Todays returns

Today 3 trades, 1 winner 1 loser.

Month to date 24 winners 10 losers ROI 28.6%.


See my trades at forexfactory under useful links where trades and charts are posted.


We sold the 2b set up right at the top but as is usually the case got out at BE when we hit +8/9 a couple of times and it seemed like it just didn't want to go.

Entered a little later again. This was against pos close 15 min candles but 15 min had upper wick and the vol in move up on 5 min clearly falling away. The res area is clearly shown on 5 min at the 5565 W pivot. The 7RB entry was there but showing the 5 min as for us it just seemed to show the res area clearer. Exit at psych level +23.

We then had a later re-entry 7RB lh below psych level exited for small loss when it never followed through.

Todays returns

Today 2 trades, 1 winner 1 loser.

Month to date 23 winners 9 losers ROI 27.8%.


See my trades at forexfactory under useful links where trades and charts are posted.

More on Last post - Bounces from key levels

See 31 May blog post Key levels will they hold or fail.

There are numerous key levels on any chart. For example previous support and resistance levels, pivots, round numbers, fib's. The more important the level the bigger the reaction should be. There are some very good traders out there that can identify and trade these key levels.

I look to exit trades at key levels and then look for a reaction. As an example if a certain price caused a 200 pip move previously and comes back hits and moves 40, hits again and moves 20 (hopefully you've been in all the trades in direction of trend). Those smaller bounces away from the key level are usually pretty good indications that the key level will fail.

Nothing works 100% (as previously mentioned and price will do what it wants) but apart from the hope that we will have been in the moves (trading higher lows and lower highs) to the key levels, we look at the size of bounces. If the bounces are getting smaller we'll look for the right candles to see if that key level will fail.

Bounces from key levels

Regulars at my forexfactory thread have seen me talk of these set ups many, many times.

I wasn't in front of computer for this one.

EJ almost gets to 106, and bounces some 70 pips. Then it falls to 25 level and the bounces get smaller and smaller. Smaller bounces from a level is a high prob signal that the level will fail.

When the right set up occurs, 1hr down, 15 min down, 5 min lh with little/low lower wick on set up candle there's a good chance its going to break through.

If you got in earlier bounces and got out keep going if bounces are smaller.

Fxpro Info

GBP/USD
Another bear signal emerged Tuesday following the break into fresh one-month lows below 1.5465, extending the short-term downtrend towards 1.5415 and congested daily moving average support at 1.5350. However, there is scope for a deeper setback towards 1.5320, and the more significant pivotal support level at 1.5230. Only a break above 1.5503 would provide temporary respite, but corrective strength should be limited to resistance at 1.5540.

Fxpro Info

We could be watching Japan build a trap for yen bulls. With concern over the global recovery still rising and with global appetite for risk still falling, the yen is likely to remain in demand as a safe haven. This isn't good news for Japanese exporters, who have watched a decline in the dollar down to nearly Y85 erode their profits in the last few months. Pressure on the Japanese authorities to do something about the yen's strength is only likely to grow later this week as new data from Japan, including unemployment, consumer prices and household spending, will reinforce forecasts for continued slow growth and more deflation. Also on Tuesday, the Nikkei Index fell under 9000 for the first time since May 2009 because of exasperation over the lack of policy response. So far, though, there has been little concrete sign of action by either the government or the Bank of Japan and yen bulls have been getting bolder. Direct market intervention by the Bank of Japan has been largely ruled out, given the accusations Tokyo would face from the U.S. of currency manipulation. This is certainly something the Japanese authorities would want to avoid ahead of the next meeting of finance ministers from the Group of Seven nations early next month.

EJ Trade example

We had a -4 re-entry on gu and missed ej running its stops.

We did get this lh pullback to psych level for +33 when trend resumed. EJ likes the 00, 25, 50 and 75 psych levels.

GU Trade example

5 min chart, volume is falling off on the move up to 25 psych level. In the big picture we're still on a lh, however we are running above the last 5 min lh with a few pips. Frankie's half hour reversal time.*

We took the trade reasons being: FH reversal, low vol move up against the trend, psych level break failed, supp/res level obvious, a 2b possible set up on the last high 8 candles earlier (5 min chart). Entry from 7RB chart.

Exit when break below RN hesitated and my auto +20 bank indi (Mrs V) was going crazy, +23.

*Half way through the Franfurt open initial hours trading can often have a direction reversal.

Todays returns

No trades taken yesterday.

Today 3 trades, 2 winners 1 loser.

Month to date 22 winners 8 losers ROI 27.8%.


See my trades at forexfactory under useful links where trades and charts are posted.

Reply

Hi Indosoul
I have replied to your comment.

Don't forget to follow the link and consider getting rebates on your trading.

Indicators

I don't use much in the way of indicators. A friend has referred me to the CII indicator which I am looking at using only for divergence reasons in particular for the 2b variation.

Todays returns

Yesterday and today.

7 trades, 4 winners 2 losers.

Month to date 20 winners 7 losers ROI 24.5%.


See my trades at forexfactory under useful links where trades and charts are posted.

Some of the trades taken.

Initial thoughts trading 7RB

Both GU and EJ like the 00, 25, 50, 75 psych levels. Once a trend is established (for now we'll describe that as a break of most recent range) where nice waves have formed on 7RB charts over 3/4 candles at these psych levels nice trades can result. This is todays GU price action before and after the news release.

Range Bars

I have been looking at 7 pip constant range bars in tandem with 5 min charts for entries. They do appear to offer some good opportunities when 1hr and 15 min charts have set direction. Some 5 min candles become too large to safely take a trade with the small stops we use. They are worth investigating.

Todays returns

No trades today being MPC minutes release, in hindsight after the news there were 2 solid higher lows on GU. Yesterday 1 trade just above BE.

On 16th 5 trades, 3 winners 1 losers.

Month to date 16 winners 5 loser ROI 21.5%.


See my trades at forexfactory under useful links where trades and charts are posted.

Todays returns

Includes trades for yesterday.

9 trades today and yesterday, 5 winners 2 losers.

Month to date 13 winners 4 loser ROI 17.5%.


See my trades at forexfactory under useful links where trades and charts are posted.

Todays returns

4 trades today, 2 winners 1 loser.

Month to date 8 winners 2 loser ROI 10%.


See my trades at forexfactory under useful links where trades and charts are posted.

Todays returns

2 trades today, 1 winner.

Month to date 6 winners 1 loser ROI 8.5%.


See my trades at forexfactory under useful links where trades and charts are posted.

Todays returns

3 trades today, 1 winner and 1 loser.

Month to date 5 winners 1 loser ROI 7.5%.


See my trades at forexfactory under useful links where trades and charts are posted.

Fxpro Info

EUR/USD
The push below 1.3183 extends the corrective setback off Tuesday's high at 1.3262, and is looking to test the range floor at 1.3105. However, only a break below there would upgrade the setback and expose the 1.3056 area. Regaining ground above 1.3183 would lift the tone and re-open the 1.3241 lower high, which protects 1.3262. The significant 200-day moving average lies in this area, and a fresh wave of bull pressure is required to force a break through 1.3262, opening 1.3365.

GBP/USD
Resistance at Tuesday's 1.5966 high held Wednesday to prompt a corrective setback to test support at 1.5863. Bear pressure is building here to threaten a deeper setback towards 1.5810, although the 1.5750 area will look to limit downside scope. A break above 1.5940 is required to re-open the 1.5966 high, which stands in front of the psychologically-important 1.6000 level.

Todays returns

1 trade today, 1 winner.

Month to date 4 winners 0 losers ROI 5.5%.


See my trades at forexfactory under useful links where trades and charts are posted.

Todays returns

Includes late post for yesterday.

3 trades today, 3 winners.

Month to date 3 winners 0 losers ROI 3.5%.


See my trades at forexfactory under useful links where trades and charts are posted.