GBPUSD (Swing Trade) - LONG
Very basic reasons on entering this trade (if it triggers...).
GBPUSD has been on a solid decent for 7 days and hit a historic resistance on the daily chart. This has left an opportunity for a potential swing trade towards the upside.
Entry set above daily high of the 7 negative day and stops below low of the 7th negative day....
Looking for the price to move up to the channel (Red Box) and then enter a short alongside the trendline.
Will start looking at Target Price and stop lose.
Risk is always 1% of account.
Comment always welcome.
DAILY CHART LONG ON GBPUSD
So taking a simple technical trade on GBPUSD Long due to the daily candle hitting the trendline indicated on the graph.
Please note I am not taking in fundamentals into play and have reduced targets because of the "interesting markets" at the moment. I'm also aware that the Weekly GBPUSD looks more bearish.
Hoping for a bounce 1.5545...
Looking at a low risk and decent risk reward trade on a potential down channel.
This could be the formation of a bullish flag but with a tight stop I am going to enter seeing if I can catch a decent move to the downside.
Once TP 1 is hit then stops move to break even and will start training stop as we hopefully head to TP 2.
Keen on your thoughts?
EURGBP SELL ZONES
This trading idea is looking at two shorting zones.
The first idea is a break of the yellow channel to the downside with a Target price near the 200 MA (blue line / moving average).
The second possible area for a short is at the top the yellow trend channel with a target price 1 being the point when the EURGBP retraces back towards the...
USDJPY looks to be in an uptrend on the 5 Minute chart retracing to the 200MA and the up channel trend line. Also there is a key resistance coming up at 118.135.
Looking at a 3:1 ratio. TP at 118.343 purely because I'm not greedy. ;)
NZDUSD is in a downward channel and about to retouch the channel line once again. The RSI and MACD on the Daily chart are also aligning well and looking over bought. At this time in the market there is a lot of talk about new Dollar weakness but I do not trade on fundamentals or market talk. I hope if anything it is talk to push the price up to the channel edge...
TWO PATTERNS FORMED: 15 Minute Chart
1. Wedge Formation
2 Channel Formation
Plan 1: Trade the break of the wedge (either long or short)
Plan 2: Trade the bottom bounce of the channel (more aggressive entry) but with a small stop loss incase it turns into a break and then I need to get in to the other side the trade.
Ideally it keeps in the channel and...
Currently in a downward channel.
Looking to short at touch of channel on slightly before due to the fact I won't be trading this live (bedtime...)
Hopefully it triggers in the next 4-5 hours and we ride it all the way back to initial resistance and beyond.
First target is shown on the chart, Second target will be near 0.80000 and will be trailed with a...
Entered this trade late as I would ideally be nearer/on the channel line in yellow (pale yellow.. sorry!).
Only entered with half my position and will add the other half if it does head back towards the channel. Either way it fits within my 1% risk profile.
Going on the assumption of a downward channel forming and want to get in and out very quickly.. if...
Reason for entering: EUR still in a downtrend and GBP on this day (02/01/2015) experienced some bad data. Entered trade at 0.78165 with stop placed above the 200 MA (0.78298).
First target price is back at a retracement level hitting the down channel, but I am hoping for that to continue south and will trail with a Stop Loss (20 pips) once first target is...
Quite aggressive entry into this trade!
Took the entry on the break of the 15 minute chart of a channel I have been watching. GBP had some bad news in the press today due to lower construction figures which pushed the price down earlier in the day but now hoping the break of the channel helps continue the daily down trend.
1st TP: 1.89517 (low from a few days...