Forex trading live calls and set ups

I am thinking of closing this thread (Beachtrader voted a No)

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exit 2nd half 1.2375 +18
Price was approaching a consolidation line from a previous channel area. See earlier chart I posted.

Peter
 
eur really took a cr*p. 10 of 11 5minute candles are down. I'll be looking for a small counter-trend trade (bounce). Entry will be 1 pip above the top of the previous candle. Quick exit, small profit, don't be greedy.

Also note we are back inside the previous downward sloping channel.


Peter
 
wackypete2 said:
(y) See! My method works just fine :LOL:

Peter
Click to expand...

lol great shout(y),took my £ with it,my stop now at +22

I dont have a good record for evening calls. If I hadnt been in this trade,im sure I would have found some other tempting opportunity to lose my money on
 
Pic of trade.
 

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Comment: Another exit option here would be to let the trade go as long as price was making green candles or exit at around +20. As the chart shows the entry was not bad at all. Since its late in the day I just wanted to get a small bounce though.

Peter
 
Lord Flasheart said:
:clap: can you explain why you were so certain that such a small bounce would happen
thanks
Click to expand...

Well, I wasn't certain, thats why i waited until price breached the high of the previous candle. But looking at the chart, price dropped 11 of 12 candles and it fell back into a previous channel, which means it crossed the previous trend line hard. All this together favors a bounce to about the top of the channel line. Because it's counter trend I favor a very small profit here, even though r/r was upsode down on this trade.

Peter
 
also, the top of the channel line was almost exactly at the 23.6 fib retracement. I am not a big fib fan but when several things line up you can get nice value for your trade.

Peter
 
wackypete2 said:
Well, I wasn't certain, thats why i waited until price breached the high of the previous candle. But looking at the chart, price dropped 11 of 12 candles and it fell back into a previous channel, which means it crossed the previous trend line hard. All this together favors a bounce to about the top of the channel line. Because it's counter trend I favor a very small profit here, even though r/r was upsode down on this trade.

Peter
Click to expand...

very interesting,I always go on about the importance of r/r but if you have the experience and knowledge then things balance out with controlled discipline. If you know that you will win 7 out of 10 then a 8 pip stop for a 6 pt gain is good r/r

My stop is now at +29,man this is a long trade.im keeping my stop tight for no reason other than to end the day,go and have a long sleep,pleased with how Ive traded today.
 
I'm waiting to see of we are going to re-establish this channel on the 5m chart. I would have liked to see price move down to the 1.2325 area and bounce. It's possible a short term low has been established for now.

Peter
 
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