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Defensive Trading the Force Continued

  • #61
  • Jan 12, 2016 4:26pm Jan 12, 2016 4:26pm
GBP USD,

Regarding whats mentioned above. On the chart included below is what I believe is the only thing holding this pair from dropping again possibly down to the 1.4200 area.

Attached Image (click to enlarge)
Click to Enlarge Name: specialGBP.png Size: 25 KB
Stacking pips since 2002
  • #62
  • Jan 12, 2016 4:29pm Jan 12, 2016 4:29pm
a close below the orange line should bring this pair down.
Stacking pips since 2002
  • #63
  • Jan 12, 2016 4:42pm Jan 12, 2016 4:42pm
Im getting a lot of PMs of people having a hard time with their chart setup. If anyone has indicators that can help feel free to post them. As this thread picks up some momentum I wont have time to help with these things.
Stacking pips since 2002
  • #64
  • Jan 12, 2016 4:49pm Jan 12, 2016 4:49pm
Quoting forexjedi
a close below the orange line should bring this pair down.
When I say words like "should, could, maybe" it is to be taken lightly. Everything is determined by proper analysis. When the price closes below the orange line, logically theres nothing to stop its fall. Maybe it wont get there or maybe it will. The reason I say "fall" is because anyone who is long after the lowest point will have their stop set just below the low point. A close below the orange line will scare the crap out of most long traders forcing them to close their position or get stopped out. On the flip side some risky traders will have buy orders at this level. I think its a bad idea to buy at this particular low because theres no bottom within reason and so many barriers for a good bullish trend as ive shown previously.
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  • #65
  • Jan 12, 2016 4:58pm Jan 12, 2016 4:58pm
Where did I get the 1.4200 range as a possible bottom? I had to go all they way to the weekly chart to find it because I needed to know what kind of range I have if I trade this.
Stacking pips since 2002
  • #66
  • Jan 12, 2016 8:03pm Jan 12, 2016 8:03pm
AUD USD

The price is making a break for the first resistance. If it closes above it we could have the first step of your setup.

Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSD.png Size: 37 KB
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  • #67
  • Jan 12, 2016 8:36pm Jan 12, 2016 8:36pm
I just snagged 30 pips on the AUD/USD (not exactly according to rules) seemed like a logical move, lol
Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSDH1.png Size: 35 KB
  • #68
  • Jan 12, 2016 9:21pm Jan 12, 2016 9:21pm
Hi forexjedi,

I cannot trade in the next few weeks because I am traveling, but I am following you with very interest! Would be helpful if you can put some screenshot of your chart with entry, stop loss and take profit. Please continue updating!

Syl
  • #69
  • Jan 13, 2016 4:43am Jan 13, 2016 4:43am
still short on the Euro from 108 800
which is remarkable as i usually trade the pound dollar ..

think there might be some more room north on pound dollar too.
  • #70
  • Jan 13, 2016 8:39am Jan 13, 2016 8:39am
AUD USD

Three attempts at the resistance line just above the PA with no close above the line means im still waiting for a trade. A close above the line would put this pair into continuation.

Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSD.png Size: 46 KB
Stacking pips since 2002
  • #71
  • Jan 13, 2016 8:50am Jan 13, 2016 8:50am
Quoting dean1star
still short on the Euro from 108 800 which is remarkable as i usually trade the pound dollar .. think there might be some more room north on pound dollar too.
EUR USD

Conrats on your profitable trade. At this time you should be aware of the PA pushing the price to the resistance line just above the price. If it closes above the line I would consider closing your trade. Its possible the price will poke at the line and even piercing it. Whats important is that it doesn't close above the line.

Attached Image (click to enlarge)
Click to Enlarge Name: revisedeurusd.png Size: 62 KB
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  • #72
  • Jan 13, 2016 8:58am Jan 13, 2016 8:58am
Quoting fxforfun
I just snagged 30 pips on the AUD/USD (not exactly according to rules) seemed like a logical move, lol {image}
If you scored yourself some pips good job, however as you can see from the chart the price didn't close above the resistance thus reversing. That is what I would consider a risky move. If anyone has done the same and is still holding this position I would have a tight stop maybe where ive put the yellow line. I would add to my position on a close above the red line just above the PA (resistance)

Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSD.png Size: 46 KB
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  • #73
  • Jan 13, 2016 9:03am Jan 13, 2016 9:03am
Quoting forexjedi
{quote} EUR USD Conrats on your profitable trade. At this time you should be aware of the PA pushing the price to the resistance line just above the price. If it closes above the line I would consider closing your trade. Its possible the price will poke at the line and even piercing it. Whats important is that it doesn't close above the line. {image}
Likewise i guess - got in on pound dollar at 144 so looking for a target of 50 pips on the up ..
  • #74
  • Jan 13, 2016 9:03am Jan 13, 2016 9:03am
Is ​this right? Thanks Jedi
Attached Image (click to enlarge)
Click to Enlarge Name: EURJPYH1.png Size: 56 KB
  • #75
  • Jan 13, 2016 9:23am Jan 13, 2016 9:23am
Quoting dean1star
{quote} Likewise i guess - got in on pound dollar at 144 so looking for a target of 50 pips on the up ..
GBP USD

If you opened long at 144 this would mean you entered about half way into the candle I circled in blue. This is risky and doesn't follow the rules. The only thing stopping you from loosing pips was one support line. If your still long remember this pair is top heavy and drop anytime because its in a clear downtrend and hasnt even made a go at the double top resistance as indicated on my chart. Keep a tight stop.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD.png Size: 57 KB
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  • #76
  • Jan 13, 2016 9:30am Jan 13, 2016 9:30am
Quoting forexjedi
{quote} GBP USD If you opened long at 144 this would mean you entered about half way into the candle I circled in blue. This is risky and doesn't follow the rules. The only thing stopping you from loosing pips was one support line. If your still long remember this pair is top heavy and drop anytime because its in a clear downtrend and hasnt even made a go at the double top resistance as indicated on my chart. Keep a tight stop. {image}
yes that was exactly the play and 144 seemed a good number here is the chart i marked the play with an arrow.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd-h1-oanda-division11.png Size: 102 KB
  • #77
  • Jan 13, 2016 9:32am Jan 13, 2016 9:32am
Quoting AlZhuk
Is ​this right? Thanks Jedi {image}
Yes!! A good continuation. Well done and no doubt your making pips. However take the time to draw your long term TLs and plot your support and resistance lines. you may notice the price has reached a support at this very moment.

Attached Image (click to enlarge)
Click to Enlarge Name: EURJPY.png Size: 65 KB
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  • #78
  • Jan 13, 2016 9:46am Jan 13, 2016 9:46am
Quoting forexjedi
{quote} EUR USD Conrats on your profitable trade. At this time you should be aware of the PA pushing the price to the resistance line just above the price. If it closes above the line I would consider closing your trade. Its possible the price will poke at the line and even piercing it. Whats important is that it doesn't close above the line. {image}
dean1star,

I hope your keeping tabs on your Eur Usd trade. Let me know how your doing.
Stacking pips since 2002
  • #79
  • Jan 13, 2016 9:48am Jan 13, 2016 9:48am
I want to encourage traders to post setups as they happen just in case you missed something. If I think the trade is good to go ill even trade it with you.
Stacking pips since 2002
  • #80
  • Jan 13, 2016 9:52am Jan 13, 2016 9:52am
Quoting forexjedi
{quote} dean1star, I hope your keeping tabs on your Eur Usd trade. Let me know how your doing.
Watching .. waiting .. and thinking :nerd:
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