Rsi Breakout

dgryder posted:
    Got short @ 1.4600 and covered @ 1.4550. I like trading the even numbers. Those are good entry and exit points.

so that's your trading system? how do you decide which way to trade?

Use S/R along with RS. I like using S/R of the RSI along with divergence.
It was looking weak around the 1.4600 level so I placed my order, got filled but saw a little drawdown. Finally broke. Think we may see 1.4500. The RS is at 21 on a 3 hr chart. 16 is the low since we made that break from the 1.5100 level.

i used to trade exactly with the same setup - s/r + rsi + divergence, but it seems that it only works well in ranging markets. in trending markets you have a 50% expectancy of being right.

would love to see a chart or two of your trade setups though 😄 - maybe you utilize your system in a different way than i did.

I am still trying to get the mechanics down. Put a little cash in a sub account cause I wanted to try the myfxbook site. Up 21%. Not bad so far.

I read a book called Technicals Analysis for the Trading Professional. It talks a lot about that subject.

I shorted @ 1.4525 and got out @ 1.4505. Sometimes they do not like to get to the even #'s so I put my profit a little above to make sure. I am wanting to short @ 1.4525 again. I think we may go below there. Gonna try to take about 20 pip profit.

starting to sell gbpusd.

checkout my chart - the green channels are still active, the red ones are dead.

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will sell the gbp at the next resistance.

currently there are no set stops. as i believe the trend changed, we might still see the price going back to the ~1.66 levels. will see how it will progress, and will be ready to close it if i'll change my mind.

it's the daily chart by the way.

the trade is developing nicely.

on the 4 hour i can see the price making lower-lows, and lower highs which should point to a strong down-move.

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next target is the support at ~1.6165, then it should head to the ~1.60 levels.

just closed the position for +250 pips.

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i love it when a plan comes together! 😄

getting ready for the first trade of 2010 😄!

here's the gbpusd chart:

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as you can see, i'm looking to short the gbpusd.

looks like the price is stalling and i'm not sure it will get to the selling areas at all.

not the start i was expecting for 2010 - the market has yet to make any significant moves.

i guess people are taking a break from the holidays?

Biz, I think traders are still trying to create a fresh trading plan for 2010 and not sure which way to go yet.

ok, here we go, my first trade for 2010!

trying a short on the gbpusd (daily chart):

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no target or stop loss is set yet, i'll see how it develops and will decide accordingly.

closed the position with a loss (-110).

looking to re-enter at a better price.

not much to write about, just a lot of missed opportunities 😳

had a good setup both in the eur and the gbp but unfortunately i've missed them both.

here's the missed trade in the eur/usd:

<a href='' target='_blank'><img src=''/></a>

1. should have sold at that point. was away when it happened..

2. the trend is clearly down now, proceeding in the downward channel.

3. price might retrace back to the original channel (support becomes resistance), and if it does, it will be an excellent level to sell again.

I'm long....

Elkart posted:
    I'm long....

really? where did you enter?