The 4hr charts were just full of fakey set-ups this evening. This is the one I chose to take.....
EUR/CHF short. Fakey set-up.
False break of an inside bar which pushed through a PPZ to touch a solid trendline before retracing. Trading with the trend and into a decent amount of space. My entry should have been at the close of the fakey bar, but I was late getting the trade sorted so I'm 9 pips behind where I should be.
EDIT Just moved to b/e at + 40 pips.
EUR/CHF short. Fakey set-up.
False break of an inside bar which pushed through a PPZ to touch a solid trendline before retracing. Trading with the trend and into a decent amount of space. My entry should have been at the close of the fakey bar, but I was late getting the trade sorted so I'm 9 pips behind where I should be.
EDIT Just moved to b/e at + 40 pips.
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Moving along nicely, and quickly, +80 pips. There was also a fakey set-up on the USD/CHF 4hr which is doing better than this pair currently (why I didn't take this one too I don't know). I really should still be in the USD, but took profit on Friday. Chart of both...
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Looks like that daily t/l is holding as support. The USD really is getting the hiding it deserves atm.
Possible target could be 1.6555 area. Hi Jason, go to FF and download the vegas tunnel it is quite good.
The EUR/CHF staged a quick turnaround and I was stopped out for + 43pips/ £21.60/ 1.8% of the account. Price was as close as 13 pips from my t/p at one point which is a shame and would have given me +4.5%.
The red line was the s/l.
Targus, I have this t/l drawn on the GBP/USD 4hr which price seems to be respecting quite strongly (2nd chart).
The red line was the s/l.
Targus, I have this t/l drawn on the GBP/USD 4hr which price seems to be respecting quite strongly (2nd chart).
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We are trading into new territory if we pass the nearby bar lows.
I think it will be there quite soon. Next year I believe we will see 2 again, hell if Bernanke is still around probably more than that.
USD/CHF is going nicely. Currently +53 pips. Will be locking in a little bit of profit shortly.
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Something I'll be watching once we break the recent high. AUD showing strength across the board and S&P downgraded Jap debt the other day. Sounds positive to me.
Noticed that there was a Weekly pin bar across a PPZ last week too. I missed that one otherwise I may have taken it!
StealthTrading
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Thanks for sharing your charts. I read through the the Vegas 1hr. Nice and simple to trade are you using that as your main guide for entries etc
I like to see a number of things for a buy, especially a break of trendlines for specific entry. But I have found this simple tunnel easy on the eye to trade in consideration of the larger timeframes and main direction, it also keeps you in for the long runs.
Hey, Im not actually using the Knife system anymore, it just doesn't suit my personality to follow a mechanical system. Price action off a plain chart suits me just fine.
The USD/CHF trade was stopped out.
I made a silly error with the s/l placement. The bottom red line is where the s/l was hit. The top one is where it more logically should have been placed, protected by several bar lows. I would still be in the trade at this point if this was the case. I think I got squirmish about giving back too much profit, typical newbie mistake. I guess I will iron out these error's with chart time, Im only 6 weeks in.
Ended up with +68.9 pips for +£68.90/ +5.74% of the account.
All my trades risk 2% of the account btw, I don't think ive mentioned that before.
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Even though I have had a terrible first year in trading, I am much better now, cost me £1800 for the education in many silly mistakes and many times I nearly gave up, I have been at it now for a year half and still trade at only 40 pence a pip! So far, I think the tunnel is great, trendlines fantastic, my next trip is learning how to correctly apply and study the fibs and their extensions, I think fibs are crucial. On the weekly chart price looks like it is heading for the red 377 ema.
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Alot of people don't like trendlines but I have found them to be very, very useful. The more touches the better.
That being said I have had this t/l on the Gold chart for the last four days.
