Forex action

[layinwood]

I don't post often but have posted a few very good trades. There is a pretty nice setup on the Eur/US that could happen this coming week. Of course with the holidays it might be hard for it to happen but you never know. Basically this week went thru the high of the last few months but retreated back below and has formed a nice pin bar. IF, the price next week gets below the low of tis week, 1.36544, then the move is to go short. I'll more than likely short it for 100 pips. I'll then pull half the profits out and see if it will run down some more. There's a trend line coming up with it so that's the only thing that keeps this trade from being an A+ trade for me. I think 200 pips is a probably profit target.

If the price doesn't get below the low of this week though, it's a no trade. When trading price action you have to have the setup and the follow up or it's no good.

I forgot to add that this weeks pin bar not only went past the high of the last few weeks but also hit and retreated from a montly pivot point.

 

[selkirk]

do you have an opinion on the US/Cdn. dollar. it looks like the Cdn. dollar which was at par is dropping against the US dollar, and may have more room to go lower.

thanks
selkirk

 

[layinwood]

Selkirk, from the weekly chart it looks like it's having a hard time going any higher. We've had a few reversal bars in a row now. That doesn't mean it will reverse but usually it at least stalls or ranges when that starts happening. On the monthly chart it's getting close to it's first fib level as well as the 89 ema which is the only moving average I watch. The fib and ema are right by each other so I would think there's going to be some big resistance right there.

I can tell you that but it's not information I would ever trade off of. I would need some price action at certain areas for me to ever make a trade. If I were to trade otherwise it would be gambling to me.

 

[terracotti]

I am trying to use those graphs in such a manner that you can predict the bars going up or down. Any help will be appreciated.

 

[layinwood]

Just got out of this trade for a little over 100pips. Great profit if you're traded it. I think it will still go down and has a chance to get to +200 but I wanted to lock in the profits. This trade wasn't ever negative so all in all it was an excellent trade.

Terracotti, that's a book load of info on how to trade. I suggest reading "Japanese Candlestick Charting" by Steven Nison. Then learn fibs and retracement levels, support and resistance levels and trend lines.

Use the candlesticks to show you price action at the key levels.

 

[layinwood]

Another trade. This one setup last week and just need this week to break last weeks high. It's already done that and is currently sitting right at the high of last week.

Take the GBP/JPY long for 100 pips. It's at 171.830. Should be able to get 172.830 and probably 100 more to make it 200 if you wanted. I'll probably enter with 2 or 3 lots and take one or 2 off at +100 and then take the other off at +200. If I do get to +100 and take 2 off then I'll set my low end at +25 so I can't lose money if it goes back down.

 

[layinwood]

Another trade. This one setup last week and just need this week to break last weeks high. It's already done that and is currently sitting right at the high of last week.

Take the GBP/JPY long for 100 pips. It's at 171.830. Should be able to get 172.830 and probably 100 more to make it 200 if you wanted. I'll probably enter with 2 or 3 lots and take one or 2 off at +100 and then take the other off at +200. If I do get to +100 and take 2 off then I'll set my low end at +25 so I can't lose money if it goes back down.

Out at +100 on all lots because it was so quick. PERFECT trade. Not many times you get 100 pips in 8 hours with no draw down. I try to make 10 pips a day so days like that are nice. 10 pips a day and you can name how much money you want to make in Forex. Saying that, it's not typically that easy.