GBPUSD - Triangle Pattern - sell at 1.27149 - Stop loss 150 - 300 points - Take Profit 3000 points!
GBPJPY - Triangle Pattern - sell at around 142.300 - stop loss 300 points - take profit 3750 points!
for finding the best entry points, take a look at 5 min and 15 min charts when the price reaches the designated area. that way you can have a tighter stop loss and minimize your risk on the trade.
EURGBP
Clean Channel, you can divide your trade in smaller parts and buy at the buttom of the channel, then close part of your positions as soon as the price hit the blue line (resistance) and if price managed to break through the resistance, you can close the rest of your positions when the price reaches the middle line of the channel.
Clean Channel, you can divide your trade in smaller parts and buy at the buttom of the channel, then close part of your positions as soon as the price hit the blue line (resistance) and if price managed to break through the resistance, you can close the rest of your positions when the price reaches the middle line of the channel.
EURGBP - Buy at aorund 0.88000 - stop loss 150 - 250 points - Take profit 1 at around 0.88210 - take profit 2 at around 0.88500
AUDNZD - Price is reaching a stong support line on the daily chart. you can enter a buy trade at around 1.03600 - stop loss 400 points - first take profit 3500 points - second take profit 6400 points.
AUDNZD - there is also a possibility of a triangle pattern forming at the end of the chart if the short-time resistance line manages to bounce back the price, so if that happens, we can close all our positions around 1.07350 and enter a sale trade there for the target of 1.04100
EURGBP - There is a possibility of a Triangle pattern forming at the end of the chart. you can either take a sell trade towards the blue line (two take profits one at red line and one at blue line) and if you are thinking about taking a buy trade for the target of the possible triangle (or the middle line of channel) please set your stop losses accordingly.
CADJPY - there is a possibility of a triangle pattern forming at the end of the chart which can give us a possible sell entry at around 84.800 with the target of 82.300
as you can see on the picture of CadJpy chart, I have entered a small buy position on the chart, now the reason I picked that specific place to enter the trade, was you use it as an oppurtunity to teach you guys about how to find decent entries and how to logically stop our emotions for widening our stops when the trade goes against our intentions in short periods of time.
if you look at the chart, you can see that I have predicted a bounce on the cadjpy at around 84.800, so naturally I expect the price to move up towards that goal, so I might want to enter a buy position until the price moves to that price range I want.
so in order to do that, I look at the 5 min chart, and first assess my target size based on the distance the current price has to that area I hope it can reach. in this instance, my target was 35 pips above the current price.. and with my rule on 1:3 ratio, that means I can only give this trade a stop loss of 12 at the maximum level.
the thing about the stop loss is it should always be behind a barrier so it can be very hard for the price to hit your stop loss. this means you should try to put your stop loss behind a support/resistance line so even if the price moved to that direction, the buyers/sellers at that support/resistance line can at least give the price some traction and perhaps prevent it from hitting your stop loss.
on the other hand, you want your target to be easier to hit, so you should set it before the resistance/support lines so it can easily be hit if the price moved in that direction.
now we will get back to that trade I made on cadjpy, I entered the buy position at 84.220 so my stop loss couldn't be more than 13 pips, so I looked at the 5 min chart and saw that I can easily place my stop loss at 84.090 (13 pips stop loss) and it will be both a good stop loss according my trading rule, and it can be behind the resistance level 84.100 if price reversed temporarily in that direction.
now if price did reversed towards my stop, under no circumastances I won't widen the stop, because if the price break that resistance level and hit my stoploss,, that means the reversal is strong enough to even move one or two minor resistance levels beyond it. so by widening the stop, I would be only hurting myself in the long run.
if it hit my stop, no problem, I will wait a bit and get in on another decent entry. because by using 1:3 ratio on all my trades, I can be wrong way more than I need to be right, and I will still make a profit overall ;)
if you look at the chart, you can see that I have predicted a bounce on the cadjpy at around 84.800, so naturally I expect the price to move up towards that goal, so I might want to enter a buy position until the price moves to that price range I want.
so in order to do that, I look at the 5 min chart, and first assess my target size based on the distance the current price has to that area I hope it can reach. in this instance, my target was 35 pips above the current price.. and with my rule on 1:3 ratio, that means I can only give this trade a stop loss of 12 at the maximum level.
the thing about the stop loss is it should always be behind a barrier so it can be very hard for the price to hit your stop loss. this means you should try to put your stop loss behind a support/resistance line so even if the price moved to that direction, the buyers/sellers at that support/resistance line can at least give the price some traction and perhaps prevent it from hitting your stop loss.
on the other hand, you want your target to be easier to hit, so you should set it before the resistance/support lines so it can easily be hit if the price moved in that direction.
now we will get back to that trade I made on cadjpy, I entered the buy position at 84.220 so my stop loss couldn't be more than 13 pips, so I looked at the 5 min chart and saw that I can easily place my stop loss at 84.090 (13 pips stop loss) and it will be both a good stop loss according my trading rule, and it can be behind the resistance level 84.100 if price reversed temporarily in that direction.
now if price did reversed towards my stop, under no circumastances I won't widen the stop, because if the price break that resistance level and hit my stoploss,, that means the reversal is strong enough to even move one or two minor resistance levels beyond it. so by widening the stop, I would be only hurting myself in the long run.
if it hit my stop, no problem, I will wait a bit and get in on another decent entry. because by using 1:3 ratio on all my trades, I can be wrong way more than I need to be right, and I will still make a profit overall ;)
if you look at 5min chart of CADJPY right now, you can see that price reversed towards my stop loss at 84.090 and almost hit it, but since I placed the stop behind a resistance level, the buyers in that area jumped in and pushed the price back up again.
but even when it got that close, I didn't widen the stop at all. because if I did it and the price kept coming down, I would have lost more than what I would have lost initially without moving the stop.
always keep your emotions out of your trading if you want to succeed.
but even when it got that close, I didn't widen the stop at all. because if I did it and the price kept coming down, I would have lost more than what I would have lost initially without moving the stop.
always keep your emotions out of your trading if you want to succeed.
Trading With Linorth
Photo
The decending move finished, and now its time to go in with buy orders. Get your orders in before its too late. And keep the rules I stated about stop loss and target in mind 😉