GBPAUD: Interesting trade setup
Dear Concord Bay traders, we have a very nice short setup forming in this pair.
I have labeled the chart to make it educational, with the time at mode and profile s/r levels.
We have an uptrend, which as you know, projects a time and price objective.
If the trend fails and moves back to the starting point (blue line, the mode, or highest volume node of that swing from the low or high), then you can take an opposite position.
If you're long from the recent signal (circled bar for entry), your stop would be below the last blue line, and 1 tick below the stop, you would have to place a short order, with 1 atr size profit target and 1 atr size stop loss.
Check the current ATR value (use 11 periods) and activate this order after you open the long.
This will recover all losses, or most of them, making us pretty much invincible with this information ;)
As for the target, the last long signal aims for a target that is higher than the previous downtrend swing highest volume zone, so it's very hard for price to climb up there in time. It also looks like a rising wedge too.
The first target, is the high volume node from where this uptrend signal emerged, signaled by a red arrow.
The blue boxes are low volume profile resistance and support, the red ones high volume. The blue lines are trend signal high volume nodes, we place our stops below, and look for breakouts from them to trade.
We can also use them just to predict the swings' duration and potential target, to take the opposite position.
If the signal fails to reach it in time, we will look to open a short trade under the highest low at the time, or short if we get a range expansion bar down (an evening star/evening doji star type pattern at the top).
Ask any questions you have here or via skype.
Let's make money together guys!!!
Cheers,
Ivan Labrie
Time at Mode FX
Concord Bay analyst
I have labeled the chart to make it educational, with the time at mode and profile s/r levels.
We have an uptrend, which as you know, projects a time and price objective.
If the trend fails and moves back to the starting point (blue line, the mode, or highest volume node of that swing from the low or high), then you can take an opposite position.
If you're long from the recent signal (circled bar for entry), your stop would be below the last blue line, and 1 tick below the stop, you would have to place a short order, with 1 atr size profit target and 1 atr size stop loss.
Check the current ATR value (use 11 periods) and activate this order after you open the long.
This will recover all losses, or most of them, making us pretty much invincible with this information ;)
As for the target, the last long signal aims for a target that is higher than the previous downtrend swing highest volume zone, so it's very hard for price to climb up there in time. It also looks like a rising wedge too.
The first target, is the high volume node from where this uptrend signal emerged, signaled by a red arrow.
The blue boxes are low volume profile resistance and support, the red ones high volume. The blue lines are trend signal high volume nodes, we place our stops below, and look for breakouts from them to trade.
We can also use them just to predict the swings' duration and potential target, to take the opposite position.
If the signal fails to reach it in time, we will look to open a short trade under the highest low at the time, or short if we get a range expansion bar down (an evening star/evening doji star type pattern at the top).
Ask any questions you have here or via skype.
Let's make money together guys!!!
Cheers,
Ivan Labrie
Time at Mode FX
Concord Bay analyst
Dagangan aktif:
Uptrend failure, we're in.
Dagangan ditutup secara manual:
(out for now, will monitor 4h for a downtrend signal)
Komen:
Like clockwork...reshorted after the up bar.
Dagangan ditutup: sasaran tercapai
