Ben10 Trade The Trend

First and foremost - I am starting this thread for 100% selfish reasons. To put myself out there so I have to be held accountable.

I have been at this game for a minute. I have had some awesome days; my best day was + $12k. I've had some downright disastrous days; my worst day I entered (in the wrong direction) seconds before a news release without a stop and every time i tried to place one the market outran me... I lost about $6k in 3 minutes.

I have problems whenever I get cocky and think I am a market wizard (must read books). When I am a boring slug, trading what the markets give, I actually make money. This thread is a public forum to make sure I do what I am supposed to do. Feel free to subscribe and follow my evolution - who knows, maybe you'll learn something, but I'm not making any promises.

My style
I am a trend trader. When I am disciplined, I only trade in the direction of the trend. I also use the weekly open as a guide. If price is below the weekly open - I'm only going to short. If price is above the weekly open, I will definitely be long.

I also use fractals to determine market structure. I only go long after a breach of a market structure high and I short on a break of market structure lows.



The indicators on the chart are:

1. FractalsMod
2. half-trend nrp
3. FFCal Headlines
4. Open levels nmc

All of these can be found in other threads right here on FF.

Tomorrow, I'll add a public explorer to further hold me accountable.

Ben10 - The name

The namne Ben10 actually has nothing to do with trading. My boys (I have 2) loved the cartoon Ben10. When I moved to South Africa a few years back, women of means would refer to certain men as Ben10's. After a while I learned that a Ben10 was a man who was taken care of by a Sugar Momma! I got such a kick out of the concept of grown men being made into sexual objects by rich women that it stuck. It just amuses me. Not to mention my middle name is Benjamin. So if there are any wealthy women who want to fund me, I know the rules!

Indicators

Benjamin, this is THE COOLEST thread name I have ever seen on FF! (bow)!

The way you describe your trading style is simply fantastic, too! I am afraid most readers here do not give a fak about OCHL prices, so your super cool trading style (in my opinion, it sound super simple as well) will likely remain unnoticed and maybe you will have to look around for new threads that will turn you into an accountable person here.

Of course, you have one more option. To quadruple your account base money size of lets say $1,000, every (next) week. Then they will love you. Anything that makes 400-500% a month, preferably over, catches their full attention, immediately!

From the few lines you wrote, you have to be really cool person and dad!

Good luck from me!

Thread sounds good to me Iam also trend trader!

Looks simple to follow. you just long/short when it breaks the fractal high or low?

You should upload the indicators that you mentioned. Yes people can go searching for them but it makes life easier for all you just post them yourself, otherwise you will only be asked over and over again for them which will probably annoy you in the end and possibly distract/detract from your aim. And also I think it is the right thing to do in the Trading Systems forum. But hey that's just my opinion....good luck with your thread mate.

Settings for indis?

Excellent point! I'll upload them to the first post.

If you look at the price action on GBPJPY, you see that price was above the weekly open and making higher highs (HH) until it didn't.

We get a lower high - time to sit up and pay attention.

To be absolutely sure the direction is changing we want price to paint a new lower low (LL). In this scenario there is a possibility of price taking out the previous higher low (as it just did as I was typing this - LOL).

I need to pay attention - markets are moving!

EURAUD - making higher highs. Buy every break.

Not quite that simple. First I look at where price is in relation to the weekly open. Then I like to look at market structure. If price action prints a higher high (HH) and then a lower high (LH) and price is above the weekly open I will look to get long when price breaks the previous high.

Does that make sense?

Have a look at EURNZD

yes that makes sense, thanks for your advice!

Hi. Interesting thread. I would have a few questions if you don't mind. Would you open a new trade at each new breakout in the trend direction? Do you trail? Also, what's your preferred way to close your trades? Do you have targets or simply close them as a basket after profit reached? Sorry for flooding you, but I think (and I'm sure you will agree) trade management is even more important than entries. Thanks

I always look at market structure before deciding. I also pay attention to price itself. For example - if I see a lot of long wicks - bob wired fences - i proceed with caution. If price is making a series of higher highs without making a lower low - yes that is a strong trend and you should take every entry possible. If you do get a lower low - then you have to take a step back and determine if the trend will continue or if its done.

As I type this I realize that there is a bit of experience required - you have to have a feel for the pair you are trading. My suggestion would be to focus on ONE pair. Only trade that one pair so you can see the little patterns and nuances that each pair has. Some pairs stop at round numbers 00, while some stop at 94 and others at 87 or 80. Knowing this will allow you to make educated guesses about entries.

As far as exits - I only trade in multiples. I always take a portion off as soon as I book 21 pips. Once I get 34 pips I move my stop to brek-even +13 and let the remaining portion of the trade to run until the trend changes or I get stopped out.

The hardest thing (to me) to do is to keep adding to your position during a strong trend. There is a science to this and in my opinion it is the best way to multiply your capital. If you have entered say 3 higher highs - and have not seen any significant pullbacks, you have built up a sizeable position and most of it should be protected and risk free. If the trend continues - you continue to grow your position and if the trend ends you still come out with some profits. This is really a discussion that could and should have its own thread.

To answer your question - yes trade management is critical. I am in the camp that when you catch a nice trend, you must protect yourself while maximizing your returns.

EURAUD



A little late to the party (by about 200pips) but still interested. Price has placed a new higher high and has respected the higher low. Given all the other factors, if price breaks through that swing high - I will join the party.

EURNZD has a similar looking chart, however there is some strong resistance at the freshly printed higher high (just look at a daily). With EURAUD, there is nothing but thin air above the high.

enochben

Do you enter the trade on the price break of the market structure high or low; or is it on the candle close above/below the market structure high/low? Thanks

I prefer to take the price break. Why? Because my first target is 21 pips. Usually the momentum of the break will give me at least that. If I get that push and at the close I see a shooting star or doji candle, I know to exit and try again later.

There is a lot of grey area involved in trading.

Given you typically use the price break, do you also, as a general rule, use pending vs market orders - saves you checking every hour?

Last question for now . Is it fair the say that the half trend indicator is not a key part of you trading decision at all? I am not sure why you have included it.

pending orders keep you disciplined.