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Trend Trading Chart Thread

  • #61
  • Sep 23, 2009 2:51pm Sep 23, 2009 2:51pm
Quoting IliaM
what u guys think to short GU at 1.6450 - 1.6500

its in a down trend and at 50% fib line, also it had shown few resistance points previously
Hi IliaM,

What makes you think G/U is in a down trend? I still see G/U as trading in a range and would therefore prefer a short position higher up, perhaps somewhere in the 1.6600 area - however, I am currently in a long trade on this pair so I won't be taking any shorts just yet!

Regards,


Dan
  • #62
  • Sep 23, 2009 7:12pm Sep 23, 2009 7:12pm
Quoting Pipalicious
Hi peeps.

I got in at 91,000

Been watching G/J aswell.
Its broke the descending 4h TL, also support of dailies ascending TL. its up over 100 pips already. Anybody get in?
Just now took a look at G/J. I see that it has retested and so far is holding the 4H TL. Its also just above the bottom of its current trading range.

Would that be enough to consider opening a long trade? I do have one question, with this pair the volatility is high what would you use as SL? 100? 150?

Over the last few days its been in the 100-120 range but last week it was closer to 200-250. Any suggestions? Other than steer clear?
  • #63
  • Sep 23, 2009 11:56pm Sep 23, 2009 11:56pm
Hi,

I've meant to follow other Forex pairs for some time now, but simply has to many other things in my calendar.

Anyway, on the 4H chart, there's a good opportunity to go long near 1.47. However, the daily chart tells me there's good chances for a retracement down to 1.45.

Thoughts on this, anyone?

regards,
beam
  • #64
  • Sep 24, 2009 1:55am Sep 24, 2009 1:55am
Quoting truckjrt
Just now took a look at G/J. I see that it has retested and so far is holding the 4H TL. Its also just above the bottom of its current trading range.

Would that be enough to consider opening a long trade? I do have one question, with this pair the volatility is high what would you use as SL? 100? 150?

Over the last few days its been in the 100-120 range but last week it was closer to 200-250. Any suggestions? Other than steer clear?
Hi,

I decided to pull the plug on my U/J trade last night. The reason being that U/J tends to respect the 50% fib retracement level in a trend... and when I saw the trade get stopped at the 50% level (see attached chart) I decided to get ready for action. As price started to shoot down I pulled it off for about 20 pips... not great but not a loss which is the main thing! This is one of those rare times when I will pull a trade... there aren't many times I will do that but sometimes you just know!

Regarding G/J - I will have a closer look later on when I have a bit more time but at a quick glance I think I would prefer a short position. Will report back on this later!

Regards,

Dan

PS... I'm not saying it won't go back up or that anyone in the trade is wrong... but I'm not comfortable with the action on it at the moment therefore it is best for me to stay out!
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  • #65
  • Sep 24, 2009 3:32am Sep 24, 2009 3:32am
Hi Dan,

out of curiosity, how much screen time do you invest? this level of tracking must be requirng you to be monitoring your trades a lot?
  • #66
  • Sep 24, 2009 4:24am Sep 24, 2009 4:24am
Quoting truckjrt
Just now took a look at G/J. I see that it has retested and so far is holding the 4H TL. Its also just above the bottom of its current trading range.

Would that be enough to consider opening a long trade? I do have one question, with this pair the volatility is high what would you use as SL? 100? 150?

Over the last few days its been in the 100-120 range but last week it was closer to 200-250. Any suggestions? Other than steer clear?
Hi truckjrt,

Bear in mind im still learning and I dont want to missguide you.
I didnt take the G/J trade yesterday, it was an observation on my behalf that the 4h down TL was about to be broken. I observed on the dailies being at the bottom(ish) of the range, so im my opinion it would of been a long.

HOWEVER, the trade I mentioned was more aggresive in my terms because it was on the break. A more conservative approach would be (and I agree with) entering only when the down TL was tested as support (aka 1-2-3 pattern).

Thing is, if youd place your trade it wouldnt of been accepted since price just plumeted down like mad!

So right now I wouldnt even touch it (my opinion).

With regards to SL size its a case of testing like Dan says. Im currently backtesting and trying different sizes out since it is very volatile, so it will (maybe?) need a bigger stop to accomodate intra-day wiggle room...

Its just a case of testing and finding what works best mate

Hope that helps.

PS: Dan, hope you dont mind. Just wanted to share some insight into this.
  • #67
  • Sep 24, 2009 7:23am Sep 24, 2009 7:23am
Quoting Pipalicious
Hi truckjrt,

Bear in mind im still learning and I dont want to missguide you.
I didnt take the G/J trade yesterday, it was an observation on my behalf that the 4h down TL was about to be broken. I observed on the dailies being at the bottom(ish) of the range, so im my opinion it would of been a long.

HOWEVER, the trade I mentioned was more aggresive in my terms because it was on the break. A more conservative approach would be (and I agree with) entering only when the down TL was tested as support (aka 1-2-3 pattern).

Thing is, if...

Dan and Pip...Thanks for the advise. I didn't take the G/J trade. After thinking about it and looking at U/J and G/J a bit longer, I think the Yen crosses are just too volatile for me.
  • #68
  • Sep 24, 2009 9:11am Sep 24, 2009 9:11am
just took a buy USD/JYP its stopped again on daily trend line and again on 90.50 h4 trend line entered @91.00 will see how it goes.
  • #69
  • Sep 24, 2009 2:28pm Sep 24, 2009 2:28pm
Quoting coolshades
Hi Dan,

out of curiosity, how much screen time do you invest? this level of tracking must be requirng you to be monitoring your trades a lot?
Hi,

Probably not as much as I spend in this forum!!!

Seriously though, my actual trading doesn't require all that much screen time... I would say I probably spend an hour per day (usually in the evening) just going over my analysis and then I set alerts to let me know when price is at a level I am interested in.

Once I'm in a trade I will do the same... I try not to watch the trade as the market seems to know when you are watching! Kidding of course... but have you noticed your trades only seem to move when you're away from the screen!!

Regards,

Dan
  • #70
  • Sep 24, 2009 2:30pm Sep 24, 2009 2:30pm
Quoting Pipalicious
Hi truckjrt...

PS: Dan, hope you dont mind. Just wanted to share some insight into this.
That's cool, you're quite welcome to share! In fact I'll be after you if you don't continue to!!

Regards,

Dan
  • #71
  • Sep 24, 2009 4:05pm Sep 24, 2009 4:05pm
dan your thoughts on a possible entry long at 0.865?
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  • #72
  • Sep 24, 2009 4:39pm Sep 24, 2009 4:39pm
Quoting DanUK
That's cool, you're quite welcome to share! In fact I'll be after you if you don't continue to!!

Regards,

Dan

HAHAHA! cheers mate.

Im trying my best to learn this stuff. But you have helped me loads dude. For some reason everything started to square up for me personally when I came across your threads. you wouldnt believe it! so im very greatful for you sharing man! means a lot Dan.

Anyways, im of down the pub.

PS: Anyone brand spanking new(ish?) reading this. This stuff is gold....if you apply it.

No one, I mean no one can fail....if they dont quit. So keep going wit ya heads down! And enjoy the ride!
  • #73
  • Sep 24, 2009 6:13pm Sep 24, 2009 6:13pm
I long AUDUSD with target at .8800 and stoploss under .8600.

Good luck,
Simon
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  • #74
  • Sep 24, 2009 7:51pm Sep 24, 2009 7:51pm
Quoting DanUK
Hi,

Probably not as much as I spend in this forum!!!

Seriously though, my actual trading doesn't require all that much screen time... I would say I probably spend an hour per day (usually in the evening) just going over my analysis and then I set alerts to let me know when price is at a level I am interested in.


Regards,

Dan
Which alerts do you use? Do you use anything that will text the alert to you?
  • #75
  • Sep 24, 2009 10:36pm Sep 24, 2009 10:36pm
How about this? stoploss under 1.5900 and target at 1.6100 & 1.6400.
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  • #76
  • Edited 2:19am Sep 25, 2009 2:12am | Edited 2:19am
Quoting tentoerun
I long AUDUSD with target at .8800 and stoploss under .8600.

Good luck,
Simon

hi simon,

not sure why i came up with different stories, but i see 76.4 has been tested and i jump in again in 50...i could be wrong tho...he...he...he... stories of my life

hope we both got green pips

cheers


ps. dan, if you think my post not appropriate in your thread, please let me know, i remove it asap
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  • #77
  • Sep 30, 2009 8:49am Sep 30, 2009 8:49am
Hi dan, took a sell usd/jpy @90.00 thought it was a good 50%fib retrace bit of resistance @90.50 and still on a bearish downtrend any thoughts thanks.
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  • #78
  • Oct 1, 2009 1:41am Oct 1, 2009 1:41am
Quoting castlerock
Hi dan, took a sell usd/jpy @90.00 thought it was a good 50%fib retrace bit of resistance @90.50 and still on a bearish downtrend any thoughts thanks.
Hi Castlerock,

Can't argue with the logic of your trade! The only thing however is that I would have waited for price to actually hit 90.50 before placing the order - only that I am very strict about using round numbers. You do have the trend on your side though so I think you played the right card!

Regards,

Dan
  • #79
  • Oct 1, 2009 8:49am Oct 1, 2009 8:49am
Quoting DanUK
Hi Castlerock,

Can't argue with the logic of your trade! The only thing however is that I would have waited for price to actually hit 90.50 before placing the order - only that I am very strict about using round numbers. You do have the trend on your side though so I think you played the right card!

Regards,

Dan
Yes see your point there will keep the entry points objective thanks.
  • #80
  • Oct 5, 2009 10:00am Oct 5, 2009 10:00am
I am long the NZD/USD .72209 SL @ .71900. This market looks like a huge trend to me. It likes to stay away from resistance. I have been reading the Pain and Pleasure posts and like the ideas.
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