PipOmatic

Just a quick note to say I am not taking any trades today as there is the FED rate decision. Markets should be quiet first off and then become super choppy.

My regular daily breakout trade on EURUSD.

Trade setup & Rules:

• First identify the daily high and daily low between 10pm the previous day to 7am the current day.
• Long Trade entry: If price breaks above the daily high, enter long 1 pip above the high with a stop 1 pip below the low of the the day.
• Short Trade entry: If price breaks below the daily low, enter long 1 pip below the low with a stop 1 pip above the high of the the day.

Price broke the low of the daily range to give an entry. Price pulled back very quickly to give me a little better entry than the daily low (means less risk .. Yeah !!). Entered at 1.4760.

Price started to move higher but has stayed shy of the daily high and is slowly working lower. Price is around the entry price as I create this blog entry. See the first chart for the entry and target parameters.

I’m thinking that price is due for a good pullback on this pair and as price is really finding it difficult to move higher I am going to change my targets to the area on Fib Confluence shown on the 2nd chart around the 1.4632 price point.

One area of interest that leads me to think a pull back is due is that price is being held by the 88.6% fibonacci fan (See chart 2). This level is one of the most important fib fan levels as it is normally the last line of defense in a retracement like this one. If price closes above the fan level decisively, then I will close the position, but it is worthing keeping in mind that this level often produces good reversal and in the case will keep price moving down.

Summary:

• Entry: 1.4760
• Stop: 1.4801 (41 pips)
• Target 1: 4632 (128 pips)

Chart 1:

Chart 2:

My regular daily breakout trade on EURUSD. One thing to note, there is also a 1-2-3 buy formation on the 15m charts.

Trade setup & Rules:

• First identify the daily high and daily low between 10pm the previous day to 7am the current day.
• Long Trade entry: If price breaks above the daily high, enter long 1 pip above the high with a stop 1 pip below the low of the the day.
• Short Trade entry: If price breaks below the daily low, enter long 1 pip below the low with a stop 1 pip above the high of the the day.

Price tested near the low of the day and then moved higher to give a trade entry at 1.4710.
The trade is still open so let’s see how it goes.
16:00 update … See update below 1st chart

Summary:

• Entry: 1.4710
• Stop: 1.4737 (27 pips)
• Target 1: 4764 (54 pips)
• Target 2: 1.4791 (81 pips)

Here’s the chart:

Closed the trade using the 3-bar reversal techniques after the first target was hit. A shame too because price continued higher after I had closed, but I stuck to my plan and have pips in the bank. Final chart below …

Result:

• 1 lot +27 pips
• 2 lots + 31 pips
• Average +29.6 pips

Early in the London session I went short the GBP/JPY based on some some set rules that I check each morning for this trade and today meet the required criteria.Priced move higher with good momentum and my order got filled. Then priced started to turn back down. It eventually took out my stop. Grrr !! again.

Here are the trade details:

Summary:

• Entry: 208.40
• Stop: 207.69
• Target 1: 208.75
• Target 2: 209.10
• Target 3: 209.46

Result:

• 3 lots closed at stop-loss (-71 pips)

Here is the Chart…

One of my regular daily trades is the high/low breakout trade on the EURUSD.

Trade setup & Rules:

This trade is pretty straight forward.

• First identify the daily high and daily low between 10pm the previous day to 7am the current day.
• Long Trade entry: If price breaks above the daily high, enter long 1 pip above the high with a stop 1 pip below the low of the the day.
• Short Trade entry: If price breaks below the daily low, enter long 1 pip below the low with a stop 1 pip above the high of the the day.

On this occasion price broke the low of the day at 1.4598. I entered a short trade 1 pip below at 1.4597. I had 3 profit targets shown below and a stop-loss at the high of the day.Didn’t work out too well today. Price broke the low but then retrace, then consolidated and then moved higher to take my stop.
Summary:

• Entry: 1.4597
• Stop: 1.4639 (42 pips)
• Target 1: 1.4578 (19 pips)
• Target 2: 1.4557 (40 pips)
• Target 2: 1.4537 (60 pips)
• Spread -2 pips

Below is the trade chart: