Is this a no brainer trade?

MajorDutch · Oct 5, 2011

The CAD has offered up a textbook pin bar. Even better the pin is located at a previous support zone on the weekly chart.

The first point of price indecision is a nice distance from the pin.

My trade management for this is going to be stop loss above pin once price reaches first point of price indecision then move stop to break even. Target is 1.0050. entry is below 1.0500 = +450 pips.

What do peeps reckon?

wackypete2 · Oct 5, 2011

From a T/A standpoint looks good. But fundamentally oil is going down which will suppress the Canadian dollar and lately all the eur problems are helping boost the US dollar.

IMO the US $ can't sustain where it's at relative to the eur and will gets is share of dumping soon. That should help your short trade!

Peter

MajorDutch · Oct 5, 2011

switch to the 5m chart for entry. look for price to break pin @ 1.05000 and short 1st retrace. stops nice and tight. this is how we roll mofos.

wackypete2 · Oct 5, 2011

Good r:r on the trade too so why not to give it a go.
Good Luck!

Peter

MajorDutch · Oct 5, 2011

wackypete2 said:
Good r:r on the trade too so why not to give it a go.
Good Luck!

Peter

yeah i tend to shoot for a minimum of 20:1.

petedeluiz · Oct 5, 2011

sh5467 said:
The CAD has offered up a textbook pin bar. Even better the pin is located at a previous support zone on the weekly chart.

The first point of price indecision is a nice distance from the pin.

My trade management for this is going to be stop loss above pin once price reaches first point of price indecision then move stop to break even. Target is 1.0050. entry is below 1.0500 = +450 pips.

What do peeps reckon?

Nice clean chart

CAD hits major weakness yesterday, so I think it's a good trade

advfntrader · Oct 5, 2011

CAD lost daily pivot. I'm short too @ 1.0537

MajorDutch · Oct 5, 2011

advfntrader said:
CAD lost daily pivot. I'm short too @ 1.0537

Not short for me yet looking for 1st retrace below 1.05000

wackypete2 · Oct 5, 2011

sh5467 said:
Not short for me yet looking for 1st retrace below 1.05000

Almost...I have 1.0505 as today's low!

Peter

BeginnerJoe · Oct 5, 2011

I reckon no brainer trades usually make you go dumb. It's premature to short CAD.

MajorDutch · Oct 5, 2011

BeginnerJoe said:
I reckon no brainer trades usually make you go dumb. It's premature to short CAD.

i start from the basis that we are all dumb.

glyder · Oct 5, 2011

I'd say its a nice retrace trade following a parabolic move,which
indicates we could be moving to a change of long term trend.
After the short a good opp might ariese for a long with trend trade.

MajorDutch · Oct 5, 2011

no surprise price visited 1.05 and formed a pinnish / neutral bar. no trade for me. I am looking for price to convincingly cross 1.05 and then enter on 1st pull back.

MajorDutch · Oct 5, 2011

:clap:if this trade works out I will be setting up a live alert service and mentoring service (Cus that's where the money is, I want a piece of the noobie dollar). just set up a standing order to my account for £100 large per month make sure you use the ref: FLEECEME. only joking

BeginnerJoe · Oct 5, 2011

sh5467 said:
i start from the basis that we are all dumb.

I was influenced by this thread and went shorting for short term play in my contest account. Needless to say I got whipped good.

MajorDutch · Oct 5, 2011

BeginnerJoe said:
I was influenced by this thread and went shorting for short term play in my contest account. Needless to say I got whipped good.

bwah ha ha. I take it you read the thread and I said I would short on a retrace below 1.05? tips are dangerous things.

BeginnerJoe · Oct 5, 2011

By the look of things, we have a ball market in CAD. My instinct was correct. Without a sting in the tail, that thing ain't coming down.

MajorDutch · Oct 5, 2011

BeginnerJoe said:
By the look of things, we have a ball market in CAD. My instinct was correct. Without a sting in the tail, that thing ain't coming down.

in my experience one is unwise to underestimate a perfect daily pin bar off a previous price pivot zone. we are currently on the 3rd test of 1.05.

glyder · Oct 5, 2011

BeginnerJoe said:
By the look of things, we have a ball market in CAD. My instinct was correct. Without a sting in the tail, that thing ain't coming down.

You need more patience its still early in the day, and if this gets moving it may last a few days.
Trade what you see not what your instincts think.

I agree with the other bit but I call it a bull market.

MajorDutch · Oct 5, 2011

price has made a convincing move below 1.05 now, looking for a nice pullback entry on the 5m or 1m charts

Is this a no brainer trade?

Established member

Attachments

Legendary member

Established member

Attachments

Legendary member

Established member

Member

Established member

Established member

Legendary member

Senior member

Established member

Established member

Established member

Attachments

Established member

Senior member

Established member

Senior member

Established member

Established member

Established member

Similar threads