Currencytrading
One more push higher the it's SHORTY time!I might be alone here but I can't imagine going anything other shorting EURUSD, any squeezes higher should be nice entries to sell the rallies.
There's a lot of fundamental reasons behind why I think the EURO is headed down in a major way, blog posts coming on that, for the mean time google it! ;)
To be clear, I want to short any confirmation that it's headed lower. For now I'm looking for 1.0600-50 for areas to short. I'm going to get an aggressive trend line and sell any breaks, I don't expect a move much above 1.0700.
ENTRY details:
entries between 1.0600 and 1.0650 (looking for this area + trend line break lower for entry)
STOPS:
above highs which will be at/around 1.0700 area
TARGET:
1.0350 AND Parity
LONG USDCHF if it breaks 1.0211 resistance.USDCHF looks to be at an interesting point to me. I'm thinking of going long at 1.0216 (entry would be just above a resistance level at 1.0211, if it manages to break it) with TP at 1.0299 (another longer term resistance level) and a SL at the point I think I would be wrong, which to me is into the body of the last daily candle. At about a half of the ATR on the daily (which sits at 0.00435 at the time of writing), this is an aggressive stop, but over the long term the USDCHF appears to me to be in a channel, so it could well go lower and I don't want to take those losses. The pair has had a few attempts on the higher long term resistance around the 1.03 area, so it could try again or it could fall lower on those failures from here. Either way, here's one of my positions and we will see if it's going to work out.
These are only my opinions. Comments, questions and suggestions are very welcome!
Long Setup for USDCADLooking for a breakout to the upside, due to the strengthening of the US dollar
Two areas to short, 200 pips of scoot is comingI like to keep these trade ideas simple, here are the areas of entry, where I want to take profit. If you want to know mow about how I came to this conclusion, leave a comment below.
I'm looking for two areas to short GBPUSD:
ENTRY: sell retracement at 1.2530-70 area OR sell break of low at 1.2365
STOPS: if the lower entry gets filled, my stops will be above 1.2500, if upper gets filled, stops above 1.2750
TARGET: 1.2200/1.2165
BOOM! Let's make some money!
AUDNZD Buy Set UP!Notes:
1. AUDNZD already formed some OBV divergences and Up cloud appear.
2. AUDNZD need chinkou span to breakout the cloud to give further confirmation.
3. Need OBV breakout to confirm up trend.
Let's buy this puppy... with confirmation!!USDCHF has failed many times around the 1.0200/1.0300 area and maybe now it's ready to go. So far the USD has been beat up to start the week but it could also just be a nice chance to buy some dips and get long again this pair.
I'm looking at these entry details:
BUY: as always looking for trend line breaks to confirm the buy, but liking 1.0130/40 area to start buying
STOPS: longer term you should have them below parity, short term keep stops tight below 1.0100.
TARGET: 1.0220 and 1.0330 AND 1.0500
Let the free fall continue- looking for 150 pipsaudusd has been oh soooo choppy BUT it has maintained structure this entire time, which is amazing.
We have a clean and clear retest of a larger break out, there is a nice secondary channel created here and I want to sell the break out in the worst kind of way.
Entry details:
I will sell this pair after it clears the trend line and gives us a little retest (entry around 7450 likely)
Stops above 7500
Target at 7300
Top 5 Risk Management RulesTop 5 Risk Management Rules:
1. Only Trade with Risk Capital
-Risk Capital is the amount of money you are willing to lose and do not include your living capital into your trading account!
2. 2% Risk Management
-The 2% Rule prohibits you from risking more than 2% of your account equity on each trade you are entering.
3. 6% Risk Management
-The 6% Rule prohibits you from opening any new trades when your current open risks in your open trades reach 6% of your account equity.
4. 10% Risk Management
-The 10% Rule prohibits you from opening any new trades for the rest of the month when the sum of your losses for the current month and the risks in open trades reach 10% of your account equity.
5. Risk to Reward Ratio
-Only take the trades which provide you at least 1:2 Risk to Reward Ratio
Top 10 Trading Psychology RulesTop 10 Trading Psychology Rules:
1. Plan the Trade & Trade the Plan
-Plan all the potential trades beforehand, and trade accordingly with your plans
2. Always be Disciplined
-Do not create excuses to break your own trading rules
3. Expect Losses
-Do not take a trade unless you are willing to accept the risk
4. Emotion Management
-Always analyze your trade objectively and with a neutral of mindset
5. Focus on Trading Well
-As a trader, your focus is on making the good trades, not focus on making the money
6. Patient, Patient and Patient!!!
-Patient to wait for the Best Setups to trade, do not trade when there are no good setups
7. Trade What You See, Not What You Think
-Concern with the effects, not concern about the reasons behind of what are happening. Everything is on your charts!
8. The Trend is Always Your Good Friend
-The easiest money is made trading with the trend
9. Trading Evaluation
-Record down your trades, why are you entry and why are you exit, continuously improve yourself
10. Trading is a Marathon, not a Sprint!
-Be realistic, trading takes time to build experience
Short term (75 pip) trade- bear flagThis is a pretty clean pattern, I got in once already and took some profit. Now looking for a quick move down to recent lows.
WHY I LIKE THIS TRADE:
1) there's a clean clear bear flag, these are great set ups!
2) Symmetry lines up perfectly with past lows (measuring the previous movement against the current movement, profit target method)
3) The recent move lower retraced 38%, that's great fib retracement for a continuation of the downward trend
4) USD strength seems to be holding solid
5) because I waited 6 months for this pair to break out of a tight channel... it's about time!!
ENTRY DETAILS:
I want to find any reason to short this at a higher price than 7375, however a break below that level with a retest, I'll enter that trade for a move down to .7300.
Stops will be above 7420.
Coming off 13 year lows- quick bounce for 100'ish pipsI have not been very excited to be short USD lately, I've been riding the trend along with everyone else, here are some reasons I'm looking to trade USD weakness on EURUSD.
1. the 13 year lows around 1.0500 have held very well
2. Short term charts are showing higher lows
3. we're approaching a solid trend line
So if there is an hourly open above the trend line, a retest of the trend line, I'm buying up towards 1.0740 and 1.0815 with stops below 1.0565.
I won't fight this trend too much, I will be aggressive to lock in profit and move stops along with the trade.
GBPJPY / SELL OPPORTUNITY IS LOADINGOnce the singale break the trend line and the purple moving avrege, i expect a good opportunity for SELL position,
The time has come... 500-700 pips are lining up!GBPNZD has been on my radar for weeks and actually MONTHS! I've been waiting for this pair to start showing upward momentum and start pushing higher, it has given us a favorite chart pattern... a bull flag!
ENTRY: I'm looking at 1.7700 area, there are fibs and flag support there, I would like to buy dips with short term trend line confirmation (1 hour trend line break to buy the dip etc)
STOPS: below 1.7500 looks pretty safe at the moment, otherwise we have to go real deep on the stop area.
Target: 1.8000 will be a great area, but ideally I'll hold on until 1.8300/8400
I'll keep you all updated!
Happy pippin!
I'm very short term "long" here- looking for 100+ pipsthe EURUSD has cratered for the last few weeks and I'm left wondering what may happen as we approach 13 year lows on this pair. 1.0470 (give or take a few pips) is the lowest level since 2003, anytime I see a double bottom happen with nothing nearer than 13 years prior I get curious and I can tell you I'm curious.
EURUSD could be headed into MASSIVE lows, I'm super bearish with this pair. However it has dropped a goooood amount into fairly historic levels, it should be time for a little pull back/correction.
Here is what I'm looking for, a break of the channel, let it reach the current weekly pivot, re-test the trend line break out then move up into 1.0740/50 area.
Ideal entry: 1.0650 (remember break out, then retest, I'm not buying the first break)
Stops below 1.0570
Target: 1.0740 and 1.0845
DECISION POINT: This could swing 100 pips either directionYesterday we had a GBPJPY trade that went well, we were looking for 100 pips, it went about 70 before turning aroud, still not a bad run.
Now looking closely at 136.75, this is a nice short term decision point for this pair, a break either direction could be good for 50-100 pips.
See the chart for details. As far as stops, a broker lower and I'll have my stop above 136.75, a break up and I'll have my stop around 136.50
Another quick 100+ pips coming to a chart near you!Pretty simple, we have a rising wedge, great breakout levels and some clear targets.
I want to sell the break of 135.60, stops should be above highs (136.60 area) with a target of 134.20. I know I said 100 pips above but really this should be a 140 pip trade if it works with us a little.
That's it... any questions? Leave a comment below.
quick 80-100 pips coming up!This is a favorite trade of mine, it's done on a short term chart (15 minute) and the beauty of it is we use some trend line to confirm entry, if we don't get the break we don't take the trade.
This one is coming up on overbought so watch for a short term trend line break and a move back down towards 108.00.
Stops are flexible, I usually add to this trade if it goes against me. So it if does I keep selling with new confirmation until all positions are in profit, trade management is super important here. I'll keep you updated on the details.
500-700 pips, SIGN ME UP!We have a GREAT pattern on a daily chart, this has been long awaited!
We have some GBP volatility coming with the Dec 7th vote in the UK pertaining to Brexit, but we have nearly a month to tackle this trade.
ENTRY: two things, first get a daily close a above the descending trend line. Also I'd like to see 1.6550 break, then I'll buy pull backs with short term trend lines on hourly and 15 minute charts.
TARGET: monthly pivot at 1.7200 at least, I will create symmetry measurements as the move progresses.
STOP LOSS: I will stay in this trade as long as it stays above the descending trend line, otherwise we have to use a 400-500 pip stop loss, that is TOO big for me!
Long term pattern is confirming, hundreds of pips lay ahead!Of course I don't want to be in anything before the US elections, the JPY pairs will probably move a fair bit US election results.
But this is a clean wonderful set up! Here's how I'm planning on trading this.
80.00 was my buy level, it got a bit choppy right there so I stayed out, I want to enter as close to 80.00 as possible after the election.
I'll stay in the trade as long as it stays above the trend line of that falling channel
I'm targeting at least the 38% fib level around 84.00, probably it will move much higher in the long term but that's a great short term target for me.
Questions? Leave a comment below and i'll respond.
Is it time to buy GBP? Check this outI know no one wants to touch GBP pairs with a 10 foot pole but I think we might finally be in good territory for jumping into some GBP strength. Here's what I think we could start with...
1. The flash crash high has held very nicely on this pair, it looks like a short term top for now
2. There's a long term trend line that gets re-tested over and over again that should provide a clean break out area.
3. There are several missed pivots below that act as great targets for attracting price.
So I will wait for a 4 hour candle to close below this trend line, once that happens i'll be looking to get short (sell) as near to the trend line as possible with stops above the recent highs and targeting the lower missed pivot points.
