FX Trade Setups, Entries, Management and Exit

[scholfield]

short 1.5961
16 pip stop

Don't like it.
out -4

 

[Purple Brain]

scholfield - what was the basis for the 2nd short on cable?

What was the basis of the short oil trade?

 

[Purple Brain]

nzd trades off the watch-list.

 

[barjon]

..... Is that a heresy?.....

No, it's not Short term trading of our sort is about making assumptions (intelligent guesses if you prefer) at the right time (when there's decent movement), taking adequate advantage when it moves favourably and limiting disadvantage when it doesn't.

That's why good traders think of being "right" or "wrong" in terms of how they've managed the trade, not whether it moved favourably or not.

 

[scholfield]

scholfield - what was the basis for the 2nd short on cable?

What was the basis of the short oil trade?

Pretty much all of my trades are based on my own little system which mainly uses a mixture of momentum divergence, support/resistance/trendlines. I mainly take trades in the direction of what I percieve to be the trend.
It gave me months of profits, but at the moment it feels like flipping a coin!

I should probably learn to ignore all tecnical setups when news is heavily influencing the movement of price on the day. Tends to further reduce the probability of profits for me.

 

[Purple Brain]

aud/cad potential long on watch-list. Still have potential long aud/usd and short eur/aud in my sights.

 

[Purple Brain]

Pretty much all of my trades are based on my own little system which mainly uses a mixture of momentum divergence, support/resistance/trendlines. I mainly take trades in the direction of what I percieve to be the trend.

You trade the 5 minute chart on all instruments?

 

[Purple Brain]

aud/cad long stop at 9621, 10 pips below today's open.

 

[Purple Brain]

aud/usd long stop at 9343, 10 pips below weekly high, daily open and below half-century.

eur/aud short stop at 4284, 10 pips above daily open and weekly S1.

 

[Purple Brain]

aud/cad long at 9640.

 

[Purple Brain]

eur/aud short at 4268.

 

[Purple Brain]

scratching long aud/usd from watch-list as I already have 2 lots of aussie exposure.

 

[scholfield]

You trade the 5 minute chart on all instruments?

I actually use a number of timeframes. Entries are usually taken off of the 5min or the 15min though, depending on the specific setup.

 

[scholfield]

last try on cable.
short 1.5969
stop at 1.5982

 

[Purple Brain]

last try on cable.
short 1.5969
stop at 1.5982

Your stop is bang on the daily R3. Good luck with that!

 

[Purple Brain]

aud/cad stop up to 9625, just under most recent lower low.

 

[Purple Brain]

correction; aud/cad stop up to 9630.

 

[Purple Brain]

eur/aud looking for resistance from daily open and weekly S1. If that breaks I will close trade.

 

[Purple Brain]

eur/aud stop down to 4279.

 

[Purple Brain]

aud/cad out for -2. Failed to make a higher high and there's resistance at 9642 which I can't see on any technical basis. Don't understand it - don't like price action. Take a small loss.