TP: 1.43620 (61.8% Fib)
SL: 1.40926
Risk: 916 Pips
Reward: 1778 Pips
Reason for getting into this trade again is the positive swaps. Call me crazy but I don't like giving away money for free to the markets.. or my broker for that matter!
GBPCHF - H4 Chart, 28th Feb
Another potentially good trade is shaping up on the GBPCHF 4 hour chart. Below is the chart with Wolfe Wave, Schaff Trend and also Fibs. I use Fibs mostly to get a perspective of price especially when Wolfe Waves project prices into the future.
What gives me confirmation is from the daily chart, which is showing a potential end of a downtrend for this pair. Refer to the chart below to see what I mean.
Long @ 1.41842
TP: 1.43620 (61.8% Fib)
SL: 1.40926
Risk: 916 Pips
Reward: 1778 Pips
Reason for getting into this trade again is the positive swaps. Call me crazy but I don't like giving away money for free to the markets.. or my broker for that matter!
TP: 1.43620 (61.8% Fib)
SL: 1.40926
Risk: 916 Pips
Reward: 1778 Pips
Reason for getting into this trade again is the positive swaps. Call me crazy but I don't like giving away money for free to the markets.. or my broker for that matter!
USDCHF - Daily Chart, Wolfe Wave Analysis
Entry @ 0.9330
TP: 0.94861 (coincides with 50% Fibo Level)
S/L: 0.92775
Risk: 525 Pips
Reward: 1561
ETA: March 8th 2013.
Edit: What's also good about keeping this trade open until March 8th? Well, positive Swaps ;)
Just wanted to post another chart. Well the same chart as above but with Schaff Trend Cycle indicator added as well. If you notice, look how nicely price reversed just as Schaff Trend switched from a SELL to a BUY signal. I'm using this as a second confirmation signal for my trade. But as you know, markets are unpredictable. So fingers crossed!!
Trade #: 2502EURJPY-1 Trade #: 2502EURJPY-2
Both trades cancelled due to a large gap during Market opening.
Trade #: 2502AUDNZD
The trade got stopped out. With 0.10 lots, the total loss was -14.37. So what went wrong?
Ideally, looking for reversal from Wave 5 is how trades should have been entered. But even in this aspect, notice how a candle clearly closed just above the TL 135 but price failed to reach the upper TL.
So what went wrong?
I would assume it had to with the 'Low Volume' aspect and this it wasn't the right time to trade.
Ideally, looking for reversal from Wave 5 is how trades should have been entered. But even in this aspect, notice how a candle clearly closed just above the TL 135 but price failed to reach the upper TL.
So what went wrong?
I would assume it had to with the 'Low Volume' aspect and this it wasn't the right time to trade.
EURUSD Long Term Outlook
I came across an interesting pattern on the EURUSD long term trade set up using the Daily chart. If by means of any luck, my trade analysis is right, then are we expected to see the Euro fall to 1.28 levels around March 2013?
I'm not so sure. A part of me feels excited on having to notice this set ups almost a month ahead, but there is a bit of doubts as well. While opinion on this might seem divided, I for one will be eagerly following the Euro Dollar.
So... join me in this fun speculation. Do you really think the EURUSD will drop to 1.28 towards the last week of March 2013?
Here's the chart.
I'm not so sure. A part of me feels excited on having to notice this set ups almost a month ahead, but there is a bit of doubts as well. While opinion on this might seem divided, I for one will be eagerly following the Euro Dollar.
So... join me in this fun speculation. Do you really think the EURUSD will drop to 1.28 towards the last week of March 2013?
Here's the chart.
Trade Set ups - Feb 25th
Weekly trade set ups for the week starting Feb 25th, 2012
Trade #: 2502AUDNZD
AUDNZD - 30 M, LONG
Entry: 1.23047
Exit: 1.23645 (598)
S/L: 1.22875 (77)
Time: 25th Feb 11:30
Notes: We see a perfect Wolfe Wave being formed, along with the contrary wave formation. However, price within the contrary wave hasn't yet been reached. Once this is confirmed, taking up entry at 1.23047 is ideal. Watch for any breach of the TL 1, 3, 5 from the main Wolfe Wave. Wait for reversal and then go long. Over all, i'm quite convinced on this trade set up.
Trade #: 2502AUDUSD
AUDUSD - 15 M, LONG
Entry: 1.03033
Exit: 1.04131 (1098)
S/L: 1.02738 (1393)
Time: 25th Feb 12:00
Notes: The AUDUSD 15 minute chart shows an incomplete Wolfe Wave, especially in the inner contrary wave. We expect price to fall to the main TL 1, 3, 5 at 1.03032. A possible piercing of the main TL 1, 3, 5 should be expected before price reverses.
Trade #: 2502EURJPY-1
EURJPY- 30 M, SHORT
EURJPY - SHORT
Entry: 123.338
Exit: 122.943
S/L: 123.591
Time: 25th Feb 03:30
Notes: There are two potential trades to be taken from the EURJPY chart. The first trade will be a short, as pivot 5 hasn't been formed yet. However, TL 1,3 shows the expected price when Pivot 5 is formed. Therefore, we go short at 122.945 and set our stop on the EPA line which is 123.444. We'll set our take profit at 123.44. This is better depicted in the next chart below.
Trade #: 2502EURJPY-2
EURJPY- 30 M, LONG
Entry: 122.528
Exit: 123.849
S/L: 122.209
Time: 25th Feb 08:30
Notes: This trade is still premature and built upon speculated price points. Therefore, trading this blindly could lead to a losing trade. On the otherhand, there is a possibility to book profits both on a bearish and a bullish bias.
On the longer term Wolfe Wave, we expect price to fall to the TL 1, 3 (5 hasn't been formed yet). Pivot 5 will be formed when the contrary wave is completed (and this will be our first trade, mentioned above).
Once pivot 5 is established, wait for price reversal to go long.
Footnotes
Because this is my very first analysis of Wolfe Waves, I will keep it simple, restricting my analysis to the 3 pairs, 4 trades. I will revisit these trades at or around the ETA for the trades to see how good or bad we have done.
Trade #: 2502AUDNZD
AUDNZD - 30 M, LONG
Entry: 1.23047
Exit: 1.23645 (598)
S/L: 1.22875 (77)
Time: 25th Feb 11:30
Notes: We see a perfect Wolfe Wave being formed, along with the contrary wave formation. However, price within the contrary wave hasn't yet been reached. Once this is confirmed, taking up entry at 1.23047 is ideal. Watch for any breach of the TL 1, 3, 5 from the main Wolfe Wave. Wait for reversal and then go long. Over all, i'm quite convinced on this trade set up.
Trade #: 2502AUDUSD
AUDUSD - 15 M, LONG
Entry: 1.03033
Exit: 1.04131 (1098)
S/L: 1.02738 (1393)
Time: 25th Feb 12:00
Notes: The AUDUSD 15 minute chart shows an incomplete Wolfe Wave, especially in the inner contrary wave. We expect price to fall to the main TL 1, 3, 5 at 1.03032. A possible piercing of the main TL 1, 3, 5 should be expected before price reverses.
Trade #: 2502EURJPY-1
EURJPY- 30 M, SHORT
EURJPY - SHORT
Entry: 123.338
Exit: 122.943
S/L: 123.591
Time: 25th Feb 03:30
Notes: There are two potential trades to be taken from the EURJPY chart. The first trade will be a short, as pivot 5 hasn't been formed yet. However, TL 1,3 shows the expected price when Pivot 5 is formed. Therefore, we go short at 122.945 and set our stop on the EPA line which is 123.444. We'll set our take profit at 123.44. This is better depicted in the next chart below.
Trade #: 2502EURJPY-2
EURJPY- 30 M, LONG
Entry: 122.528
Exit: 123.849
S/L: 122.209
Time: 25th Feb 08:30
Notes: This trade is still premature and built upon speculated price points. Therefore, trading this blindly could lead to a losing trade. On the otherhand, there is a possibility to book profits both on a bearish and a bullish bias.
On the longer term Wolfe Wave, we expect price to fall to the TL 1, 3 (5 hasn't been formed yet). Pivot 5 will be formed when the contrary wave is completed (and this will be our first trade, mentioned above).
Once pivot 5 is established, wait for price reversal to go long.
Footnotes
Because this is my very first analysis of Wolfe Waves, I will keep it simple, restricting my analysis to the 3 pairs, 4 trades. I will revisit these trades at or around the ETA for the trades to see how good or bad we have done.
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