₦airaland Forum

coolvibes:
I got in that very night after that initial post, got stopped out too. Then did a 'set and forget' 2nd trade with a wide stop, RR of just 1 to 1 plus commission.

NZD looks like it will continue to strengthen. Still holding my positions.

Going to talk about a strategy I found extremely helpful especially if you get right. Nothing new. Just something I found helpful.
Soon.

coolvibes:
This turned out nicely. Still has the potential for more movement downside.

When did you enter a short position?

I entered way too early, Infact multiple times. But then, I held the positions because I had other reasons to believe NZD will strengthen significantly. Now all the positions are in profit. For EURNZD, there could be some retracement though before the pair continues south.
NZD still looking strong.

Again, we are to trade responsibly. We only speculate. We don't decide for the markets
If things change, we will have to adjust.

docus:
This trade will go for weeks, try to scale in on every retracement

I have the same view. Also currently holding a short position.
I believe we would reach the bottom of that channel. Weeks like you said. USD appears weak long term. Let us wait to see what happens.
Just my opinion though.
Like I usually say.
I could be wrong.

dungas30:
if u know just answer than referring me to baby pips

Alright.
All the best.
I do hope you find your answer.

dungas30:
pls guys am just a newbie to forex . pls how can I place a trade to succeed all the TP123

Dilligently study babypips from beginning to end.
Just search Google for babypips.
When you are done, check your question again.
That's the first way to know if you have made significant progress.

bojbest:
I feel $100 is small to start trading. 3% of $100 is $3 and its small (30pips) to me sha.

It's
So if you are risking 3% per trade.. This is assuming a lot size of 0.01. If your RRR is 1:2.. That's $6 per trade when you reach your tp. And $3 loss for each losing trade.
That's why I said if you want to follow money management principles, $100 is hard to trade with.

But it's ideal for the first trial at live trading. One would probably lose that money anyway. So. It's ideal to start with $100 and trade 0.01 strictly. One will usually figure out when to go higher as regards trading capital.
Like the bosses here say.. If one can't be profitable with a small account, one can't be with a larger account.

Liamm:
quite an expository read. Concise and straight to the point. Thank you very much Sir.

You are welcome.

Liamm:
Please guys. Can I get an honest opinion?

I have no trading knowledge. Looking for a skill that will sustain me and still improve my savings and I just started thinking in the forex trading direction. I would gladly welcome your advice on venturing into forex. Any hope for someone who intends to start with $100? How long from now before I start going into live trades? What's the profit like on monthly basis for a startup of $100? Any chance of losing all funds on my first trial?

Thanks

It will take time before you become profitable. That's the truth. Can be up to a year. Can even be more, can take years. Started learning around February 2018, still finding my feet. It takes time and patience. And you have to endure the process. Any other thing would be deceiving. And you are likely to lose your starting capital especially if you are in a hurry to trade live. So you probably can find something else for now while you start learning forex because it will take a while before you get consistent returns from forex. Forex isn't a bad idea. But you can't afford not to have enough education. Please find out everything you need to know and study before putting your money. You will likely lose your initial capital. So start small. That $100 is okay for someone just starting. Meanwhile you have to demo trade copiously before you even use the $100 for live trading. After that, you would have a feel of the market.
But if you can be patient with the process and learn, you may have your reward someday.

As for starting capital and what it will bring monthly and all, by the time you learn forex and demo trade for enough time, you will know how to estimate what that capital size can bring as returns. It's however very difficult to trade right (follow money management principles) with $100. You will find out by the time you learn.

People are really earning much from forex. But they were diligent, took their time to learn, and are very disciplined. If you can master forex, you have a lovely skill on your hands.

PJAMES1:
GBPNZD.

Bearish bias. An opportunity to go short may come up. I am looking for an entry. However, if I do not get a satisfactory reason to enter. I will stay out.
Some caution though...
1) I could be wrong.
2) Trading GBP pairs can be challenging because of fundamental issues surrounding the pairs. If you are a swing trader who uses tight stops, I believe it may be better to avoid them. Talking from experience.. My stops aren't even usually tight and yet I had to remove most of them from the pairs I trade at a time. They could be troublesome.

Always remember that one could be wrong at any time, and that money management and responsible trading are part of the core factors that make a difference. Some will be right, some will be wrong.

Closing the upper trade at about 390 pips. Held the position for more than a month.
Holding the lower one but it is now a risk free trade as stop loss is at Break Even already.
I think this will continue lower.
I may sell again if the next support (1.8980) is broken but I don't know yet.

bojbest:
I also have a sell position on that pair

We should watch closely and be careful.

alphaNomega:
White one is 200EMA.



I took heavy beating from USDCAD after FOMC this week, my long entry was at the most recent swing high (so yes it was horrible)

The few times USDCAD went below the white line in January and early June, it trapped lot of bears. Another break is upon us, I think a daily close above 1.3280 will complete the third bear trap this year.

Alright.
Thank you.

alphaNomega:
IDK man USDCAD just rejected off a minor resistance level at 1.3180. I see it heading to 1.3280 by next week

What is the value of your moving average? The white one.
The moving averages give me another reason to think it may go up a bit to that area. Price is presently far from the moving averages.

alphaNomega:
One day I will learn what Darwinex is about.



IDK man USDCAD just rejected off a minor resistance level at 1.3180. I see it heading to 1.3280 by next week

Toh. I will be safe. Already been hit by this USDCAD.
I will probably leave it alone soon. Let us see what happens. Presently short but I will be careful.

And yes, I looked at it. 1.3280 is likely. I must admit. Won't b surprised if it goes to 1.3280. But I consider that a retest or something. If it holds as resistance, maybe it will finally go down.
Maybe it's safer to wait to see what happens there.

USDCAD..
Anyone. What do you think? Long term...

I am still expecting a massive sell off.

Been a while. Still actively trading. Though demo. But everything is still going as planned. Will go live August/September.
Going to take time out this weekend to read the messages I have missed.

PJAMES1:
GBPCHF.
Bearish bias. There may be an opportunity to go short. If price retraces back to test the trendline, and there is a bearish price action. It may be a good place to sell.
Why won't I be surprised if price retraces to test the trendline. For those of us just learning. The moving average helps. Look at the relationship between the price and the moving average.

Closed yesterday.
More than 400 pips booked.

GBPNZD.. Also in profit. Still holding that because I think there could be more downward move. Although not as certain as before on NZD strengthening. I was convinced NZD will strengthen. The picture not quite clear to me again.

enolife2:
EURUSD

Eurusd successful broke the diagonal trend line and the 1.13244 horizontal resistant level with strong signal on daily chat. this indicate that EURUSD will be moving to 1.4466 horizontal resistant level buy next week.

You are free to correct me


I wish you Guys happy new trading week and more earning pips to your bank

I also think EURUSD is going up. Being holding a long position for a while. 180 pips in profit but it's a long term trade. So still holding. But I expect more upside move.

enolife2:
USDCAD

Last Friday, I said the price will find it way to 1.3266 support level, which play out well with a little pull back and close just above the horizontal 1.3266 support.

At this point there is NO strong buy signal form on the daily chat. This indicate that market will experience an impulses pull back from this support level to 1.3333 resistant level to gain more strength and fall back to fully break the 1.3266 level

Once it fully break the 1.3266 level, it will fall to the next support level which is at 1.31130


But if the pull back break the 1.33330 and 1.33795 resistant levels and show strong signal, then the price will continue it journey towards 1.35875 diagonal support level, but doubt if it will happen

Right now the USDCAD is just on the watch card of professional traders looking for either sell or buy strong signal to strike.

I wish you Guys happy new trading week and more earning pips to you bank

Would have loved to see your charts. It's easier getting your mind from pictures of the chart. Would have been easier to follow and learn from your analysis

docus:
Sure, if there a retest am looking out for more sell signals to add to that trade

I am also now looking for bearish price action to sell.

USDCAD.
Daily timeframe.
I entered a short position based on the break out and retest of the ascending wedge.
If you look at the weekly timeframe, you can see that the pair is about to test the lower trendline of an ascending channel.
So we are to wait for how price reacts now, at this area. So what to do is to wait. I won't be buying if there is no break of the trendline. I am only interested in selling this pair. If the setup for sell doesn't show up, I will stay out.
So here is one of the things to look for. A decisive break of the trendline, then a corrective structure. That is, after the break, you drop to the daily or 4 hour timeframe or even 1 hour timeframe (not as reliable as the higher timeframes) and watch for an upward price movement. Then you draw a support trendline for this upward price movement. The confirmation for a sell will be the break of the support trendline (break out from the corrective structure).
I have put a third picture to put the two in context. Weekly trendline support in Green and where price is at the moment.
Infact, I just looked at it again. One can redraw that trendline. And this level will also correspond to an horizontal support. Look at the last picture. Don't be caught by surprise if USDCAD tumbles.
A rejection could also happen but I will just stay out of that.

USDCAD
Looks like the house is seriously divided on where the pair is heading. At the end of the day, I think it may depend on how long you would like to hold.
An aggressive entry presently puts me in a short position. May close in profit and then wait. But we may have to wait to see for sure where the pair is going. If I wanted to be sure or conservative, would have waited.
Long term bias for me is short. From a technical point of view, USDCAD can actually witness a massive sell off in hundred of pips.
I will post my charts today. And talk about how to wait for confirmation for the sell off. That is, what to look out for to catch the trade if it happens.
We only speculate. Price determines what we do. Not the other way round. We can't tell the price what to do.

Zeugma:
PJ..nice work

Thank you

enolife2:
o yes it will retrace back to the green spot by next week. but for this week falling is a goal

It has already retraced o. Around that area now but a bit lower.

NZD showing strength. NZD will continue to strengthen in my opinion.

EURNZD.
Demo trades.
There may be a retest of the green line. I continue to sell.
Please manage your trades well. I have mental stops that I will soon put in. Will start looking to put Stop at Break even for the upper trades. Then will find an appropriate place to put the stop for the lower one.

infofirst:
Long term, I think USD is not done. Just retracement. Watch out for massive USD bull for the month. Probably to crown the many months of USD strength before now . GBP looks like it will be the sacrificial lamb for the month. Time will time.

Hmmm.
Alright. Will be watchful and careful with my USD trades then. Thank you.
Time will tell.

maryjames9:
Gold bullish momentum is just almost about to resume after a small retracement. Hs150 and Brent downward sentiment persist. USD looking weak against all other majors. Euro, GBP and JPY and NZD.

I think the same too. USD looking weak. Even long term.

dunsin125:
Please what broker can I use for demo account $100.

FXTM

infofirst:
Your approach is awesome. Keep it up bro. I love the fact that you are patient. One of difficult attribute to have in the market. And when do you plan to go live? You appeared to be more than ripe to do that.

The eurnzd is already good to sell. I remembered @femora007 sighting and calling the sell some days before now.

Thank you very much.
Four months time.
The time is based on when I think I will be able to set aside enough capital. Something significant and yet won't cause any disruption in my life if I lose it. .

alphaNomega:
I'd rather wait for the moving average to be breached before joining the downtrend

Hmmm. I understand.
It's just that the stop loss would be wider. I entered as close to the invalidation area as I could. Yet my stop loss is already about 200 pips. The thing is I have enough technical confluences to sell. I just needed a good entry. And that's as close to the invalidation area that I could catch.
If you check the 4 hour timeframe.. The price is already below the same setting of moving average and there seems to be head and shoulders..
Invalidation level is above the head. I don't want to see price going above that at all.
Maybe break of the neckline (green line) will allow the daily price to also fall below the moving average.
Altogether, let us see what happens.

EURNZD.
If this setup is right and you can find an entry.. Maybe we can ride this down together.
Note that the invalidation level for the set up is above the candle (that doji after the bullish candle, the middle candle) the arrow at the top is pointing to. Stop loss should be around there.
Note that even if the setup is valid, it will take weeks. But it's how I have been learning to trade. I am very patient.
The lower arrow is the first target. Yes, I think it will break that support and go further south. But one step at a time.
Another place to find an entry is around the green line. One could watch for daily or 4 hour rejections from the green line.
Best bet is if there is an upward movement to make entry more favorable.

Ps: Before you start looking to use this setup, please note that the stop loss is in the range of 200 pips. We have different trading styles. I do medium to long term trades. If you noticed, I hardly post below 4 hour charts. It's what works for me.