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Trendlines with Heiken Ashi and Stochs System

  • #21
  • Jul 26, 2011 2:52am Jul 26, 2011 2:52am
Hi Ted
I missed the GBPCHF trade as when I read it the first time I thought you decided against it because it was trading around all time lows. Missed the next sentence which said you took it.

As for entering near all time lows, it can also be seen as a very strong indication that the trend down is very, very strong, but maybe when at this level it would be more prudent to trade it as a breakout below the all time low???

Thats what I will do I think put an order in at say 1.2975 and play the breakout or maybe I should wait for break and retest then enter with tighter stop behind 1.3000?

Your thoughts on that please?

Thanks for a great thread I am definately looking at longer term charts now alongside my day trading strategy.
Feel the Fear and do it anyway!!!
  • #22
  • Jul 26, 2011 3:40am Jul 26, 2011 3:40am
Quoting clivepackham
Hi Ted
I missed the GBPCHF trade as when I read it the first time I thought you decided against it because it was trading around all time lows. Missed the next sentence which said you took it.

As for entering near all time lows, it can also be seen as a very strong indication that the trend down is very, very strong, but maybe when at this level it would be more prudent to trade it as a breakout below the all time low???

Thats what I will do I think put an order in at say 1.2975 and play the breakout or maybe I should wait for break and retest...
You could wait for the breakout but how much are you missing in the meantime? The signal itself is a valid signal and the all time low thing is only a minor consideration.

I would wait for a break and then look for a good entry on the pullback.
  • #23
  • Jul 26, 2011 5:54am Jul 26, 2011 5:54am
What entry did you get on gbpchf and where is your stop?
Feel the Fear and do it anyway!!!
  • #24
  • Jul 26, 2011 7:32am Jul 26, 2011 7:32am
Quoting clivepackham
What entry did you get on gbpchf and where is your stop?
1.3130 and 1.3330
  • #25
  • Jul 26, 2011 12:17pm Jul 26, 2011 12:17pm
Here are two interesting charts. First is gbpusd and second is gbpjpy. Both are reaching downwards trendlines. These may well break tomorrow but if they hold, stochs cross and heiken ashi changes colour these could be good trades.

Of course I'm already exposed to the gbp twice with my eurgbp long and gbpchf short which means I won't be taking either of these trades but it does tell me something, gbp as a whole is weakening.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbpusd possible trade.gif Size: 24 KB
Click to Enlarge Name: gbpjpy possible trade.gif Size: 22 KB
  • #26
  • Jul 27, 2011 7:06am Jul 27, 2011 7:06am
Hi Hugh

I Like your way of thinking.

I went short on the G/J at 123.32 with a stop loss of 132.

At the present time I am still short but the whole tendency is downwards.

Am I right?

John from Durban
  • #27
  • Jul 27, 2011 12:36pm Jul 27, 2011 12:36pm
Quoting jmcl
Hi Hugh

I Like your way of thinking.

I went short on the G/J at 123.32 with a stop loss of 132.

At the present time I am still short but the whole tendency is downwards.

Am I right?

John from Durban
Hi John, yes the trend is definitely down and gbpusd did turn down away from the trendline today sending all gbp pairs downwards too.

The gbpjpy trade is definitely the better trade out of the two despite the fact that gbpjpy hasn't made a significant move down today but I would say that you are better to wait for the close of the daily candle to confirm the stoch cross, etc. Saying that though I am up at 3am again and so I have just taken the trade myself. 132 seems like a very big stop loss, I've just put on 100 pips which isn't much for gbpjpy but I want to see this one go down straight away or I want to be out for not much loss.

I took the gbpjpy trade because I closed the eurgbp long today for about a pip profit. The stochs have crossed against the trade and the heiken ashi changed to red. Gbpchf is going in the right direction though, albeit slowly.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbpjpy trade.gif Size: 23 KB
Click to Enlarge Name: eurgbp close.gif Size: 23 KB
  • #28
  • Jul 28, 2011 5:00am Jul 28, 2011 5:00am
Hugh, I just came across this thread last night. It seems VERY interesting and I will continue to study it and follow your System. Thank you for your contribution! I'll stay tuned in. Patrick :0)
  • #29
  • Jul 28, 2011 5:27am Jul 28, 2011 5:27am
Quoting Patso
Hugh, I just came across this thread last night. It seems VERY interesting and I will continue to study it and follow your System. Thank you for your contribution! I'll stay tuned in. Patrick :0)
Hi Patrick, glad you found the thread, if you need anything let me know.
  • #30
  • Jul 28, 2011 5:41am Jul 28, 2011 5:41am
Thanks Hugh.
  • #31
  • Jul 28, 2011 3:11pm Jul 28, 2011 3:11pm
Hi

The E/U is moving down with a confirmation on the stochs. My platform is

GMT+2 and I am wondering if this is a pullback to continue higher?
Attached Image (click to enlarge)
Click to Enlarge Name: 2011-07-28_2209.png Size: 43 KB
  • #32
  • Jul 28, 2011 3:13pm Jul 28, 2011 3:13pm
Eurusd looks like a nice trade. It bounced slightly above the trendline but the stoch cross looks nice and smooth. Again though it hasn't got far to run so it's not worth the risk.

Gbpjpy and gbpchf are both going the right way but they both need to go a bit further before we can move to breakeven or lock in any profit.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd nice trade but not enough room.gif Size: 23 KB
  • #33
  • Jul 28, 2011 3:15pm Jul 28, 2011 3:15pm
Quoting jmcl
Hi

The E/U is moving down with a confirmation on the stochs. My platform is

GMT+2 and I am wondering if this is a pullback to continue higher?
Hello, sorry, we posted at the same time!

I think my post above explains my feeling on eurusd.
  • #34
  • Jul 28, 2011 3:39pm Jul 28, 2011 3:39pm
Hi Hugh

There is plenty news tomorrow, do you mind to upload your chart on the G/CHF please, I have a feeling mine is out of sink.

Plenty pips for all

John from Durban
  • #35
  • Jul 28, 2011 3:45pm Jul 28, 2011 3:45pm
Quoting jmcl
Hi Hugh

There is plenty news tomorrow, do you mind to upload your chart on the G/CHF please, I have a feeling mine is out of sink.

Plenty pips for all

John from Durban
I don't think you have metatrader so I didn't post the template. If you do, let me know.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpchf chart.gif Size: 20 KB
  • #36
  • Jul 28, 2011 3:46pm Jul 28, 2011 3:46pm
Here is my chart.
Attached Image (click to enlarge)
Click to Enlarge Name: 2011-07-28_2243.png Size: 38 KB
  • #37
  • Jul 28, 2011 3:47pm Jul 28, 2011 3:47pm
Quoting jmcl
Here is my chart.
Looks about right. I'd view it zoomed out a little to get a clearer picture of what's happening.
  • #38
  • Jul 28, 2011 3:48pm Jul 28, 2011 3:48pm
Sorry, you do have mt4, here's my template.
Attached File(s)
File Type: tpl gbpchf.tpl   3 KB | 505 downloads
  • #39
  • Jul 28, 2011 3:54pm Jul 28, 2011 3:54pm
Quoting Hugh Briss
I don't think you have metatrader so I didn't post the template. If you do, let me know.
I am on metatrader with Forex4you because when I make use of a demo account it did not matter if I lose or not. Now I am on a 1cent account and believe me I am counting every cent I lose.

Please post your template.

Nice talking to you and the other pipping guys and gals

John from Durban
  • #40
  • Jul 28, 2011 4:14pm Jul 28, 2011 4:14pm
Thanks Hugh, now I learned a trick and that is to make a template of my charts and save them for later.

Are you working full time?

Me, I am a full time pensioner who can't sleep due to ± 40 years of shift work.

Plenty pips to all

John from Durban
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