₦airaland Forum

Fabville: What do you see to GBPCHF bullish movement?

Actually, GBP generally is strong and rising against major currencies now.
GBP/CHF has started bullish journey since 25/2/13 but pulled back a little bit so that traders can rejoin the uptrend. A close above the daily resistance 1.4286/90 by today's close or early next week will be a good entry price to join the bulls with a wide stop loss around 1.4025 (just 3 pips below Tuesday's low) eyeing 1.4532 on daily TF as first target (about 240 pips). Can't upload chart now as am on mobile during the day.

Also take note of GBP/USD bullish - you may buy and set SL at the close of Tuesday's Pin bar 1.4900 or rather wait till next week monday's close.

Below is my 3 current trades that are still positively running on one of my live trading accounts. There is no intention of closing any of these trades this week besides, I am earning positive swap on those trades as you can see below. Based on my analysis on the weekly TF, I will leave the trades open till next week but any contrary show on the chart will prompt the closure of these trades:

USD/CAD is strongly bearish on weekly TF already broken the daily support 1.0216 and heading towards the near term support around 1.0100 (there could be a price action set up around this 1.0100 to the upside or for further continuation of the downside).

AUD/USD is strongly bullish on weeklt TF, we could see a further upward movement next week pushing up to the near term weekly resistance of 1.0475 though, 1.0435 is targeted profit.

EUR/GBP also seem bearish on the weekly TF (I just entered the trade last night) and it could be puledl down 0.8489, a near term support on the weekly TF. The break of this leve to the downside next week may weaken the pair the more and take us 0.8264 or lower.

Note: As a swing trader, emotion (fear of loss/risk) should be under your control with application of sound money management and simplicity.
I am a trend rider. lol!

Please, any contrary opinion or additionals are welcome

badoutyn: I have a pending buy of this pairS
GBPCAD@1.54467 SL:1.53364 TP:OPEN
Gold @1501.82 SL:1576.90 TP:1600-1601.72
I stand to be corrected.
Happy pipping

Yeah, GBP/CAD is yawning for long, and youa re right with the pending buy entry above 1.5447/50. I think Gold is far far above 1501.82 (your pending buy entry) already from what am seeing on my chart below. Did you see the yesterday's pin bar signalling uptrend. A break above 1599/1601.5 (safe entry) takes the pair upward 1651.60. Just my own opinion, any added comments will be appreciated. I have 3 trades running already and I don't want to add any other as I have already used my set dollar risk amount and do not want to overtrade until these 3 trades expire and closed.
Good morning to you all!

efe22: Keep it up you are a good snipper indeed. My chart is already screaming sell on this pair. Did you see 100+ pips wasted on GBP/NZD buy? Sorry I have no chart to post because am still struggling with power and pc. Let me see how it goes.

I never believe any are wasted on any pair 'cos the market is going no where, you will still find a strategic place to join and grab your own share of the market. GBP/NZD has already commenced an uptrend since 25/2/13 but pulled back to its support 1.7986 and started a fresh northward journey again. Now you can find a better entry @ a close above 1.8435, SL 1.8240 or 1.8145 (remember this pair requires big stop loss)

What really thrills me most in swing trading is coming back after a llong working busy day at nigh and seeing your account in green pips with a loaded account. I want to first ask you guys that took that AU buy trade on monday or tuesday that how far with your overthere. I came back home to day to se AUD/USD more bullish than I expected. The pair closed bullish today 1.0383 which is above a resistance level 1.0371/60 delivering about 170 pips from entry. The first target is around 1.0435, we may see a down pull rotating downward its support before resuming its uptrend. You may take in profit now if you are ok with the current profit or wait till the target is hit.

As we discussed earlier, EUR/GBP is ripe for downward movement, I am considering selling the pair now or wait till tomorow's close below 0.8600 targeting 0.8447 and another price action set up around this level will take us to 0.8260.

GBP/USD is warming up for the long awaiting northward journey as it closed bullish today from the bullish reversal candle formed 2 days ago. I will wait for more confirmation on this pair probably after tomorow's close and enter early next week.

Good night!

efe22: Another better thread in the making. Well done.

You are welcome on board, my bros.

@bambuzz88. Nice one.
Are you a Long-term forex trader? We will love to see you here:
https://www.nairaland.com/1222402/long-term-position-trend-forex

[quote author=J_alive]EURGBP is still looking bearish. However, a break below 0.85780 is confirmation for a sell. That might happen next week. Meanwhile lets keep our hands crossed.

Patience is a virtue in forex trading[/quote]I am 1001% behind you on this . Just exactly what I analyse in the uploaded chart above. An aggressive and impatient trader may plunge in now but a patient sniper like you and I will want to see the break of that 0.8580/78 before joining the southern journey. In fact, we should expect a price action set up confirming a sell signal around that level probably by next week.
Kudos, bro.

9ja4u: Just did a chat with their support staff, she confirmed That i can use a Nigerian naira MasterCard Debit card for funding and for withdrawing. For example she said if i fund with $500 and made $400, I can withdraw the $500 through the card and the rest through Wire transfer.

Wow! that's great. But why can't they pay all your money through the same method (master debit card). Anyway, one needs to be very careful in dealing with those oyinbos when it comes to cash transaction especially card payment. They will tell you one sweet word today just to extract your cash from you and when you want to make a withdrawal, then they begin to ask for some unneccessary documents and the story will change. Just my own thoughts.......

9ja4u: @Naira4ever , Please do FXCC accecpt transfer through GTB Naira Debit card (Master Card)

I do not know because I don't use card for payment and do not even have GTB card of any kind. I only use bank transfer from my dom account for deposit and withdrawal.
Please, anybody in the house should help us find out with above card payment on FXCC.

[quote author=J_alive]The Euros are really going bearish

EURAUD has broken the daily trendline and is running bearish (I missed that)

Watch out for EURUSD by tonight

EURCAD should be tradable by tonight too[/quote]Nice one bro. I didn't see the EUR/AUD as i only want to concentrate on the majors for now. How do you see the EUR/GBP? I want to see how AU play out first before entering another trade for now, may be tonight or by next week.

I woke up this morning to find our AU buy trade rallying up stronger. That is power of price action trading without fear of any noisy news and their distractions. Below is my opinion on AU long after moving up by almost 170 pips from our entry (1.0384 - 1.0211). The news during the Asia session last night acted as a catalyst, the next action will be decided during the New York seesion today but generally we may see a pull back around 1.0384 before our TP is triggered around 1.0435. See the chart below.
Who is taking/selling the EUR/GBP? Selling now, TP 1 @ 0.8580(See the attached chart analysis above on EG).
Good morning!

badoutyn: Congratulations to all those who follow AU buy alert,Nice ride

Price action in action

[quote author=J_alive]Nice thread you have here. How do we trade the pin bar formed on EURGBP yesterday daily chart candle?[/quote]Like I said earlier concerning EUR/GBP trade signal. the pair closed exactly on a key support level today, 0.8683. It struggled to break this level but the trend line acted as a strong support. Please, see the chart below. Although there is a strong indication that the pair will likely break downward confirming a sell signal. If you are an aggresive trader and also a risk-taker, you may sell below this level and take note of the next support level aroung 0.8580, placing your stop loss @ 0.8800 puts your mind at rest that the upward break of that SL signifies a continuation of the uptrend. But if you are a cool sniper, you may wait for price to conviniently break below the key support 0.8683 and let a candle close below the trend line before putting your money in line. Your first target (TP 1) is around 0.8450 and second target (TP 2) is around 0.8280, we will watch for price action set ups at any of those 2 set targets (i.e. around 0.8450 and 0.8280) for a brief retracement/rotation to the opposite before the downward movement continues.
There should be more action from major pairs including EUR/GBP tomorow being Thursday. EU buyers should exercise more patience as the pair is really battling with its key support @ 1.2960. There is still enough room to join the uptrend in AU with SL around 1.0200/05.
As I said, tomorow's (Thursday's) close should give us clearer signals.
Happy night rest!

dagr8: You guys are saying the same thing...when i first saw it, i wanted to comment bt i saw dat u are using instaforex.


But for d sake of clarity...u shud av specify whether it is standard lot or insta lot...so as to avoid confusion.
In other words ur 0.06 cal is instaforex lot...bt not standard lot

Good work bro

Thanks for your observation and understanding. We all are learners in this business no matter you years of experience. That's the essence of this thread. I appreciate honeric01 for that observation too. You guys are all great! Let's keep it up

honeric01: ^^^^^ bro 80 pips for 0.06 lot is not $5, that's almost $48. Check again.

Please, punch your calculator correctly sir.
When you divide 5 by 80 (5/80), you should get 0.0625, approximately 0.06 and when you multiply 80 by 0.06 (80 x 0.06) you will have 4.8 approximately 5.
Now, some brokers like FXCC offer 0.01 standard lot as $0.10 (10 cents) per pip movement while some brokers like instafores (which I use) offer 0.01 lot as $0.01 (1 cent) per pip movement. Mathematically, I am correct sir.
So, if you are using a broker like fxcc, 0.06 lot may give you $48 from 80 pips movement. It all depends on your broker and the account types offered, that's why it becomes necessary for one to try to familiarise himself with the broker's trading platform on a demo account first, before launching a live trading account. In this case, you may have to reduce your risk amount or use the minimum lot size, 0.01 on every trade till your account balance is, may be doubled or big enough to trade with a higher lot size.

Obieem: Please NL, i would love to know which Nigeria institution is best for funding liberty reserve, i have tried using the above, and was scammed, i made a payment for up to a week now and calling their customer support, but still nothing has been done

Try instantiva .com, costly but reliable and efficient

learner1: Nice thread bro. I am new to trading although been in it for 1 year now. Wana ask if someone with 100$ can start this pattern of trading? that is the amount I have in my trading account. Quantity size 1000 (0.01) lot in total trades. hope is ok? i like your clean chart setup. in my small experience so far, indicators do lag terribly. I know price action action is not 100% too but it does help. Will you mind sharing your method of trading?

lastly, if for example, price retraces back to the entry price after two days or a week without hitting stop loss yet, do you still see it as a valid signal? thanks.

Yes, you can start Long term trading with $100 or less. The account in my signature started with $10 and I later added $50 and its been going up and down since but the overall result has been positive and now I am claiming nothing less than $10 before I exit a trade. Your lot size will depend on the amount you are willing to risk on a particular trade divided by the pips value. You don't get it? Let me explain briefly below:
Let's assume you have that $100 as your trading account balance. The AUD/USD is going up now as an example, you want to enter and buy this pair at current price 1.0300 now, you place your stop loss at nearest support area @ 1.0220 which is 80 pips (pip value). Now, if you have decided to risk $5 out of your $100 balance on this trade, then your lot size would be $5/80 pips = 0.06 If the trade goes against you, then your loss will be only $5 and if you are right on this trade and your 2:1 target or more is eventually hit, then you wil have (2 x $5)= $10 or more as profit. Note: if you are risking $5 on every trade, then you need to have a straight loss on 20 trades before your $100 is exhausted which I believe is very unlikely to happen. So, either you have $10, $50 or $1,000 in your account, your lot size should be determined by your set risk amount (in dollar)/stop loss (pips value) first before you place an order.
As for trading method, I use simple price action only with MACD as confirmation to enter a trade, also employ trend line to ascertain the end and beginning of a new trend (You know, "Trend is your friend". See here to download and learn how to use the coloured MACD: http://www.forexoma.com/macd-moving-average-convergence-divergence-how-to-use-macd-in-forex-trading/
Your trading strategy (usually price action) should confirm more to you if you have a valid signal even during a short retracement. Placing your stop loss correctly in a strategic point and holding onto your position without fear is another issue you have to master during a trade.
I hope the above helps. Am on mobile during the day but will be able to post chart to explain better at night when on PC. Thanks.

samuelkanu: Nice thread that you have here and i intend trading using the daily time frame as i use the 4hrs time frame and continous checking of my trades. This thread will help us all to analyze long term and avoid the noise and trade profitably and relaxed. Thanks for the initiative

You really got the idea and reason for this thread. Trade and forget, relax and watch your account grow. Avoid all the noise during the day, have a stress-free trading from your 15 - 20 minutes end of day analysis. Forex Trading should not be more difficult than it is. Simplicity of price action from higher time frame is the Holy Grail.

[quote author=J_alive]Nice thread you have here. How do we trade the pin bar formed on EURGBP yesterday daily chart candle?[/quote]Actually, yesterday's bar have the same open and close price 0.8744 which indicates that indecision between bulls and bears and may also be telling us that the uptrend is getting exhausted or a continuation (I doubt as much). But we will patiently wait for today's close and for price to close below a former resistance level 0.8684 which has now turned to support.
Summarily we may confirm a sell signal on EUR/GBP this Thursday or latest early next week. Just be patient, trade like a sniper and the pips will flow like a river. Am on mobile now, i could have uploaded the chart but let's just wait for today' close and probably 2morow for further confirmation on that pair. Cheers!

OliverPin: audusd..... i think the bearish strength should be over by now. 4hrs and daily tf says so. would be more convinced if the hourly gaan agrees too.

See this link for more info on long-term trading and overall trend direction on major currency pairs:
https://www.nairaland.com/1222402/long-term-position-trend-forex#14732470

I so much love "End of day-trading" for so many lovely reasons that I despise intra-day trading and I urge every serious minded forex traders to try it and embrace this type of trading style for its nuemrous benefits over intra-day. Kindly read the articles in the link below for reasons why you should throw away intra-day trading: http://www.learntotradethemarket.com/forex-articles/why-i-hate-day-trading.
Also read: http://www.learntotradethemarket.com/forex-articles/trade-forex-end-of-day-not-intra-day
Please, posst your comments and contribution here and let's reason together as a Long-term trader.

naijababe: Lol, this one na chinese film e go be. Na so Ecb go kon give pesin kung fu kick for down below.

This babe is always damn funny. I love reading ur post, always humorous but with bitter truth.
Maami tooto (Mama true true)

Are there no Long-term traders on this forum again? Please, your contribution, comments and inquiries are welcomed.
Just as we said on the second post above, the AUD/USD is on the rally and uptrend is getting stronger breaaking the resistance @ 1.0300. If you have entered this trade since sunday's market open or early monday morning, you will be 100+ pips profit by now and still counting. See the pic below.
There is still room for entering long on this pair.

EU is struggling betwwen 1.3133 (resistance) and 1.2954 (support). A break of either level will tell us the right direction but an uptrend is more eminent - Patience is the Key!

USD/CAD is another major pair to watch on our long-term trading analysis. The pair is struggling to break down the support @ 1.0233/16. The break of these levels downward will confirm the down trend.

GBP/USD seems to be getting weak of the long downtrend since January 2, this year. From today's bar close 1.4902 which closed towards the upper quarter of the whole cande, we will watch the next bar closely to close above 1.4920 (the high of today's bar) before thinking of going long on the GBP/USD

OliverPin: Tha gaan and the candles reading different pages, even the daily got a pin. would it be wise to sell?

I think you should patiently wait and let that current candle close. If it closes around or above 1.0290 by 10 a.m (London Open), then you wil need to conform with the daily uptrend. But if it closes below the 1.0283 resistance then may be a short sell like 30 - 40 pips will hit.
But the pair is generally an uptrend on daily.

Yeah, @badoutyn
EU is about turning upward for a short move and perhaps a change in trend movement is forseeable
but we need to be patient and be 100% sure for a trend change before leaping in, though a support is
seen around 1.2944/54and a break above 1.3133/60 confirms a total upward move on EU uptrend.

I love this swing (long term) trading. It gives me free time to do other things while my trades are running
and raking pips during the day. There was a great difference between my day-trading days and when I started trading on long term basis. You can see my demo account statement between August 22, and December 20 2012 when I traded based long-term trading (6 consecutive winning trade over a 4 months period). The same thing applies to my live trading account. I am using this medium to call on other long term traders and also anyone that want to be a long-term trader to post their experience, trade alerts, commentaries and contribution here and let's get along together.
Please, no advert, promo, sales or marketing gimmicks here.
Note: the AUD/USD long trade is still on as we entered yesterday and you may still join the uptrend and catch some pips. You may see my second post above.
See you at the end of today's close. Have a lovely day!

It is now safe to buy AU and hold the position for the next few days or 2 weeks.
Based on today's closed bar which engulfs the last friday's bar. The AU
is now ready for the northward journey which confirms that the prvious
down trend is exhausted since the formation of the Bullish Reversal Bar
that closed upward on 4/3/2013 from daily TF. Enter long and place
SL around 1.0180.

Hi everyone,
During my little years of experience on forex trading, I learnt that there are 2 major categoroes of traders in this international currency market called FOREX: 1.) Short term traders and 2.) Long term traders.
The short term traders or intra day traders usually open and close trades during the day usually 24 hrs on the lower time frames, 1 hour TF downward while Long term posotion (trend) traders enter trades and hold positions for longer period, days, weeks and even months on 4 hourly, daily and higher time frames. Both categories of traders make money and sometime incur losses periodically. I think the type of trader you are depends on your own nature of work, availability of time and at the same time individual psychology.
If permitted by the moderator, I would like this thread to be open and go live for Long term position (trend) traders only to post trade alert, discuss forex trades and post daily, or weekly comment and their trade forecasts here.
Forex trades, commentaries and forecast could be posted at the end of the day usually after Ney York close (9 pm - 11pm) or between New York close and London open (10pm - 8 am) Nigerian Time.

naira4ever: Thanks.

Thanks but but the document is password protected, so I can't access it.
Could you please send me the password? Looking forwars to hearing from you.
God Bless.

[quote author=piphacker][/quote]Thanks.