Seeking consistency

This is a discussion on Seeking consistency within the Trading Journals forums, part of the Reception category; daily and 4H trends are long price has retraced 50 / 61.8% of the last 4H up swing and printed ...

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Old Apr 26, 2012, 7:40am   #391
Joined Dec 2009
Gbp cad

Leia started this thread daily and 4H trends are long
price has retraced 50 / 61.8% of the last 4H up swing and printed a 'hammer' type candle indicating rejection of lower prices at this time
the level 'rejected' has acted as support and resistance on the daily chart a few times this year
price has also retraced and 'rejected' lower prices in the daily ma's of 'dynamic support' "shadow" (between the 20ema & 50sma (red & blue respectively)

Order set to open at 1.58 70 (stop 1.58 20, -50pips risk) and target at recent daily highs of 1.60 00 (130pips reward). R=2 (if opened)
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Old Apr 26, 2012, 7:51am   #392
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Re: EUR GBP short zone (4H)

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Originally Posted by Leia View Post
I am watching for any rejection of this level, or a little higher (the daily descending 20ema) to enter short...
As predicted, but no entry trigger candle printed on 41h or 1H tf so no trade unfortunately
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Old Apr 26, 2012, 8:03am   #393
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gold & silver counter trend long

Leia started this thread both Gold and Silver have printed daily candles indicating rejection of lower prices towards the bottom of their recent trading ranges
I am watching for a re-tracement of around 50% of yesterdays daily 'hammer' type candles for a 4H or 1H trigger candle to trade long (toward the top of their recent ranges / into the descending dynamic resistance of their daily moving averages)

By watching for an entry inside yesterdays daily bar I hope to both reduce risk (compared to trading the daily bar in a text book way) and have a greater chance of a break even trade (should price only trade up to yesterdays high and then move lower again, my stop will have been moved to breakeven (if opened) once price has moved the same number of pips as I have risked
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Old Apr 26, 2012, 3:46pm   #394
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Re: Gbp cad

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Quote:
Originally Posted by Leia View Post
Order set to open at 1.58 70 (stop 1.58 20, -50pips risk) and target at recent daily highs of 1.60 00 (130pips reward). R=2 (if opened)
Order removed (missed entry by 6 pips!) - price has moved through 50pip R1 level (1.59 20)
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Old May 8, 2012, 8:58am   #395
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Re: Gbp cad

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Originally Posted by Leia View Post
Order removed (missed entry by 6 pips!) - price has moved through 50pip R1 level (1.59 20)
and of course, price has met the target I had (but before ever touching my entry level)

Yesterdays candle (shooting star shaped) may provide an opportunity to short this pair - watching lower time-frames for set up
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Old May 8, 2012, 9:06am   #396
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eur usd 1H trigger from daily set up

Leia started this thread EUR USD pair printed a rejection (daily candle hammer formation) of prices lower than its recent trading range (1.30 00 - 1.32 70)

The hourly chart may be printing a further hammer candle at the 50% retracement level

A counter trend entry with the potential for good R:if candle closes in a clear enough format to trade

update:
Order to open long : 1.30 25, stop 1.30 00 (risk -25 pips) target just below daily descending 20sma @ 1.31 25 (reward +100) r =4 if opened
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Old May 10, 2012, 7:10am   #397
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Re: eur usd 1H trigger from daily set up

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Originally Posted by Leia View Post
Order to open long : 1.30 25, stop 1.30 00 (risk -25 pips) target just below daily descending 20sma @ 1.31 25 (reward +100) r =4 if opened
My order was triggered and stopped out as EUR USD finally broke out of its three month range. It was a counter trend trade, however my set up for a counter trend trade at obvious support was valid and my stop prevented me from incurring an even greater loss, so I'm poor but not angry!
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Old May 10, 2012, 7:20am   #398
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USD CAD daily short

Leia started this thread The daily trend is flat, in line with the three and a half months that the pair has been ranging, the 4H is long, so I am trading counter this trend from the daily rejection of the high of the daily trading range

The daily has quite a long tail above indicating lack of buying interest at these levels and I have placed an order at about 50% of yesterdays trading range to get me short at 1.00 20 with a stop at 1.00 65 (-45 pisp risk) and a target of the recent lows at the bottom or the trading range at 0.98 60 (+160 pips reward) R=3 if opened and target achieved

There is no signal on the lower time-frames, but I noticed my entry is at the top of the overnight / asian trading range, so another move up before the London open can not be rules out and may just trigger me in....

Like the EUR USD trade earlier in the week this is counter immediate trend, but inline with the longer term 'ranged trend', rejection of a previous S/R level
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Old May 10, 2012, 2:30pm   #399
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Re: USD CAD daily short

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order at about 50% of yesterdays trading range to get me short at 1.00 20 with a stop at 1.00 65 (-45 pip risk) and a target of the recent lows at the bottom or the trading range at 0.98 60 (+160 pips reward) R=3 if opened and target achieved
Trade order has been opened and moved to -20 pips (half of risk allowance) before turning short and has now achieved 0.99 75 (+45 pips). I have therefore moved my stop to breakeven at 1.00 20 to see what happens next
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Old May 11, 2012, 6:29am   #400
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Re: USD CAD daily short

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stop to breakeven at 1.00 20 to see what happens next
Stop hit - trade close for NIL (BE)
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Old May 11, 2012, 3:03pm   #401
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Re: USD CAD daily short

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Stop hit - trade close for NIL (BE)
New Order placed, same initial entry and stop
Opened, moved further into risk (-30 pips) before turning around and hitting R1 @ 0.99 75 so once more stop at break even to see what happens next
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Old May 21, 2012, 10:49am   #402
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Re: USD CAD daily short

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New Order placed, same initial entry and stop
Opened, moved further into risk (-30 pips) before turning around and hitting R1 @ 0.99 75 so once more stop at break even to see what happens next
this trade also hit R1 (and very nearly in my favour by R2), I moved my stop to break even and got stopped out for break even again
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Old May 21, 2012, 11:02am   #403
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GBP USD long (daily set up)

Leia started this thread my daily trend is long, but price is well below both moving averages and the 20ema has turned down, in time to cross the 50sma

my 4H trend is definitely short

However Fridays daily candle is of a 'hammer' type formation at previous support and could well indicate an over stretched market, offering a counter trend long trade back up to the moving averages and the previous support / resistance around the big 1.60 00 level

The range of Fridays candle is too large for me to risk, so I have placed a long order about half way back into Fridays range, with a stop below.
Entry 1.57 85, stop 1.57 30 (risk =55pips) target 1.60 00 (reward 215 pips) R=4

As always, should the order be met and price move in my favour, I will move my stop to break even at R1 (1.58 40)
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Old May 22, 2012, 6:53am   #404
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Re: GBP USD long (daily set up)

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Entry 1.57 85, stop 1.57 30 (risk =55pips) target 1.60 00 (reward 215 pips) R=4
- stop to break even at R1 (1.58 40)
My order was opened (by 8 pips!) lunch time yesterday and just made it to R1 @ 1.58 40 into the New York close last night. I have therefore moved my stop up to break even @ 1.57 85 this morning
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Old May 23, 2012, 5:54am   #405
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Re: GBP USD long (daily set up)

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My order was opened (by 8 pips!) lunch time yesterday and just made it to R1 @ 1.58 40 into the New York close last night. I have therefore moved my stop up to break even @ 1.57 85 this morning
Stop hit - trade closed for NIL
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