Just missed out on a short on the USDCAD... should've set an alert; I didn't expect to miss this one if I left the computer for a few minutes. Posting for the sake of this trade's beauty, since writing this post it's nearly down to 1.4125... based ...

Mike's EURUSD Trading Room

I'm done for the night, up a total of +21.0 pips with this trade on the USDJPY... Re-entered at 118.40 or so, right on the 38% fib level. Kept it quick at 10 pips as momentum was definitely pulling the market upwards overall. Good luck with your ...

Mike's EURUSD Trading Room

Hi Kartveli, I generally limit myself to a 25 pip target at most; my trading style and psychological approach to trading is very short term. I'll likely be using the round and fibonacci levels you can see on the chart I posted as price targets once ...

Mike's EURUSD Trading Room

Covered a +5.7 pip scalp on that USDJPY trade... didn't get to re-enter and it's convenient that I didn't as the price has gone further north. The entry conditions for this trade are now null. Planning a long on the USDCAD from around 1.04250 to ...

Mike's EURUSD Trading Room

Cheers guys Swatti, personally I really don't like using lagging indicators to try to predict future price movements. I only use the ADX on the 1-minute chart as a filter to enhance the odds of a trade I've already planned based on prices, value ...

Mike's EURUSD Trading Room

My EURUSD trade is out for 18 pips profit Planning a short on the USDJPY @ 118.12. 61.8% fibonacci level in conjunction with a touch of the underside of the previous bull channel. The ADX has already capped 40 on the 1-minute chart, not sure if ...

Mike's EURUSD Trading Room

Filled @ 1.08741, looking for 18 pips. Mike image

Mike's EURUSD Trading Room

EURUSD Planning a short from 1.0875 round level at the top of a 5M channel. Mike image

Mike's EURUSD Trading Room

Short the GBPUSD using the 61.8 fib level in confluence with 1.4275 and an ADX signal on the 1-min chart. I was about to post this setup before selling when the price jolted up into my entry area... Mike EDIT: closed for +13.3 pips (should've held ...

Mike's EURUSD Trading Room

Hey Swatti, I like your chart, the trend line looks good. I don't really trade cross pairs myself, but from a technical perspective the highest probability trade there is the first touch of the descending trendline (ie. the candle 3 bars prior to ...

Mike's EURUSD Trading Room

G'day, welcome to the new trading week. I'm executing a short bias on the USD with a long trade on the GBPUSD at the moment. I'm seeing a short-term reversal on multiple currencies paired with the USD at the moment; the pound gave me the tightest ...

Mike's EURUSD Trading Room

Hi openyoureyes, Welcome to the thread! To answer your questions: Depending on the kind of trade I'm in, I normally will not reverse immediately. You'll notice from some of my charts that I prefer to get short at the top of a higher time frame ...

Mike's EURUSD Trading Room

It's good to see you use a trading journal, if you didn't then those losses might've been a complete waste. I think if you can come out of a trading day having learnt a positive lesson of some kind then you have made a gain overall. You may have ...

Mike's EURUSD Trading Room

Hey Swatti, That was a pretty crazy session, I won't lie. The EURUSD had a substantial sell-off, JPY went haywire and the CAD interest rate decision all made volatility pretty high. Don't forget the ECB rate decision is tonight. Could be an ...

Mike's EURUSD Trading Room

Hey there, I started this thread with the intention of getting a kind of roundtable discussion going with regard to trading using a variety of strategies and tactics in order to facilitate a higher quality ideas and trades for all participants. I ...

Mike's EURUSD Trading Room

I ended up closing up that short position for 24.5 pips. Obviously I would've made a bucketload more by holding to 1.090, but a reversal candle popped up right on a key level and my rule was that I'd close if that scenario occurred. Still an ...

Mike's EURUSD Trading Room

Here's another chart, the 4-hour. I'm in short from the very top of the prevailing channel, that's why I'm content with being a bit lax about a specific target. Let your winners run, as they say. Obviously I have a target set at around 70 pips, that ...

Mike's EURUSD Trading Room

I'm in short from 1.09756. Stop @ 1.09856, open target at the moment. Will likely close when I see an upside signal, preferably price action at a key level. Mike image

Mike's EURUSD Trading Room

Stop taken out for -10.0 pips. I feel as though I should've bailed when that 15-minute doji appeared right on the cross between trend lines. I'll consider a new entry around 1.0950. Mike

Mike's EURUSD Trading Room

G'day everyone. It's not often that I trade the Asian session, but I've picked up a short position speculating on an intraday sell-off. The hourly chart below shows a nice reversal candle which ticks just up to a new descending trendline. The ...

Mike's EURUSD Trading Room