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Forextradingsnacks

Wash, rinse, and repeat trade! 9-25-19 EURGBP So I often see setups of past moves repeated in smaller timeframes. A lot of people might think a small timeframe trade setup needs eyeball attention thus your time applied to charts and screen time. True or not, it’s a traders choice. Besides patterns just jump out at you at times, so, trade what the market gives you... is what I say. On lower portion of this chart we see the lower setup and price action that is very similar to the upper pattern. Only differences are the size of the pattern. I still see it as a playable and still possible higher move in the pair.. after all strong momentum in between 2 levels of side ways price action says buyers in this case are still coming in as well as previous buyers are still holding on for more and not allowing price to come down much. The pink lines define a sideways price action. I placed pink line just above the upper level of each of the ranges. As well as a lower one. If your looking to place a momentum trade as prices pushes up and over the upper pink line at some point in the near future, then place a order just above the pink line. I’d also set a stop just below the lower range pink line. Placing a stop is important because false breaks do happen. That’s one way to play this... Another way is to place a order close to the smaller bottom pink line that is just below the bottom longer pink line. That line is at the 50 EMA moving average. Current price is above that price, however that EMA is often a point where price changes direction after it is challenged and then continues in the longer trends direction. Being that we are a few hours before the Asia markets open often there can be a sudden move due to low liquidity in the markets at that time of day. Should such a move happen we could capture a better long position price. Of course you’d set a stop appropriate to your own risk tolerances in either case or strategy. Number 3 way is to set orders up on both points using smaller size to accommodate again for personal preferences, style of trade, and or account size. By placing multiple orders at different points in or around a targeted area The overall orders might give you a better average price. That and no one really knows where short term tops or bottoms are and so entry prices might get filled or might leave you on the sidelines as a spectator to a move you found to be a high probability—-that also then became reality! Targets should as always should be at least 2 X your stop size. If you decide to trade this idea or any idea the risk of loss is always yours. Because there is no sure thing in trading and trading is very risky, plan your trades and only then trade your plan. In trading you either make dust or you eat dust. All the best in your trades.
Long
by PipsTradingClub
9-25-19 USDJPY bullish breakout Here is another Forex Trading Snack. There is always a bit of confusion with new traders who haven’t yet settled in on a type of trader they would like to become. Most trader newbies are having to balance trading with other sources of income and a family life a well. Many tend to trade in a scalpers mode for shorter times in the markets. Yet one of the frustrations with such a style is often coming back to check in on the markets only to see a major run that had happened already. This happened to me a lot because I needed some daily sleep and my time zone places me at a disadvantage to the best time of day to trade. The solution for me was combing two styles of trading together as one. Now it happens to be for me this way also complements my personality, so it even better—win, win! My posts, or my ideas and explanations should reflect this style of trading, and also show how traders can anticipate types of moves off different things found in the markets everyday. Thus allowing individual traders to build a strategy in trading these moves successfully. My trade idea with USDJPY is rather simple. The pair yesterday tested the weekly down channel ( blue lines ) as well as the daily channel ( lines in pink) and broke back above both with price momentum. This tells me higher prices are a higher probability moving forward in time. My strategy is to buy in the red box area or zone or as close to it as we can. Setting our stops just below our average buying price, and those for mentioned broken channels which now should offer some support. Our first target is 108.60 area a major resistance zone, leaving room for a second bit of our orders to run passed if this area should break higher. Using the zones I’ve outlined here the risk levels should be 20-50 pips risk With a 100-150 pips of reward Because we are looking for a short term pullback from current prices at the time of this post. I believe we should have 8-24 hours of time till such a order and trade might become a live trade. But nothing is certain I’m placing orders out within my outlined plan. Doing this allows me freedom to get away from my screen without losing out on opportunity. So I can now go out and live life away from my computer screen I only need to monitor or check in every hour or two to see how things are progressing or if things need readjusting. An easy thing to do from my mobile device. As always if you decide to trade this idea the risk of loss if any is all yours. In trading you either make dust or you will eat dust. All the best in your trading.
Long
by PipsTradingClub
Forex Vs. straight line moves and grooves. Here is another Forex Trading Snack. It’s easy to post up any trade idea as it happening or just after the best opportunity has come and is now gone. Here is an idea before it has become a filled order or trade. The trade before it a trade! Someone once told me, in Forex trading straight line moves usually to a great trader equals taking a calculated counter trend position opposite to that straight line move. Because nothing moves in straight lines for long. In other words, in seeing moves like this and then aligning one’s self up with the trend or the changing trend equals a higher probability opportunity. I can see new traders saying but my candles on my chart really aren’t all that straight in my view.... There is no wrong or right in different traders looking at the same chart. The differences usually are in seeing high probability opportunities within the same view, and this comes by seeing things that you have kept statistics on and you also know what the statistical probabilities are. All of that comes easier with experience. EURNZD has broken down out of a up trend 4H channel. The move has been ( at least on my chart ) in a longer straight-ish line out of the channel and right into a support zone. For my trading likes, this points to a top in trend price action and a newly set lower low. The lower low tells me a new trend is setting up. As to how long the trend will be or how long it lasts... well it anybody’s guess. Trading isn’t about guessing but seeing a potential move before it happens and getting into position to capture that move utilizing good practice of risk reward according to your trading plan. If you want to trade successfully you will need to build a personal trading plan according to your personality and risk tolerances. Without a personal plan... your a gambler!! My idea is to wait for a bounce. Maybe it does, or maybe it doesn’t bounce. Here is my trade idea and look. I set orders according to my idea and walk away from that screen till the end of the day NY trade. At that time we reevaluate or readjust. This style of trade might have some of you just plain scared. I have to set a bigger stop, some say. Usually they say this because they are wrongly focused on the potential negative account impact, or they are trading with to much leverage or they have failed to build a personal trading plan, or all of the above! How ever, just looking at this idea.... would you say it’s a good exchange to be willing to trade 40-60 pips loss for a chance to gain 100-200-300 pips in return?? You know, I like living life! Being tied to a computer screen trying to trade, to me isn’t a better, or more enjoyable life now or for some dream in the future. I love to have as much or more freedom with my life’s time currently.... but then those are some of the things that are important to me while I journey towards my dream. A trader only needs to plan for that kind of a life. The secret is, if you trade less, only trade high probability trades, except a tad bit larger stop loss limits ( hey here is another way to look at it. If I was trading smaller stops but tied to the screen and took 3 small stops, let’s say 20 pip losses—isn’t that the same impact to the account if I only took one trade with a 60 pip stop....But also wasn’t tied to the screen??) then you’ll also be focusing on finding the best high probability trade setups. It’s a trade off within the mind as to what strategy or life style you want to use in your trading life. As always, if you trade any ideas, you also assume all risk of loss. In trading you either make dust or you eat dust. All the best in your trading.
Short
by PipsTradingClub
Dancing Queen We have to consider with Brexit and all, the Queen just isn’t dancing to the same tune anymore. News and rumors of news on developments or political maneuvers just seemingly moves the Queen around the dance floor with swooping and then spinning around that would make any 90-year-old-or something lightheaded... it time for that break in dancing like it’s 1999. And here is another Forex Trading Snack. I’ve been trading the GBPUSD to the long side mostly with sprinkles of counter trend shorts. I mean you can go back and check my idea-postings of the past. But currently, for this week, with a longer term double bottom pattern played out. Not to mention a ascending wedge pattern that was building into that longer term pattern top, we now have a broken wedge on the 4H and as good risk to reward plays go, selling any small rallies is the play in my opinion. Here is the land scope view. Be on the lookout for my trade setup that I will post shortly under the comments section as a update to this post. No trades are filled at this time. Perhaps shortly though? As always, in trading you either make dust or you eat dust. All the best to your trades. ( if you decide to trade any of these ideas, you assume all risk of loss! )
Short
by PipsTradingClub
9-19-19 GBPJPY short trade play ideaHere is another Forex Trading Snack! Yes I know... But there is significant amount of news risk associated with trading GBP pairs right now, you say. True! But using calculated risks, there is a great opportunity for an over sized reward for the risk taken in my opinion. First this pair has completed a double bottom pattern It has moved up from that bottom some 600-700 pips It has built on the way up an ascending wedge pattern which has also broken that to the down side. All of those things point to a higher probability of a reversal in direction lower in price and or a greater opportunity of slower grinding move higher from here. In other words the odds favor prices going lower in my opinion. I just feel without bigger news reports that point to more positive Brexit news—grinding around similarly as it has done week is its best showing to the upside. This week was filled with rate decisions and central bankers and price remains still close to it top but within a range. When I was a new trader my mentor said all to often to me, “ What doesn’t go up has only one way to go! “ I’m leaning towards another short term pop up in price attempting to retest the highs or even setting another new high but remain under that ascending wedge’s broken lower trend line. Here is s landscape view of the whole double bottom up to its targeted range and the ascending wedge pattern. I do have an alternative trade idea should we not get a pop-up in price. I’ll post it in the comments section that is to follow. If you decide to trade this idea, you also assume all risk of loss. In trading you either make dust or you eat dust! All the best In Your trading.
Short
by PipsTradingClub
AUDNZD catching a double bottom playAUDNZD Currency pair is more of a trade based on the AUD out preforming the NZD. With the NZD central bank one of the most dovish of the globs central banks—it is no secret then that traders view it as the most weak of all the currencies. So a buy or sell here is the belief that AUD will simply out preform / be the stronger or even less weak should the market go down then the NZD. On the weekly chart we have another pattern in play. There is a potential of a weekly double bottom so long as this weeks closing price holds above 1.0700–30 my blue horizontal line. On the daily we can say with a close on Monday above the blue line the we could also say there is a daily double bottom in play. In either case the projected move should price action hold, is simply an equal upward move from the bottom to the neck line ( the blue line ) or about 400-500 pips or around the 1.1000–1.1100. top red trend line. My strategy would be trying to buy off any retest of that neck line. Setting stops below according to your own risk tolerances and or game plan for stops. Profits would be targeted at completion of the pattern move over time. Because of the size of what could be a prenatal move and how early I’m posting about it, it’s one to watch indeed. My daily chart below If you trade any ideas, the risk of loss is all yours. Keep a look out for my updates. In life and in trading you either make dust or you eat dust. All the best in your trading.
Long
by PipsTradingClub
EURUSD double bottom trade ideaIt’s Friday! TGIF Here’s another Forex trading Snack. After the ECB enacting unlimited QE yesterday during it meeting EUR was shaken with volatility and created what can be viewed as a double bottom pattern. After breaking the neck line and holding it, the path of least resistance I believe is toward completion of the pattern. That should take us towards 1.1200-1.1250 which is also the area of a downward top trend line of a weekly wedge pattern. Longer term should that weekly pattern break it points towards a massive short squeeze. But let’s not get a head of ourselves. First things first. Should you trade this idea the risk is all yours. In trading you either make dust or you eat dust! All the best.
Long
by PipsTradingClub
USDJPY looking to the next weeks open.Here is another Forex Trading snack. I know it’s Friday and late in the trade day by Friday’s standards, but it’s never to late to strategize and plan for a new weeks open trade. USDJPY has run up and started to show signs of slowing a bit. This could just be a rest before another push higher. Evidence that it might go higher early next week... Friday’s trade hasn’t seen traders taking profits ahead of the weekend. Not much of a pull back in price. ( but we could still see some as we head into Friday’s close in NY ) Price is still above the 21, and 50 moving averages on the 4H We are still above a Downward sloping channel trend line, and so holding the breakout of the channel, but more importantly still holding above the key 107 area that held price under it for quite sometime. And so I’d think any retraces would be bought. I’d be a buyer at or around 107.50-107.80 My stop just under according to risk tolerances. My targets 108.50-109.50 If you chose to trade this idea, you assume all risk of loss., In trading you either make dust or you eat dust! All the best
Long
by PipsTradingClub
GBPUSD short trade idea. Another Forex trading snack. Nothing moves in a straight line for long in Forex trading. So with this last bounce of optimism on a no hard Brexit deal the market pounced on bidding up the GBPUSD. There is significant news risk to trading this pair, positive or negative news will push price in wider swings. However this daily flag pattern that seems to be forming just outside of a broken longer term channel is holding it from farther advances. However a broken channel points to price moving in that direction. So should a break of the top of what could be a flag would invalidate this idea, but so long as it is respected it could point to channel trend retest or even a false breakout. This could point to much lower prices for next weeks moves. With NFP not doing much for this pairs movement and no real news pushing farther positive gains, it seems to be a great place to start testing the waters for a short trade early next week should we get farther tests of the flags trend lines. My game plan.... On any retest of upper trend line of the flag ( blue lines ) is take a short. It has the trend line as resistance and a great limited risk to reward entry going with the longer trend. This could happen early next week. First profit target would be the channel retest the gray lines. But looking to hold some Incase if a false channel break. This is not trade advice but training information. Should you choose to trade this idea the risk is all yours. In life you either make dust or you eat dust. All the best in your trading.
Short
by PipsTradingClub
EURUSD expected high probability moves in line to NFP reportsJust another Forex trading snack! I’ve mentioned it in chat before... “just before major expected news releases EURUSD usually seeks middle ground.” For most of this week I’ve been long EU, but mid week just before NFP release, I started to look for shorts. Why? Because for years now EUR and other dollar pairs have set their respective high’s or low’s and then moved to a middle of the most recent short trend move. This time was no different. EURUSD jumped off it weekly wedge low 1.09 ish and shot up to close to 1.11 this morning 9-5-19. From there it was an easy as well as a high probability short entry trade. If you have statistics like this which point to high probability moves—that’s an edge! This Friday morning 9-6-19 we will get a move either higher or lower for the EURUSD after the NFP report. So trying to trade that directionally before hand on the news is gambling. Playing the market as I have using known statistical prior to moves or reactions, well, that a higher probability of making money with lower risk. That is also the difference to consistently becoming more successful and patient as a trader. In life as in trading, you either make dust or you eat dust. All the best in your trading. This is not trading advice, but the information is for trading purposes only. If you trade any ideahttps://www.tradingview.com/x/tDPoQRzt/ you assume all risk of loss.
by PipsTradingClub
GBPUSD up dateHere is another Forex trading snack! With news bombs flying around GBPUSD has finely broken higher. But what’s new here with these kind of moves right? It seems the market is leaning very negative, so when there is news, rumors of news, or news that can be interpreted as positive / no hard Brexit, the currency has a higher probability of jumping higher. But as I was saying in a previous post I was waiting for higher prices to then go short once again. However when triangles form like this one did on the 4 H chart.... Then I usually take an aggressive counter trend trade— just in case of such moves. My idea here isn’t based on technical or economic changes, but on nailing the traders who entered the trade on the short side expecting a normal triangle break with the over all longer trend, but were stopped out on a news bomb! I was able to scalp 65 pips by setting a long order just over the top triangles trend line and then set a take profit just under my new order short zone I had pointed out some days earlier. For the short trade idea now... I’m looking to enter short orders around the 1.23 level or that longer term black descending trend line. It a swing style trade, so a good technical level with the 50 and 61.8 fib’s And that descending trend line. If GBPUSD does push over the 1.2380-1.24 price I’d expect short traders to get squeezed and run for the hills. So I feel short traders will defend the zone where my entry price targets are. We will have to wait to see what happens in Asia’s Friday’s market open or maybe even Europe’s open. I suspect this triangle break will have some traders yet grabbing their short trade profits before the weekend. In turn giving my short trade idea a better price to enter. As normal, if you trade any ideas, the overall risk of loss is yours. This is not trading advice, but for training purposes on how I trade the markets. In life as well as in trading, you either make dust or eat dust! All the best.
Short
by PipsTradingClub