Seeking consistency

Stop to BE, but I do expect this to be hit as price hasn't moved much all morning, so I am only 20 points clear of my entry level - news could easily 'spike' down and close my trade, but better safe than sorry. I think the hourly chart has formed a bull flag (swing lows at the same Support level and lower swing highs forming a downward diagonal resistance line thats waiting to be broken through)

My lucky day, both trades have hit my target level of 1.075 post the midday news reaction.
I identified this target as the last 4H swing high (May 6th) together with the descending daly Trend Line from summer '09 (attached)

Trade 1 entry 1.03 15 target 1. 07 5
Trade 2 entry 1.06 65 target 1. 07 5

+435 +85 = 520

This is johnson from india. any one help me to provide daily signals by mail: johnson_arul81@yahoo.co.in

Hi

I haven't posted to my blog for a few weeks because I haven't seen any set ups that comply with the criteria I outlined on my initial post

Essentially the Daily trend (which I take from the relative position of the 20ema and 50sma) has not been in alignment with the 4 Hourly trend

This is the first thing I am looking for, then I like to see (if my Daily and 4 Hourly trends are both long) the 4H 20ema to be higher than the Daily 20ema and for price to be above both of the 20emas.

As prices spend the majority of the time ranging, I suppose I should not be surprised that I can't find any potential set ups for this strategy.

I suppose the thing to be mindful of is opportunities to trade 'within the range' (essentially the classic 'buy low sell high, sell high buy low' trade)

I will try to review my charts from this perspective, if my initial analysis returns a 'no trade' result, from now on

Ironically here's a potential set up

Daily trend is down, 4 Hour trend is down

Price has retraced 61.8% of its previous down move and posted a 4 hourly 'trigger' candle (shooting star)

Opening risk = -50, target return (@1.49 00) = +230

No major news scheduled for either currency until 9:30am tomorrow (gbp)

Here is my 4 hourly chart showing the 'trigger' for my trade. Lets see what this looks like before the news tomorrow

Stop hit for -50

The daily moving averages that I look at have just crossed to the short side, aligning them with the 4H trend

I have a trigger (shooting star) on the hourly chart at 61.8% retrace of the previous, admittedly relatively small 4H downward move

I entered the position yesterday and it has moved very little over night. There is no news today, so I am waiting to see how this pair close the week

Nice journal Leia