Hi all, I just read a few pages of the last book of Ari Kiev and he said that the best way to achive if your goals is by announcing them.... So basically my aim is to make a killing in the FX market just swing trading it no scalp, no day trade involved!!!! I also want to take big chunks of the biggest moves and play 1 to 2 week moves !!!! So my plan is very simple try to guess the big trend using basic technical analysis (support resistance technical indicators ...) ... No optmization and so on just plain TA.... try to pinpoint big reversals or retracements in a current trend... Everyday I will try to analyse the markets (if I have time since I have a day job) and say what I believe the current trend is and what I expect the market to do. Then my game plan will be to try to find good set ups within the major trend.... I will try to always play in the direction of the main tred since it is generally with the main trend that you have the sharpest moves..... I will trade the main currencies...
Basically I will analyse here the main pair (EUR/USD) On a weekly basis the market has landed on big support area around 1.18/1.20 and has bounced from it .... Moreover indicators seem ok Daily the E/D made several double bottoms which is basically the charatcteristic of a market that is due to turn .... And for me it is like a third elliott wave that is forming and indicating that we will have a strong up move.... my targets are 1.30/1.34 and the support for the time being 1.22 Game plan : wait for a nice retracement on the daily chart and a and use a bullish signal on the hourly chart to enter a position.... Since the main pairs are correlated I will try to find the best set ups whether on (EUR USD, CHF, GBP).....
The Euro was firm today and the correction that I thought would occur did not!!!! Never short a bullish market or try to play tops or bottoms !!! Dangerous!!! However on an hourly chart I can see a Five wave up move which on an elliott basis means that the market will at least consolidate!!! and this is what happened we had a consolidation phase but no real correction.... I am still cautious but on an hourly basis I have some indicators that are on support levels moreover on a timing basis we can say that the consolidation seems ok.... So I think that the current market presents a no risk situation since the risk is limited : stop loss at is 1.2518 Entry now 1.25431 / target at least 1.27 or more I don't want to miss the next big move so I am in knowing that if I am wrong I will go out right away Risk reward ok 30 pips loss and 150 pips reward.... CT
I don't really like my trade since I belive I could have stayed a bit longer and wait for THE SET UP !!!! Patience is key in my strategy and for me the main objective is to only take the real great set ups.... However, I think that if the market is really bullish my job is also to test it and see what it is due to do.... I noted on the hourly chart that around the 1.2348 resistance the EUR simply consolidated before exploding.... Moreover, I can see on the GBP (cable) a simple consolidation adn yet the GBP reached a major resistnace .... This is for me the sign of a strong market.... AND I dont want to miss the big move So I am in. No regrets if I am out.... this is my job to play good Risk reward situations and If the market reacts negatively I will wait for the next big opportunity and I think regarding all my indicator that it will be big!!!
Since I am cautious about my position I am raising my stop to 1.2524 .... I don't want this level to be broken if my scenario is right and I don't want to give the market too much leeway ....
I may join you, but am looking for entry a tad lower, sitting @1.2541 right now. I would like to get in on a retrace back to its uptrendline.
yes thios was also my point but if yu see the hourly chart you can notice a 5 wave up move cristal clear and then and ABC correction without too much retracement Basically in bullish markets the market do not need to retrace a lot but you never know this is why I am cautious and why my stop is close in case!!!!
Wise move by having the stop up close. Last nights test of the resistance upward sloped trendline failed. We are currently in a midst to a retrace to the intermediate support at 1.2490-1.2500. After this level look for a uptick for the next test of the resistance at 1.2580s. Many pips to you all.
yes mahras, It was not a high probability trade but I don't regret doing it.... Now I am looking for a retracement before entering long Good trades