PipGainer's Forex Blog

I took the 4 hour AUD/JPY pinbar off of the 85.00 big round number. My stop was just under 85 with my quick take profit at 85.50. This was a big sized pinbar that had massive divergence from the previous swing low. My take profit was hit for a gain of +0.23R.

I shorted the 8 hour outside bar on CAD/JPY. The bar engulfed two previous bars which I liked. I also liked the fact that it had divergence with the MACD indicator, but it didn’t quite touch the big round number of 85 so I didn’t want to hold onto it for too long. I had a reduced stop size and took full profit at the first trouble area. As you can see it dropped a lot more than where I took profit so I could have potentially made more money on the trade, but that’s trading for you and I’m happy to take what I can get! I closed out for a profit of +0.34R.

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Some of the Australian pairs had a strong move today with strong closes. There is potential for larger moves and I wanted to show you some charts that I am interested in.

AUD/CHF

The Aussie Swiss had a strong move down. As you can see at the highlighted box, there is potential resistance in that area. This is an excellent area to look to trade off of. I will be watching closely to see if we get a retracement back up to that area. I will probably watch for price action on lower time frames if we retrace up there. If I was short this pair however, I would be very careful of the 0.9500 big round number. I would most likely look to take full profit in that area.

EUR/AUD

The Euro Australian is another pair I’m watching. I like this chart much better than the previous one because of the location of it and all the room it has to move. Price closed strongly above the 1.2500 big round number which you can see was previous resistance at the blue highlighted box. If you look above where price currently is, you can see that there is a lot of open space. There is very little potential resistance in that area which means we could potentially see it being traded at 1.3000.

I took a quick hitter trade in USD/CAD yesterday. There was a pinbar that formed right at the 1.0000 round number that had a strong close to the downside. It was stuck in a lot of traffic so I wanted to take profit quick. I also had a reduced stop size so the risk/reward would be greater. I have been experimenting with these types of trades to potentially increase profit with less time exposure of the trade. The trade triggered and hit my take profit quick for a gain of +0.33R.

For anyone that is wondering about my GBP/CHF trade, it hasn’t been doing much since I posted last so I am still holding onto it. My take profit and stop loss are still in the same place! You can see the latest update to that here.

I have gone ahead and moved my stop up higher on my GBP/CHF trade. My stop is now set to 1.4130. I also put in a take profit which is just under the next BRN. It is set to 1.4910 and as you can see, price has almost reached there. It just needs a little push further up.

Happy new year to everyone!!

My quick take profit was hit for a gain of +0.33R.

To see the reason for entry on this trade, check out the post below.

I shorted an 8 hour outside bar in AUD/CHF. The bar is engulfing 6 previous bars. It is off of the BRN of 0.9500 and has minor divergence. I have a quick take profit set to just above the first trouble area. Price has already almost reached there and is reversing but let’s see if it moves back down. My original stop was at 0.9473 but I have moved it down now to just above the current bar high to 0.9453.

There hasn’t been much to do in my GBP/CHF trade lately. Price has been consolidating for a few weeks now. It retraced a little bit and then had another move up. I decided to move my stop up to 1.3680 which is just under the most recent consolidation. I might decide to take profit at the next big round number of 1.5000. Sorry for the lack of updates recently. I am fully back into the markets now and will be updating much more! As always, email me or leave a comment if you have any questions.

It’s been a long time since I have posted. The markets have been pretty boring so not much to talk about. My GBP/CHF trade finally moved up more today and reached the 6th trouble area so I’m moving my stop up to 1.3225 to lock in a significant amount of profit. I’m not sure how long this move will sustain going pretty much straight up. I don’t want to give too much profit back so I might look to close out soon if I see signs of trouble. We’ll see what it does in coming weeks and days.

Some people have asked me to explain how I place my Forex trades. Please check out my Forex trading strategies for what I do in detail. Also check out Forex Tester for the best way to practice these methods. Shoot me an email if you have any questions!

I got stopped out to the pip before price moved further down! My stop was where the red line is on the chart. Stopped out for a gain of 0.29R.