Double Trend Trap Trades: October 8, 2013

Today’s trading room setups: EURGBP, EURNZD, AUDNZD, CADCHF, AUDUSD (AUDCHF, EURAUD)
The Winner’s Edge Trading Room consists of live trading every Tuesday, Wednesday, and Thursday from 8am through 10am EST (13:00 – 15:00 GMT).
This is not just an analysis room; this is a TRADING Room. Here’s the recap from Today’s Room:

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  • Fabrice Goeyvaerts

    Hi Chris,
    You’re welcome for the feedback. Thanks for your comment.
    I’ve moved my SL, first, because it reached +2R (otherwise I don’t move anything yet) which corresponded with -27.2 Fib. and, second, because price has confirmed H4 uptrend by making 2 higher highs and 2 higher lows which now gives me a good swing point to place my SL few pips below.
    Compared to all other currencies AUD (and NZD) has resisted very well with today USD strength and daily candle even closed with a new high … seems like sellers are on other currencies.
    To answer your question, I didn’t consider yesterday’s daily wick to my trade management. I don’t consider that wick to be at major level so hope it will be absorbed by one more push up like you say.
    Cheers,
    Fabrice

  • Chris Svorcik

    Hey Fabrice, thanks for your feedback!! Happy to hear that you are doing well on the trade. The daily candle had a pretty big wick yesterday which could indicate lack of upside power. Is that something you want to consider in your trade management? Otherwise its good that you have reduced the risk and depsite the daily wick, there is always a good chance of one more push with the trend. Good patience with the trade!

    Thanks for keeping us/me updated, its much appreciated!!
    Chris

  • Dave Hanna

    Chris, good analysis. I woke up to find the EURGBP right at your target as a result of the news spike on negative GBP manufacturing production. But I didn’t take trade because the big stop that was required left barely a 1:1 R:r ratio, and I didn’t think that justified the risk. I am looking for a possible boomerang on the 1hr breakout candle.

  • Fabrice Goeyvaerts

    Hey Chris,
    I followed you on AUD/USD 61.8 Fib boomerang from last week. I’m still in it as I’m aiming for -61.8 (possible +2.66 R). As it hit -27.2 Fib, I’ve reduced risk from -1R to -0.32R.

    I’m managing the trade on H4 TF.
    Will keep you in touch.
    Tks for the recap. Cheers,
    Fabrice