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    Thread: simisola's trading journal

    1. #671
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      Your usdcad buy looks very good and all things been equal if the news favours usd I believe in no time your take profit will be hit, if may ask how do you set your take profit and stop loses because I can see that your reward ratio is higher than your risk ratio which is a very good one.


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    4. #672
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      Quote Originally Posted by Oriakhiebillz View Post
      A buy trade for usdjpy is not a bad one because dollar isn't showing any sign of weakness presently and with the CPI m/m release of today, data shows that USD is still keeping its strong nature. Usdjpy has bull up to 100 pips yesterday to current market price 110.30 and there is high tendency that it would continue till 111.00 firstly where the next resistance lies.
      Of course, i have being seeing buying market in USDJPY since last month, and it has gone down a little bit to take the fresh power that will make it rise so well. It is not easy for traders to be trading the market without knowing the trend, and when you know the trend, then you will become the kind trader you really wish to be. I think that when traders can still be buying USDJPY when it is above 109.56, then the trader is not doing a bad thing, i will continue to buy it when it tried to come down again, so that i will be maximizing my profits like that.


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    6. #673
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      Quote Originally Posted by simisola View Post
      Spoiler Spoiler:
      I just want to inform us that that trade is running in floating minus, as we can see from the screenshot, it came close to my stop loss but was resisted by the 200 EMA
      Spoiler Spoiler:
      Hi mate!
      I think you should have no fear for this trade. The price action is heavily in your favour. As long as your stop is wide enough to accommodate the swings on the specified time frame. Just be patient and let it run till completion.
      Come Alive!
      Proudly Nigerian


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    8. #674
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      Quote Originally Posted by ehizmac View Post
      Your usdcad buy looks very good and all things been equal if the news favours usd I believe in no time your take profit will be hit, if may ask how do you set your take profit and stop loses because I can see that your reward ratio is higher than your risk ratio which is a very good one.
      I think it is a lot risky buying USDCAD at the current level due to the fact that it have tested this area for about four times in the past few days, but a break of these area could be good to start buying but being under it is a lot dangerous because it could still head downward or in the range as usual!

      Name:  chart239.png
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      Wisdom Is The Ability To Apply Knowledge And Experience To Any Given Situation.
      If you do not take control of your risks then you lose control of your trades


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    10. #675
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      Quote Originally Posted by simisola View Post
      Hello family, I saw another opportunity to buy usd cad, this might be looking late but nevertheless the opportunity to go up is still there with the price above the 200 EMA and also we see that the relative strength index is showing a very bullish momentum being that it is above the line 50, these are confluence factors for me. The details of the trade are entry 1.3038 stop loss 1.3000 take profit 1.3100 let me see how this goes.
      It takes a lot of courage to trade the major pairs at the moment due to upcoming Fed hike rate. I agree that USDCAD is still in bull territory but during this event anything can happen so it's a 50% winning or losing in any direction.


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    12. #676
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      Quote Originally Posted by simisola View Post
      Hello family, I saw another opportunity to buy usd cad, this might be looking late but nevertheless the opportunity to go up is still there with the price above the 200 EMA and also we see that the relative strength index is showing a very bullish momentum being that it is above the line 50, these are confluence factors for me. The details of the trade are entry 1.3038 stop loss 1.3000 take profit 1.3100 let me see how this goes.

      Dear simisola,

      This is a good setup. See the marked portion in blue:



      It is a pre-breakout scenario wherein there's a short term resistance being respected by price while forming higher lows. There are 2 ways of playing this: either buying immediately, or buying the pullback to the role reversal level after the resistance is broken. If you had 20 EMA on, you could've bought off a bounce there.

      Cheers mate!
      Come Alive!
      Proudly Nigerian


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    14. #677
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      Quote Originally Posted by simisola View Post
      Hello family, I saw another opportunity to buy usd cad, this might be looking late but nevertheless the opportunity to go up is still there with the price above the 200 EMA and also we see that the relative strength index is showing a very bullish momentum being that it is above the line 50, these are confluence factors for me. The details of the trade are entry 1.3038 stop loss 1.3000 take profit 1.3100 let me see how this goes.
      Hey mate usd cad did tumble today I guess there was a news that activated that great fall because price is around 1.2972 it is actually a good idea that you use money management by setting your stop loss, otherwise I am sure you would have made some great losses beyond what you thought. I think you should look for another opportunity after FOMC which is a few minutes from now.


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    16. #678
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      Quote Originally Posted by simisola View Post
      Hello family, I saw another opportunity to buy usd cad, this might be looking late but nevertheless the opportunity to go up is still there with the price above the 200 EMA and also we see that the relative strength index is showing a very bullish momentum being that it is above the line 50, these are confluence factors for me. The details of the trade are entry 1.3038 stop loss 1.3000 take profit 1.3100 let me see how this goes.
      oh no anticipating a breakout when there is non clearly seen,i have always thought there was gonna be a break out each time i traded that currency but the market can be unpredictable so i just put my take profit at resistance and wait for a clear breakout or two bullish candles closing outside the ranging candles although i usually get into the trade very early from support, sorry for the loses dear.


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    18. #679
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      Quote Originally Posted by Mez Da Whiz View Post
      Dear simisola,

      This is a good setup. See the marked portion in blue:



      It is a pre-breakout scenario wherein there's a short term resistance being respected by price while forming higher lows. There are 2 ways of playing this: either buying immediately, or buying the pullback to the role reversal level after the resistance is broken. If you had 20 EMA on, you could've bought off a bounce there.

      Cheers mate!
      Sorry mate, usdcad seems to do the opposite off your plan, it moves from exactly your entry price down as hit the stop loss, but looking at the daily and 4hrs time frame I would suggest buying from current price, it's just a retracement. It will surely moves up again.


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    20. #680
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      i also subscribe to the idea that usdcad would go back to the downside. this correlates with usdjpy which would head down, too, since eurusd is presently on the bullish run. whatever, one needs to get comfirmation from 4 hours and daily time-frames.


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