Recent and Upcoming trades – May 7

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Recent and Upcoming Trades – May 7

A little more activity in the forex market lately as a number of pairs have broken out of consolidations and provided trend trading opportunities.

First let’s look at a recent trade, since it is the same set-up I am watching for in a couple upcoming trades.

GBPAUD

Last night I took a short in the GBPAUD. I placed the order before I went to bed and it was filled overnight.

The chart shows the price moving in a trend channel higher. The price moves through this channel and then starts moving in a downward channel. The short (or “put” for those trading binaries) was taken because it was close to the upper portion of the trend channel, and the specific entry was chosen because it was at the valley ceiling of the last wave.

My stop loss was originally above the white box (prior wave high), but has been moved down since a new lower swing high has formed. The chart shows the stop and target and level, as well as entry level (blue). The target is near the low of the down channel.

If trading binaries, a similar entry can be taken, just allow enough time for the price to leave the area and move into the money. This in an hourly chart and typically it takes more than 5 hours to be solidly in the money.

GBPAUD Hourly Chart (click to enlarge)

These types of trade signals occur a lot. Channels occur often, especially when NOT using exact highs and lows. Notice in the chart above the channel lines go through low and high AREAS, and don’t connect exact highs and lows. By doing this, the channel provides you a good approximation of where to get in and out and you’ll likely be able to see trades more clearly with these channels.

USDCHF

Another trade I am watching is the USDCHF. It is moving lower in overall downtrend channel, therefore, I am looking for short (put) trades.

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We saw a rally (green upward sloping line) within the downtrend but that was recently broken. The price now has quite a ways to fall before reaching the bottom of the channel. To be conservative my target is above the channel bottom.

Once again my entry order is placed at a valley ceiling from a prior wave, and is also just below the broken upward trendline which should now provide some resistance. A stop is above the prior wave high.

This pair also typically takes more than 5 bars to clear the area–for this chart the bars are 4hours each.

USDCHF 4-Hour Chart (click to enlarge)

USDCAD

A short trade was documented a few days ago which worked out well: USDCAD Outlook Based on Price Action.

With the last short having worked out, I am waiting for another. Entry (blue horizontal line) will require the price rally back up to the valley ceiling of the last wave. The entry will also be near a short-term downtrend line. Stop is above that prior wave high, and target is down below the recent lows (subject to change).

The trend is down so I want to take short (put) trades, but I don’t want to chase the price lower. Rather, I want the price to come to me so I get the trade at a point I feel comfortable with and that suits my strategy.

USDCAD 4-Hour Chart (click to enlarge)

Considerations

This strategy was developed for the forex market, and is profitable because gains can be much larger than losses. This strategy has not been tested on binary options where gains are typically smaller than losses.

The strategy is also somewhat subjective and requires being able to determine in which direction to trade based on current trends, overall trends and making sure the price has enough room to run in your favor.

Entries can also be tricky. Not every valley floor or ceiling is a good entry. Use the channels to help confirm which valleys to use for entries.

If actively trading, wait for the price to enter the area you are expecting the reversal, then only take a trade once it starts moving back in the direction you expect. The entry method outlined in How I Pick Price Tops and Bottoms works well for this approach.

Recent and Upcoming trades – May 7

Apr 2, 2020 4:31 PM

The NBA is exploring the feasibility of holding its entire playoffs in Las Vegas, according to sources who spoke with Sports Illustrated.

The NBA has held its Summer League in Las Vegas since 2004, which has led the league to have relationships with hotels and arenas in the city.

With quarantining the players and staff in one location being the only current viable solution for playing games, Las Vegas is the only city the NBA is currently seriously considering.

“We all want to play. But we all know we can’t play until things are dramatically different,” said one high ranking executive from a playoff team.

Apr 2, 2020 2:54 PM

LaMelo Ball and his manager, Jermaine Jackson, have purchased the Illawarra Hawks of the Australian NBL.

“We own the team,” Jackson said. “It’s a done deal.”

No financial details were revealed, and the team has not commented on the sale.

Ball signed with the club in August as part of the league’s Next Stars program.

Ball will likely be a top-5 pick in the 2020 NBA Draft.

Apr 2, 2020 1:27 AM

The Golden State Warriors would likely select Anthony Edwards if they get the first pick in the 2020 NBA Draft, sources told Connor Letourneau of the San Francisco Chronicle.

Letourneau adds that the Warriors would be open to trading the pick, but will draft Edwards if they don’t get worthy offers.

The Warriors are also reportedly not high on LaMelo Ball or James Wiseman.

The team currently holds the worst record in the NBA at 15-50.

Apr 2, 2020 11:47 AM

Stepen Curry, Draymond Green and several other members of the Golden State Warriors have Peloton bikes at their homes and have been participating in morning virtual group rides.

“In the Tour de Warriors,” Curry said, “I’m above average, but I’m not on the podium yet. I have to figure out how to get there. There’s always something to shoot for.”

Green is known to be a stationary bike enthusiast for several years.

“You walk out feeling sweaty, feeling good like you got a workout in, but it doesn’t put much strain on the body,” the three-time NBA champion told NBC Sports Bay Area’s Kerith Burke about one year ago. “Sometimes it’s good to get away from the game of basketball or the typical weight room.

“You’re working out with a different group of people, you’re all on rhythm, trying to stay on the beat with each other. When you add music to a workout, it’s fun. I do it a lot with my fiancée, and we have a good time. We sit next to each other. She’s really good at it.”

Apr 2, 2020 1:41 AM

Sean Marks said that the four Brooklyn Nets players who tested positive for COVID-19 have all fully recovered.

Marks added that the team will continue to obey social distancing guidelines.

“As it pertains to the team. I sense — like all of us, like the rest of New York and really the rest of the globe — we’re trying to deal with this as best we can,” said Marks during a conference call.

Marks spoke about the injury progress of Kevin Durant and Kyrie Irving, saying he’ll have a better understanding of their timeline in 3-4 weeks.

“I couldn’t give an answer on when they’ll play this season. I don’t think it’s fair to those athletes nor the performance team to put a timeline on it. I think everyone is dealing with bigger, far more pressing things.”

Marks also added that the Nets coaching search is currently put on hold, and they are not currently reaching out to candidates.

Apr 2, 2020 1:51 AM

Mike Budenholzer said that the Milwaukee Bucks are going about their business with the mentality that the season will continue.

The Bucks currently hold the best record in the NBA.

“We are operating and functioning and just have a mentality that we will play. I think it’s important for players and all of us to function that way, to think that way, and it’s out of our hands,” said Budenholzer.

Bucks players are currently relying on in-home exercises to keep their shape, though the team also sees value in a mental break.

General manager Jon Horst echoed Budenholzer’s sentiments.

“A lot of people find it hard to believe, but we actually live and believe it every day,” said Horst. “We’ve taken a focus to get better every single day and to literally just focus on getting better every day, not thinking about championships or Finals or opponents that we’re going to play weeks out or months out, but to really think about how to improve every day.”

Apr 3, 2020 1:27 AM

DeMar DeRozan is reportedly unhappy with his current role with the San Antonio Spurs, according to Jabari Young of CNBC.

“Listen, I don’t have to sugarcoat anything. DeMar DeRozan is not happy in San Antonio, OK? The offense is not running as smoothly as one should think with a guy like him in the lineup, and there are problems are there, right?

“And so you have to decide if you’re going to take that money of if you’re going to come back to a situation that’s just not suitable,” said Young during an ESPN appearance.

DeRozan has a player option for next season worth $27.7 million.

DeRozan is currently averaging 22.2 points, 5.6 rebounds, and 5.6 assists on the season.

Apr 2, 2020 1:03 AM

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Late on April Fool’s Day, Nate and Danny pick the biggest floppers in the NBA, finally giving these beautiful thespians their due. They go through the candidates and pick a top 3, and also credit those who flop the least.

Then the daily coronavirus roundup, as Nate goes through the latest on equipment shortages in the US, the particulars of the US small business loan programs, the evolving studies on asymptomatic carriers, continuing reports of unreliable Chinese statistics, and other world news including a Danish ray of hope.

Then Jill B. Berkeley, an insurance lawyer with 40 years of experience (and Nate’s mom), discusses the potential for business owners to obtain insurance coverage for losses due to the coronavirus.

With host Nate Duncan (@NateDuncanNBA). And if you like this pod, please donate to support Nate and Danny at Patreon.com/DuncanLeroux. Merchandise available at NateDuncanNBA.com.

Apr 3, 2020 2:27 AM

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Nate and Danny discuss the worst contracts in the NBA and hit the latest league news, including that NBA players may have 25% of their salaries put in escrow.

Then (37:11) Ben Taylor is back to hit on whether locking down is best for the economy, the news that China’s Henan province appears to have a virus resurgence, and the evolving situations in India and Ecuador.

Ben and Nate also discuss the latest news regarding the effects of physical distancing in late-moving states, and the staggering unemployment numbers.

With host Nate Duncan (@NateDuncanNBA). And if you like this pod, please donate to support Nate and Danny at Patreon.com/DuncanLeroux. Merchandise available at NateDuncanNBA.com.

Apr 2, 2020 5:17 PM

Host Danny Leroux (@DannyLeroux) and Seth Partnow of The Athletic (@SethPartnow) talk about the effects of the NBA’s hiatus.

They discuss how the passage of time will affect teams differently, potential impacts of an unusual NBA Draft process, a potential quick turnaround and much more.

Subscribe to RealGM Radio on iTunes or via the RSS feed.

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Reference ID: #d12e6890-75c8-11ea-9d64-0f73c00614b6

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    2nd place! Good choice!

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