USD/CHF 4H SHORT

A setup similar to the NZD/JPY setup. This time we have a short setup off of an HHR straddling a big round number the 9500.

We also have divergence across various oscillators on both setups such as on the macd (not shown in the chart)

entry on the pul back to the HHR

This just took off in the wrong direction. The HHR is a very strong area. The thrust was powerful and there is a strong chance this area will now hold as support. A losing trade.

The rules suggest I need to wait for the 4H to close before I make a decision. This strong push on has made me cut this trade out for just under -2R.

NZD/JPY 4H LONG

Took a long off NJ pin/fake out bar. 95.5 round number straddling a lowest low of support presenting a fake out off of it.

Entry on the pull back to the LLS.

USD/CAD 4H SHORT

Here's a trade I took today on the USD/CAD.

I am choked for time due to academic pressures and stress and couldn't put this up on the blog as a step by step managed trade.

But here's the final result:

Took full profit at 2R (Just above the 1.000 BRN and roughly at the daily HCR level.

Notice the wick on the fake out bar isn't very authoritative (not long enough) compared to the momentum with which price rushed into the HHR level. This was always going to be an above normal risk trade. Its important to not let go off our James16 basics of price action. That wick was clearly weak and not a sure footed stance of a heavy block of sell orders coming in. What made it very playable though was clearly the location.

CAD/CHF DAILY TRADE

ENTRY

An absolutely no brainer of a trade!

Lovely pin bar cum fake out. The best part is where we closed below the minor HCR levels immediately under the major HCR (gold horizontal line) that validated the setup. Always a good indication of strength.

 

UPDATE 1: 

FTA hit. Stop to BE.

   

 

FINAL UPDATE

Its almost ridiculous the kind of state the markets are in. I can confidently say we're in the toughest of market conditions I have seen in a looongg time. Its as if every level out there is pushing and pulling at price in a big way.

Just a BE out of this.The LCS has held brilliantly and price is threatening to stay into a mode of consolidation at least if not burst to the upside for another scare.

It seems the "take and hold for a runner" theme is clearly not working in these rough conditions, I may have to revert to quick in and out type trades till we the ominous clouds disappear.

Trade safe guys.

NZD/USD 4H LONG

Long off NU....lovely deep double bottom on the pair and nice looking fake out.

FINAL UPDATE:

Closed the trade after the 4H closed below the low of the fake out bar.

Nothing wrong with the setup, I'll take the loss.

CAD/CHF 4H short

ENTRY:

Pretty self explanatory I guess...

 

UPDATE 1:

Price hits the FTA. Stop is now at BE. You gotta love these swinging markets. They can be lucrative but also tricky to trade in.

Hoping for a 4H close below the marked FTA.

FINAL UPDATE:

Stopped out at BE. :(

While I obviously didn't "lose" money this is still very much a loss, and a pathetically managed trade in my book.

It basically highlights the fickle nature of trading in a sideways market. The trick is always to never lose sight of your trouble areas...minor and major both.

I feel I am too desperate for a runner in that I just hope for my trades to go to the moon all the time. That's right I said "Hope".

I can only bring this down to "empty hoping" when I see a trade in a sideways market hit an obvious FTA at 2 x my initial risk and thendo nothing but set a stop to BE to watch it bounce off it big time and take me out.

Costly lesson.

GBP/CHF 4H final update

Got taken out on the bounce off the trend line. Turns out we still have heavy order flow at the proficient trend line.

Net gain 1.62%

Not the best of trades and a roller coaster ride through out...but hey...roller coasters are fun.Specially when you know the rules. ;)

There were at least a couple of moments where the setup seemed to have ditched me but this was a great example that preaches the importance of having to stick to your trading rules no matter what. I was watching the bars take off above the fake out high, one after the other, and the second being more threatening that the first. Yet avoiding a freak out and listening to the rule book that sanctions exits based off bar closes beyond the fake out high/low worked as it so often does.

GBP/CHF 4H Update 4

1.47 gives way and we're down to our next major trouble area. The rising support trend line.


We're up quite a bit on the trade now, and my bias is towards the conservative end of trade management from here on.

(SL moved above the 1H bar that tested the trend line)

Down to the 1H to see if the support is of any real strength at the trend line.

GBP/CHF 4H Update 3

Guess what? No close above the HHR, despite a lot of "threatening".

Like I said in a post at the Google group, the more times price tries to break beyond HHR/LLS levels and fails to do so, the stronger the HHR/LLS areas get. We now have a move down south.

Could this be a second pursuit to the 1.47? highly probable.

Not as neat a trade as I would have liked it to be, but you gotta take what the market gives you...of course within the parameters of your "rules".