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  • #141
  • Jan 21, 2016 11:44am Jan 21, 2016 11:44am
My next option is GBP/JPY

im opting a short when it hit the upper end of the trend channel at round about 167.86.... we are getting close to the MA (420.....purple line) on a M30 chart.

hoping for a nice short session sometime tomorrow S/L at 169.18 T/P at 164.51
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  • #142
  • Jan 21, 2016 12:31pm Jan 21, 2016 12:31pm
Quoting swatti
My next option is GBP/JPY im opting a short when it hit the upper end of the trend channel at round about 167.86.... we are getting close to the MA (420.....purple line) on a M30 chart. hoping for a nice short session sometime tomorrow S/L at 169.18 T/P at 164.51 {image}

Nice setup on GJ .. I am already short this baby at 167.25

I am not sure if you guys trade oil .. but now is a good time to short that too
  • #143
  • Jan 21, 2016 6:11pm Jan 21, 2016 6:11pm
just got picked up for my short position in GJ at 167.764.... hoping to take the short towards the bottom of the trend channel at round about 162.00


fingers crossed
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  • #144
  • Jan 22, 2016 5:52am Jan 22, 2016 5:52am
Got my ass kicked on all my short positions. Gotta win some gotta lose some, of well.
  • #145
  • Jan 22, 2016 5:58am Jan 22, 2016 5:58am
Quoting JustUsePrice
Got my ass kicked on all my short positions. Gotta win some gotta lose some, of well.
still not at stop loss....

hedged some... but if GJ continues long ill have a big loss... not gonna open another hedge position
  • #146
  • Jan 22, 2016 6:12am Jan 22, 2016 6:12am
Check out USDCAD daily chart ... it is at the bottom of a rising wedge/channel ... hmmmmm
  • #147
  • Jan 22, 2016 9:07am Jan 22, 2016 9:07am
Quoting JustUsePrice
Check out USDCAD daily chart ... it is at the bottom of a rising wedge/channel ... hmmmmm
well ....got knocked out.....that really hurt!
  • #148
  • Jan 25, 2016 1:56am Jan 25, 2016 1:56am
G'day, welcome to the new trading week.

I'm executing a short bias on the USD with a long trade on the GBPUSD at the moment. I'm seeing a short-term reversal on multiple currencies paired with the USD at the moment; the pound gave me the tightest entry. Risking 10 pips for 25 pips of profit, targets are on the chart attached.

Mike

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Understanding yourself is synonymous with understanding the markets.
  • #149
  • Jan 25, 2016 5:26am Jan 25, 2016 5:26am
Hey there Mike how did your trade go so far?


any suggestions on GJ? i would assume that it would bounce of that trendline for a tiny long session.... as in a pull back and then continue declining.
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  • #150
  • Jan 25, 2016 6:35am Jan 25, 2016 6:35am
Quoting swatti
Hey there Mike how did your trade go so far? any suggestions on GJ? i would assume that it would bounce of that trendline for a tiny long session.... as in a pull back and then continue declining. {image}
Hey Swatti,

I like your chart, the trend line looks good. I don't really trade cross pairs myself, but from a technical perspective the highest probability trade there is the first touch of the descending trendline (ie. the candle 3 bars prior to the one you drew the fibonacci level with). You can still trade successive touches however the best one is always the first. Personally I'd be looking for other trades unless the second touch has confluence with some other kind of entry signal.

My trade didn't work out, thankfully I disciplined myself to wait it out a while as volatility shot up pretty high for a while there. Took a small short position at the top of the move on the USDCAD for 27.7 pips...

Mike

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  • #151
  • Edited 7:29am Jan 25, 2016 7:02am | Edited 7:29am
Short the GBPUSD using the 61.8 fib level in confluence with 1.4275 and an ADX signal on the 1-min chart. I was about to post this setup before selling when the price jolted up into my entry area...

Mike

EDIT: closed for +13.3 pips (should've held this one for 25, it made it quite easily)

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  • #152
  • Jan 25, 2016 9:00am Jan 25, 2016 9:00am
Quoting mjrsaunders
{quote} Hey Swatti, I like your chart, the trend line looks good. I don't really trade cross pairs myself, but from a technical perspective the highest probability trade there is the first touch of the descending trendline (ie. the candle 3 bars prior to the one you drew the fibonacci level with). You can still trade successive touches however the best one is always the first. Personally I'd be looking for other trades unless the second touch has confluence with some other kind of entry signal. My trade didn't work out, thankfully I disciplined...

Hi Mike thx for the advice. as i had to leave the house i couldnt react im affraid.
but im in position now. leaving me with a short order between the 61.8 and 50 fib retracement. risk at 1:2 lets hope i get picked up and miss GJ keeps on a short rally..... prefered would be a decline into the old trend channel i posted late thursday evening.... where i lost my trade and burnt my fingers....
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  • #153
  • Edited 9:49am Jan 25, 2016 9:13am | Edited 9:49am
got picked up.... lets see if i get out of this trade with a good result


adjusted my trading goal to 161,8 fib level.... it matches the breakout point out of the declining channel on friday...perhaps ill take out half the position at 100 fib
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  • #154
  • Jan 25, 2016 11:58am Jan 25, 2016 11:58am
as i am pooing my pants concerning Draghis speach i scaled out 3/4 of my positions with an acceptable profit....

letting the last micro lot run as planned, leaving stop loss as it is which ....what ever happens will leave me with a profitable trade....


so guys... fingers crossed for a good and stable short position over and out for the day
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  • #155
  • Jan 25, 2016 2:58pm Jan 25, 2016 2:58pm
little update on the GJ trade.

as i successfully begun the trade at the 61,8 fib retracement of the double top formation and bought of 3 micros i now have 1 micro left at something that looks like a flag... could indicate a nice follow through of the declining short term trend...
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  • #156
  • Jan 26, 2016 1:24am Jan 26, 2016 1:24am
EURUSD

Planning a short from 1.0875 round level at the top of a 5M channel.

Mike

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  • #157
  • Jan 26, 2016 1:47am Jan 26, 2016 1:47am
Filled @ 1.08741, looking for 18 pips.

Mike

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  • #158
  • Jan 26, 2016 2:46am Jan 26, 2016 2:46am
lookin good there mike....


hmmm i was thinking about going long at 1.0841 but the ADX looks more than bad for a Long position as far as im concerned..... what do you say guys?
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  • #159
  • Jan 26, 2016 2:57am Jan 26, 2016 2:57am
Quoting mjrsaunders
Filled @ 1.08741, looking for 18 pips. Mike {image}
Nice trade Mike!
Know your edge and trade within it
  • #160
  • Jan 26, 2016 3:00am Jan 26, 2016 3:00am
My EURUSD trade is out for 18 pips profit

Planning a short on the USDJPY @ 118.12. 61.8% fibonacci level in conjunction with a touch of the underside of the previous bull channel. The ADX has already capped 40 on the 1-minute chart, not sure if I'll get an opportunity to enter this one but if I do I like my chances of picking up at least 10-15 pips.

Mike

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