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Forex Made Millionaire Thread for Blog Swing Trades
- #102
- Feb 2, 2016 10:20pm Feb 2, 2016 10:20pm
- Joined May 2011 | Status: Get to the Chopper | 17,905 Posts
Come with me if you want to live....
- #103
- Feb 2, 2016 10:23pm Feb 2, 2016 10:23pm
- Joined May 2011 | Status: Get to the Chopper | 17,905 Posts
Come with me if you want to live....
- #106
- Feb 3, 2016 7:43am Feb 3, 2016 7:43am
- Joined Sep 2007 | Status: Trader | 6,871 Posts
{quote} Hi Geppy i really love what you are doing, your analysis are simple and clear, i also want us to look at the one day chart the oscillator are having higher high reading while price is higher low to me that is bearish hidden divergence and i am waiting for a close below the first candle of the daily chart for the month . {image}
I'll admit, hidden divergence has always confused me so I don't really look for it. But if it's indicating bearishness, I'll take it!
A bit frustrating to see price come back >100 pips higher overnight... I hate it when that happens. But my shorts are still in profit and I'm continuing to hold. The picture has gotten a bit murky though.
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- #107
- Feb 3, 2016 7:44am Feb 3, 2016 7:44am
- Joined Sep 2007 | Status: Trader | 6,871 Posts
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- #108
- Feb 3, 2016 7:46am Feb 3, 2016 7:46am
- Joined Sep 2007 | Status: Trader | 6,871 Posts
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Hey gang! Today has been a solid day for anyone who entered shorts on GBP/JPY yesterday. I think we all jumped the gun a bit early, but if you set your SL above 175.00 then you survived. The next logical stop for price would be to test the bottom part of the trend channel: {image} This should come into play right around 171.50 but is ultimately dependent on how long it takes us to trade down to it given that it is an ascending support line. Depending on your entry, this should give you a minimum of 250 pips profit on the trade and maximum of 350...
- #114
- Feb 3, 2016 10:18am Feb 3, 2016 10:18am
- Joined Dec 2013 | Status: Trader | 1,508 Posts
Be humble or be humbled.
- #116
- Feb 3, 2016 10:38am Feb 3, 2016 10:38am
- Joined Sep 2007 | Status: Trader | 6,871 Posts
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- #117
- Feb 3, 2016 10:40am Feb 3, 2016 10:40am
- Joined Sep 2007 | Status: Trader | 6,871 Posts
{quote} hey mate I made my sL level to 5 pip above 175.00 as always. so in this time I am survived with bit of luck. and today is huge day for short traders
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- #118
- Feb 3, 2016 10:58am Feb 3, 2016 10:58am
- Joined Sep 2007 | Status: Trader | 6,871 Posts
OK, gang. The only trade I have active now is my GBP/JPY short. As it was breaking down this morning, and I was at the gym, I was aggressively selling more on the way down. This is how I like to trade:
1) Identify a trade with a lot of profit potential
2) Start scaling in slowly and with small lot sizes
3) Once it starts going your way start adding aggressively to the position
It works well for me and it's working well again this week.
Price is now trading through our trend channel support! This is a big deal. As I mentioned in my weekly outlook, this entire uptrend has felt like a potential bear flag. If this channel breaks, we could be headed for much lower prices.
As you can also see from the above chart, the low this morning nearly coincided with the 200-hour moving average. That's not surprising as many traders probably used this area to take profit. I would have done the same, but it happened so fast and while I was at the gym I just didn't have the chance.
But I'm not upset about that. One of the hardest aspects of trading is attempting to hop in and out of a trend. It can often do more damage than good.
Back to the chart... you can also see that the 1-hour chart seems to have put in a head and shoulders pattern. I am not a fan of this pattern. People tend to over utilize it or massage the price action to believe the pattern either is or will occur. But there are instances where it does work out and make sense. This could be one of them.
If it is a valid pattern, we could expect 169.00 at a minimum. For all these reasons, I'm keeping my target profits open for now and seeing how far I can ride this trend. I hope many of you are in this trade with me and still holding.
Let's make some pips!
1) Identify a trade with a lot of profit potential
2) Start scaling in slowly and with small lot sizes
3) Once it starts going your way start adding aggressively to the position
It works well for me and it's working well again this week.
Price is now trading through our trend channel support! This is a big deal. As I mentioned in my weekly outlook, this entire uptrend has felt like a potential bear flag. If this channel breaks, we could be headed for much lower prices.
As you can also see from the above chart, the low this morning nearly coincided with the 200-hour moving average. That's not surprising as many traders probably used this area to take profit. I would have done the same, but it happened so fast and while I was at the gym I just didn't have the chance.
But I'm not upset about that. One of the hardest aspects of trading is attempting to hop in and out of a trend. It can often do more damage than good.
Back to the chart... you can also see that the 1-hour chart seems to have put in a head and shoulders pattern. I am not a fan of this pattern. People tend to over utilize it or massage the price action to believe the pattern either is or will occur. But there are instances where it does work out and make sense. This could be one of them.
If it is a valid pattern, we could expect 169.00 at a minimum. For all these reasons, I'm keeping my target profits open for now and seeing how far I can ride this trend. I hope many of you are in this trade with me and still holding.
Let's make some pips!
check out my blog: forexmademillionaire dot com
- #119
- Feb 3, 2016 11:25am Feb 3, 2016 11:25am
- Joined Sep 2007 | Status: Trader | 6,871 Posts
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