Potential Master Candle Set Ups

[samarkand]

Was able to grab 23 pips. Had a feeling she was going to drop. lol

Wise decision Jim to quit while you're ahead.

The major US announcements due in the next 12 hours are probably having an effect already. There is a pivot above box 2 but I'm not sure if I'll trade it tonight. (Dont want to spoil my 160 pip gain).

Leo

[oraj]

Wise decision Jim to quit while you're ahead.

The major US announcements due in the next 12 hours are probably having an effect already. There is a pivot above box 2 but I'm not sure if I'll trade it tonight. (Dont want to spoil my 160 pip gain).

Leo

I agree with that Leo. Clearer setups are always just around the corner.

Just to be sure, are you talking about 2 box pivot at the "x" that I have marked?

[traderjosh]

Quick question for you guys. I just took a short usd/cad. This pair had unbelievable momentum and took out the line like nothing. I then shorted the pair and it had extreme whipsaw. It went back up to almost -40 pips in no time at all. Then it just whipsawed everywhere. 8 pips down 8 pips up etc. I finally closed at +4 pips and that is only because I had another whipsaw while closing the position. Should have had a +12 or so. My question is. Is this a dangerous time to be in a MC trade? Can there actually be too much momentum to the line? Heavy momentum then retracted heavily in this case. You can answer at your leisure, no hurry. Thanks guys.

[samarkand]

I agree with that Leo. Clearer setups are always just around the corner.

Just to be sure, are you talking about 2 box pivot at the "x" that I have marked?

Yes, thats the one

Quick question for you guys. I just took a short usd/cad. This pair had unbelievable momentum and took out the line like nothing. I then shorted the pair and it had extreme whipsaw. It went back up to almost -40 pips in no time at all. Then it just whipsawed everywhere. 8 pips down 8 pips up etc. I finally closed at +4 pips and that is only because I had another whipsaw while closing the position. Should have had a +12 or so. My question is. Is this a dangerous time to be in a MC trade? Can there actually be too much momentum to the line? Heavy momentum then retracted heavily in this case. You can answer at your leisure, no hurry. Thanks guys.

Josh
Read back a few posts you will see we have been discussing announcements due in the next few hours. Check a FX calendar everyday so that you dont get trapped in these whippy situations.

Leo

[traderjosh]

Thanks Leo. I did see that earlier but I did not think it was relevant just yet. Anyhow. I made profit,lol. Thank you.

[darcus]

Traderjosh......would suggest that you put......Forex Factory ...in your favourites list. At the top of the page you will see "Today's Calendar" which lists all todays news events colour coded for significance. You can set the clock to your local time. Apologies if I'm telling you how to "suck eggs" if you are already doing this.

[samarkand]

Fairly quiet at the moment......I'm currently watching....

EU/GBP M+9 No trigger
GBP/USD M+9 - max 100 pips
USD/CAD M+7 - max 55 pips
USD/CHF M+3 - max 25 pips

Thanks once again to our talented watch-person Darcus - the pairs in bold all gave good moves (pips shown in blue)

Gbp.Jpy gave - max 65 pips
Euro - gave max 55 pips
Nzd.Usd - no trigger

All those figures are at current time.

Leo

[darcus]

Thanks Leo.....pleased to be able to contribute. Very cautious at the moment......took 50 pips on half position and b/e +10 on other half for GBP/USD.

Out of interest ....do you set an initial stop of 50 ....or whatever figure ....and when do you move it to b/e once in profit. I hate seeing profit disappearing off the table, once I have some, and sometimes I find this clouds my judgement and makes me trade a little conservatively. Observing many charts across most of the pairs it seems to me that taking half a position profit at 50 and letting the balance run with a trailing stop appears to be the most effective way to maximise profits.....I love those free trades !! What say you??

[samarkand]

Thanks Leo.....pleased to be able to contribute. Very cautious at the moment......took 50 pips on half position and b/e +10 on other half for GBP/USD.

Out of interest ....do you set an initial stop of 50 ....or whatever figure ....and when do you move it to b/e once in profit. I hate seeing profit disappearing off the table, once I have some, and sometimes I find this clouds my judgement and makes me trade a little conservatively. Observing many charts across most of the pairs it seems to me that taking half a position profit at 50 and letting the balance run with a trailing stop appears to be the most effective way to maximise profits.....I love those free trades !! What say you??

Stops can be set below box bottoms or just below logical pivot points, adjusting trade quantity to fit with your MM rules.

Taking some profits on half also gives you a safety buffer, and moving stop to break-even ASAP with trailing gives you a free ride.

Leo

[samarkand]

Good Morning from a very warm and sunny NZ

GPB.JPY example

Entry on the 2nd box is delayed due the the near proximity of the 'R'esistance line.

Current PA has just tested the upper 'R' line. (for a maximum of about 240 pips from the first box entry).