FX Trade Setups, Entries, Management and Exit

Purple Brain said:
I’ve also come to a conclusion that serious traders do not get involved in fripperies and side issues on bulletin boards and confine their posts to the business at hand and do so in a professional and serious manner. If they get involved at all.

I do choose to get involved as I’d like at some point to be able to say I have been able to pay back those here who have so generously helped my trading development, by helping others.
Click to expand...

Oi!
 
eur/usd - pushing up against what appears to be recent s/r at 3760. Tried at 02:00 GMT today and is trying again now. On a purely visual basis (slope - is price higher on right hand side of chart than left etc.) I've decided that this pair is largely in an up trend across most timeframes and therefore likely to be catching more buying interest from across the widest section of technical traders.

It had a little dip culminating in a trough at 05:15 and it's therefore the 05:15 bar I'm using as the fulcrum point (in time). No bar since the fulcrum point has closed higher than the body of the candle the equal distance from the fulcrum bar on the other side (LHS) of the fulcrum bar which suggests buying momentum is not in play at this time.

So no trade entered.

Not taking a trade presumably constitutes as live a trading call as taking one.
 
To simplify the "No bar since the fulcrum point has closed higher than the body of the candle the equal distance from the fulcrum bar on the other side (LHS) of the fulcrum bar" thing - I'm simply looking for greater momentum as defined by slope of price coming out of a trough/peak than there was going into it.
 
eur/usd - new trough is the 06:30 bar. If the current bar (07:00) closes above the body of the 06:00 at 37565 it'll constitute increased upside momentum and a potential buy setup.
 
I've also got a eur/jpy short which is a little confusing as if I take than I'm net a short usd/jpy. Which means I could be wrong about the long eur/usd. Or about the short eur/jpy. Or both.
 
Looking for Longs on: eur/aud; eur/gbp; cad/jpy; nzd/jpy.

Looking for Shorts on: gbp/chf; usd/cad; aud/cad; aud/nzd; gbp/cad; gbp/nzd.

By restricting my trading pairs to 10 from the possible 28 I recon I can instantly reduce my potential daily losses by 65%.
 
Can you do a quick screenie, im struggling to visualize what youre trying to do.
 
darktone said:
Can you do a quick screenie, im struggling to visualize what youre trying to do.
Click to expand...

I’d determined (!) that I was only interested in taking long eur/usd trades at the present time – up in virtually all timeframes simply by eyeballing the chart in each timeframe and looking at the slope from left to right.

I noticed there had been a couple of attempts to break through the 3760 level (horizontal dashed line) and the (then) latest pullback from that level had created a trough. That’s the bar annotated with the vertical dashed line. I am terming that a fulcrum bar and I’m looking for any bar after that bar (the one with the lowest low) to have a higher close than the highest level of the body of the bar corresponding to its position on the other side of the fulcrum bar.

See the small horizontal orange lines. After the fulcrum bar (call this bar 0) I’m looking for the next bar (bar 1) to have a higher close then the highest level of the body on bar -1. If that doesn’t get breached I wait for bar 2 to close and see if that’s higher than the body of bar -2. Bar 3 against bar -3. It either breaches or runs out of steam within 5 bars of the low/high fulcrum bar.

I’m simply looking for more momentum coming out of a pullback than there was going into it.

Hope that all makes sense.
 

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Purple Brain said:
I’d determined (!) that I was only interested in taking long eur/usd trades at the present time – up in virtually all timeframes simply by eyeballing the chart in each timeframe and looking at the slope from left to right.

I noticed there had been a couple of attempts to break through the 3760 level (horizontal dashed line) and the (then) latest pullback from that level had created a trough. That’s the bar annotated with the vertical dashed line. I am terming that a fulcrum bar and I’m looking for any bar after that bar (the one with the lowest low) to have a higher close than the highest level of the body of the bar corresponding to its position on the other side of the fulcrum bar.

See the small horizontal orange lines. After the fulcrum bar (call this bar 0) I’m looking for the next bar (bar 1) to have a higher close then the highest level of the body on bar -1. If that doesn’t get breached I wait for bar 2 to close and see if that’s higher than the body of bar -2. Bar 3 against bar -3. It either breaches or runs out of steam within 5 bars of the low/high fulcrum bar.

I’m simply looking for more momentum coming out of a pullback than there was going into it.

Hope that all makes sense.
Click to expand...

Got it. Cheers for the screenie.
 
usd/cad - will short if current bar closes below 0573 which is the close of the 09:30 bar (effectively bar -1) where the 09:45 bar is the fulcrum high.
 
It didn't. So the new current bar (10:15) must close below the -2 bar (09:15) breaching 05786 for a short entry to be considered.
 
usd/cad - after removing every technical indicator from my charts I just noticed the current price is around Friday's low, looking as if it is just below it which is probably a good thing. In fact there is a definite 'shift' at around 08:15 where the majority of bars are finding resistance rather than support there.
 
...apart from the last bar and probably the current one which will likely take out my stop before reversing back down again.
 
I'm not moving the stop of averaging down this time - there's nothing to recommend such a course of action. If it wants it, it can have it.
 
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