TRADE Signals

Signals for today:

EURAUD SHORT ON DAILY
EURCAD SHORT ON DAILY
GBPUSD SHORT ON 89 CHART
EURJPY SHORT ON DAILY
AUDJPY SHORT ON 144 BUT BOUNCING OFF 89 SO EXPECT A BIT MORE UPSIDE SHORT TERM POTENTIAL.

As expected EUR with the drop today has triggered many sell signals. I will wait for bounce and then reassess if shorting will be the best trade.

GBPCHF right at top resistance on 144 chart, but this might have more upside potential still, most likely to the 1.5100 to 1.5150 area.

Added another short to NZDUSD at .6841
Now have 4 lots with an average price of .6774

I have order to cover my last GU short @ 1.5343

Got out of 1 of my 4 lots short on NU at 6746.
Have 3 remaining and 1 order to get out of another one at 6719 ( a retest of the lows a couple of days ago) I expect this pair to drop even more so I'll be covering (if it does) in the mid 6600's.

I ended up taking 52 on my EU long from last night. I was targeting 1.1140 but it could only manage 1.11391 so I had to close it at 1.1126. I got long again at 1.1040 and same rules as last night, backup at 1.10 exactly. Good to see NU dumping off for you rck66.

Out of my last short GU lot @ 1.5343 for a 39 pip profit.

thanks TDS. It really frustrated me yesterday and last night when it shot up for no reason.

Yes it can be frustrating. I was pretty frustrated this morning. First EU misses my TP by less than a pip and then my UCad long order misses by the spread. Part of the game though I guess.

These are the signals that I got to start the week:

AUDCAD LONG FROM DAILY CHART
GBPUSD SHORT FROM DAILY CHART
AUDJPY LONG FROM DAILY
CAD JPY LONG FROM DAILY

EURGBP @ support on 89 chart but area might provide only small bounce due to the hard drop on EUR over the last couple of days
GBPCHF @ resistance on 144 but the same consideration applies as the EURGBP as the two move inversely.
I will wait for consolidation on either one (actually it should be both since they move in tandem) before I commit to a long or short.

I was talking privately to one of the FF members that are following this thread and explaining a bit about my trading style and I mentioned that I am the type of trader that goes for mean reverting.

So I want to explain with charts what is mean reverting as I didn't have time to go over that with him. We all know what the mean is of a sequence of numbers, its just the average, so in trading you can use any value of a moving average as a mean (of course as long as the value is reasonable and FITS on your trading timeframe). There are other means like the midband on a keltner channel and I guess there are others that can be used (maybe linear regression, God knows).
Anyways I like to use the midband on a keltner channel and trade to that midband, or better said, MIDBAND AREA. Besides the keltner channel, I use 2 sets of moving averages (they are not really your normal moving average, as the slower is based on linear regression and the shorter one is a modified xponential m/a).

For a counter trade which is in this case a mean reverting trade, I look specially for price to hit and usually extend beyond the outerbands on the keltner channel. To explain further, as I mentioned before in another post, I look for areas to go long or short and one of the main areas that I look for a mean reverting trade (or counter trade) is the outerbands on the keltner channel.
I think the following chart of the USDJPY explains it a little better. here it is. You can see the areas in the yellow boxes are the tops or bottoms where I would start looking for a counter trade (mean reverting) entry.

As you can see in the chart (and this is an entry chart, not the main one that I look for direction) the price hit the extremes (outerbands) and it "reverts" to the midband or center of the channel. When to go in, you have to go and read the post where I explain my strategy.
There will be times, even on the bigger charts that you can get even a buy signal and it fails as you can see at the right end of the screen, the next to last yellow box probably will trigger a long entry to "revert" to the midband, but it drops quite a few more pips before bouncing. Depending on your trading style that could be a stop loss or another chance to add to a "losing trade".

Looking to go short USDCAD at around 1.3160

Good luck with your Ucad short rck66. I'm short UChf at 0.9825 and if needed again at 0.9865. Should be some pretty good resistance in this area. Targeting 0.9785.

TDS, you might see a push up to your 2nd entry level and then there should be a pullback from there. Hope it works, but since UCHF mimics EU I'm staying out for now until probably that high 98 area where I will start watching it for a PB.
Still not short on UCAD

Missed my entry short on USDCAD by 1 pip

Signals for today:

GBPAUD SHORT DAILY CHART
EURGBP DOWN ON 144 CHART. Specially between the 7300 and 7350 area I will go short

GBPJPY likely to go down. Right at red midband on daily chart and signal triggered on 89 chart. I will go short GJPY @ 185.6 to 185.70
I dont see a clear entry on GBPAUD short but an area could be 2.1230 to 2.1250

Placing order to go short GAUD at around 2.1230 to 2.1235 area

GJPY never came to my entry so I have cancelled the order to go short

Looking at UCAD short at 1.3262 for a 20-25 pip scalp.