news scalp (by rjm354) Quick Stats
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news scalp Discussion
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rjm354

Member Since Sep 04, 2011  42 posts Ray (rjm354) Apr 27 2014 at 23:35
Just thought I would share the rubber band trade .

rjm354

Member Since Sep 04, 2011  42 posts Ray (rjm354) Apr 30 2014 at 02:57
This is a rubber band trade... The GBPNZD daily chart with just a 50 sma on it. The price is above the 50 sma and the sma is angled down.



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rjm354

Member Since Sep 04, 2011  42 posts Ray (rjm354) Apr 30 2014 at 02:59
The hard part of course is when to enter. Support and resistance, price action, an indicator. Lots of options and tools to enter.

futama99

Member Since Oct 14, 2011  25 posts FIRMANSYAH UTAMA (futama99) Apr 30 2014 at 06:11
So what is the enter and exit rules?

rjm354

Member Since Sep 04, 2011  42 posts Ray (rjm354) May 01 2014 at 04:18
futama99 posted:
So what is the enter and exit rules?


Thats the tough part. You have to use a resistance level and maybe a candle pattern to sell to the line. And a support level and candle pattern to buy it up to the line.
I use only the daily chart support and resistance levels. If the pair is in a up trend or down trend and the price pops up or below the line those are the best.
I have a habit of exiting a bit early sometimes, take the pips and run, But usually target the line, or just above the line in a sell and just below the line in a buy.

I made 102 pips on that GBPNZD trade on the chart above . here is the current chart. You can see how the price came right down to the line. I have 2 horizontal lines on the chart for what I think was support and resistance.

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panaro

Member Since May 03, 2014  1 posts panaro May 04 2014 at 14:41
Hi

Just watching GBPNZD trade, this is the setup you are planning for next week. Please suggest, going short or long and at what level.

Thanks

rjm354

Member Since Sep 04, 2011  42 posts Ray (rjm354) May 05 2014 at 00:39
I changed the name of this trade to The 50 SMA Trade

rjm354

Member Since Sep 04, 2011  42 posts Ray (rjm354) May 07 2014 at 03:53
Pairs to watch USDJPY and GBPCHF

Here is the USDJPY . I think it will go lower before heading for the 50 line. Its about 80 pips to the 50 line


And the gbpchf is technically ready now , it is a rubber band trade. I am hesitant to enter just yet . It is a volatile pair . I added a trend line.
and it is about 100 pips to the 50 line.


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rjm354

Member Since Sep 04, 2011  42 posts Ray (rjm354) May 07 2014 at 03:55
I lost 22 pips last night messing around on shorter time frames. haha. Got to stick to what works. Daily chart rubber band trades.

rjm354

Member Since Sep 04, 2011  42 posts Ray (rjm354) May 08 2014 at 02:09
The GBPNZD is the best looking rubber band trade at this time . 125 pips to the 50 line and the line is angled down. Entry is everything on this trade. It looks good. There is GBP news in about 8 hours I believe .




And the USDJPY still looking good . Not sure if it will go lower before heading to the line . Maybe the 102.20 area?




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Japanese general elections (6h 22min)
Barron's: Lufthansa shares are ready for...(27 min ago)
EURUSD 1.17805 GBPUSD 1.31889
USDJPY 113.506 USDCAD 1.2626
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