FX_IDC:USDSGD   US DOLLAR / SINGAPORE DOLLAR
Long entered last Friday based on pin bar signal on 26 Mar. Pin bar rejected horizontal support zone and up trend line. It has also rejected 61.8% Fib.

Stop loss moved to entry level for breakeven as I don't feel good (emotion over system here) about the price action during the Asian session now. USD has been gaining across the board over other majors like EUR, GBP, AUD, CAD, JPY, but not SGD. This only tells me one thing. SGD is being supported (my guess is supported by MAS buying SGD).
HexVex
2 years ago
Nice simple high prob :) Thanks!
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Casey_Yeo HexVex
2 years ago
I have my reservation about this trade now as mentioned above the current price action is not in line with what is happening across the other majors. Hope my feel is wrong. :)
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HexVex
2 years ago
Seems stuck between 20DMA resistance & 10DMA support. 50DMA is the line in the sand support which price has bounced off twice. It's your idea but I seem to be more convinced than you about it :)
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Casey_Yeo HexVex
2 years ago
I've strong conviction of this idea when I entered last week.
Today's price action up till now just seems weird.
Anyway, lets see how this turns out.
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itaskar
2 years ago
Hi, Iam not profitrader but here are my thoughts
snapshot
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itaskar itaskar
2 years ago
few patterns in 4h for earlier entry
snapshot
in 1h same. What Iam doing in smaller timeframes is watching daily SR levels and pattern at those levels, it gives you much earlier entry. For example here was daily bull harami, next days Iam looking in smaller timeframes for retrace and signals at lows. If there is good RR of course you dont need to watch smaller timeframes, but here wasnt.
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Casey_Yeo itaskar
2 years ago
Thanks for your input.
I only trade based on daily and weekly charts.
You may be right about the near term support turned resistance.
Anyway, stop is at breakeven. Risk free trade now.
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HexVex
2 years ago
snapshot
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HexVex
2 years ago
Looks supported well supported to me so far. DXY has had a little break to the upside too
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HexVex HexVex
2 years ago
Haven't had my morning coffee yet :)
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Casey_Yeo HexVex
2 years ago
meaning?
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HexVex Casey_Yeo
2 years ago
Meaning I can't write.
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Casey_Yeo HexVex
2 years ago
The price action today continues from what it did yesterday - diverging from the other USD majors. I was already out at breakeven. Even if this now takes off, I won't regret it. It is just not worth it to risk my capital now.
My thinking goes along this line - USD showing strength in other majors but weak against SGD. If now USD starts to weaken against other majors, wouldn't it further weakens against SGD?
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HexVex Casey_Yeo
2 years ago
Possibly. Might have something to do do with money flows too. Yesterday was the end of Q1 and the Japanese fiscal year I think. The trend is clearly up. But there is better RR from a bounce off the 100DMA. That's if it gets there of course.

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HexVex
2 years ago
I'm NOK and SEK short. SEK is relatively strong too.
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Casey_Yeo HexVex
2 years ago
Good luck mate. I dont trade these pairs. Read somewhere NOK is related to oil. True?
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HexVex
2 years ago
Ouch. You were right to bug out early buddy! I got out of my SEK yesterday too. NOK is very much oil dependent yes. Like CAD but a little different too as it's Europe and not next door to US.
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Casey_Yeo HexVex
2 years ago
hope you didn't lose on SEK.
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HexVex
2 years ago
Out with very modest profit. Got lucky.
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Casey_Yeo HexVex
2 years ago
better than nothing mate.
I usually just set up my trade and let it go.
What I did on this trade is an exception.
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