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Creating a new site for all forex traders
I haven’t posted any blogs recently on this as I am creating a new site and trying to move all the information on this site to that site. But it is taking quite some time. The new site is useful to you in many ways. Its more of like a community site, where you can chat with other traders, you can create your own trading journal online which you only can see it, you can save interesting forex informaiton such as techniques etc as your private information which no one else can see it, you can add others as your buddies etc etc. But it is taking some time. Once it is completed I will redirect this site and the pages on this site to that site. So please visit this site often.
Different Successful Trades Using Forex Alligator and Candlestick Patterns on April 19th, 2009
Forex USDCAD is trending up when the market opened on sunday as there is good gap between the forex alligator moving averages and the slope of all the moving averages is up. The market retraced back and at aroung 7PM EST time it formed a bullish engulfing candlestick pattern. The white candlestick completely occupied the red candlestick. I entered the forex market at 8 PM EST time and bought the currency pair with a stop loss of 15 pips below the bullish candlestick formation(total stop loss is around 40 pips) and a take profit target of 50 pips. It hit the take profit after around 8 hrs. This is a 1:1 trade.
At the same time when the USDCAD formed the engulfing pattern there was another pair formed the engulfing pattern, which is GBPUSD. But here the trend is downwards. There is a good gap between all the moving averages and at 8 PM EST time, the red candlestick completely occupied the white candlestick on the first green moving average line. This is also another perfect formation. I entered the trade at that time (at 9 PM EST Time) and stop loss above 15 pips of the engulfing candlestick formation which is around 60 pips. Since GBPUSD is a great moving pair which moves around 150 pips a day, I used my take profit for 100 pips. It hit the take profit after 8 hours.
At the same time another pair formed an engufing pattern which is NZDUSD. Here also the trend is downwards. Enough gap between the forex alligator moving averages. Forex engulfing pattern is formed on the second moving average line which is red line. I entered the trade at after the candlestick is completed and got 50 pips profit on that.
Forex EURUSD trend is downwards. There is a big gap between the three moving averages and the slope is downwards. At 1AM EST time, an engulfing pattern is formed. The red candlestick is completely occupying the white candlestick. So I entered the trade after the candlestick is completed. I entered the forex market at around 1.29965 and sold the pair. I used the stop loss around 15 pips about the engulfing formation which is around 1.30313, which is around 34 pips above my entry. Take profit around 50 pips and it hit the take profit after 7 hours. Check the following picture.
Forex USDJPY trend is sideways when the market opened on sunday. Then it took downward direction and retraced back and formed a bearish engulfing candlestick pattern at around 5 AM EST time. This is a really very good formation. I could not enter the forex market as I was sleeping at that time. But if I entered the market I would have grabbed at least 50 pips on this pair with a stop loss of 40 pips, which will become around 1:1 trade.
There are also other pairs that formed very good candlestick formations with forex alligator indicators but I did not take some of them as I was sleeping at that time. The following are some of the examples.
eurjpy-forex-alligator-and-engulfing-candlestick-formation-in-a-downtrend
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CHFJPY Forex Alligator And Engulfing Candlestick Formation In a Downtrend
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NZDUSD forex trade using alligator and candlestick technique
This trade is based on the forex alligator and candlestick formations technique. If you want to read more about this technique please check it at the following url.
http://www.myfxtechniques.com/2009/04/16/alligator-and-candlestick-patterns-in-forex/
This is a NZDUSD trade. On April 16th, 2009, the NZD USD trend is downwards and the alligator moving average lines are very wide. But the trend retraced back and at around 7 PM eastern time a doji candlestick is formed on the third moving average line (blue line). I waited for the next candlestick and its formed in the direction of trend. So after the candlestick is completed I entered the forex market at around 9 PM in eastern time. I sold the pair and used my stoploss at around 15 pips above the doji candlestick. Total stoploss is around 45 pips.
The trade went well and I closed the trade at around 2PM eastern time, the next day, with a profit of around 75 pips as I have to go out and I can not monitor the trade. I can move the stoploss around 10 pips below my entry but if the market reveres and hits the stoploss I will be left with only 5 pips profit as there is a spread of 5 pips for this pair. And moreover its a friday so the forex market will close anyhow after some time and I don’t how it will be when the forex market starts again on sunday. Check the trade in the following picture.
If you are using high stop losses you have to following strict money management rules. Please check my article about money management in forex at the following link.
http://www.myfxtechniques.com/2009/04/15/money-management-in-forex-a-very-important-aspect/
Please check the following picture for the trade.
