21.6.07 Follow up - Usd/Chf long: Entry -1.2376; Stop 1.2345; Targets 1.2445 / 1.2469 Comments: We closed the trade at 1.2412, since we noticed a decrease in the up momentum.
We used an APF to give us an early target, and closed it when price met the Upper median line of this bullish APF. R: R ratio - We got a profit of 36 points for a risk of 31 points, which gave us an R: R ratio of 1:1.
21.6.07: 09.00GMT Eur/Aud Short: Entry -1.5817; Stop 1.5845; Targets 1.5785 Comments: This trade was taken by estimating a down wave on the 15min to end at the 1.618 projection.
There was also a coinciding bearish APF target objective, so we entered short.
Price initially did go in our favor, but was consolidating for quite some time. I noticed that the Eur/Usd seemed to gaining upward momentum, and since there could have been an effect on this pair also, I closed the trade at 1.5829, thus taking a loss of 12 points. R: R ratio -
We had an expected profit of 32 points for a risk of 28 points, which gave us a decent R: R ratio of over 1:1. Note: Subsequently, then trade did go to the expected target of 1.5785 (without price approaching our stop level), so in hindsight, if we would have held on to the trade, we could have added profits.
Gbp/Usd long - "Power Hour -Gbp breakout" strategy
19.6.07: 10.40GMT Gbp/Usd Long: Entry -1.9907; Stop 1.9880; Targets 1.9952 / 1.9969 Comments: This trade was based on the Power Hour Gbp breakout strategy.
Price initially went in our favor, but it has been consolidating for quite some time.
The targets have not yet been achieved, and we are still in an open position. R: R ratio - We had a profit of 62 points for a risk of 27 points.
This gave us a good R: R ratio of over 1:2. Note: As per this strategy, the targets should be met with within the same trading day. Hence the probability of the objectives being met is lower, and we will decide whether to close it for a small profit, or hold on.
26.6.07: 10.30GMT Eur/Chf long: Entry -1.6546; Stop 1.6520; Targets 1.6580 Comments: This trade was taken on observing a bullish divergence on the 1hr time frame.
Price initially did go in our favor, but then reversed direction and went lower to create another divergence. We got stopped out, thus taking a loss of 26 points. R: R ratio -
We had an expected profit of 34 points for a risk of 26 points, which had a decent R: R ratio of over 1:1.
26.6.07: 10.30GMT Gbp/Usd Long: Entry -1.9980; Stop 1.9960; Targets 1.9996 / 2.0012 Comments: This trade was based on the Power Hour Gbp breakout strategy.
It went as per planned, with price reaching the price objectives with ease. R: R ratio - We had a profit of 32 points for a risk of 20 points.
This gave us a good R: R ratio of app 1:1.5.
26.6.07: 14.00GMT Gbp/Usd Short: Entry -1.9996; Stop 2.0030; Initial target 1.9920; further targets expected at 1.9850 Comments: This trade was based on 2 factors.
The immediate one was the bearish divergence observed on the 1hr time frame. This was the trigger for the trade giving us an expected target of 1.9920.
The second & the longer term view was the completion of the bullish Elliot wave.3. We now expect the Gbp to decline in a corrective wave.4 to app. 1.9840.
Note: Refer to the Gbp long trade of 19.6.07, where this bullish Elliot wave.3 has been analyzed. Since price achieved the target objectives as defined then, the probability of a corrective wave.4 becomes quite high. R: R ratio -
We are expecting a profit of 146 points for a risk of 36 points.
This gave us an excellent R: R ratio of 1:4. Note: Enclosed is the chart of this setup.
27.6.07: Setup Eur/Usd Potential short on a Gartley pattern Comments: Entry app. 1.3455; Stop 1.3490; Initial target 1.3135;
A bearish Gartley pattern has been identified on the 4hr time frame, with all the Fib ratios matching.
Hence we expect a decline in the Euro, which is also supported by a formation of a bearish hidden divergence on the daily time frame.
Price has declined after being rejected at the D point of the Gartley, and we are waiting for a pullback to get a correct entry into the short trade. R: R ratio -
We are expecting a profit of 320 points for a risk of 35 points.
This gave us an excellent R: R ratio of 1:9. Note: Enclosed is the chart of this setup.
27.6.07: Setup Eur/Aud Bullish Elliot wave on the 1Hr Comments: A bullish Elliot wave has been observed on the 1hr time frame, and since then price has reached the price objective of the wave.3.
We are looking at the decline of the corrective wave.4 right now, and we will think of taking a long on the last impulse wave.5 of this pattern.
Expected support area of wave.4 should be 1.5960, and if this pattern completes, then we can expect the last leg of the uptrend to 1.6160. Note: Enclosed is the chart of this setup.
29.6.07: 9.30GMT Gbp/Usd Long: Entry -2.0025; Stop 2.0007; Targets 2.0055 / 2.0067 Comments: This trade was based on the Power Hour Gbp breakout strategy.
It went as per planned, with price reaching the price objectives with ease. R: R ratio - We had a profit of 42 points for a risk of 18 points.
This gave us a good R: R ratio of over 1:2.
3.7.07: 8.30GMT Gbp/Usd Long: Entry -2.0170; Stop 2.0140; Targets 2.0212 / 2.0233 Comments: This trade was based on the Power Hour Gbp breakout strategy, which did not work. We got stopped out, thus taking a loss of 30 points. R: R ratio -
We had an expected profit of 63 points for a risk of 30 points, which had a decent R: R ratio of over 1:2.
Follow up - Usd/Chf long
Eur/Aud short on fib projections
Gbp/Usd long - "Power Hour -Gbp breakout" strategy
Eur/Chf long - divergence setup. Stopped out
Gbp/Usd short - Elliot wave setup
Eur/Aud - bullish Elliot wave
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