₦airaland Forum

Hahaha, you need to come over to the Glo shops at Ghana and see Ghanaians thronging around Glo offices like soldier ants to get a GLO sim card. Adenuga too mush jor!

honeric01:
^^^^

Well you can as well modify yours to 1:3

Maybe 20 SL for 60TP?

Nice tip there Honeric1. No mind d yeye bot. D stuff dey vex me die! Although the wide open gap seems to have altered with the trade entry parameters, I'd be on the look out for the close of the 4hr candle to know if the set-up remains tradeable. Have a nice trading week, and GO SLEEP!!!!!!

aguiyi:
@ blog icon
13 pips sl seems very tight in my view and could easily be hit. you are staking 13 to aim at 52 ,the ratio is obvious to me.
happy piping though

Nice response Aguiyi.

Before I go on to say anything, I want to point out that the open gap was quite too large. Would be watching the next 4hr candle close though to see if there's still a chance of the set-up still being valid.

In response to your question I'd say that the 13 pips SL was 'perfect' given the condition that the setup was formed in. I 'safely' hid the SL under 2 significant support levels of which if is broken, then the trade set-up becomes invalid. The strategy of hiding your stops behind solid levels is a nice one that works perfectly in almost any market condition - given that your setup is valid.

Contrary to what I think you might be thinking, I didn't just 'force' in the 15 pips stop to give a nice R:R - it's what the market presented. On the flip side, just as Honeric suggested, you can easily tweak your own entry to a 1:3 by placing a 20 pips stop.

I hope I'm able to clear your doubts. Have a nice day!

Nice one @ y'all. The greatest achievement in life, they say, is your ability to do what some people think you can't do. With that said, lemme drop my view on Usd/Jpy for you guys' perusal. Have a nice Sunday.

I'm comming to you guys this evening with a high probability trade setup on the Usd/Jpy forex pair. As some of you might know, I normally trade pure Price Action i.e a chart clean of indicators - using only horizontal levels, trendlines and candle sticks. While going through my price action analysis this evening, I noticed this good setup and thought I'd share it with you guys.

This is a very nice set-up with a profit potential of a 1:4 Risk:Reward ratio. However, be sure to apply good money management if you are going to be taking this trade with me and the rest of my team. Here it goes,

As has been evident on the daily charts, the Usd/Jpy pair has been in a bit of an uptrend lately. Tuning into the 4hrs chart, you would see that strongly respected uptrend line (as highlighted in the attached chart below) that the market has exhibited great response to on all 4 attempts at testing it - it tells us that we are in a safe uptrend.

On the most recent test of the 4hr trend line (i.e @ the close of last week's market) a very well defined bullish rejection pinbar formed off the level - which signifies rejection of lower prices. That is our buy signal.

The way that the my team and I would be trading this setup at market open this evening is to enter a long position @ the 80.60 level (i.e pending the absence of a large gap @ open). Our Stop Loss order would be safely hidden under the uptrend line (as well as the horizontal level) at 80.47, while we would be looking up to a Take profit of 52 pips @ 81.13 level. See the attached chart for clarification and more details.

Just as I said before, be sure to apply proper money management if you would be taking this trade. Just as always, you agree to take this trade absolutely at your own risk; I would not be held responsible for any losses incurred (if any). However, for the records, I would be taking this trade on my live account.

Safe trading and have a nice trading week ahead.

honeric01:
I caught GU from 1.6118, caught EU at 1.4190, caught UC at 0.8515 and GJ at 129.20

Now, lets see where they head, Trailing stop mode activated!!!

Nice one man. But, o'man, you are very aggressive with your trading oh! No mercy on them forex pairs!

I guess you have a basket full of positive pips by now. As for the GJ pair, I presume you are on a buy at the moment. If so, watch the 130.00 very, extremely closely. You might even want to take your profit there. I'm just saying so because it (130.00 level) is a very significant resistance as well as a psychological level that a lot of traders might/would be looking at to take short positions (aggressively, I mean) given the fact that the general bias right now is bearish.

My view might turn out not to work, but remember, watch 130.00 for an 'anyhow' movement. Keep it going bro. Congrats on your pipful harvest this early Monday morning. Way to go man!!

Here is an exact entry for the Gold trade I spoke about in my above post.

A good warning before I drop the details. Please do not over-leverage your account. In simple terms do not risk more than what you can afford to lose while taking this call!.

Put a buy pending order to get filled (i.e enter at) 1473.37 as market is yet to reach there.

SL at 1464.35. It's 90 pips, but nothing to worry about.

Set the TP at 200 pips. As I said, trail this trade for maximum gains if you're experienced at it. If you are not god at trailing stops, then be ok with the 200 pips.

N/b: I'm no magician and can't guarantee you that this trade is gonna turn out positive, so you take it with me at your own risk. It's also notable that I'm taking this trade on my managed account too. Goodluck!

You guys should look to enter a buy on Gold. The pair is reacting to an intra-day support level and seems to be giving hope at bouncing up and trending up further more. Ain't got exact entry level for now, but just keep your eyes on the pair.

A 160 pips+ TP level is very feasible as this pair is in a very strong uptrend. To maximize your gains from this trade, move your SL to break even (i.e your trade entry point) when the trade is at about 80 pips positive in our direction (i.e upwards) and remove your TP. Better still use a trailing stop of 80 pips if your broker has such facility.

I'm just out of my silver trade with a profit of 380 pips Just got my trailing stop taken out on the current correction on the pair. That was 5 times my risk on the trade (i.e R:R of 1:5) Would be looking to enter a buy in the near future pending bullish price confirmations after the current correction.Watchout! See attached chart below for proof of my silver trade that just closed with 380 pips.

note: the trade was taken with a very small lot size of 10 cents per pip as it was my very first trade with my new broker.

Blog icon:
@ kashif thanks for your input. I have been trying to give you a reply since yesterday but the bot has been a serious pain in the backside!

I agree with your view (in the near term). I think you misunderstood me when I said 'prepare to go long'. I wasn't talking of anytime now; it could be next week.

After running round in circles with FX trading and loosing much money (in the past), I've found out long-term trading combined with sound Risk to Reward ratio to be my sort of 'holy grail', and that's why I only do long term trades. So when I was advising a buy, I'm looking more into the future: a weeks time or days.

It's obvious that the Aud-Usd has been in a straight uptrend and has hit some kind of resistance and correcting now. I'm only looking at the current downtrend of the Aud-Usd pair as a correction; and of course is capable of giving some nice pips to intra-day trends. I fully recognize the presence of a resistance and the current (near-time) down-trend, but purposely ignoring it and waiting for the up trend (larger trend) to continue.

Thanks man for your input hope you understand where I'm comming from 2. Good luck with your trading.

Actually, the uptrend seems to have begun. I bought the Aud-Usd pair after New York's close yesterday(above the daily bullish pinbar that formed off the daily EMA; @ a 50% retracement of the pibar actually). It is up by 35 pips. The chart is attached below as proof.

I entered with a risk of 45 pips and targeting 90 pips; which looks feasible. That's a nice 1:2 risk-to-reward ratio; the typical set-ups I take nowadays. Let's keep our fingers crossed and see how this goes.

Sorry to the members of this thread for my inability to update you guys. I tried posting the trade call (as @ 9pm last nyt), but the bot kept interrupting. I seriously need to look for a fail-safe method of updating you guys; perhaps a blog or something. Would repay you guys with a better trade set-up later.

Peace man!

jt2010:
Please what is the entry price for the EJ.

@jt2010, the eur-Jpy pair didn't quite quite follow my previous analysis. Anyways, that is what forex is all about; you can't be quite certain of everything.

Nevertheless, there is still a good entry opportunity presenting itself. There is a resistance line on the daily chart of the Eur-Jpy pair that the market is reacting to as I type this.

Today's candle sis testing the above said resistance (precisely around 121.509 level). Should the day's candle successfully break and close above the resistance, we would have the resistance as our new support, and would look to buy on bullish price candle formations off the level. On the other hand, if the daily candle fails to break above and forms a bearish price formation, then we could look to go short; personally, I would keep off in most cases cos I don't like trading counter-trend.

Look at the chart attached with this post for clearer understanding.

Would be back by New York to update you on this. Happy trading man!

Kashif:
To me, upward move for AUDUSD is limited. AUD should be around resistance now.

Caution on Aud buys.

@ kashif thanks for your input. I have been trying to give you a reply since yesterday but the bot has been a serious pain in the ass!

I agree with your view (in the near term). I think you misunderstood me when I said 'prepare to go long'. I wasn't talking of anytime now; it could be next week.

After running round in circles with FX trading and loosing much money (in the past), I've found out long-term trading combined with sound Risk to Reward ratio to be my sort of 'holy grail', and that's why I only do long term trades. So when I was advising a buy, I'm looking more into the future: a weeks time or days.

It's obvious that the Aud-Usd has been in a straight uptrend and has hit some kind of resistance and correcting now. I'm only looking at the current downtrend of the Aud-Usd pair as a correction; and of course is capable of giving some nice pips to intra-day trends. I fully recognize the presence of a resistance and the current (near-time) down-trend, but purposely ignoring it and waiting for the up trend (larger trend) to continue.

Thanks man for your input hope you understand where I'm comming from 2. Good luck with your trading.

Kashif:
To me, upward move for AUDUSD is limited. AUD should be around resistance now.

Caution on Aud buys.

You are right man (i.e for the short term). I'm now kind of long term in my analysis and trade entries that's why I'm looking to the upside (in the long run i.e weeks), forgetting the near-term down trend that is going on now. The weekly candle of Aud-Usd was able to break and close nicely above 1.0258 initial strong resistance. So what i'm looking forward to is a retest of the broken 1.0258 level (as support), then enter a long trade; depending if it acts as a good support.

After my long moments of hustling and bustling, and running round in circles in the world of Fx, i've found long-term trading (rather than trading) to be my own 'holy grail'. I no longer take trades with risk:rewards less than 1:2. My trade target is usually anywhere above 120 pips and takes a day to weeks to close out.

Thanks for the input man. Your point of view is well received here. Goodluck bro.