Too early to arrive at the party! Sharing my trading idea and experience for FX:HKG33
From previous post, the 1H chart has been bullish.
I have taken the profit and thereafter trying to find re-entry position.
However, without checking the shorter time frame 30m, 15m it turns bearish for the shorter time frame. Re-entered at 22500. As you can see from the chart. It's is a big Ouchhh! 😂
Well, was looking at the longer time frame of 4H chart & D chart showing the index continues to be bullish. (Question to myself: But on hindsight - isn't the longer tf chart based from the shorter tf movement?) Hmmmm.....well let's see.
But this could cause the short position opportunities. Nonetheless, the party is there and I guess just have to wait little longer and hope it won't be too longer. This is going to eat into trading cost for the daily finance charge. :)
Wish the party continue! (with the recent stimulus news and action)
While waiting, let's zen with 📖 🍵
Good luck everyone!
Sticktoyourplan
Narrow Escape! Trust what you trust.FX:HKG33
Entered too early before the pullback. Has to hold over the trading closed day. Was intended to SL the positions if the downtrend continue.
However, the market reopen with strong bullish volume. The short time frame (tf) turned uptrend and the index gap-up. However, the MACD + KDJ showing uptrend for 1H chart. Hence, decided to continued to hold the position.
∴ Continue bullish for HSI based on W chart and try to look at Long position for 1-3 weeks tf.
This ain't a get-rich-quick scheme, folks. We're just here to chat, not make deals.
Disclaimer: The information provided here is not a recommendation to buy or sell any particular financial instrument. Individual circumstances and risk tolerance should be considered when making investment choices."
QNT look good to go up - Till now 1 WIN 0 LossQNT look good to go up - Till now 1 WIN 0 Loss
entry 72.98
SL 71.26
TP 1:1+
Update on GBP/CAD utilizing FXCM chart instead of OandaI came across one of my GBP/CAD thoughts and and saw a pattern that was screaming at me. I don't think I saw the pattern on Oanda's charts because the data only goes back to 2003 on the Monthly Charts and on FXCM it goes back even further (1976). With his added data it is clear the price is showing an inverse head and shoulders, which adds to the probability of price pushing lower, maybe 1.40. So my conviction on this pair pushes even higher and I am highly likely going to get back into this pair with the NZD/USD. If I look at the technicals some more there are lower higher also that have happened. A high made in the 80's around 2.90, then another high in 98', around 2.67 (lower then the previous), and finally in sometime in 2015, around 2.10. A huge drop from 2.67. Price is also in a descending channel, which if price does push higher, can it really reach past the 2 lvl. Highly unlikely. Price since 2016 has attempted to push higher (which coincides with BREXIT) pushing above the 1.80 lvl in 2018, and retracing, and attempting to break the 1.80 lvl, only to fall back lower. Last year price came close to hitting 1.40 with the issues going on in the UK Government. If I am correct and price does push lower, the 1.40 will be a safe level to chose. Price could hit the 1.30 lvl.
Another pair that is throwing me off though is the GBP/CHF. The pattern on the GBP/CHF is showing a strong descending wedge, which could spell out price pushing higher, and pretty significantly. The way I see this happening is if the BOE goes Super Sayian Blue Ultra Instinct and starts pushing rates up aggressively at 0.75% to 1% in succession. But this is highly unlikely as their economy walking a tight rope that has a cut in it. Additionally, it also might be a possibility if the BOE just keeps rates at 4%-5% throughout the possible recession. If so, this will line up with the BOE Governor saying that there may be the longest recession in history for the UK.
BTC TA - Bullish scenario 4h timeframeI opened a Long yesterday around at the 0.618 fib level. Let's see what will happen 🚀. Just remember: Stick to your plan and have a good risk management 👍
And that's the main reasons I decided to take a long on SOL :
► Confirmation of the retrace and breakout of the falling triangle (yellow lines)
► Retrace of the 0.618-0.65 fib level
► Bounce from the support line (blue)
► High risk reward ratio
Trading setup:
Entry: $29544
SL: Moved to breakeven ($29544) It was at $29200
TP1: $32100 (60%)
TP2: Let it run till 40k area if this scenario plays out and move your SL above TP1 level
⚡Just to notice. We ar right now in a very volatile market phase in the crypto. Crazy and unpredictable things could happen. That's why you should use a stopp loss. ⚡
Disclaimer: DYOR. No financial advice. Just for your impression.
The importance of sticking to the plan 👊👌As traders we are our own worst enemies!
A common theory with trading is as follows. 10% is having a good strategy, 30% is having good risk management and the final 60% is psychology.
If we as traders fail to address the final psychology part of the sentence above then we as traders will fail in the markets.
The chart shown in this idea is EURGBP working the 30 minute time frame.
The strategy is a rules based mechanical approach working a 1:1 RR to fixed stop loss and take profit targets.
I know I have a proven edge with this strategy as with all my ideas the built strategy tester report is at the foot of this idea shows the strategies credentials.
Position sizing is correct I trade this strategy on a stand alone account for this pair and I'm happy to risk 2% per trade of my capital from said account.
So where does the psychology part come in to all this?
The emojis on screen show the emotions I would of been feeling with this trade once upon a time! An emotional roller coaster!
The chart shows three trades. A short which hit TP followed by a long which hit SL.
Then the trade I'm using for this idea which lasted a full 13 days!
But this is where sticking to the plan and the rules I set help remove that emotional roller coaster.
Not sticking to that plan could of created many outcomes.
I could of closed for less profit than intended as part of the plan or worse still could of cut my losses only for the trade to go on and hit TP target.
The above would of then led to more emotions thus effecting my future trading decisions and choices.
With each trade I enter I am comfortable with said outcome whatever that maybe.
That comes from trading a proven strategy, having correct risk management and then by sticking to the rules of the trading plan for the strategy.
Sticking to a plan removes any subjectivity and helps take care of the psychological side of trading.
I even automate my strategies now and not checking trades every minute of the day has helped removed all those up and down feelings the emojis on the chart represent.
I'll end with one final thought patience has to be part of your plan. The markets take from the impatient and give to the patient ones among us.
------------------------------------------
I try and share as many ideas as I can as and when I have time. My trades are automated so I am not sat in front of a screen daily.
Jumping on random trade ideas 'willy-nilly' on Trading View trying to find that one trade that you can retire from is not a sustainable way to trade. You might get lucky, but it will always end one way.
------------------------------------------
Please hit the 👍 LIKE button if you like my ideas🙏
Also follow my profile, then you will receive a notification whenever I post a trading idea - so you don't miss them. 🙌
No one likes missing out, do they?
Also, see my 'related ideas' below to see more just like this.
The stats for this pair are shown below too.
Thank you.
Darren
EURGBP - NEXT ?I expect price to drop around .89 then rise. Break below the flag is a sell off. I am not a financial advisor. Use your own due dill. Safe Trading.
BORING But According To Plan - DT RECAP 04/23/20 (& Today's WL)Hi traders,
Thursday was really boring for me since I'm still on my "recovery" plan I discussed in yesterday's recap. So I only trade the best shots and try to stay green at the end of each day albeit very little. Thursday could be a prime example of this approach. Just one, slow-moving trade that I had to get early from due to massive SPY spike down.
Half a percent, but still up!
Just one lonely trade:
1) NYSE:HAL - LONG @8.68, it lost steam and I exited prematurely when SPY dropped 4 points. +0.5%
*In my ID trades, I risk 1% of the account per trade and go for 2% (2:1 RRR ). Sometimes I adapt a little bit as you can see in the trades' description.*
Total PnL for the day: +0.5%
Total PnL for the week: +2.94%
Good trades,
Tom | FINEIGHT
Half way in a 10 day ALT Coin Consolidaashiooon Looks to me that we are about half way through this Alt coin consolidation, ALTs are looking prime being over sold on the Weekly, consolidating on the Daily and Bitcoin needing a possible pull back to 6k. I'll be looking for a couple positions this week, diversity, stop losses, target resistances, make a plan, good luck.
GBPUSD - potential long trade in the coming dayHello all - DuncanForex with another trade idea.
With NFP coming in strong on Friday and USD gaining strength - the question is:
Is this short term sentiment and will the FED support further USD strength or will the FED still suggest a rate cut and in turn will USD weaken,?
Therefore, the recent price action being a stop loss hunt before heading higher quite quickly
I have not been able to publish all my trade ideas this week - however I am currently long gold at 1393 and I expect USD weakness to now continue on other pairs.
I am looking to go long GBPUSD after reviewing my support levels - where I previously think I got in too high on the recent down move.
\I am looking for a break of the trend line and a retest prior to it heading higher
This trade may end up going through FED news tomorrow and I will review prior to the news coming out if I have open trades.
Thanks for looking
Duncan
