USDCHF - 60Min Long Setup Update 2

Update from last night's potential move on the Dollar Swiss. Was looking for completion of a wave 5 which started to materialise today around lunchtime.

Nice uptrend, no signs of weakness today.

Entry came on the 15 minute chart, with a classic swing low poking just outside the lower bollinger band.

20 point Stop
110+ Point Move (and still going) - @22:40GMT

I think there's more in this move, however I'm stalking the next trade.

Risk Reward was a massive 5:1. The real holy grail in trading is money management, tight stop losses and letting your winners run. 50% hit rate and still make money, that's your goal long term.

USDCHF - 60Min Long Setup Wave 5 Target

After seeing weakness on the previous EURUSD position I'm just not feeling it for that trade. So onto another potential setup, this time on the Dollar Swiss.

Another Wave 5 with a nice target area, looking for it to break the previous ABC swing with nice momentum + confluence for an entry off the 15min chart. Again I'd be looking for a 20-30p stop max, shooting for 50-60pips.

2:1 Risk Reward. @22:00 GMT.

EURUSD - Possible Setup @ Friday Close - Long

Looking at a possible retrace to complete a wave 4 then buying into the wave 5.

This is my first look at ABC Corrections and Elliot Wave so i could be completely off the mark here.

Anyway its Friday close currently 21:30GMT so the markets dead.

Interesting setup tho to follow the Sunday open.

Looking to go long for a possible 50pip move.

Update Monday 2150GMT - Just moving into high of the B from the ABC - weak signal + overbought could signal end of wave 5 at minimum target. Will give this a miss.

It's important to not 'fall in love' with your trades, if the setup fails move on, look for another opportunity, there will be plenty. Remember in trading you have 3 options, your long, your short or stand aside.

Account Update

Time for account status update.

Overall

EURUSD +28pips
GBPUSD +30pips
EURJPY +40pips

Need to manage risk reward better and leverage on trades, some trades have been under capitalised because I didn't know the base currency cross exchange rate i.e JPY

New Trades

+31pips @50% position size on GBPUSD
-30pips @ 100% position size on EURUSD
+40pip @50% position size on EURJPY

Previous :-

Weekly Update

+30 @ 50% position size
+22 @ 80% last 20 stopped out at even.
+23 @ 80% last 20 stopped out at even.
-17 @ 100% stopped out.

EURUSD Overall = +58

EURJPY 15m - Short - 1st Trade on JPY

Took this short last night @11:30pm GMT based on the downward look of the 1hour trend. Entered on a swing type trade with 27p stop looking for the end of the last swing at +60.

Firstly 10pips = £3.50 for 0.05 microlots, so may have under leveraged myself on that trade. Probably should be 0.1 micro lots for 30 pip stop loss to equate to my 1%'ish account risk.

Anyway made +40pips, could have had a better exit.

Still need to work at better in-trade management.

EURUSD 60 MIN - Buy

Took this trade against the trend, trend was down and I was expecting a rally for a quick'ish 30 pips.

Got Stopped out at -30pips.


Really shouldn't have taken this trade, everything was down and I bought ??? Still need to adjust my theory's and practices.

Lost nearly 2% on that Trade.

EURJPY - Potential Long

Hmm looking at potential long trade setup on the EURJPY - 400 pip move ??

Wait n see I guess (On Major Waves Chart)

Buy into a falling market
Sell into a rising market
Correct?? who knows

Update 20th@10.17amGMT Currently +175

Update around 21//4/10 - +200 at 50MA

Nothing more left in that move, should have exited position at 50MA for +200

Didn't take this trade.

First GBPUSD Trade

I need to be honest here, this entry was based from the MTP and not on my system. The Risk Reward was 5:1 and in the direction of the Trend.

I modified the rules slightly, to take out half the position @ 100% the initial risk then move the stop to even.

I made 1% account increase today or +31pips, again this could have been trebled if I had closed out when price wasn't breaking resistance.

I'm obviously still a fan of moving of moving quickly to break even + not sticking to rules.

All in All not bad tho - +31pips

My PC is dead

Using my pc last night and it suddenly powered off hmmm

Either dead psu or motherboard so no trading action likely this week.

Has this happened to you before ??? No pc means no business.






-- Post From My iPhone

EURUSD - Trade 5 Short

Seen a similar trade setting up as the previous evening on the short side. Overall trend was looking down, so placed a short on a tight 15p stop.

Target was a healthy 75P to the previous swing low. However the trade was stopped out for a 15p loss.

Looking at both the 60 + 4hour chart, it seems we hit crucial support yesterday on the EURUSD and potentially a short term trend reversal.

Weekly Update

+30 @ 50% position size
+22 @ 80% last 20 stopped out at even.
+23 @ 80% last 20 stopped out at even.
-17 @ 100% stopped out.

EURUSD Overall = +58

EURUSD - Trade 4 Short - Tight Stop

Trying to sneak a move here on a tight 5 pip stop again. High chance of being stopped out.

Potential risk is 1 to gain 4 and leave 20% in the trade at break even.

Have I jumped in too early??

See how it develops (@12.04GMT)
Closed Position@Even - re-entered with wider stop and adjusted MM accordingly. Stop now 12 pips(@12:19)

Moved Stop to Break Even currently up +14 (@13:13)

Will leave trade till end of day see where it goes.

Update@16:52 - Stopped out at break even. Afternoon retrace perhaps, maybe another entry this evening.

Decision Points - Updated Projections From Today

Update from earlier today, as you can see these area's highlighted in blue did play some role in support and resistance.

If price breaks these areas, I would imagine a suitable trade would setup.

Now, onto finding how to trade these areas correctly.

The 15min chart appears to have nailed the high and low areas for that swing, with the ame info reflected on the 60min chart.

Nice software huh ??

EURUSD - Trade 3 Short

Looked for Another Short on Tight Stop.

Seen possible entry on 1 min chart with a 4 pip stop.


Closed out 80% at +23 pips.


Second position floating +18, potential to drop if I get a runner. Note to self - Moved stop to B/Even at plus 8 or 9 pips.

Like the idea of free trades with low risk.

+43 pips today so far banked.

Update@21:10GMT - Second 20% stopped out at break even, was up +41 at one point, however wanted to see if a move was on, stayed inside a pretty tight range all day. Not bad results considering.

Decision Point - Projections

Live EURUSD 15min chart - Blue bars indicate potential swing points ?



10.38GMT

See how it develops.



Similar view from the 60m chart. Decision points highlighted in blue.

10.58 GMT

EURUSD - Trade 2 Short

Back to my area's of interest again, the pair trended down during yesterdays London session and early NY session, with a retrace later on in the NY session.

I decided to go short around 23:00GMT looking for the move down again during today's early London / London session.

My Entry was a bit premature, as I tried to get in early on a tight 16pip stop, however it proved to be ok (this time) - If I had waited another 90 mins for action to prove itself a better entry could have been had.

Woke up this morning to see myself around 22 pips up, decided to close out 80% get some profit in the bank and leave the rest at break even, see where the action takes me.

Area's Of Interest

It's always easy to spot a good trade after the event has passed, I spend a lot of time looking at charts, trying to spot areas of interest around my trading system, when I would enter and how I would place my stop, which target I'd be looking at etc.



Isnt it strange how a lot of good trades setup during the night (Zzzzzz) ???

When I first started trading, I had a million different indicators popping up here, there and everywhere + sending me emails all over the place. Trouble was I didnt really have a solid system based around the alerts, price would move to an interesting area, then I wouldnt really know what todo with it.

Screen shot - area of interest on a 15 minute chart.

Now when i see these im looking for specifics after the event.

True areas of interest I guess can be usefull when you have a solid system in the background waiting ready to pounce for the correct setup + time, now lets see if I can snag a few this week.