Hello everyone!
Well, my GBPAUD adventure came to an end unfortunately. Last Thursday I trailed my stoploss to breakeven prior the Bank of England’s interest rates announcement in order to protect myself from any possible surprise in the news outcome. Everything went as expected (0.25% cut) and the trade remained healthy through the weekend at +150 pips in my favor. Unfortunately, last night the market opened in bull-mode and raised up quickly to trigger my stoploss for a +0 pips.
Oh well…
Anyway, now that I am “divorced” from GBPAUD I guess it’s OK to “flirt” with GBPJPY, USDJPY and GBPCHF. All of them are looking good for short entries, specially the JPY crosses. I wanted to show you guys my setups so I have recorded the following video. Feel free to discuss these setups by leaving a comment on this post.
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15 April, 4:00 am
Hector,
Couple of questions for you.
I noticed you pointed out a one bar pullback on the daily chart. I thought one could look for the pullback in the shorter time frame, in this case the H4. Is it better to wait for the pullback in the daily, especially if the target is such a large move?
Second, just wanted to know how the ADR is calculated. How many days behind is it?
As always, many thanks. Joseph
15 April, 8:14 am
The CHF seems to be a tad stronger across the board than the JPY, and has the upper hand in the CHFJPY chart.
Wouldn’t that make the GBPCHF a more favourable setup
over the GBPJPY? (they certainly both seem to be valid setups)
15 April, 10:18 am
Daily trading - with end of day stops ? I know it is very very hard.
just a thought.
15 April, 10:20 am
Good morning guys!
Joseph - I showed the pullback on the Daily because it’s identifyiable in that time frame without needing to zoom in. You can zoom into the 4H for a clearer view, you will see the same thing with a little bit of better detail :)
The ADR is simply a statistical average of the day high/low range for the last X days. I use 14 days.
Paris - Sure thing Paris, which is why it’s also on my watchlist. All of them look good. I will simply wait for the signal to be given and pick the best looking one to trigger my entry.
Cheers,
-HECTOR-
15 April, 10:22 am
Gmarg - I am afraid I don’t understand the comment. Could you please elaborate a bit more please?
15 April, 11:05 am
Hi Hector, thanks for showing your setups.
Is there a reason for not mentioning USDCHF? It seems good to me, clear downtrend in daily, broke a triangle in the direction of the trend, touched the SMA30, doesn’t seem to have supports in weekly or monthly…
Thanks,
Jaime
15 April, 12:17 pm
I kind of find USDCHF too rangy as of lately. It’s been moving sideways for like a month.
-HECTOR-