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Trade to the point

  • #1
  • First Post: May 6, 2015 1:19pm May 6, 2015 1:19pm
USD/CAD on a daily chart.
price retraced to 1.2000 support level that was previously a resistance and also is a .382 fib level of the last large uptrend.
It fails to break downward for the second time after trying on 29-Apr

Take a look at the forming pin bar today. lets see how it closes.

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  • #2
  • Edited May 7, 2015 9:14am May 6, 2015 1:34pm | Edited May 7, 2015 9:14am
Lets zoom in, here is 2 hours chart.
If price breaks the downtrend upwards it is a buy signal.

I would love to hear suggestion on money management for this trade from some experienced traders as this is my major drawback now.
I can go for the 1.2200 and take a more than 100 pips on it. but looking at the daily chart I think there is much more potential.
where should I place the stop loss?

any comments are welcome.

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  • #3
  • May 7, 2015 3:05am May 7, 2015 3:05am
## Long USD/CAD at 1.2083

SL 150 pips
Take profit - I dont know... somewhere on the road I will move SL to BE
  • #4
  • May 7, 2015 9:24am May 7, 2015 9:24am
70 pips in my favor so I moved SL to BE.

Thoughts:
Is it to early to move SL to BE?
Price hasn't preformed a retracement at all for now.
What should be my target?
Should this target be based on the daily chat or based on 2 hours chart?
I wish to add to the position once a retracment t takes place

Sometimes I think too much.
  • #5
  • May 8, 2015 6:05am May 8, 2015 6:05am
Nice analysis man, As I'm new in this field and still learning. If I placed this trade, I open 2 positions of half lot sizes. Half position will be closed at my pre-defined level/price and half will be moved to BE to secure my profit.

Benefits:
If price retraces, SL will hit but still I'll have half trade profit.
If price doesn't retrace, I still have one open trade to pocket that profit.

Its only my view. Need suggestions too.

Image in this link.
http://prntscr.com/72vh6n
  • #6
  • May 8, 2015 6:42am May 8, 2015 6:42am
Thanks for the advice aaz.
Yea I thought about that option but then it means I risked 150ppis for possible ~120 pips. That makes it poor tisk reward ratio trade
Maybe my stop should have been at the low of the left "eye". (Low of bearish bar before the pin bar).

Let's see how this current retrace gonna go... I am at BE anyway
  • #7
  • May 8, 2015 3:36pm May 8, 2015 3:36pm
High volatility today and I am stopped out.
After 5 years in trading and I still forgot the non-farm Friday... so unprofessional.

Next time I should close positions before big news or at least part of it.
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Specifically here, I should have set SL on 1.2000 (low of left eye) and define that I close part of the trade at the end of Thursday. So I get some money and leave some in the market in case volatility is in my favor.
you can see clearly on the daily chart that should have made some pips on that pin bar, and I eventually made only 9 pips.
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  • #8
  • May 8, 2015 5:32pm May 8, 2015 5:32pm
Quoting Motish
High volatility today and I am stopped out. After 5 years in trading and I still forgot the non-farm Friday... so unprofessional. Next time I should close positions before big news or at least part of it. {image} Specifically here, I should have set SL on 1.2000 (low of left eye) and define that I close part of the trade at the end of Thursday. So I get some money and leave some in the market in case volatility is in my favor. you can see clearly on the daily chart that should have made some pips on that pin bar, and I eventually made only 9 pips....
Hi Motish
I am opposite side of UC but regarding news have the feed right on your screen and you'll never forget.
green pips

screen example
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Attached File(s)
File Type: ex4 FFCal Headlines.ex4   36 KB | 237 downloads
In trading, you have to be defensive and aggressive at the same time
  • #9
  • May 9, 2015 9:56am May 9, 2015 9:56am
Thanks Davit!.

I am out anyway so hopefully you'll have a nice USD/CAD downtrend next week

I am using FXCM trading station, will this file help me or is it for meta trader?
also I am a 9:00 to 17:00 employee (8:00 to 17:00 to be exact) looking for trades on the daily chart and managing them on the 2h or 4h charts using my mobile.
not in front of the screen most of the day.
I just need a habit of checking what will be the next day regarding data release every evening i guess...

keep posting useful comments around the forum, thanks again.
  • #10
  • Edited 9:01am May 11, 2015 12:48am | Edited 9:01am
94.50 level on AUD/JPY

Look at the chart. This level goes way back.
It is also a fib level 0.382 of the last large downtrend.

After ignoring it in the last couple of weeks. Price is testing it from above.
If it fails... I search for a buy signal.

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  • #11
  • May 11, 2015 9:11am May 11, 2015 9:11am
AUD/JPY
94.50 - the level was tested today from above but no break. also I dont see any uptrend signal.

zoomed in to 1h chart to search for clues... didn't find any.

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  • #12
  • May 12, 2015 11:44pm May 12, 2015 11:44pm
Line has broken yesterday and I missed it... grrr....
should've placed a buy order on the 95.00.

I will wait for breaking of 96.00 with a retest. if that will happen I can buy again.
If I will see a pin bar around 96.00 - sell.

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  • #13
  • May 13, 2015 11:54pm May 13, 2015 11:54pm
AUD/JPY No retest to 96.00, it just moved up.
there was a retest at the 15m scale but I cant watch that time frame.
No entry opportunity here.

so I guess I should've placed pending order on 95.00 when I had a chance. too bad, this could have been a nice trade.
I will stop following this pair now as I feel I missed the train. will search for other possibilities elsewhere.
  • #14
  • May 14, 2015 12:16am May 14, 2015 12:16am
USD/CAD

Back to that...
1.2000 level well behind that downtrend now.
so since I looked at it this pair formed a double top. probably a sign of downtrend continuation (if it breaks the low of it) and it looks like it is going to do so.
today we have unemployment rate in US. If disappointing, that just might trigger a move.

this time I placed an order bellow the last low from the past two days.

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  • #15
  • May 16, 2015 11:30pm May 16, 2015 11:30pm
Update on USD/CAD
price moved down to initiate my pending order and turned back up all the way to the 1.2000 area.
what a loss...
I didnt wait for any PA pattern. I should learn my lesson and not use the 2h chart anymore as I can't monitor trades on this time frame, also I think I was affected by missing the train on the AUD/JPY uptrent earlier that week.

lets search for a whole new opportunity.
  • #16
  • May 19, 2015 1:53pm May 19, 2015 1:53pm
check out what wrote Jim on his James16 chart thread:

http://www.forexfactory.com/showthre...8408#post18408

to bad I didn't read it before my last trade yesterday...
That's an example of how not to trade DBLHC. right before a resistance, not checking larger time frame, 5 pips difference instead of 0-3. bad bad setup.
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my account just move to negative.
  • #17
  • May 19, 2015 1:58pm May 19, 2015 1:58pm
Take a look at the bigger picture...

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  • #18
  • May 19, 2015 2:18pm May 19, 2015 2:18pm
Lets keep an eye on USD/CHF
this time I am going to enter only if it is A+ setup:
* Short only
* PA signal on confluence only - pin bar, DBHLC, etc.
* Take position only around bearish resistance trend line - confluence should be there.

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  • #19
  • May 19, 2015 2:36pm May 19, 2015 2:36pm
Quoting Motish
Lets keep an eye on USD/CHF this time I am going to enter only if it is A+ setup: * Short only * PA signal on confluence only - pin bar, DBHLC, etc. * Take position only around bearish resistance trend line - confluence should be there. {image}
I'm long for USDCHF from 0.9278 traded Pinbar at key support level with Target at 0.9492 (again a key resistance level). What you think?
  • #20
  • Last Post: May 19, 2015 2:47pm May 19, 2015 2:47pm
Quoting aazishhunain
{quote} I'm long for USDCHF from 0.9278 traded Pinbar at key support level with Target at 0.9492 (again a key resistance level). What you think?
Could work, I actually looking for that to happen and if I'll see a sell signal from your target I will sell.
Did you move to BE?
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