Good day!
Today I had a raving idea: in stead of me showing you what’s on my screen, how about if I review the setups YOU are looking to trade? So what I have done is to gather the comments left on yesterday’s post and I have reviewed them here for you. I think it’s a better way to address your questions in further depth than simply dropping a comment on the blog.
I thought it might be more useful to you guys, so perhaps I figured I could do this more often here on the blog? anyway, please drop a comment under this post and let me know whether you like this experiment or whether you’d rather have me sticking to my own charts - I just want to make the blog more interesting for you to read :)
Let’s watch the following video with your setups.
Do you want to receive my periodical emails with useful trading tips, strategies, systems and all around interesting stuff? Sign up to my News Letter at the top-right corner of this page!
17 April, 10:56 pm
Hector - Pure genius! :)
I agree with this, it will not only make us think more, but it will open things up to debate (even between us).
We are all too happy, I am sure, to see and learn from your wealth of experience, but I must admit personally, that makes us lazy :)
So, as you can see from my few lines, I am all in for us putting in our 2cents worth into posting the setups we are seeing. No need to create huge posts I guess; just a few words on what currency pairs we are seeing, and what time frame we are seeing.
Perhaps if you get a few common setups, you could guide us as to what you might do to correct what we are seeing.
So, my turn to start the first beer round: (Many of the setups are on your watch list too) but here goes:
GBP/CHF on the Daily Chart. It has been consolidating sideways for for last couple of days and I am waiting for a break down below the 1.9600 level in a downtrending scenario
USD/CHF on the Daily Chart. Similar to the one above, waiting for a break below the 0.99 level
GBP/JPY on the Daily Chart. Although a good downtrend at first, I think that this setup is close to becoming violated, since the 50SMA has been tested and is currently being breached at around 204.16
CAD/JPY on the Daily Chart. Similar to the ones above. I am waiting for a breakout,pullback and continuation pattern at around 98.50
USD/JPY on the Daily Chart. Again: Good looking Downtrend however the 50SMA has been messed with. Will still take a short entry if the 100 level breaks, pulls back and bangs the downside, taking the US dollar lower
EUR/USD on the Daily Chart. I am effectively long in this trade, as per my previous post. I entered rather early, at 1.5878 (already +21pips in profit), not waiting for a confirmation ‘continuation pattern’, so it’s a risky bet, but I see a good early entry on the 4HR so I have decided to risk it. Final target is at 1.6390
Have a nice weekend guys!
-Daniel
17 April, 11:01 pm
I finally decided to write a comment on your blog. I just wanted to say good job. I really enjoy reading your posts.
Tina Russell
17 April, 11:50 pm
Hector,
I found this helpful and I think that this would be a welcome addition to your video blogs.
many thanks
Ray
18 April, 12:47 am
Hi Hector,
I was almost caught out today on the EURUSD FlatTop Triangle, I zoomed in on the 4HR timeframe and i was sure i could see a breakout and two red bars pullback at the London open.
So i placed my entry a few pips above the breakout. What a mistake! I was 2 pips away from being triggered in!
Annoyingly i still get caught out sometimes by these types of breaks.
When you zoom into the 4hr on the eurusd was it not valid? Maybe i should have placed entry above the round number to make sure.
I like the new video chart experiment, but its also good to know what your thinking with your charts.
So i can compare my watch-list with yours.
Thanks
Fabio
18 April, 2:24 am
Evening all,
Nice summary, Hector! CHF completely ignored my last short entry target and took it by surprise… Any thoughts on GBPJPY Daily for a nice short intra-day opporutiny?
Daily price action is about to clash with 23fib retr, dynamic area, retesting prev. swing low on 23/1/08 and daily R1 pivot. Definitely an interesting congregation of factors. I am personally expecting to see GBP going south, especially during Asian session to retest Daily pivot point which happens to sit on 203.01.
18 April, 6:29 am
This is pretty useful Hector especially when you are not trading.
18 April, 10:43 am
Great idea. Yes, EURCHF not more valuable.
18 April, 11:09 am
Good morning guys,
Please bear with me a little while. I have been bombed with emails this morning and it’s going to take me a bit to answer them all. I will get back here on the blog as soon as I have some free time.
I need an assistant :(
-HECTOR-
18 April, 11:33 am
Now taking applications for Hectors Assistant LOL
18 April, 11:39 am
Im looking to go long EurJpy 1HR Flat top-Triangle. Should be able to squeeze out the daily range before hitting resistance. As long as we get the entry signal….
18 April, 12:15 pm
Hi Hector,
I liked the idea, it may be good to know why you think our setups aren’t good, since i believe one of our problems is to find too many setups that are not good enought.
But i would like to continue to see your setups and trades aswell.
Jaime
18 April, 2:12 pm
Hi Hector,
Yes I like the idea but would also like to see your set ups. I would like to know why some setups should be dropped from the longer term timeframe perspective.
Tim
18 April, 2:58 pm
Hi Hector
Reviewing charts in this manner is indeed very helpful. This way one can see and analyze the missing technical analysis on ones part. I strongly support this new idea. Thanks Hector.
Hari
18 April, 7:04 pm
Hi Hector
I´m looking for a long entry in the NZDUSD at the 0,79500 area. There is a big Triangle in the daily chart and a resist area at 0,79400. Sorry for my english… ;-).
Nice weekend
Uwe
18 April, 7:48 pm
Hector:
Please do this when you have no trades for the day or no watch list updates.
JS
18 April, 10:35 pm
Hi Hector,
Like Tim, I like the review because it sjows me whet other are thinking and what questions they have but I also like to see your setups. So inter mix this with your own setups.
Thx
Bob
18 April, 10:42 pm
Hi Hector,
I think you’re going to need a separate ‘forum page’ soon. All these posts to the main blog page are going to make it pretty unwieldly in a few months.
19 April, 3:28 pm
Hi guys,
I apologize for not having showed up here on the blog any earlier but like I said I got about 30 emails and it’s taken me a while to comb through all of them. One of them was Tim’s EURCHF trade which I recorded a video about yesterday (it’s on the blog already). It’s going to be impossible to review and record everyone’s trades/charts so I am going to pick those trades that seem more interesting to me. I hope you all understand.
Let me try to address your questions here real quickly:
- EURUSD: it dived back into the triangle boundaries and the breakout to the upside didn’t pull through. However, as long as the triangle’s upward bottom holds there’s no reason to panic, but I’d wait for 1.6000 (heavy psychological resistance) gives way before entering a long-term entry aiming for the 1.63-1.64 area.
- NZDUSD: Uwe, I personally don’t like this setup at all. I mean, price has been flapping about the 0.7900 area for like ever without any clear directional bias in my opinion. For the time being, it seems like the bulls and the bears are in agreement and the Kiwi is comfortable to stay at where it’s at.
- GBPJPY: FxJunkiE - well, if you’re looking into the GBPJPY in the Daily time frame, it doesn’t make much sense to search for an intraday type of trade. One of my Golden Rules of Sensible Trading is “trade your time frame”, so looking into a long-term chart (Daily) to exclusively spot intraday opportunities might prove to be a futile exercise don’t you think?
- Paris, I agree: I’ll have to think another way to structure this thing cause I just cannot keep up anymore with so many comments and emails. I mean, I WANT to answer all the comments and questions I receive but it’s becoming utterly impossible due to the sheer volume! I’ll have to put some thought into this for sure.
- EURJPY: Fabio, I don’t see the flat-top triangle formation on the Daily you mention. I do see a congestion area between 1.6250 and 1.6310 in an overall up-trending week… but I dislike Friday-trading too much I am afraid hehehe.
I hope you all have a great weekend!
-HECTOR-