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  1. Old Comment

    Double Doji at Support on NZDCHF

    question

    Hi,
    I am New to IT just few question about Your Chart Simit Sir.
    What's The Green Highlighted Area??
    How Have You determined The Stoploss??
    permalink
    Posted 07-28-2014 at 10:00 AM by harsimran harsimran is offline [Show Appreciation] What's This?
  2. Old Comment
    Simit Patel's Avatar

    GBPAUD Forming Long Wicks Off Support; Time to Go Long

    hi sunny,

    i know i need to do a video on those subjects hopefully i can get it done next week.

    here is a summary:

    1. price is in a clearly trending market (defined by price being below 50 SMA and 200 EMA in downtrend, or above them in an uptrend; 50 should be closer to price than 200) on the daily chart. this condition must always exist.

    after we confirm a clear trend is in place, i look for the following:

    1. a pullback of at least 50% from the recent swing low to swing high (Fibonacci trading)
    2. price is at a support/resistance level
    3. price is forming a reversal candlestick pattern
    4. price is at the 50 SMA

    if 3 of the 4 above criteria are met, i'll likely place an order to go long.

    i try to find a support/resistance level above/below where I entered (if I am going long, I'll find one that is below). i'll then put my stop loss between the level i entered and the next level down.

    if i am going long, i'll set my target profit at a resistance level that is at least 3X the distance between my stop and my entry.

    if the trade goes in my favor, and clears a minor/support resistance level that is visible on the 4 hour chart, i'll move my stop to breakeven. this is "de-risking" the trade.

    hope that helps!
    permalink
    Posted 07-25-2014 at 08:40 AM by Simit Patel Simit Patel is offline [Show Appreciation] What's This?
  3. Old Comment

    GBPAUD Forming Long Wicks Off Support; Time to Go Long

    Thank you for sharing. i'm your regular reader and follower. I like your straight forward trading style. Learning a lot from you.
    Although you have mentioned few times on youtube about risk management , support/resistance or de-risk but have you written any blog in particular about these subjects ?
    Would be great to know. Thanks and cheers from Thailand.
    permalink
    Posted 07-25-2014 at 12:03 AM by sunny747 sunny747 is offline [Show Appreciation] What's This?
  4. Old Comment
    Simit Patel's Avatar

    NZDUSD Forming Doji at Support, 50 SMA

    seriously!!! i checked my acct an hour before the RBNZ announcement, saw a small floating profit, that was nice.......all trades in the green.....and then boom! huge collapse, stopped out. i didn't even know there was an RBNZ announcement coming out, simply because i don't follow the economic calendar -- which begs the question of maybe i should? i still prefer to keep it technical; i've tried incorporating fundamentals in active trading before and i've found it only complicates things needlessly for me. but the collapse in NZD was definitely a bummer.

    after a big move like that i'd like to see a trading range form, i.e. accumulation pattern, before re-entering.
    permalink
    Posted 07-24-2014 at 08:59 AM by Simit Patel Simit Patel is offline [Show Appreciation] What's This?
  5. Old Comment
    DREBG's Avatar

    NZDUSD Forming Doji at Support, 50 SMA

    Ugh- brutal 90+pip drop yesterday... tough break on this one...
    Re-entry from .8565 off the 61.8 Fib??
    permalink
    Posted 07-24-2014 at 08:49 AM by DREBG DREBG is offline [Show Appreciation] What's This?
  6. Old Comment
    Simit Patel's Avatar

    9.5:1 Reward/Risk Setup on CADCHF

    hi corey, great question. if the market clears a support/resistance level, i'd want to cancel it. in the chart below, if cadchf closes above the orange line, i'd cancel the order.

    permalink
    Posted 07-16-2014 at 08:10 AM by Simit Patel Simit Patel is offline [Show Appreciation] What's This?
  7. Old Comment

    9.5:1 Reward/Risk Setup on CADCHF

    How long would you keep that buy limit for CADCHF before canceling that order
    permalink
    Posted 07-15-2014 at 12:16 PM by coreydelgado coreydelgado is offline [Show Appreciation] What's This?
  8. Old Comment
    hektor's Avatar

    Long AUDUSD As Price Consolidates After Big Down Day

    IMO I would be out of any longs. I know you are trading the EMAs, which I do too, but having in mind that on the W1 aussie printed fake break out and formed pretty bearish candle, and there is divergence on this TF, I would be very careful to open long positions are this time and place.

    permalink
    Posted 07-06-2014 at 06:14 AM by hektor hektor is offline [Show Appreciation] What's This?

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