GBPUSD quick followup 25th Sept

I realise I had my dates totally messed up in the last couple of posts. Have corrected them accordingly.

This is a quick followup of the setup I identified in my previous post on the GBPUSD.
Very unfortunately I had to leave the house and couldn’t take this trade.
GBPUSD was due for some sort of retracement after falling almost 500 pips non-stop.
Explainations on the chart.

Took a punt on the GBPUSD last night 24th Sept

Took this trade very late at night.
I guess I was slightly frustrated at missing the big moves, so I took this long punt on the GBPUSD retracement.
I thought of making it an overnight trade.
When common sense finally returned, I was fortunate enough to get out with +15pips.
basically a 0.6R trade.
(Even a punt was more profitable than than a planned trade..argh!)
I see a possible setup for play now as well, explainations on the chart.

GBPJPY 2nd trade taken on 24th Sept

I saw a few inside bars forming, basically that means consolidation.
So I was able to position myself for this retracement.
It didn’t go quite as far as I would have liked tho, was targetting the 147.50 area which is just under the 50% retracement level of today’s move.
Yet another 0.5R trade.
I really need to change something to improve my profitability.

Objective: increase profitability, preferably allow riding of trends.
A few things which I could change to improve profitability
1) my entries
2) how much partial profit should I take?
3) don’t take partial profits and just aim for 1:1 or 2:1 trades?
4) don’t take partial profits and just trail stops

Will need to do some serious thinking..when I have the time. =/

GBPJPY observed IB setup and EURUSD Channel break down

Here’s something I observed on the GBPJPY charts.
I’ve actually been waiting for price to test and be rejected by the 1hr 20ema before making another entry.
Unfortunately I missed the entry by mere minutes!
Explainations are on the charts.
Managed to catch a nice trend, unfortunately I don’t think I’m squeezing enough out of it..hmm..
But in any case, this is one of my few successful swing trades..I’m somewhat pleased that I managed to get my money to work for me without me having to do very much monitoring..
Naturally, I’ll still exit it before the weekend.
I also see something interesting on the EURUSD, upward sloping channel bounded by parallel trendlines.
Price just broke the supporting trendline as I speak, will be looking for a retracement to get in short.

Trades taken 20th Aug

A bit of overtrading today I think.
Anyway, here’s the low down.

3 trades taken on the GBPUSD, one of which is still open.
basically trying to capture an upward move together with the larger trend.
there’s a longer term setup on the daily to the upside as well.

1 trade taken on the EURJPY.
Entry from1hr charts, false break and series of candlesticks which are actually a symmetrical triangle on the smaller timeframes. 
Chart attached shows 15min just to clearly show the consolidation.
Been waiting to go long with the larger daily trend, but no clear entry, however, there was an entry to the downside for a quick trade.
However, I got scared out of it near breakeven..=/
Seriously gotta stop jumping out of trades for no good reason..missing out on good profits.

Just for fun, EURJPY hourly NR7 + Inside Bar

An NR7 +Inside Bar on the hourly chart would have given the same entry signal at a similar level, but at a later point in time.
There was a break down of a significant support, so the NR7 should have a continuation bias, and it did indeed fall.
The stoploss could be agressively tight or put at the same level as I did.
An agressive stoploss would have resulted in the 3:1 risk/reward ratio as compared to a 2:1 risk/reward ratio.

GBPUSD missed trade setup

No idea how I didn’t see this setup, probably cos I was out yesterday and busy with watching the EURUSD when I got back..lol
Anyway, this setup was inspired by a guy called Nial Fuller.
Among his methods is the “inside bar pin bar” setup, basically if you look at the chart, you’re more or less looking at what he means.

He’s got some free vids on youtube which demonstrate how he trades.
Since starting up his paid forex course, he has taken some videos down which reveal too much of his course content =p
So I’m not getting the whole picture for his setup actually.

However, it’s not hard to use confluence to play this even if it’s not his exact setup.
Inside bar + pin bar(basically a very long-tailed doji) + support/resistance levels + daily trend.
Individually these elements are significant, combined, you would have a very strong confluence of events here which make up a decent trading setup already.

In this particular case, the Support comes from various trendlines, plus there’s a round number there 1.6400 which acts as psychological support.
All these factors add to the confluence which forms the strong support area.

Have a look at the chart for the setup explainations.

EURJPY and EURUSD trades taken 12 Aug

Took the EURJPY after seeing it make such a dramatic climb up towards the 136.00 level again.
If 136.00 breaks, there would be very strong momentum upwards.
I saw price holding and consolidating just above the 1hr 20ema, so I took a position with a tight stop and a target a little more than 2:1 risk/reward away.
Took half profit after a while, and the rest eventually hit my final target
That gives me an average of  +62 pips for this trade..or an actual 1.83 risk/reward ratio realised.

The EURUSD trade was taken from the daily charts.
Price found support at 1.4100, formed an Inside bar signalling consolidation.
This is followed by a fake break to the downside, again this indicates buying pressure.
So I set a stop above the high of the Inside bar with a stop under the failed breakdown’s low.
This trade is still open, I’m looking for a longer term trade, targetting 1.4400 area.
Roughly a 2:1 risk/reward.