Today we’re looking at some of the plans we made in the past, and seeing what happened to them.  In this case, as with the AUD/USD below, I sort of totally forgot about the idea that I had planned, and today for the first time looked back at the charts.  Here’s an update on the GBP/USD chart, which I mentioned back on July 17.  I was going to sell the pair on a break of a trendline and target the top of the channel.  Here’s what it looks like now:

Could we have bought the pair at the top of the channel, on that doji-star-reversal style candle? Yes.  I am sorry that we didn’t plan that earlier (but please let’s all remember next time!).

The next idea is to sell the pair if it falls inside, and closes inside, the channel.  The top fibble would be our profit target.

The AUD/USD idea that we talked about a million years ago didn’t work out — we got stopped out, if I remember correctly, as we sold the pair on the way down to a former channel.  Well, it’s been a while since I looked at it, so I pulled it up today and here is what I found:

I had given up on the idea, but as you can see, I shouldn’t have.  It was a fine plan, and it would have worked out nicely if we had just given it another try or two.  Not only did we reach the top of the old channel, but we see that the pair went right inside of the channel, and then hit the bottom of the channel and stopped.  And then it dropped below the channel and Winnipegged right up against the bottom all over again (see the blue circle). Remember:  old support and resistance comes back.

I had a good break on Friday, and I’m happy to return today with some updates on how our trades have been doing.  I am possibly going to plan some new S/R trades today, but it just depends on whether we can get things settled down in the markets to draw some lines.  Enjoy the update, and there will be more to come every day this week.

The Winnipeg lines just keep on giving.  The CAD/JPY just keeps on trucking down to the extensions.

The USD/CAD played ball quite well.  This was my favorite trade we’ve taken so far.  Just worked out brilliantly.

To see the original idea, click here.

Our EUR/CHF fell right outside the bottom of the channel and our short trade was triggered.  It did return to do a Winnipeg move (you can see in the red circle that it just rose up and just touched the bottom of the channel).

The Winnipeg lines below the channel did a nice job of acting as profit targets on the drop.  The red Winnipeg lines are just fib extensions of the width of the channel (23%, 38%, 100%, 138%, and so on).

And, yes, I meant to spell “Franc” F-R-A-N-K.  I just think that is funnier.

Today I’ve got some good updates on trades we had going already, and some additional info for you about how I work with channels and support and resistance.  Please tell your friends that you have found the greatest blog in the world.  I sure have found the best blog readers in the world (yes, this is shameless pandering). 

No updates Friday, because I am taking the day off.  Back on Monday.  Please stop by on Friday anyway to boost the traffic on these pages, because then I get happy emails from Francesc.

Before we get on to the update for today, I do want to remind you about the upcoming LA seminar.

Our support and resistance trade on the pair worked out nicely. 

We didn’t talk specifically about selling this pair below the bottom of the channel (apologies), but like the other ones, this would have worked out nicely.  Just wanted to show you how the Winnipeg lines do a nice job of stopping things on the breakout.  By now, if you look at the other posts today, you’ll know more about how you can handle a move like this.

The FFWL (The Society for the Friends of Fibbles and Winnipeg Lines), of which I am the acting president, standing in for Harry Banes (main character in my book) while he’s on summer vacation, is putting out the following alert:

The NZD/JPY fell right outside its ascending channel and created a sell trade just like the CAD/JPY did.  The sell comes on the close of the candle that falls outside of the channel.  The Winnipeg Lines (the red lines outside the channel) give us our profit targets.