Potential FX Trading setups

[DJG]

A couple I was watching.

EURGBPH1 - I was watching it approach the resistance but had to go out. Now its past it, should be interesting to see if it drops back under it.
Is there such thing as a mini cup and handle? Or is it more a broader pattern over consecutive days/bars Could this be it if so?


USDCADH1 - Resistance rejection big time


EURUSD-H1


EURCHF H1


EURAUD H1 - Looks similar to one of Techs stock trades. Very steep

 

[DJG]

Part Two:

CADCHF H1



EURCAD H1


I wouldn't say these are all fantastic but a few to keep an eye on potentially.

 

[DJG]

Some of those setups that broke resistance, as expected are now sitting back on the support line. Lets see if they go for another burst.

I was also stopped out of that 2 bar reversal and closed my GBPUSD trade after the pin bar formed rejecting the resistance. Buy Stop on GBPUSD pin bar.

Lets see how some of these bars close before I make any moves.

 

[Kryzz]

Snapshot of the spreadsheet detailing current open position. This is just a quick spreadsheet I have put together, my more extensive one captures stats, ie, time held, multiple R, avg win etc.

Live $20k account, 1% risk per trade. Have traded FX on and off for a while (more so having a punt)

Never with correct position sizing/risk management implemented, am trying to be more focused this time round. - hence the odd numbered lots traded here (rounded to the nearest thousand). Hopefully I do a bit better this time round, still learning.

I know a couple of these pairs are heavily correlated at the moment, I still try to focus primarily on the chart patterns. I always try to remain conscious of this fact however, to ensure I'm not "doubling up" my risk so to speak:

http://www.forexticket.com/en/tools/01-01-correlation

 

[Kryzz]

Part Two:

CADCHF H1

View attachment 54106

EURCAD H1
View attachment 54107

I wouldn't say these are all fantastic but a few to keep an eye on potentially.

From my experience, traditional T/A patterns you find in equities don't translate as well in the FX market, particularly on the shorter time frames.

Which is why I focus on support and resistance zones, particularly obvious reversal bars at S/R which triggers stops then goes the other way, catching out the breakout traders, as Peter alluded to earlier. That, and any obvious pullbacks in solid trends (see GBP/AUD...hopefully)

 

[waza1960]

From my experience, traditional T/A patterns you find in equities don't translate as well in the FX market, particularly on the shorter time frames.

+1 My experience also

 

[Kryzz]

EUR/NZD starting to show some reversal signs, much like the EUR/CAD...Yen crosses are rallying at the moment on the back of some news tonight, giving back some open profit here. Stop to B/E on the GBP/AUD.

 

[Kryzz]

Results/position update for anyone interested. Forgot how tricky it is to track P/L in a base currency with all things considered, IB isn't making it any easier either

 

[Boggo]

Results/position update for anyone interested.

Always interested in seeing actual results, cheers

 

[Kryzz]

My AUD/NZD short was closed today. Had a bit of a melt-down with a short on the GBP/JPY yesterday, didn't help that I had my stop on my other IB account

Keeping a close eye on the AUD/JPY, coming up to some stiff resistance - let's see if it looks like it starts to reverse. USD/JPY in a similar position too.

Short order in for the NZD/USD currently.

 

[waza1960]

Always interested in seeing actual results, cheers

Ok here's some of my live discretionary Trading results on one of my small accounts...........

 

[CanOz]

Well done Waza!!

 

[Kryzz]

Well that NZD/USD short was stopped out quick smart, should have paid more attention to my current position before jumping into that trade. Two open shorts propping up my account at the moment (in red).

Can't say I have been happy with my trading of late.

- - - Updated - - -

Charts of open positions attached.

 

[Kryzz]

Short order in for the USD/JPY @ 99.12, going to be keeping a wide stop on this one.

Potential reversal bar forming at a prior pivot low in the AUD/NZD.

 

[Kryzz]

Short order in for the USD/JPY @ 99.12, going to be keeping a wide stop on this one.

Potential reversal bar forming at a prior pivot low in the AUD/NZD.

I've been lazy keeping this thread up!

Quick update anyway, running at about a 70% loss rate here (on closed trades) ...still ahead though!

My EUR/NZD short propping everything up still, at 800+ pips. Account is on track to return about 4-5% this month hopefully (first trade 26/08/2013).

 

[>Apocalypto<]

+1 My experience also

also agree with this... moved away from the lower time frames... just trading Daily... got to tiered of making some giving it back making it giving it.....

Last few Daily trades.

This week.

long U$Y closed small profit 5.9pips.
short U$Y SL loss 135pips
Long Gold profit $3.01
Long AUdUSD very lucky one. went long day before the FED news (lucked it) Profit 144 pips

Open short on Gold from 11am Friday, sold the spinner open profit $37.67

All the above trades are very small, .01 to .05 in size... I was trying to get a 3-5 range bar scalping method going on the AUDJPY for the last few weeks, all i did was destroy a $400 ACC. not happening so gave up on all short term trading for now just trading Daily on AUDUSD USDJPY Spot GLD

Will post up trades as I take them going forward.

 

[>Apocalypto<]

thinking about a buy on the AUD USD very shortly

support at last high still in current trend.

 

[>Apocalypto<]

bought the audusd .05 lots ent .9424 sl 75 pips @ .9348 target .9570 looking for price to stay on the trendline posted in last chart.

Gold short closed this morning for $35.23 profit.

 

[Kryzz]

bought the audusd .05 lots ent .9424 sl 75 pips @ .9348 target .9570 looking for price to stay on the trendline posted in last chart.

Gold short closed this morning for $35.23 profit.

Agree AUD is looking good for the long side, I got an order in for the AUD/CHF buy stop @.8608 with a 108 pip stop. The EUR/USD looks like it needs a bit of a breather, should help this trade out.

 

[>Apocalypto<]

Agree AUD is looking good for the long side, I got an order in for the AUD/CHF buy stop @.8608 with a 108 pip stop. The EUR/USD looks like it needs a bit of a breather, should help this trade out.

Hi, the AUD$ trade didn't work out. loss 28pips

4 hour trades...

Sold Gold yesterday afternoon. win $8.58 .05lots
Sold AUD$ on a trend break sold the lower high loss 8.25 on .1 lots
Sold $Jpy last night trend continuation win 4.5 pips this morning closed due to buy up off a support point, break failed.
Sold Gold again, .05 lots 3 bar retrace off support failed at previous high counter bar with trend sell. entered at 11am sl 1327.40 looking for 3-6$ on this one, if it works.

Current AUD$
9365 support holding well descending triangle still in short tern down trend... waiting for direction no trades atm.

Current $JPY
sideways price, support at 94.50 holding up sellers still in a downward Chanel... not much going on no trades for me.