There's an inside bar formed at the 16.70 resistance level. Took a short trade. Will see how it goes. Silver Daily chart: {image}
Here's the Daily TF chart for Silver:
Here's the Daily TF chart for Silver:
- #22
- Dec 22, 2014 5:38am Dec 22, 2014 5:38am
- Joined Mar 2007 | Status: Trader | 1,190 Posts
hello Crocs,
just want to let u knw that i can see that you know what your're doing, not that you need me or anyone else's approval.
i especially love your clean charts and your reasoning behind taking or not taking a trade.
we arrive at the same conclusions but from different perspectives although we are looking at the same foot prints that price action leaves on the specific charts.
currently i have 3 long trades open on the USDCAD and i'm looking to add to that should the current 4hr bar close above the Daily Open (DO)
EDIT: i thought it prudent to give me entry reasons...so here they are:: 
just want to let u knw that i can see that you know what your're doing, not that you need me or anyone else's approval.
i especially love your clean charts and your reasoning behind taking or not taking a trade.
we arrive at the same conclusions but from different perspectives although we are looking at the same foot prints that price action leaves on the specific charts.
currently i have 3 long trades open on the USDCAD and i'm looking to add to that should the current 4hr bar close above the Daily Open (DO)
EDIT: i thought it prudent to give me entry reasons...so here they are::
- Weekly Trend is Up
- the 2 white horizontal lines are my buy zones, taken off the Daily Timeframe
- if price closes above the DO, its a buy
- zooming in to the hourly chart...and the last hourly candle formed was a Shorting Signal, so if price closes above the DO than naturally that hourly signal is invalidated.
below is the 4hr chart showing price action taken a few moments ago...hope you don't mind me posting in your thread.
hello Crocs,
Hi, thanks for dropping in, it feels good when there's some sort of interactions. Your long trade on USD/CAD looks valid to me based on the weekly chart since it's still in a bullish trend. I do not trade during the holiday season but I do have a long position on EUR/JPY which I took based on the daily chart support level at 145.60. Do not have a chart with me right now, wish you and everyone have a great Christmas!
My current watchlist and trades, market is quite volatile recently (except the equities) and that is a good thing for all of us!
On Copper weekly chart, we have a very long tail pin bar at the 2.875 weekly resistance level. Could be a nice shorting opportunity! The trend is bearish as well, which increase the odds for selling. I'm shorting this market.
Another long term position trade surfacing in Palladium weekly chart. Pin bar formed at $736 support level. Taking a closer look at the recent swing high and low, we may noticed there's a expanding triangle as well. Lets see whether the buying force at the $736 support level could push price into its $823 resistance level. I'm long.
Crude Oil is trading at an interesting level, it's a weekly resistance level. The trend is definitely bearish but is the bottom coming? I don't know, but the bears aren't as strong as they are a few months ago. Until it breaks the $55 resistance level, I will remain in the bears camp. I'm not shorting WTI but I do have short positions on Brent Crude.
On Copper weekly chart, we have a very long tail pin bar at the 2.875 weekly resistance level. Could be a nice shorting opportunity! The trend is bearish as well, which increase the odds for selling. I'm shorting this market.
Another long term position trade surfacing in Palladium weekly chart. Pin bar formed at $736 support level. Taking a closer look at the recent swing high and low, we may noticed there's a expanding triangle as well. Lets see whether the buying force at the $736 support level could push price into its $823 resistance level. I'm long.
Crude Oil is trading at an interesting level, it's a weekly resistance level. The trend is definitely bearish but is the bottom coming? I don't know, but the bears aren't as strong as they are a few months ago. Until it breaks the $55 resistance level, I will remain in the bears camp. I'm not shorting WTI but I do have short positions on Brent Crude.
Next, currency pair that's under my radar.
CAD/JPY, the trend is neither strong nor clear but we do have some interesting price action going on here. Bearish engulfing bar followed by two failed pin bars. What's the market trying to tell us over here... The bears are definitely trying to push price lower but the bulls are not giving up easily. I'm bearish for now but not entering the market yet. Will keep monitoring this pair as well as USD/JPY and USD/CAD until they shows stronger signs. Probably going to enter a short position with a blind entry somewhere within the 96.66 and 95.97 resistance level.
Coming up next under my watchlist is XJO or ASX200, Australia equity index. We have ascending triangle chart pattern formation in ASX200. Patiently waiting for price to breakout and may jump on the breakout with 50% of my normal position size and another 50% if price pullbacks to the breakout point. Will patiently wait for price to breakout and closed outside the triangle to avoid any whipsaw.
CAD/JPY, the trend is neither strong nor clear but we do have some interesting price action going on here. Bearish engulfing bar followed by two failed pin bars. What's the market trying to tell us over here... The bears are definitely trying to push price lower but the bulls are not giving up easily. I'm bearish for now but not entering the market yet. Will keep monitoring this pair as well as USD/JPY and USD/CAD until they shows stronger signs. Probably going to enter a short position with a blind entry somewhere within the 96.66 and 95.97 resistance level.
Coming up next under my watchlist is XJO or ASX200, Australia equity index. We have ascending triangle chart pattern formation in ASX200. Patiently waiting for price to breakout and may jump on the breakout with 50% of my normal position size and another 50% if price pullbacks to the breakout point. Will patiently wait for price to breakout and closed outside the triangle to avoid any whipsaw.
- #31
- Apr 14, 2015 6:42am Apr 14, 2015 6:42am
- Joined Mar 2015 | Status: Living Life Large | 1,011 Posts
I'm high on trading, cant you tell?
Although I don't really swing trade, I admire what you are doing here. I agree with you on your USD/CHF trade and also its in the direction of the trend. Its also good to have a journal like this as well....Keep up the good work.
Thanks for stopping by and your kind words. Hopefully the market will climb higher but I'm ready for the loss if it turns around and hit my stop loss. Will continue to work on this journal and record what I learn here
USD/CHF 4H chart over here. Bullish Engulfing + Pin Bar at 0.9754 support level with a 1:3 Risk:Reward target. {image}
Even though the support level in USD/CHF failed to hold, EUR/USD resistance level looks interesting to me. Will wait for a price action confirmation before going short.
EUR/USD 4H chart:
GBP/CHF 4H TF is a tough one for me but it's hard for me to give up the potential profits. I'm short on this pair but I've got in and out twice with some small profits because price didn't follow through. Initial setup was the long shadow pin bar. Will move my stops to BE soon if price didn't follow through. Don't really like getting in and out the market too often, too much emotions for me to handle!
Platinum looks very interesting on Daily chart. If price closed as it is right now, we will have a pin bar off a trend line. Could be a short term trade here but will be very careful on the weekly resistance above. Would prefer to go short on Platinum but will wait for price action confirmation and trend line to break.
Platinum Daily TF Chart:
Price once again took out yesterday low on CAD/JPY. The bearish engulfing bar is still in place and still looks bearish but if price close as a bullish engulfing bar, it would then cancel out the bearish engulfing bar. Tomorrow we will have BOC interest rate therefore I'm not going to take any CAD trades until the news is over to be safe. Interesting to see how things unfold after the news.
Platinum Daily TF Chart:
Price once again took out yesterday low on CAD/JPY. The bearish engulfing bar is still in place and still looks bearish but if price close as a bullish engulfing bar, it would then cancel out the bearish engulfing bar. Tomorrow we will have BOC interest rate therefore I'm not going to take any CAD trades until the news is over to be safe. Interesting to see how things unfold after the news.
- #35
- Apr 15, 2015 12:55am Apr 15, 2015 12:55am
- Joined Mar 2015 | Status: Living Life Large | 1,011 Posts
I'm high on trading, cant you tell?
{quote} I was short GU when you were long USDCHF and it blew my stops too, but i got onto the long wagon soon enough to recover. On GC, I think you have to consider 4420 significant, a break above that could spell trouble but overall I would also be short based on the daily timeframe. I am short GBPNZD myself
Not at my trading desk at the moment but here is two nice little setup for me.
{quote} Even though the support level in USD/CHF failed to hold, EUR/USD resistance level looks interesting to me. Will wait for a price action confirmation before going short. EUR/USD 4H chart: {image}
CHF/JPY pin looks nice too, but not taking this trade as shorting CHF is just the same as shorting EUR.
USD/MXN looks nice on Daily TF as well. It's 2 bar pin bar. Will post a chart later when I get back to my desk.
- #37
- Apr 15, 2015 7:25am Apr 15, 2015 7:25am
- Joined Mar 2015 | Status: Living Life Large | 1,011 Posts
I'm high on trading, cant you tell?
CHF/JPY is a definite sell to me, though not at market price...... {image}
