{quote} HI ffhung, That looks ok mate. Got the 50% retrace entry ok and it's moving down. Hope it works out - what's the risk reward like? Is that about 1:2? Cheers
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I'm about to begin studying your thread. Thanks for your will to share! Kindly point me to risk regard. This ratio should be?
Cheers
{quote} I'm about to begin studying your thread. Thanks for your will to share! Kindly point me to risk regard. This ratio should be? Cheers
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Hi ffhung,
In terms of risk, that's something that only you can answer.
You have to work out what you are happy risking to lose. Everyone is different. That could be a % of your account or a $ risk of your account. If you use one of the online position size calculators, you can enter the size of your stop loss, how much risk you want to take, what you're trading and it will calculate the lot size you should use base on your risk %.
{quote} Hi ffhung, In terms of risk, that's something that only you can answer. You have to work out what you are happy risking to lose. Everyone is different. That could be a % of your account or a $ risk of your account. If you use one of the online position size calculators, you can enter the size of your stop loss, how much risk you want to take, what you're trading and it will calculate the lot size you should use base on your risk %. Cheers
{image} Seems perfect set up , But channel point it upward , Please Answer pharley
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Hi Terminator12
In my humble opinion the right entry was around 138.30 few bars ago. I am still bullish in this pair and I would not take any short trade yet. Only if I see a great set up, and this one was not.
Update on eurjpy after price moved down before moving up again, I tightened my stop loss, which was eventually taken out. That's fine - although I'd rather get a win, a small loss of only 2.6% I happy to take. Important thing to note - never increase your stop so that you'll take more loss. If you're going to move it, tighten it up so you take a reduced loss. At the moment I'm not in any trades - nothing is attracting my eye on the charts, so I'm happy leaving it for now. I'll keep my eyes on things though and will be reading around the forex subject...
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Hi Pharley,
How do you feel about the GBPJPY? Waiting for a PA on the daily. What do you think?
I have tried analysis on Usd Cad and would like your opinion. The top horizontal red line is weekly support, the break of trend line red also happened and we have one fully formed pin bar and looking like forming another today for a short?
The bottom solid red line is support and the green line is support using trend line, which should I use for take profit.
My apologies for my previous charts. I should have removed the indicator from them. I have tried to strip out my charts while looking at this potential setup.
What do you guys think about this potential EURCAD trade? Have I drawn the fibonnaci lines correctly? I have not taken a position yet but keeping an eye on it!
{image} Seems perfect set up , But channel point it upward , Please Answer pharley
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Hi T12,
I'd just wait until it comes down a bit - on the daily that bottom channel part is the lower part of a big wedge. I'd wait and see what happens - the wedge is getting smaller and smaller!
{quote} Hi Pharley, How do you feel about the GBPJPY? Waiting for a PA on the daily. What do you think? {image} {image}
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Hi Dutch,
That rising bottom line in the 4hr tells me to wait, perhaps pressure is building on the upside for it to break through. Could have traded the price up and down, but I prefer to wait until it starts a direction again.
Hi Pharley, I have tried analysis on Usd Cad and would like your opinion. The top horizontal red line is weekly support, the break of trend line red also happened and we have one fully formed pin bar and looking like forming another today for a short? The bottom solid red line is support and the green line is support using trend line, which should I use for take profit. Thanks Alam {image}
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Hi there,
On the weekly we've had 2 tries at pushing price down only for it to come back up again. On the monthly chart the trend has been up for about 4 years, so with those 2 things I'm not going short and just waiting. Price is at an important level - see the monthly chart and you'll see it easily. At the moment price might drop 100 pips or so, but I'm waiting for a clearer signal to either continue the move upwards, or a definite signal tat it's going down. For the downside (for me) it would have to get below 1.28.
Hi Pharley, Hi all, Please review my setup.{image}{image}{image}{image}{image} Cheers
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HI there,
The eurjpy looks interesting. Just watch the TP as it's below the rising channel - that's one of the problem in taking trades against the trend. You generally end up with a smaller risk:reward as you've got to make sure price hits the target. But I can see where you got in at 50% retrace etc, so looking good! Now just try and get these entries in line with the trend. Don't worry if it seems ages away - wait for it as the pay off is big.
If you do want to enter against trend (not recommended) or even on a smaller time frame, you could do the following - see the attached chart which is 15m (very short time for me!). But even on the smaller timeframe you can see breaks and retraces happening. For the shorter timeframes just stick to a risk reward of 1:2 or 1:3 (better). Just make sure you draw in the major S/R areas first, then you can see if you have room to get 1:3.
These 15m or even 1hr trades occur all over the place - look for them. It's sometimes nice to play those while waiting for a big run to be set up.
I know this is getting away a bit from the thread and how I trade the long term S/R areas, but I just had a quick look through the GBPJPY bouncing off a rising channel to spot potential 15m break and retrace entries. 4hr chart below shows where it is so you can see. The 15m chart below it shows quite a few potential entries. The problem with is is managing your risk - if you do these, go for 1% risk or something small. Move up SL as we do already to a new SL are to capture profits. We're still expecting it to go to the top channel line, so just ride it up.
Hi all! My apologies for my previous charts. I should have removed the indicator from them. I have tried to strip out my charts while looking at this potential setup. What do you guys think about this potential EURCAD trade? Have I drawn the fibonnaci lines correctly? I have not taken a position yet but keeping an eye on it! Best, {image} {image} {image} {image}
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Hi Tibovwh,
Yes I think there's no need to look at the resistance from early 2014 - it's moved down quite a bit from that peak and now we're more concerned with the moves at end 2014 and start of 2015. In fact with this one I'm focussed on the channel it's in and waiting for it to drop to the lower side before looking to enter long.
Regarding breaks and retraces - if you did nothing else but just played these, you'd be doing very well - here's another couple of examples on the 4hr charts. NOte that your SL would be minimal and risk rewards would be terrific. These appear many time on hour or 4 hourly charts as well as the 15m if you don't want to wait longer. Just learn as master one way to trade - look for your setups on charts all the time until your eye gets used to spotting them as they happen. S/R is terrific for all this stuff.
Support and Resistance Method - Pharley
