Smart Trader

[SmartTrader]

Thanks Vijay for your detailed explanation

Indeed, it was a truly great setup!

BTW, aside from price action and important levels, I didn't know you also base your trading on common indicators as MACD and RSI. Do you really they think they can give you a strong edge (besides some good "coincidences" like the last one you've shown)?

The trade entry was not based on any of these things i have shown you in the chart. Solely based on smarttrader system. Once the entry was done, we got a nice 57 pips down, and it started going back, This is the time i take decisions. Should i close or should i wait. My smarttrader system was telling me to wait. And i go see the charts, economic news and stuff, to take an informed decision. And the charts looked perfectly OK. so when it came back up to the entry level and about 18 pips DD, i did not do anything, bec both my system and the other aspects i have mentioned are telling me to wait. so i waited and it was a good decision.

[VictorTous]

Excellent! It's very good to know you also confirm and act on a discretionary level. I'm really *liking your system

[SmartTrader]

I exited GBPCHF at BE, as GBP looks like its taking a decision, not sure about the direction, so. Also as i previously mentioned GBPCHF was a low priority trade.

I will still be shorting GBPNZD though, along with NZDCAD long and AUDCAD long

[SmartTrader]

NZDCAD didnt look convincing, so closed for 20+ pips. At one point we had around 80 pips profits and i was confident it would touch our 100 pip target. That didnt work.

Currently we are looking at the following trades

GBPNZD - short
NZDUSD - long (yes i am going to )
GBPAUD - short

[VictorTous]

Nevertheless, it was a PERFECT entry Vijay

At one point we had around 80 pips profits and i was confident it would touch our 100 pip target

[VictorTous]

... And continuing with my curiosity, now regarding SmartTrader:

As I said, your entry was practically perfect... but concerning the exit, I see 0.96150 and 0.96250 price levels as an important resistance zone, so instead of looking for a "fixed" TP value ( like 100 pips in this case), why not closing at least part of the position when price arrived there? We know that relevant support and resistance zones can commonly act as strong "price-rebounders" at least for the short term.

* Again, I'm not pretending to "instruct" you in any possible way, and I don't want to annoy you mate. On the contrary, I'm just trying to learn from you as I follow your signals

[SmartTrader]

... And continuing with my curiosity, now regarding SmartTrader:

As I said, your entry was practically perfect... but concerning the exit, I see 0.96150 and 0.96250 price levels as an important resistance zone, so instead of looking for a "fixed" TP value ( like 100 pips in this case), why not closing at least part of the position when price arrived there? We know that relevant support and resistance zones can commonly act as strong "price-rebounders" at least for the short term.

* Again, I'm not pretending to "instruct" you in any possible way, and I don't want to annoy you mate. On the contrary, I'm just trying to learn from you as I follow your signals

Yes, thats one support level that i have already looked at, also as NZD was very strong and i also saw another resistance level at 0.96520, so i thought our 100 pips was way below that level and that can easily be achieved. and the way the price surged at that time i thought its achievable, i did think of closing it at the levels you mentioned, around 80 pips. its just that sometimes things dont work as you expect, so we missed that. my motivation to close trades is usually the support and resistance levels. other fundamental things do affect the decisions.

Good observations.

[pako5]

Hello Vijay, as usual question when something is starting in the "wrong" direction :-). Do you have currently something like a "lastprice" in mind where you would consider the open trades to close. Because of simply the market turning in the other direction? Or will you try to buy more "sells" of the gbpnzd with the idea of NZD being strong again?
Just curious about your thoughts...

[KGB]

I hope so as well. Looks like R3 is holding for now, but we are way in the red on all 3 positions at the moment.

[hs2013]

The trend is there. I am currently short gpbnzd on monthly chart @ 1.9445, with SL 1.972 and TP 1.849. Risking 0.25%.
So come on kiwi


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[SmartTrader]

Hey guys

Please do not worry about the current trades, i have been seeing this kind of behavior for almost an year now. I always try to follow the trend and this time its not new. Be patient, i will try either to close in profit or BE(Or small loss) depending on the situation. But at the moment, things are quite normal

[dupapa]

Hi Vijay,

Would you say we are still in the realms of normal for the NZD trades at the current levels?

Many thanks

Ben

[Vondon15]

I don't want to be rude but what is the difference between the current trading style and a martingale system? martingale always else up bad....


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[Big River Man]

It's more grid than martingale. But always has been if you see the history, yes this is where it gets uncomfortable but this is still in the normal realm, happened around 6 months ago. Ended in profit or BE. Can't remember.

[Big River Man]

Make sure you don't put risk above 1 for the signal as the provider has previously mentioned