Archive for February, 2009
With today’s example we will show you how we trade round number (figure) test but this time from the buy side. As you can see 1st time we buy 2-3 pips above the figure. Next time we wait for a break and buy 8 to 10 pips below the figure. 3rd time we buy 15 [...]
Today the US market is closed and its perfect time for consolidation and 2B set ups. You can see on the chart how USDJPY broker above the prvious day’s hi. We place a sell entry stop order 3 pips below it (we usually place the order 2 pips below the level but this time it [...]
Round numbers are probably the best levels of support and resistance. A lot of orders are placed around them and the market almost every time retraces after the first tests. I use the Round numbers for scalping. You can see on the chart how I play the tests. First sell is a few pips below [...]
For teh set ups from today we will use Bulls and Bears power indicators. The Bulls power is above 0 and the price is above the 50 MA which means that the trend is up. In this case we watch the Bears power and when it breaks ZERO line upwards we mark the candle as [...]
You can see on this chart how many trading opportunities provided today the pivot points for USDCHF. We had 2 buy and 1 sell signal. We skip the second sell signal because before the test the market is consolidating after the first attempt and after such price action we can expect breakout rather than retracement.
After the donside breakout of the morning range EURUSD reatreced to the 50 MA. At the same time CCI climbed above 110 level but quickly went back below it. This was a sell signal and we placed entry stop order below the low of the signal bar @ 1.2841. The protective stop loss is @ [...]
Today was a great day for round number traders in EURGBP. As you can see on the chart we had two profitable and one losing trade. Because of the quck moves every profitable trade could gain almost one big figure in very short time. Trading the round numbers retracements is my favorite strategy.
On 1H chart and Inside candle coinsides with Narrow range 4. We place buy order above the high and sell order below th elow. Firts was filled the sell order. Unfortunately the market reverses and the postion is stopped out for a loss. In this strategy it is better when the position is opened in [...]
This chart shows how both Pivoto points support levels (S1 and S2) can provide nice buying opportunities. During the test of S1 our stop loss is only 10 pips and the profit is 30 pips. The second position is with 12 pips stop and the profit is 40 pips (not shown on the chart).
On this chart you can see akk the uses of the Pivot points. First the market rallies and tests the S1 for 1st time. We sell @ 1.2884 with 12 pips stop loss we can make up to 40 pips profit. We skip the 2nd test of the S1 level because to possibility of break [...]