dru_01

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About me Fundamentally Technical
Joined Ireland PongoDru
I need help with my current short addiction!!
Markets Allocation
75 % forex 17 % stocks 4 % indices 4 % other
Top Mentioned Symbols
EURUSD 37% | 9 EURJPY 12% | 3 AUDUSD 8% | 2 AAPL 8% | 2
dru_01 dru_01 EURUSD, 240, Short ,
EURUSD: EURUSD - 240Min Setup - It's in play so who's on board :-)
83 0 0
EURUSD, 240 Short
EURUSD - 240Min Setup - It's in play so who's on board :-)

Its been a while and I've been lazy so I thought it was time to put an interesting setup on paper :-). Based on the size of correction I should be long now but the technical point short still. Check out the setup based on my trading method. I don't trade the 4 hour setups but they are just as accurate as the ones on lower time-frames. As a leveraged trader the 4 ...

dru_01 dru_01 EURUSD, 240, Short ,
EURUSD: EURUSD 4 Hour - Short Initiated
207 1 0
EURUSD, 240 Short
EURUSD 4 Hour - Short Initiated

It's taken quite a while to setup and breakout but its here and its a big target. Taking out my own fundamental misgivings the technical setup shows the T2 target bringing the euro into parity with the dollar - Interesting!!. Since it is the 4 hour don't expect it too soon. As per usual a break of the opposing black entry line is the stop loss @ 1.2350. I've found ...

dru_01 dru_01 EURUSD, 60, Short ,
EURUSD: EURUSD SHORT - Technical Setups still pointing south!!
370 1 1
EURUSD, 60 Short
EURUSD SHORT - Technical Setups still pointing south!!

Well EURUSD is still pushing down and one's own psychology is saying surely it won't go much further. My setups work extremely well on euro dollar so I'm not going to let my own mind-games get in the way of technical setups that present themselves. See linked idea's below for setup background as I'm only repeating myself with each setup :-). Will halve my ...

dru_01 dru_01 EURUSD, 240, Short ,
EURUSD: EURUSD 4hour Short in Progress
102 1 0
EURUSD, 240 Short
EURUSD 4hour Short in Progress

Its been a while since I posted a setup as I've been trying to hone in further to improve the quality of my setups. This is a nested setup which should propagate on the back of previous (and a smaller subsequent setup) setups heading in the same direction (Short). Its a good sign of a decent trend and I haven't seen any converged levels or Long setup that could ...

dru_01 dru_01 EURUSD, 60, Short ,
EURUSD: EURUSD Short Target Play - Supporting linked 4hr Setup direction
177 2 0
EURUSD, 60 Short
EURUSD Short Target Play - Supporting linked 4hr Setup direction

Setup in play due to boundary creation and breakout occuring on 1 Hour EURUSD chart. I also have a current 4 hour setup pointing short too which is also in play. I'm not in this one due to previous entry setup on EURUSD but am documenting for prosperity :-). However this would of been a better entry and risk reward trade than the longer term 4 hour one which is ...

dru_01 dru_01 EURJPY, 60, Short ,
EURJPY: EURJPY Short
124 5 1
EURJPY, 60 Short
EURJPY Short

Setup in play due to boundary creation and breakout occuring on EURJPY. I also have a current GBPJPY setup pointing short too so hopefully pointing to some strength in Yen which will play out to get me to my targets. As with the GBPJPY trade I'll be halving my position and placing trailing stop at T1. This will be a double win or a double loss on these Yen pairs ...

dru_01 dru_01 GBPJPY, 60, Short ,
GBPJPY: GBPJPY Short - T1 is my main TP on this one
142 3 2
GBPJPY, 60 Short
GBPJPY Short - T1 is my main TP on this one

I'm playing around with stop level as the safest is always on a 1:1 RR with T2. However this is always the challenge as although T2 is on the 70%+ probable side. T1 is obviously higher again. Since there is more than often a hefty retracement after T1 (and also setup initiation level). Check out my recent AUDUSD stop loss that chopped me out of the trade). I ...

dru_01 dru_01 AUDUSD, 60, Short ,
AUDUSD: Short Target in Play based on setup initiation breakout.
186 0 1
AUDUSD, 60 Short
Short Target in Play based on setup initiation breakout.

We've had a short break (a while ago) and have retraced back above my target entry point. This gives a great risk reward ratio since I didn't get in on this originally (wasn't watching pair - note to self need to script/automate setup identification!!). Anyway I'm now in short to T1 and then will reduce position and set trailing stop on remaining. As per all my ...

dru_01 dru_01 EURUSD, 240, Short ,
EURUSD: EURUSD 4hr Short Trade Initiated. Heading for 1.2387 long-term
419 2 3
EURUSD, 240 Short
EURUSD 4hr Short Trade Initiated. Heading for 1.2387 long-term

On the 4 hour I'm seeing a breakout Short for a longer term trade. I expect 1.2387 as the final destination as long as price doesn't reverse (close over) above the 1.3361 mark as this would invalidate the trade and stop out. As per my other IDEA's I expect consolidation and retracement within levels and I don't worry unless they approach my SL. Price could head ...

dru_01 dru_01 EURUSD, 60, Short ,
EURUSD: EURUSD SHORT Target in Play
116 2 1
EURUSD, 60 Short
EURUSD SHORT Target in Play

I've got a new signal from my setups going short on EURUSD. As long as price doesn't "close" above my stop level I'm in for the ride. The breakout of the level shown as per all of my idea's is a price indicator and tells me which direction the price is heading in. Stop loss is the opposing breakout line (black). Since my setups only work with a 1:1 ration I try ...

dru_01 dru_01 USDCHF, 60, Long ,
USDCHF: USDCHF LONG to T1 initiated due to level brake
446 2 0
USDCHF, 60 Long
USDCHF LONG to T1 initiated due to level brake

Price has broken through my key levels so am expecting T1 at minimum here before some consilidation and probably move to T2.

dru_01 dru_01 EURJPY, 60,
EURJPY: Awaiting Breakout from Levels - Targets defined and ready to go
47 1 0
EURJPY, 60
Awaiting Breakout from Levels - Targets defined and ready to go

There is now a valid setup as part of my trading method. Looking for a breakout either direction for targets defined for each respective direction. My targets reflect where price action will exhaust itself once breakout levels have been breached. Unlike pivots I don't need to look back to find levels to ascertain my targets. Its all determined from the price ...

dru_01 dru_01 EURUSD, 60, Short ,
EURUSD: EURUSD Setup Initiatiated
155 0 1
EURUSD, 60 Short
EURUSD Setup Initiatiated

I've got a new signal from my setups going short on EURUSD. With the recent activity one would envision a rest here but who knows. My trading technique only predicts targets and doesn't tell me how price will get there (unless there are sub setups as with my nice USDJPY example - see related idea below). As long as price doesn't "close" above my stop level I'm in ...

dru_01 dru_01 USDJPY, 5, Long ,
USDJPY: USDJPY - Follow on setup from previous setup completion
144 0 0
USDJPY, 5 Long
USDJPY - Follow on setup from previous setup completion

Following my previous trade setup I've now got a new long setup (albiet on 5min chart) showing continuation to the long side to target T2. Its common for me to get the new setup formation at the time the previous setup completes. (Even though a new setup is ready it still needs a breakout of my defined levels to provide direction). As often is the case with sharp ...

dru_01 dru_01 SPX, D,
SPX: SPX500 - Waiting Breakout from my key levels (targets defined)
103 2 0
SPX, D
SPX500 - Waiting Breakout from my key levels (targets defined)

OK I've discovered that my original trade setup was invalid (see related idea below) and was drawn incorrectly. I can only get the daily chart on SPX so can't put lower level time-frame targets down on TV. If we get a breakout long or short would be going for the T1 at least as targets. (A breakout for me in these setups is a close outside of levels and not a ...

dru_01 dru_01 USDJPY, 60, Long ,
USDJPY: USDJPY - Broken through breakout level
89 2 1
USDJPY, 60 Long
USDJPY - Broken through breakout level

If I look at my trade on EURJPY (see related idea) this doesn't seem like an obvious trade in correlation terms but I'll remain on track. A earlier break over the "Breakout Level" tells me I have a v.high probability of getting to 103.077. But then I would expect retracement after hitting T1 with a view to getting in again to T2. So this is effectively predicting ...

dru_01 dru_01 AUDUSD, 60, Short ,
AUDUSD: AUDUSD Short Entry
166 0 2
AUDUSD, 60 Short
AUDUSD Short Entry

Great entry point here short as I've had a breakout. I would probably halve my position (or fully) at 0.9215 as there will be a retracement/consilidation normally at this level and therefore good place to protect profit. SL @ 0.9400

dru_01 dru_01 SPX500, D, Short ,
SPX500: SPX500 on way down to 1877 target after crossing breakout lin
291 1 1
SPX500, D Short
SPX500 on way down to 1877 target after crossing breakout lin

Short entry here as probability of hitting target level is high (based on my own method). After target is complete I would wait for new setup as there is no visibility yet. Since this is price action and momentum based I don't care about news - price has spoken :-). SL @ close over 1959

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