Potential FX Trading setups

[Kryzz]

Hi Guys,

Thought I'd start a new thread highlighting some potential forex setups, I usually look at the daily and four hour charts for setups. Nothing fancy I look for, just reversal bars at support and resistance, then get my stop to B/E and hopefully catch a few runners!

Hopefully it will be of value and provide trading opportunities for some (and give the forex section of ASF a bit of a bump)

I'll get the ball rolling:

A lot of yen currencies currencies looking good at the moment...short orders in place for GBP.JPY (selling at 153.25) and USD.JPY (sell order at 98.35).

 

[Kryzz]

Big reversal bar for the USD.CAD, looking for some follow through to short this one - see attached.

PS, not sure if it's me but a lot of these pics are coming up blurry, but look fine on my computer before I upload them

 

[Kryzz]

Hi Guys,

Thought I'd start a new thread highlighting some potential forex setups, I usually look at the daily and four hour charts for setups. Nothing fancy I look for, just reversal bars at support and resistance, then get my stop to B/E and hopefully catch a few runners!

Hopefully it will be of value and provide trading opportunities for some (and give the forex section of ASF a bit of a bump)

I'll get the ball rolling:

A lot of yen currencies currencies looking good at the moment...short orders in place for GBP.JPY (selling at 153.25) and USD.JPY (sell order at 98.35).

Order triggered

 

[Kryzz]

Hi Guys,

Thought I'd start a new thread highlighting some potential forex setups, I usually look at the daily and four hour charts for setups. Nothing fancy I look for, just reversal bars at support and resistance, then get my stop to B/E and hopefully catch a few runners!

Hopefully it will be of value and provide trading opportunities for some (and give the forex section of ASF a bit of a bump)

I'll get the ball rolling:

A lot of yen currencies currencies looking good at the moment...short orders in place for GBP.JPY (selling at 153.25) and USD.JPY (sell order at 98.35).

This one's going along nicely, stop to b/e soon. +124 pips currently

 

[CanOz]

Order triggered

Hey, how come you can trade in less than 30k lots on IB?

 

[Kryzz]

Hey, how come you can trade in less than 30k lots on IB?

Less thank 25k in the base currency is routed through a different "exchange" I think, ie, not IdealPro. Doesn't effect commissions from what I can see

 

[CanOz]

Less thank 25k in the base currency is routed through a different "exchange" I think, ie, not IdealPro. Doesn't effect commissions from what I can see

Hey thats cool, can you trade micro lots too? i.e. 10k ?

Great for new traders to test out good sim plays...

 

[Kryzz]

Hey thats cool, can you trade micro lots too? i.e. 10k ?

Great for new traders to test out good sim plays...

Looks like it...screenshot still says IdealPro, might change once the order is submitted though.

Definitely agree, better to be starting off on a quality broker like IB

 

[Kryzz]

EUR/CAD coming into resistance on the weekly, daily is looking like it wants to rollover

 

[AverageJoe]

Hey thats cool, can you trade micro lots too? i.e. 10k ?

Great for new traders to test out good sim plays...

Canoz, Axitrader and Pepperstone allows micro lots min 10C/pip

 

[DJG]

Do you find that in the forex the S/R areas are far more respected than others such as stocks?

Here are some of my trades from the last few days and also my current one today - All are sim trades on very small contracts sizes.

EURNZD -D1 - Stopped out.
Entered where the arrow was pointing, expecting it to be a bearish engulfing bar.
1 trade was 1 micro lot
Another was 2 micro lots
Both stopped out
Total Loss: $43.66


GBPJPY - D1 - TP hit
Entered off the continuation bearish pin bar.
1 micro lot
TP hit @ 151.211
Total Profit: : $11.72


Summary:


Todays Trades:
GBPUSD-D1
This one was actually filled yesterday but hasn't gone anywhere. I reckon it's a fakeout PB.
Probably not the best trade in the world
Currently sitting at 31 pip loss


NZDUSD-D1
This one was just filled, also another fake out.
Currently sitting at a 99 pip loss
To me there is more selling pressure than buying pressure. I reckon there will be a fight to push the PB higher or at least end on a positive but it appears the selling pressue may take over. Lets watch and see.

 

[>Apocalypto<]

Hey thats cool, can you trade micro lots too? i.e. 10k ?

Great for new traders to test out good sim plays...

You can COz but the minimum coms really ad up...

 

[CanOz]

You can COz but the minimum coms really ad up...

Yeah, thanks guys, no desire to trade micro's, just wondering f something had changed at IB

 

[peter2]

Kryzz: Trading price patterns without indicators, I like it. Nice thread idea, hope it kicks on.
A weekly results update might assist others to follow this thread.

Dangaff: You might like to learn about Trader Vic's 2B pattern (reversal setup) if you haven't already.
One of the best reference sites I've come across is suriNotes.com and he describes the 2B pattern very clearly.

Trader Vic's 2B reversal

 

[DJG]

Kryzz: Trading price patterns without indicators, I like it. Nice thread idea, hope it kicks on.
A weekly results update might assist others to follow this thread.

Dangaff: You might like to learn about Trader Vic's 2B pattern (reversal setup) if you haven't already.
One of the best reference sites I've come across is suriNotes.com and he describes the 2B pattern very clearly.

Trader Vic's 2B reversal

Thanks Peter.

Will have a read through it. It appears his is a bit different to the way I've learnt to look at a 2B.

Do you reckon forex reacts to patterns such as pin bars, 2 bar reversals, engulfing bars etc better than stocks?
Usually you can almost get it certain to an extent with a decent pin bar, at the right level, rejecting something significant. Yet you can see the same thing happen with stocks and it'll go the other way, as if it has no significance. Would you just put this down to a fakeout?

 

[Trembling Hand]

Do you reckon forex reacts to patterns such as pin bars, 2 bar reversals, engulfing bars etc better than stocks?
Usually you can almost get it certain to an extent with a decent pin bar, at the right level, rejecting something significant. Yet you can see the same thing happen with stocks and it'll go the other way, as if it has no significance. Would you just put this down to a fakeout?

I think the whole candle pattern thing is random. IMO.

 

[tech/a]

I think the whole candle pattern thing is random. IMO.

In Isolation I agree. (Individual Candles)

In fact I find candles terrible to look at.
Rather a plain Bar chart.

Trading price patterns without indicators, I like it. Nice thread idea, hope it kicks on.
A weekly results update might assist others to follow this thread.

Basically doing that with the PAV Tech/a stock trading thread.
Do it all the time (With volume) with FTSE and DAX.

But would love to participate in a separate thread.

 

[DJG]

In Isolation I agree. (Individual Candles)
Rather a plain Bar chart.
[/B]

After reviewing your threads Tech, I've leaned the same way. However, Pepperstone/MT4 seem to only display them all as black.

I'll see if I can change the bars around so that if it's negative, its red, positive blue etc. - I reckon it's a bit more precise with the bars.

The above is now solved

New and filled trade

CHFJPY - H1



Update on previous trade from above
This is a H1 on the GBPUSD from above. - Looking to move the S/L very shortly now I'm back in front of the screen.

D1 version of GBPUSD

So far on the above trade:

 

[peter2]

2B's work well in FX due to the hordes of retail traders that buy break-outs of 5m, 15m, 30m, 1H, 4H charts. If you were an FX market maker (bank) would you push price around to attract more business? Don't forget that once the orders are matched the banks know where all the money is positioned so now they can really get to business and gouge out their edge (huge profits).

The 2B reversal makes you think/trade like a market maker and that has got to be better than 90% of the retail traders.

Add-on: I agree guys. Candlestick patterns by themselves are useless, but in certain circumstances like prior high/lows (which this thread is all about) or underlying bullish/bearish strength they can provide a clear trading setup.

A thread based on any trading idea is much more interesting if there is a track record that is updated as the thread continues. I hope Kryzz considers adding something as I like the underlying idea in this thread and I'm hoping he makes a stack of pips.

 

[DJG]

NEW TRADE

AUDCAD-H1
2 bar setup on solid support
3000 units