Wedges and trendline breaks

[pocrel]

That would explain it.

It has popped into my mind on occasions to do the same thing, so I can get to bed a little earlyer! Am I right in my assumption this is why you are set at +1 uk time?

Thanks for the journal

Jason

hi jason,
not at all basically this is my alpari feed time for metatrader, most seem to run on this time so i left it at that i am not sure if you can even change it,
ideally you want to be on time that most people are looking at the market

again this should just be an area of time and i think for a daily canddle it would be 10pm to 12pm at night, its very rare candles form far o different at this time

if everyone sees the same thing the more likely it is to work, just my opinion

if you see it and no one else does then the pin could fail or whatever formation it is.
pat

 

[pocrel]

Hey Pocrel,

I'm good thanks. Still not trading yet just saving some capital and learning until I am ready to have another pop at it. Thanks for your explanation. So basically you only use fibs when it has confluence with a S&R level and show some favourable price action like a pin bar. Do you use any other patterns? I keep checking back at your blog - eagerly awaiting your first video! Keep it up,

Sam.

hi sam , no video yet still have not found the right software and and my lack of time is a problem but will keep it in mind

as for other patterns i look for 3 drives to a top or bottom an ABCD pattern completion at the end of a move for a reversal signal, added to fib levels and maybe a pin bar or other bullish or bearish pattern

there are many things you can use i hve loads but the ones i have mentioned with prior support and resistence are the one that work best.

THE SYSTEM is only one thing it might give you a little edge and there is so many out there you could use, the reason why people fail is they can not follow the plan, if you have a system with a tiny edge and you follow your plan with a good risk reward you are miles ahead of the 95% of traders
hope to see you trading soon sam

pat

 

[pocrel]

stop at breakeven on usd/chf .9841


on my swing trads i have this Expert Advisor for metatrader that moves my stop automatically and can take half off if i want very handy to have if your sleeping

if the trade does nt go now then i happy to be out

stopped out of usd/chf trade for nothing

looking for renentry of the 4hour chart, double bottom same setup wait for a close of the 4hr canddle, if it closes above the double bottom then it time to go long

 

[pocrel]

stopped out of usd/chf trade for nothing

looking for renentry of the 4hour chart, double bottom same setup wait for a close of the 4hr canddle, if it closes above the double bottom then it time to go long

long swissee now . 9859

price finding support again and rejecting the break of the 1.27 extension area lets see if we can move higher

target is 100 pips away stop is 55

stoped out for -55 on a half, damn trade never got going

 

[pocrel]

heading into the week i am looking for a short entry on aud/usd

counter trend but the area of major interest to me is 9700 to 9800

abcd pattern completion at the 161.8 extension previous support on the daily here

good chance we will get a reaction here

rsi showing divergence

round number

stop above 9900

if we get a pin or another shorting pattern here then we are in

this is how i build a case for entry, plan the trade the plan




also watching for gap trades after market open at 9pm tonight uk time

 

[pocrel]

orders pending at the 9700 level on aud/usd for a sell

also sell order on crude at 7800 same pattern as the aud/usd

abcd completion at the 127 extension, round number previous highs so expecting a move down if we get up here

 

[pocrel]

shorting eur/gbp here 8495 stop 8520

target 8410

 

[pocrel]

triangle breakout pullback on the 4hour chart so shorting it

good chance to get into this move if you missed the abcd pattern completion




stopped out -25

something spooked the market not sure what mpc memebr speaking, took out my tight stop anyway move on

mpc memeber mentioned something about uk ****ed for 10 years no point trading with him saying things like that everything goes out the window

 

[pocrel]

Managed to get short eur/gbp last night

1/price made an abcd pattern into a 127 fib extension

2/divergence on the rsi (rising tops falling tops on rsi)

3/pin bar on my 4hour

4/similar drives into a previous support level now becoming resitence





was a bit premature with my last eur/gbp trade but the triangle tempted me in anyway lets hope this one works better

entry 8624

target 8470

stop 8670


STOPPED OUT -46 (god damn bad day)

 

[pocrel]

heading into the week i am looking for a short entry on aud/usd

counter trend but the area of major interest to me is 9700 to 9800

abcd pattern completion at the 161.8 extension previous support on the daily here

good chance we will get a reaction here

rsi showing divergence

round number

stop above 9900

if we get a pin or another shorting pattern here then we are in

this is how i build a case for entry, plan the trade the plan

View attachment 92216


also watching for gap trades after market open at 9pm tonight uk time

finally short aud/usd now aswell trade from this setup

entry is 9715

stop is 9815

target is 9250

time for the dollar to bite back a little

this trade may kick up again so we may need to reenter but lets see how it goes alot of things coming together worth the risk

 

[pocrel]

orders pending at the 9700 level on aud/usd for a sell

also sell order on crude at 7800 same pattern as the aud/usd

abcd completion at the 127 extension, round number previous highs so expecting a move down if we get up here


and to top it all off for the day my CRUDE OIL trade is on at the 7800 level



short 7800

stop 7870

target 7610


ignore the other 2 charts not sure whay they made it on

 

[pocrel]

orders pending at the 9700 level on aud/usd for a sell

also sell order on crude at 7800 same pattern as the aud/usd

abcd completion at the 127 extension, round number previous highs so expecting a move down if we get up here


and to top it all off for the day my CRUDE OIL trade is on at the 7800 level

View attachment 92540

short 7800

stop 7870

target 7610


ignore the other 2 charts not sure whay they made it on

STOPPED OUT OF

crude for -70

it looks like i was picking a pattern within a pattern so maybe i should have taken the 40 points profit but hey such is life

now a clearer pattern that is setting up on it is this and its at the big round number of 8000 so i will be shorting the 8000 level again when we get up here

 

[pocrel]

aud/usd closed for +160

 

[brettus]

aud/usd closed for +160

Nice one mate

 

[pocrel]

well been a great week for me shorted eur/usd at the 140 level and the cable at 160 level both worked very well

looking at this for next week

gbp/chf for a long



pin bar into major support zone(would like it to be exact and a little longer but cant have everything)

abcd pattern completion drives are very similar

161.8 extension

stop below pin, buy order above pin looking to run it into old support arount the 158 level so just over 1to1 risk/reward

order in place so lets see if we can move u from here

 

[brettus]

well been a great week for me shorted eur/usd at the 140 level and the cable at 160 level both worked very well

looking at this for next week

gbp/chf for a long

View attachment 93262

pin bar into major support zone(would like it to be exact and a little longer but cant have everything)

abcd pattern completion drives are very similar

161.8 extension

stop below pin, buy order above pin looking to run it into old support arount the 158 level so just over 1to1 risk/reward

order in place so lets see if we can move u from here

I'll be looking for EURUSD shorts next week around that level 1.4000. I see you're holding your positions for a bit.

 

[brettus]

Hey mate.

I have a trade for you and anyone who wants to have a look. It's a long term plan.

It's a Christmas trade. Euro is at an artifical price boosted by asian banks buying up euro against the dollar. QE in the US is always a short term boost for risk currencies, but long term it's risk off.

Also on the third chart, i think 1.4 is a great shorting opportunity.

 

[pocrel]

Hey mate.

I have a trade for you and anyone who wants to have a look. It's a long term plan.

It's a Christmas trade. Euro is at an artifical price boosted by asian banks buying up euro against the dollar. QE in the US is always a short term boost for risk currencies, but long term it's risk off.

Also on the third chart, i think 1.4 is a great shorting opportunity.

hi brettus mate
good to see you again and thanks for the charts, i agree with the eur analysis, i am not seeing a reversal yet on it so we could be going higher
but i feel the 140 level has now been tested and we got a nice little retrace so it could be time for it to move past that level an into the 145 area that you mention

for anyone that is more of a long term trader i think if you did nothing but wait till these BIG ROUND NUMBERS levels pop up and you short it or go long (depending on which way the market is moving) you would be good for 100 points everytime, simple strategy but very effective

i have to say i am loving the slower timeframes these days much more time to think about things

tonight might be a good night to watch for gap trades as with non farm last friday things could move alot so i will see if there is any and post them, i think if i could just stick to these trades i would have 100% hit rate they seem to very easy to play :cheesy:

do yu play them brettus?

 

[brettus]

hi brettus mate
good to see you again and thanks for the charts, i agree with the eur analysis, i am not seeing a reversal yet on it so we could be going higher
but i feel the 140 level has now been tested and we got a nice little retrace so it could be time for it to move past that level an into the 145 area that you mention

for anyone that is more of a long term trader i think if you did nothing but wait till these BIG ROUND NUMBERS levels pop up and you short it or go long (depending on which way the market is moving) you would be good for 100 points everytime, simple strategy but very effective

i have to say i am loving the slower timeframes these days much more time to think about things

tonight might be a good night to watch for gap trades as with non farm last friday things could move alot so i will see if there is any and post them, i think if i could just stick to these trades i would have 100% hit rate they seem to very easy to play :cheesy:

do yu play them brettus?

Trading the gap? like price always fills the gap?

 

[pocrel]

just wanted to show the 4hour of what i traded last week, did nt have time to post charts but

i shorted the 160 level and also shorted when the pin was broken, let it run down to the tend line, very easy trade and this is what we are looking for, nice big round number, pin bar and room to move down to the trend line, simple but effect stuff