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Scalping/Trading the TrendWay

  • #61
  • Jan 26, 2008 1:27am Jan 26, 2008 1:27am
Quoting Dreamliner
What website are you referring to? You can PM me if you'd prefer, as you've chosen not to allow PMs to yourself.

Try here for background:

http://en.wikipedia.org/wiki/Avonko

I have no working knowledge of this system. It apparently
works on the S&P 500.
Good Luck.
CE
I get exercise just pushing my luck
  • #62
  • Jan 26, 2008 10:11am Jan 26, 2008 10:11am
Hello Marci,

When I first started trading years ago, I was in love with indicators. Fortunately, it was a short lived affair (it lasted as long as my first trading account.) Now, I trade using S/R, daily pivot points, and a few MA's over several TF's (Lever 70's Cornflower MA's on the 1H TF works well for my eyes.)

I trade eight currency pairs with two different TF's per pair (16 charts up all the time) during the London session while living on the West Coast of the U.S. Needless to say, this has given me cause to think about how to make the recognition of entry/exits faster to pick up over the different charts. This looks to be a good way to do it.

Thank you for sharing your approach to this great business.
  • #63
  • Jan 26, 2008 4:56pm Jan 26, 2008 4:56pm
Thanks for a great thread. Great for breakout trades.

Will follow with interest

Cheers
  • #64
  • Jan 27, 2008 11:17pm Jan 27, 2008 11:17pm
Hi GF,
Can you tell us more about PriceHawk2 EA?
I tried some research and found nothing.
Thanks much,
CE


Quoting GirlFlyer
There are as many systems available for trading as there are people doing the trading. I'm sure that what I am going to present you here is nothing really new, but if you want an extremely simple way to make quick trades and be successful at it, here you go.

I often trade through the course of the day looking to catch between 10 & 50 pips at a time. Some might call it scalping, others might just call it day trading... be what it may, but the method is accurate and profitable if you follow it rigidly. Statistics wise, I have traded this method 16 times this week and only had to take a loss on it 1 time. That = 93.75% accuracy.

Also, you can follow this system for basically any time frame you want. The larger the time frame, obviously, the longer you will have to wait on returns.

Ok, the details... really simple.

Entry:

On your chart, find your low points and your high points. Plot your trend lines through connecting points starting at major highs or major lows. When the price breaks above or below your trend line, look for a change in direction of the price. At that point, you would go long or short. See chart for example.

Exiting:

One of two ways, either you hit your profit target in which you get out at that level, or when the trend line for your trade is broken and the price begins to go against you. You must exit when the trend you are working is broken. This concept is important when scalping. Because price action can move quickly against you and you can be caught in a direction you don't want to be in. If you get out when the trend changes even if you're at a loss, you reduce your risk and move on to the next trade. It doesn't take long to make a loss up. However, I still recommend you use some form of stop in case you get a power failure/internet loss.

On the attached chart, you will find an example using the Eur/Jpy. The redline represents the trend line. The shaded ellipse shows the trend break and where you enter your trade short at (in this case). Speed is of necessity when making trades because things can go quickly as in this example. Also, I have arrows marking the highs and lows on this chart which make it easy to plot your points through on your trend line. On down trends, just draw your trend through the high points, and of course up trends, the trend is drawn using the low points.

If you follow this method only, I feel you can be fairly successful with your trading. Use common sense and trade in the direction of the market sentiment.

Good luck with all and feel free to send questions.

Marci
aka GirlFlyer
I get exercise just pushing my luck
  • #65
  • Jan 28, 2008 5:46am Jan 28, 2008 5:46am
Quoting cce
Hi GF,
Can you tell us more about PriceHawk2 EA?
I tried some research and found nothing.
Thanks much,
CE
CE,

That EA is an unpublished EA of my own. It is an experimental EA at this time that I am writing that attempts to trade the method of which I outline in this system. As of this time I have not released it to the public. I may eventually do so as I did with my other EA called "Flyer!".

GF
  • #66
  • Jan 28, 2008 5:48am Jan 28, 2008 5:48am
Quoting oztrader
Thanks for a great thread. Great for breakout trades.

Will follow with interest

Cheers
Thanks for the comments. Always appreciate knowing from those that find my suggestions helpful.

GF
  • #67
  • Jan 28, 2008 7:12am Jan 28, 2008 7:12am
Hi Everyone,

I'm attaching a chart of the Aud/Jpy with some comments and views on how to trade in this situation.

This is a recent 5M chart of the Aud/Jpy. Since Friday it has been on a down trend as the markets tumble once again. However, if one wanted to catch it on the reversal of that downtrend, what do you look for? This morning the pair reversed out of the downtrend and jumped back up almost 100 pips. While you may not have been able to take advantage of that full 100 pips (as of time of writing this), you certainly could have gotten a portion of it.

Okay, the chart. Area 1 shows the first break of the downtrend, but this area shows a very weak uptrend that formed in place of it (notice the angle of the uptrend line is nearly flat). This would be a bad time to go long as the uptrend line is weak (in the sense of how fast it is rising).

Area 2. Downtrend resumes as predicted (Note. A person could have gone short here as well)

Area 3. Downtrend line broken by price action rapidly and strongly. This signifies a better chance of a significant trend change. Excellent point to go long here.


As I write this, the pair continues up, if you entered on this pair at the break in area 3, your trade could easily be up about 80 pips right now with no visible sign of the trend breaking back down.

Sigh, unfortunately I wasn't in this trade myself because I was already in others. However, I wanted to show it to you all because it was an excellent example of catching a trend reversal.

Good luck to all and hope you find this helpful.

Marci (GirlFlyer)
Attached Image (click to enlarge)
Click to Enlarge Name: audusdexample5M copy.jpg Size: 178 KB
  • #68
  • Jan 28, 2008 9:10am Jan 28, 2008 9:10am
Look at the Trendline on 5 minute GBP/CHF. The trendline has created support for the last 10 hours, but now has broken the trendline.

Sell at 2.163

Let's see what happens
  • #69
  • Jan 28, 2008 11:50am Jan 28, 2008 11:50am
Marci..

Decided to see what using the 15 min. chart would do with respect to Tl breaks regarding the GBP/USD.

Based on my experience trading ma crossovers, I installed an RSI (9) as a filter, going with the break only if it crossed 50% line in the direction of the TL break.

From last night to this morning, it kept me out of one trade and nailed 3 others. Total net pips = +98.
"I know how hard it is for you to put food on your family." George W. Bush
  • #70
  • Jan 28, 2008 12:55pm Jan 28, 2008 12:55pm
Quoting Piece Of The Pie
Look at the Trendline on 5 minute GBP/CHF. The trendline has created support for the last 10 hours, but now has broken the trendline.

Sell at 2.163

Let's see what happens
You're exactly right. Dropped to 2.159 or so... should have been able to grab 30 to 40 pips.

GF
  • #71
  • Jan 29, 2008 1:21am Jan 29, 2008 1:21am
Thanks Marci,
I'll look forward to it's successful release. Thanks, again, for your input to this forum.
CE


Quoting GirlFlyer
CE,

That EA is an unpublished EA of my own. It is an experimental EA at this time that I am writing that attempts to trade the method of which I outline in this system. As of this time I have not released it to the public. I may eventually do so as I did with my other EA called "Flyer!".

GF
I get exercise just pushing my luck
  • #72
  • Jan 29, 2008 9:02am Jan 29, 2008 9:02am
Same story, different morning.....Look at the Trendline on 5 minute GBP/CHF. The trendline has created support for the last 10 hours, but now has broken the trendline.

Sell at 2.174

Let's see what happens
  • #73
  • Jan 29, 2008 9:04am Jan 29, 2008 9:04am
Same story, different morning....Look at the Trendline on 5 minute GBP/CHF. The trendline has created support for the last 10 hours, but now has broken the trendline.

Sell at 2.174

Let's see what happens
  • #74
  • Jan 29, 2008 9:08am Jan 29, 2008 9:08am
Captured +32 pips in 1/2 hour
  • #75
  • Jan 29, 2008 9:34am Jan 29, 2008 9:34am
Quoting Piece Of The Pie
Captured +32 pips in 1/2 hour
Nice isn't it! I've been pick'in pips off the aud/jpy all day too! Best one, got in on it at 94.7 around 8:30am GMT and out at 95.1 two hours later.

GF
  • #76
  • Jan 29, 2008 1:04pm Jan 29, 2008 1:04pm
Quoting GirlFlyer
Nice isn't it! I've been pick'in pips off the aud/jpy all day too! Best one, got in on it at 94.7 around 8:30am GMT and out at 95.1 two hours later.

GF
Hi Girlflyer.
Just wanted to ask if you would post your chart of the above trade? This is a nice system....a true example of K.I.S.S. However, you know what they say...............a picture is worth a thousand words.

Thanks in advance.
Cheers
  • #77
  • Jan 29, 2008 1:23pm Jan 29, 2008 1:23pm
Only spotted this triangle by accident. It'll be interesting to see where it goes from here.
Attached Image
  • #78
  • Jan 29, 2008 6:58pm Jan 29, 2008 6:58pm
its so simple..i already try it live and i got loss..i hit the wrong button..
i suppose to hit buy,but accidentally i hit sell...


but the rest is profit.
  • #79
  • Jan 31, 2008 9:10pm Jan 31, 2008 9:10pm
Is there an easy way to set an alert for when a trendline is broken so I don't have to stare at the charts?
  • #80
  • Jan 31, 2008 9:30pm Jan 31, 2008 9:30pm
Quoting Jared
Is there an easy way to set an alert for when a trendline is broken so I don't have to stare at the charts?
May be you can checkout the following post (it has a program for horizontal line or trendline break):
http://www.forexfactory.com/showpost...postcount=5545

You may need the sound files from the following post (if you decide to use the voice alerts):
http://www.forexfactory.com/showpost...postcount=5505

chandra
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