Potential FX Trading setups

[Kryzz]

Still holding shorts with the GBPAUD entered into from mid May with an open profit of 500+ pips and 230+ for the NZDUSD long (will be looking to take profits around the 0.73 area for this trade)

NZDUSD long closed at 0.7285 for a +307 pip trade

Still holding GBPAUD short from 1.7447, this is the part I struggle with. Sitting in a position with quite decent profit and resisting the urge to close the trade. Initial target is 1.6400.

 

[Kaban]

All have quietly same view on nzdusd.
Just like this one 4H chart.

 

[grah33]

perhaps u should keep demoing D1/h4 as well kryzz on the side. they must be profitable too (hope so). i think even 3 month zero percent doesn't mean a system doesn't work

 

[Kryzz]

Have put on a short position with a tight stop on the EURJPY recently, solid risk to reward on offer if it comes off.

 

[Kryzz]

Currently short GBPAUD, long NZDUSD.

Have put on a short position with a tight stop on the EURJPY recently, solid risk to reward on offer if it comes off.
View attachment 71595

GBPAUD stopped out this week for +487 pips.

EURJPY stopped out quicksmart for -250pips.

Watching the NZDUSD and EURGBP on the weekly to see if a reversal forms

 

[Kryzz]

Watching the NZDUSD and EURGBP on the weekly to see if a reversal forms

Sell stop at 0.8715

 

[Kaban]

S$Р looks like want to reverse now. What do you think?

 

[Kaban]

AUDUSD will рrobably continue to fall.

 

[peter2]

This thread is about potential setups, so if you think the "AUSUSD will probably continue to fall" please show the setup that you like and how you'll plan to trade it.

For example; I liked these two bars on the 4H chart.
(i) Outside reversal bar that formed after the RBA news on Tues pm was a good indication of further falls in price.
(ii) The pin bar formed on the shallow corrective rally was another setup I liked.

Both of these setups were initially against the daily UP trend so I'd be prepared to take quick profits on one of them and trail the exit stop on the other in case of further falls.

 

[Kryzz]

EURGBP strength seems to be continuing, no orders triggered for me following on from the previous post.

Watching the NZDUSD, GBPJPY and EURUSD this week which should be telling if there's any spike into 1.15 which price hasn't be able to clear for the better part of two and half years.

 

[Kaban]

EURUSD рrobably drow the dobble toр. Can fall now for retracment.
I'm already in the short will se what will haррen.
Targets on fibo ratio. First target 1.1312.
If we break 1.1211 will be the next.
Good luck mates.

 

[Kryzz]

EURGBP strength seems to be continuing, no orders triggered for me following on from the previous post.

Watching the NZDUSD, GBPJPY and EURUSD this week which should be telling if there's any spike into 1.15 which price hasn't be able to clear for the better part of two and half years.

View attachment 71777

NZDUSD short triggered @ 0.7240

 

[grah33]

hi kryzz,
do you find you're getting enough opportunities on the weekly for it to be worthwhile? currency pairs are correlated so that is limiting.

my range system (similar to your setups) didn't seem to work on D1 and h4, nor did my swing trades on D1, but i should do the test a bit better again. forex tester enables me to do tests quickly. but the weekly (range inflections, like yours) seem to actually work. there seems to be an edge there. maybe key is to trade other mt4 stuff as well to get more opps,

wouldn't mind also asking you where did you get your ideas from (which website or book)?

 

[Kryzz]

hi kryzz,
do you find you're getting enough opportunities on the weekly for it to be worthwhile? currency pairs are correlated so that is limiting.

my range system (similar to your setups) didn't seem to work on D1 and h4, nor did my swing trades on D1, but i should do the test a bit better again. forex tester enables me to do tests quickly. but the weekly (range inflections, like yours) seem to actually work. there seems to be an edge there. maybe key is to trade other mt4 stuff as well to get more opps,

wouldn't mind also asking you where did you get your ideas from (which website or book)?

Hi Grah33

I've found my winning % and avg % has definitely improved trading off of the weekly time-frame. The opportunities are definitely reduced, but when a setup does present itself I find it has a much higher chance of success. I also trade the weekly time-frames on other markets to provide additional opportunities.

I haven't read any specific website/book to generate ideas from to be honest, just basic support and resistance. I will look at major swing lows/highs and trade the opposite direction when it looks to turn. I've been long the USDCAD since last week for example, it recently took out an old swing low after a severe down leg. It's trades like these where the R:R is the greatest.

Hope this helps.

 

[grah33]

yeah, that kind of setup seems to work on W1 (at least in my testing with forex tester). so good luck with that. i suppose when you get it running smoothly you can go from 1%-2% . but see what happens. my feeling is that for D1/H4, better setups are required. maybe 'confluent' setups. don't know...

apart form shares i assume your trading other stuff like gold ie other mt4 stuff to get more opps. might work out nicely then for you.
and thanks for helping, as i can relate to people out there wanting to give up on trading.

 

[History Repeats]

hi kryzz,
do you find you're getting enough opportunities on the weekly for it to be worthwhile? currency pairs are correlated so that is limiting.

i dont look for correlations, i look for behavior(or the money flow) of the major pairs, eu,gu,uj ect. Every fx trade is a spread trade, ie buy euro sell usd. Also keep eye on interest rates, as that drive money flow. And carry trade give clue to risk on or off appetite around the world.

fx price moves like pendulum dont chase anything.