Pipcrawler's Picks Journal

[PipCrawler]

Long EURJPY @ 137.83
Stop @ 137.53
First Profit target @ 137.93
Second Profit target 138.23

or

Short EURJPY @ 138.87
Stop @ 139.22
First Profit target @ 138.77
Second Profit target @ 138.38

 

[PipCrawler]

NZDUSD -
Long: 0.6574
Stop: 0.6544
PT1: 0.6584
PT2: 0.6601

Short: 0.6509
Stop: 0.6539
PT1: 0.6499
PT2: 0.6488

 

[PipCrawler]

Pick of the Day – USDCHF

No major economic news coming out tomorrow for the US dollar or the swissy, so this a straight technical play.

If the pair moves up go long for 10 pips at 1.3205 with a 30 pips stop. For those who want more pips, move the stop to breakeven after 10 pips are made and go for the R2 line at 1.3274.

If the pair moves down, go for a quick 10 pips with a short entry at 1.3086 and a 30 pip stop. For more pips, after the first 10 pip target is hit, move your stop to breakeven and go for the S1 line at 1.3032.

Trade Review – NZDUSD

This trade ended up pretty well. Our first profit target was hit and then 2 hours later the aggressive profit target was hit. Congrats on those who took this trade and made some pips.

 

[PipCrawler]

USDCAD -
Short @ 1.1600
Stop @ 1.1650
PT @ 1.1500

EURJPY -

Short @ 143.50
Stop @ 144.00
PT@ 141.30

 

[PipCrawler]

This pair has been in a serious downtrend. Let’s see if we can partake in the pip party! By the arrow I have drawn you can see that the 0.750 fib extension level and the S1 line are lining up nicely. Also, it’s right at the 0.6200 price level. Price levels ending in double zeros are very import because a lot of institutions and traders set buy/sell orders at those prices. So, with a candle close 10 pips or more below 0.6200 I would go short on NZDUSD. Please set initial stop at 0.6250. First target the S2 line at .6175 line, move stop to break even(take half the position off if you are using multiple lots), and go for the 1.000 fib extension level. Remember to move your stop when the pair breaks through the various support levels on the chart. Good luck and good trading!

 

[PipCrawler]

Tomorrow NZD will be releasing its QoQ GDP report at 5:45 pm EST. I expect range trading until the report, but often times traders will get into position to take advantage of a surprise or big move. This may push the pair into a possible trade scenario or two for us. Let’s see what we have.

Both trade ideas are short plays to keep with the trend. First if the pair moves down from this point I am looking for to sell NZDUSD when a candle closes below the 50 sma and the pivot point line. Appoximately 0.6237. My stop will be 20 pips from my entry. I’ll target 10 pips first, move my stop to break even and close half of my position. Second target is the S1 line at 0.6197.

The second idea is if the pair slowly moves up I’m looking for resistance at the .6300. So, I’m setting my short entry at .6300 with a 20 pip stop at .6320. I’ll target 10 pips first, move my stop to break even and close half of my position. My second profit target is the pivot line at .6237.

If no trade has triggered by 5:00 pm EST remove all entry orders.

 

[PipCrawler]

This pair continues in a downtrend, so let’s see if we can find an entry point. On this chart I’ve drawn Fibonacci retracement and extensions. As you can see we have some levels lining up with each other along with some of the pivot point levels. Good areas to watch for reversals and/or breakouts. So, I’m looking at two trade setups:

Short at 140.60 if the pair moves up. Set the stop at 140.92. Aggressive target at 140.20.

If the pair moves down past the previous low and the S1 line go short at 139.60. Set stop at 138.90. Aggressive target at 139.40

In either case if the pair hits 10 pips then close half the position, move stop to break even, and then go for the aggressive target. Good luck and good trading!

 

[PipCrawler]

Since there aren’t any news reports I thought I’d look for a resistance play in USD/CAD. I drew the fib extension lines to see where the pair was going and possibly make a reversal. 61% fib line is usually a pretty good reversal point, plus it’s right about the R1 line. So I’m going to short at 1.1731, go for 10 pips first, close half of positions, move stop to break even and go for 1.1715. My stop will be at 1.1745.

Or I will go short if the pair breaks below the drawn red line and the pivot point at 1.1685. I will go for 10 pips first, close half of positions, move stop to break even and go for the 200 SMA. Stop at 1.1705

 

[Priceman]

Shame bout this trade pipcrawler, not sure if you got in and stopped out or rode until today and creamed the pips in ! Could have been a good call...

Keep 'em coming

 

[PipCrawler]

Shame bout this trade pipcrawler, not sure if you got in and stopped out or rode until today and creamed the pips in ! Could have been a good call...

Keep 'em coming

Yeah, it hit my stop and shot straight down... hehe oh well...I think stops is the weakest part of my trading... i'm generally right but i don't set stops in the right place... check out my trade today on my website. I forgot to post it on the forum. It was a big winner after the GDP report.

 

[PipCrawler]

The momentum for this pair is currently in a downtrend, so we’ll look to short at a good price. Canada GDP comes out at 8:30 am EST tomorrow so please cancel order if trade entry has not triggered, or close if in trade at 8:00 am EST.

So, I’m looking to short at 1.1612 if the pair moves up, or at 1.1592 if the pair moves down. Stop for both entries at 1.1645. I two targets. If first target is hit at 1.1560 close half of position and move stop to B/E. Then go for second target at 1.1530. Good luck and good trading!

 

[PipCrawler]

Today’s pick is on AUD/USD. The pair has been trading in range mode for the last few days in anticipation on the RBA interest statement tomorrow at 5:30 pm EST. It’s expected to remain at 5.50%. If so, I think this pair will continue to drop due to the interest rate differential between the Australian dollar and US dollar. So, I’m looking to short with a candle close below the S2 line at about 0.7095. Stop at 0.7160. When it hits my first Profit Target I will close have the position, and move stop to break even. If it breaks below the S3 line I will use the previous bar high as the trailing stop. Good luck and good trading.

 

[PipCrawler]

The dollar was weakened today, and as you can see there was a run to the downside on USD/CHF. It looks like the sell off has been exhausted and the pair is currently in range mode on the one hour chart. In situations like this we usually see a retracement back up to at least the 50% fib line, but we may see more US dollar sell off this week. So we have two trade setups and hopefully we can capture a short term move. If the pair moves up go long at 1.2924, stop at 1.2875. Close half of postion at 1.2945 and move stop to B/E. Then go for 1.2965.

If the pair moves down, short below previous low at 1.2870. Stop at 1.2930. At 1.2836 close half of positon and move stop to B/E. Go for second target at 1.2765

 

[PipCrawler]

Last trade: +44 pips


It was a tough tonight, but I managed to find a good setup on a pair I haven’t posted on here yet…EUR/GBP! I rarely look at this pair, but there’s a lot of potential movement in these two currencies in the next 12 hours. We have interest statements out of both banks coming up at 7:00 am EST from the Bank of England and 7:45 am EST from the ECB. Also, we Euro-zone PMI coming out at 4:00 am EST. Now I’m favoring a long trade for a few reasons:

* Expected positive retail numbers out of the Euro-zone.
* Central Banks diversifying their reserves with more Euro purchasing.
* Recent economic weakness in the UK has lead to Pound weakness. We’ll keep and eye out for hints of a possible rate cut.

Of course, in the markets you can be totally wrong! UK may decide to raise interest rates, weak numbers may come out of the Euro-zone, all the oil in the world may dry up, or pigs may learn how to fly! Whatever it may be, surprises are always around the corner, so it’s a good idea to be prepared both ways.

So, if the pair decides to drift higher I’ll look to buy at 0.7030 with a stop at 0.6990. Close half of position at PT1 ( 0.7055) and move stop to B/E. Then go for PT2 (0.7085)

If the pair drifts lower short at 0.6960 with at stop at 0.7005. Close half of position at PT1 ( 0.6932) and move stop to B/E. Then go for PT2 (0.6880). With the short trade keep an eye out for when it hits the 200 SMA. You might want to start doing a trailing stop depending on how the pair is reacting. Remember to cancel opposite order once a trade has been entered. Good luck and good trading.

 

[PipCrawler]

At 2:00 am EST we have the BOJ releasing its monthly Monetary policy report. This report covers economic developments and serves as an indicator to possible future interest rate moves. As you can see in the chart, the pair is in range mode as traders await the announcement. I’m looking to catch some volatility tonight with possible hints of an interest rate hike.

Long EUR/JPY @ 143.75, stop @ 143.45, PT 1 @ 143.90, PT 2 @ 144.40
Short EUR/JPY @ 143.13, stop @ 143.60, PT 1 @ 143.00, PT 2 @ 142.55

Now with economic news coming out in the Euro zone I suggest taking profits at PT 1. Of course, if you hit PT 1, close half of position, set stop to B/E for other half, and go for PT 2. Close opposite trade when position is entered. Close all trades and open orders at 12:00 pm EST or at your discrection.

 

[PipCrawler]

Later tomorrow morning we have the Bank of England releasing the minutes from their meeting approximately 2 weeks earlier. We will be looking for volatility from any surprise insight on future rate moves or an unexpected vote count.

Long GBP/USD at 1.7848, stop at 1.7800, PT1 at 1.7888, PT2 at 1.7930

Or

Short GBP/USD at 1.7778, stop at 1.7848, PT1 at 1.7737, PT2 at 1.7688

Remember to close half of position when the first profit target is reached and move stop to breakeven for the second half of the position. Close all orders/positions at 3pm EST or at your discretion. Good luck and good trading!

 

[PipCrawler]

Tomorrow morning at 5:00 am EST we have the release of the E-12 CPI report.
The number forecasted to be at 2.2% and any number over 2.0% is considered to be at a very fast rate of inflation. This number will be closely watched and may give insight on whether will hike rates in May or June. So, today’s pick will try to capture any potential volatility from that report.

Long EUR/JPY at 145.45, stop at 144.95, PT1 at 145.65, PT2 at 146.00

Or

Short EUR/JPY at 144.93, stop at 145.40, PT1 at 144.72, PT2 at 144.50

Watch out for resistance at the 50 SMA and 100 SMA.

Remember to close half of position when the first profit target is reached. Then move stop to breakeven for the second half of the position and go for PT2. Close all orders/positions at 3pm EST or at your discretion. Good luck and good trading!

 

[PipCrawler]

The loonie has been on a nice run against the dollar, and I think with the pull back it is a nice time to go with the trend and rising commodity prices!

Short USD/CAD at 1.1377, stop at 1.1429, PT1 at1.1360, PT2 at 1.1320

Remember to close half of position when the first profit target is reached. Then move stop to breakeven for the second half of the position and go for PT2. Close all orders/positions at 3pm EST or at your discretion. Good luck and good trading!

 

[PipCrawler]

Well, the US dollar has been beaten up across all currencies for the past, including the loonie. Today’s pick is in hope that we will see continued weakness in the dollar, plus we will hear from the Bank of Canada on their interest rate policy.

Short USD/CAD at 1.1338, stop at 1.1375, PT1 at 1.1318, PT2 at 1.1290

Now in the event that we see a surprise from the BOC in that they keep rates the same we may see a move to the upside in favor of the US dollar. Here’s a trade idea in such an event:

Long USD/CAD at 1.400, stop at 1.1365, PT1 AT 1.1420, PT2 at 1.1450

Good luck and good trading!

 

[PipCrawler]

Cable has been stuck in a range for the past ten days which means that traders are waiting for something to move the pair. Hopefully, UK GDP will be the catalyst for a strong move and break the pair out of the range. At 4:30 am EST, UK first quarter GDP will be release with a forecast number at 0.6% for the quarter vs. 0.6% previous. Also, the year over year number will be released with a forecast number of about 2.2% versus the previous number at 1.8%. Any surprises should cause volatility in the pair, and we all know how much cable can move during surprise number releases. Hopefully, we’ll be able to catch some pips with this event. Here’s a couple of trade ideas:

Short GBP/USD at 1.7820, stop at 1.7860, PT1 at 1.7776, PT2 at 1.7715

Long GBP/USD at 1.7845, stop at 1.7910, PT1 at 1.7988, PT2 at 1.8045

Now, we have US reports coming out tomorrow starting at 8:30 am EST. If we are in a trade before that time I would tighten my stops or take profit off the table. The US has been coming out with a lot of market moving numbers recently and we do not want to be whipsawed out of profitability.

Good luck and good trading!