Wedges and trendline breaks

[pocrel]

i dont know if anyone saw the trade me and brettus flagged yp on the usd/jpy last week if your were in this you would be very rich now

take a look at this chart and the earlier posted chart of the setup, we only need one of these to be very successful

 

[brettus]

i dont know if anyone saw the trade me and brettus flagged yp on the usd/jpy last week if your were in this you would be very rich now

take a look at this chart and the earlier posted chart of the setup, we only need one of these to be very successful

View attachment 86026

Hey Pat. I figured something out. Straddles on USDJPY may not be the best idea. Oh well. Neverless i profited from it. I could have done alot better just selling the break out. I squared up when USDJPY was trading at 89.28, from the levels i said earlier. Stupidly i sold the option instead of buying USDJPY, because the option still would have been worth something. Another lesson learnt. It was interesting anyway.

 

[pocrel]

Hey Pat. I figured something out. Straddles on USDJPY may not be the best idea. Oh well. Neverless i profited from it. I could have done alot better just selling the break out. I squared up when USDJPY was trading at 89.28, from the levels i said earlier. Stupidly i sold the option instead of buying USDJPY, because the option still would have been worth something. Another lesson learnt. It was interesting anyway.

i forgot you were doing the options thing with it but glad it worked out :cheesy:

i have no idea of that stuff tried reading about it and it never appealled to me

(straddling means you keep entering as it goes up i presume with more positions? i never really do it but it does work but i do feel if your wrong your wrong and let it go

how has your day week been ?

 

[brettus]

i forgot you were doing the options thing with it but glad it worked out :cheesy:

i have no idea of that stuff tried reading about it and it never appealled to me

(straddling means you keep entering as it goes up i presume with more positions? i never really do it but it does work but i do feel if your wrong your wrong and let it go

how has your day week been ?

A straddle is buying a call and a put. Cost could be like 70 pips but if price goes below 90.5 or above 91.5, i have the option to sell at 90.5 and at 91.5. If the price is above 92.2 or below 89.8 i profit. If its inbetween i lose 70 pips x my stake. Expiry date was tomorrow.

My week has been ok. Not much profit this week. Had a loss, but got it back the next day, but that made me flat for those two days.

How about you?

 

[pocrel]

having a another up week so far secind week in a row so not to bad, again should have made alot more this week as i have had some great trades but again not been able to hold on, i was short aud/jpy and and that went 250 points from my entry no reason why i should not have been still in just not coping well with the bigger picture need to switch off from the money side of things and just follow the analysis

getting a bit tired of saying and the wife is tired of hearing it so it time to focus so much more mentally :smart:

 

[pocrel]

here is that gbp/usd trsde that i flagged up last night, price came back half way over night so could have been a very tight entry and now it moving down or you could have just sold a break of the yesterdays daily bar so that the trend is confirmed

 

[brettus]

having a another up week so far secind week in a row so not to bad, again should have made alot more this week as i have had some great trades but again not been able to hold on, i was short aud/jpy and and that went 250 points from my entry no reason why i should not have been still in just not coping well with the bigger picture need to switch off from the money side of things and just follow the analysis

getting a bit tired of saying and the wife is tired of hearing it so it time to focus so much more mentally :smart:

Leverage down and run it! It all depends what your risk reward is. How far are your stops usually? If your stop is 20 points away and your looking for 40 points then you're probably doing the right thing. I think when you draw trend lines like that, you shouldnt wait for reversal bars, especially, if you're going against the trend, or wait for a double top. I dont know what level you got in there, but 1.5000 traded about 3 times and not much higher. With your trend line just above you can put your stop above that or at 1.5065 where your other resistence level is and just run it.

I find if i trade smaller amounts i generally make more because i run it for longer, or take off a huge chunk of it and still run a tiny bit. that tiny bit normally makes more money than the huge chunk.

 

[pocrel]

When I trade a daily bar I plcae my stop just above it ideally I was looking fo that pull back last night to get in or if I miss it I will play thebreak of the low of the daily si my r/r will differ depending on my entry,I think your spot on with position size and think I need to reduce mine a little so I can run the other half much futher

I am just getting on a plane to Arizona so won't be trading till Sunday night open might catch a gap trade nit sure if you do them or not I have not had a loss yet will call it as o see it Sunday have a good weekend

 

[pocrel]

well cable made some come back after that minor pin ino the 15000 level but came down 150 points before so not to bad (could easily have got 50 to 100 points on that with a similar risk reward,

i think cable could carry on up and i will be looking for shorting this again 15130 level could be next area of support but i will wait for a confirmation pin bar till i enter again

 

[pocrel]

interesting bar developing on the eur/usd, not sure how many people are into the longterm bar but this pin bar could mean a nice reversal on the eur/usd

50% retracement support line so confluence here

 

[pocrel]

its some back into support as you can see when i pull out so we are waiting for the montly bar to finish to go long, either a break of the top of the pin bar or if we get a retrace down to the left eye 12140 area for a smaller stop depends on your risk and position sise

 

[pocrel]

well just back in london ab it recked from the flight but a happy man as i shorted crude before i left phoenix, normally dont trade it but i am open to new things and the chart and levels looked good to me for a cheeky one

now i am interested in eur/gbp at this level very interesting chart



crude testing the channel it broke out of so a good place to have a cheeky short and it worked for me

 

[Blaiserboy]

EURGBP


I feel that the weekly may well show a drop to about .7800, however, on the daily. looks like it could rise a bit...

I will like to see how you will approach this trade.

Thanks for this interesting thread.

 

[pocrel]

EURGBP


I feel that the weekly may well show a drop to about .7800, however, on the daily. looks like it could rise a bit...

I will like to see how you will approach this trade.

Thanks for this interesting thread.

hi blaiserboy, well i have decided to short this i am looking to target the 7800 level so 360 points target, stop is at 8300 so risking 140 points, i could wait for the pullback for a more conservative entry but i feel this is looking very bearish and the pound is very strong at the moment

are you thinking of a trade?

 

[Blaiserboy]

When you pointed out EURGBP I was thinking of shorting it...... namely based on the stronger signal on the weekly chart that you posted.

I didn't enter a short yet, I may, later in the day.

I like your idea of starting with the weekly chart.!

 

[pocrel]

going to take 70 points here on 1 position on eur/gbp and move stop to to 8165 so free run now hoping for another 200 points

very disappointed i took all profit its crude as its now down another 200 points :smart:

need to get a bit smarter in my trade management

 

[pocrel]

very interesting level on the aud/usd here its sitting on a huge support area

 

[pozzyp]

Nice trading mate

 

[pocrel]

moving stop down to 8107, swing high of the 1hour on eur/gbp still 3/4 of the position running, 60 points profit on first part and now 55 loced in on this positon, lets hope we run down some more and survive a pull back

been a pretty poor day with the eur/jpy trade going wrong but we live to fight another day
counter trend so only half size -50

preserve capital at all costs

 

[pocrel]

ok stopped out of eur/gbp for a nice profit now looking to re enter so going to enter between this 8150 and 8200 level

support becoming resistence