10.4/10.5 trades only

[nanningbob]

One of my favorite pairs to trade is the gbp/nzd. The most volatile pair of the major currencies. If you blink you can find yourself -100 or +100 in a matter of minutes. Had a good run yesterday. It retraced below the pivots so I set them up again today. Here is the 4H chart.

[nanningbob]

The bars are gold on the 4H so I go to the 1H and set my pending trades. Some of these were set while I was still on yesterday's pivots but saw no reason to change them. I added a couple on today's R/S daily lines. Ready to hunt gbp bull or nzd bear today once again.

[Foreverforex]

Great new thread. Thanks for all the insights, Bob.

Below are my pendings as I head off to bed (US PST, perhaps worst time zone for FX!!)

Best of luck to all!

0515pendings.png

[nanningbob]

usdjpy 4H UT is still strong usd is strong jpy is weak according to CSS. RSI 2 bottomed out on 4H chart. separation between line on 4H CSS. So looking to get back in.

[nanningbob]

Looking for breakout up on the trendline and have several pendings set based on Daily S/R/Mid lines. Ready to hunt some more JPY bear.

[TraderDesk]

GBPJPY trade: I am in the trade now with buy stops pendings. CSS has turn gold as well so that is now "checked"!

Probability analysis is on track as it is showing the low point correctly. Will it last and will the high point shown for Friday evening be correct? I don't know but my trades will be bias in that direction UNTIL it isn't.

[nanningbob]

Gbp/nzd once again came through with a quick 90 pip move. I had 4 levels on it and totaled 261 pips on the move. It has now retraced and will see what I will do next with it. That one group of trades increased my account by 1%.

[Gertje]

Since the fundamentals on the JPY are so strong, I trade the xxxJPY pairs a little different than plain 10.4/5

I looked for the ATR on the H1 chart and plotted a grid with this distance. I enter trades on every line, and TP at [near] the DR1. I catch retraces this way, and get multiple TP moments during the week.

[Gertje]

Since the fundamentals on the JPY are so strong, I trade the xxxJPY pairs a little different than plain 10.4/5

I looked for the ATR on the H1 chart and plotted a grid with this distance. I enter trades on every line, and TP at [near] the DR1. I catch retraces this way, and get multiple TP moments during the week.

GBPJPY took profit during my posting of the previous picture.
Made 150 pips on this picture.

I reset the LIMIT-orders to close the gap, I don't add limit-orders.
.

[6y588]

GBPJPY buy opened, I have the TP at DMR3 (target2) and SL at just below DP (I use parabolic sar that is managed by the EA).

Noob question: Do I always set TP at the next S/R line from the opened price?