Is this a no brainer trade?

[MajorDutch]

short entered @ 1.049 (break of cheeky little 1min pin bar) stop loss is 30 pips but will be looking to get stop loss to break even in the next couple of hours, unless it all goes horribly wrong. lol.

 

[MajorDutch]

here is chart showing why I took this entry.

 

[ordinaryguy76]

I would have waited a few more minutes. There seems to be a bit of inverse relationship between indexes like FTSE and USDCAD. FTSE is going through a small pullback now (so USDCAD goes up), but this should (hopefully) finish before 16.30.

 

[MajorDutch]

I would have waited a few more minutes. There seems to be a bit of inverse relationship between indexes like FTSE and USDCAD. FTSE is going through a small pullback now (so USDCAD goes up), but this should (hopefully) finish before 16.30.

mate, you are correct. I always get suckered into those 1min trades, there is so much noise there. If I had have been more patient a nice 5min pin(ish) bar formed right off the underside of 1.05, that would have been the better entry imo. Dont think it matters much as this is a daily t/f trade, I am just timing the precise entry on the 5m/1m, allows for tight stop and huge R:R.

 

[glyder]

sh5467,
I was in a little bit earlier than you,
now am half off the table, and moved to B/E on 2nd half.


Over the next week, or two maybe I'm looking for longterm entry to go long on this pair.

 

[MajorDutch]

sh5467,
I was in a little bit earlier than you,
now am half off the table, and moved to B/E on 2nd half.


Over the next week, or two maybe I'm looking for long term entry to go long on this pair.

each to their own dude. For me this is a daily t/f trade and my target is +440 pips away at 1.00500, there are a number of trouble areas to get through where price might reverse back up and take me out for break even. The R:R for this trade is 1:14.6.

Just moved by stop loss to break even.

 

[MajorDutch]

By the look of things, we have a ball market in CAD. My instinct was correct. Without a sting in the tail, that thing ain't coming down.

how is the humble pie tasting Joe?

 

[MajorDutch]

updated daily chart showing 3 price indecision areas that need to be broken through to hit final target. will leave it with you Dutch.

 

[wackypete2]

I reckon no brainer trades usually make you go dumb. It's premature to short CAD.

Not as smart as you think and twice as dumb as you look.

Peter

 

[wackypete2]

I was influenced by this thread and went shorting for short term play in my contest account. Needless to say I got whipped good.

I bet you'd love to have those DEMO dollars back now.


Peter

 

[glyder]

each to their own dude. For me this is a daily t/f trade and my target is +440 pips away at 1.00500, there are a number of trouble areas to get through where price might reverse back up and take me out for break even. The R:R for this trade is 1:14.6.

Just moved by stop loss to break even.

I see where you're coming from - thats roughly where I'll look for my long.

All the best,

 

[ordinaryguy76]

I took 30 pips, thanks for the tip, sh !

 

[wackypete2]

each to their own dude. For me this is a daily t/f trade and my target is +440 pips away at 1.00500, there are a number of trouble areas to get through where price might reverse back up and take me out for break even. The R:R for this trade is 1:14.6.

Just moved by stop loss to break even.

Might be a bit tight compared to where your target is. Volatility still high.
Short term traders could have taken as much as 50-60 pips though!

Peter

 

[BeginnerJoe]

I bet you'd love to have those DEMO dollars back now.


Peter

I can make them back as easily as I lose them. Things were out of whack and all over the place today after 12:00GMT. There's always tomorrow for better actions.

 

[BeginnerJoe]

You still here BJ you man lover

Do I know you and has our paths crossed in the past ? I don't recall someone of a terse style as yours. I am here until I mastered my interest or banned, whichever comes first. If latter, then I will be over at ET to catch up with the lulzer gang.

 

[scose-no-doubt]

I can make them back as easily as I lose them. Things were out of whack and all over the place today after 12:00GMT. There's always tomorrow for better actions.

yes Joe, a boe release, AN ECB PRESS CONFERENCE, and a US employment release all coming on the day before NFP... after a massive 3 day droop and bounce...

all spells smooth sailing.

 

[wackypete2]

Do I know you and has our paths crossed in the past ? I don't recall someone of a terse style as yours. I am here until I mastered my interest or banned, whichever comes first. If latter, then I will be over at ET to catch up with the lulzer gang.

idiot

Peter

 

[BeginnerJoe]

yes Joe, a boe release, AN ECB PRESS CONFERENCE, and a US employment release all coming on the day before NFP... after a massive 3 day droop and bounce...

all spells smooth sailing.

I have been too lazy to get to grips with this news malarkey. The main killing blows today were the disruption of the usual correlations. I think the least effort strategy for me is not to trade on news days at all. But it still takes effort to work out which days those would be. Would you care to run a major-news-day signal service ? I am certain many people would pay to subscribe.

 

[BeginnerJoe]

idiot

Peter

All you do is name calling. How about showing a statement to justify your name calling ? Otherwise people will just think it is one noob calling another noob. Pretty pointless.

 

[wackypete2]

All you do is name calling. How about showing a statement to justify your name calling ? Otherwise people will just think it is one noob calling another noob. Pretty pointless.

A statement justifies name-calling??
lol, now there's a new twist. Must be an attempt to keep the lulz fresh.

All of your posts have been negative and pointless. Credit though, you disrupt as many threads as you can while the mods just turn the other cheek.

Anyway, off-topic....apologies to the OP.

Peter