FX Trade Setups, Entries, Management and Exit

eur/jpy has made a lower low and a lower high and been rejected from the weekly and monthly high at around 04:00 BST this morning. So perhaps not a pristine long candidate.
 
usd/chf setting up for short entry. Entry likely below 9267. Stop at 9290, 10 pips above yesterday's high, monthly pivot point and above today's open and the weekly low.
 
There is a slew of GBP data at 09:30 BST which is likely going to put a bit of a crimp even in non-GBP denominated pairs. Don't see any short into usd/chf at the close of this bar so if the next bar is down - which would be the short setup - it'll bring me right up against the 09:30 data. If that is the case, I'll obviously ride out any spread play from OANDA and wait for it to settle before deciding if it's still a viable trade at whatever level it ends up.
 
Of course, if the usd/chf looks promising for a short on the current bar I could always get in a few minutes before the close of the current bar and ahead of the spread play by OANDA at 09:30, but that would be 2nd guessing the market.
 
eur/usd long setting up. Stop will be at 3313, 10 pips below the weekly high, below yesterday's high and today's open.
 
eur/usd long - I would expect to see the half-century and daily pivot point one pip below that to provide some support if the long position is valid. I'd also want to see the open/close action (body of candle) at the upper end of the wick on the close.
 
usd/chf short - I want to see the weekly low and today's open providing resistance at around 9272. Any breach on close above this level and I'll review validity of trade.
 
A number of euro data coming out in 5 minutes. Mixture of euro-wide and Germany specific. The data is expected to be positive. Germany's data is normally right on the mark (Oh come on - just the one pun now and again).

If the estimates are on target this should assist my long eur/usd position.
 
If I get a strong up move on the eur/usd long I'll move the stop up to 10 pips below the half-century at 3340.
 
Similarly on the short usd/chf if I get a strong move down I'll bring the stop down to 10 pips above the weekly low and today's open at 9282.
 
usd/chf would expect the daily pivot point at 9260 to be tested for resistance. If that doesn't hold, I'll review trade.
 
eur/usd went all the way out to test daily R1. Would expect to see weekly R1 at 3357 to provide support. If it does not, I'll review trade.
 
Euro data was even more positive than expected. Even Germany's estimates were low which is rare (I stand to be corrected).
 
You must log in or register to reply here.

Similar threads

B
entry and exit point?
Replies
4
Views
6K
blueday
B
FetteredChinos
Random Entry, Controlled exit
Replies
12
Views
5K
FetteredChinos
FetteredChinos
L
Entry and exit using point and figure charts.
Replies
3
Views
3K
rajtest
R
P
The Asymmetric Nature of Entries & Exits
2 3
Replies
47
Views
8K
Purple Brain
P
G
Entry and Exit points
Replies
17
Views
6K
fudgestain
F
Top