU, UJ and AJ when a perfect set up occurs. NU is just the poor cousin of AU, I watch them all for correlations. If I traded more pairs I'd have to lower my overall risk and therefore water down my favorite pairs that I am confident with.
I am very wary when buying higher into a major level.
I don't use pivots.
I'm long AU and short EA now. I most probably will take a loss on these 2 today.I'm long AU because it made a swing higher on the 15 min chart, not great but I feel it is oversold and at a great level to buy. I don't think it will go straight up. Be nice to see a retest of the low before we head up.
I've got a !st TP of 1:1 to get the risk out. I use a 20 to 20 pip stop risking 1%. Rather than have a big stop loss I am testing the market, taking little bits off and leaving some on and adding and taking some more off and leaving the rest on to build a position on the runners. I'll post a chart of the swings and entries and stop movement on the last move down on AU. I didn't take them all (sleep and life). Check out how many didn't retrace more than 20 odd pips after the break of the swing.