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Weekly Trend Trading Method

  • #181
  • Nov 1, 2009 3:40pm Nov 1, 2009 3:40pm
Hi lgtj,

I would not take this trade as it closed directly into 2 trend lines, and the bars are rather large meaning alot of risk placing stop at highs.
  • #182
  • Nov 1, 2009 3:53pm Nov 1, 2009 3:53pm
Quoting kaaea
Hi lgtj,

I would not take this trade as it closed directly into 2 trend lines, and the bars are rather large meaning alot of risk placing stop at highs.
You're 100% correct. This is a conservative valid signal. Although you have a valid signal, you don't just blindly take this trade because there's a lot of confluence below price(trend lines and pivot point). Also, that candle is too long as you pointed out kaaea. When I see extra long candles, most of the time there will be a retracement and some ranging before price begins to move again. Stay away from extra long candles!
  • #183
  • Nov 1, 2009 3:58pm Nov 1, 2009 3:58pm
Quoting lgtj
Look at this eurjpy daily chart. Is this a valid signal?
1) If so, why?
2) If not, why not?
3) Would you take the trade?
Attachment
i would take the short trade cause we have the 2ma crossover, slope color same and then rsi below 50. Please confirm if I am correct

Also it touches the monthly R2 and if we take it there at R2 its 137.55 and by the time the long candles are drawn the price i at 132.45 so its almost 500 pips gain
  • #184
  • Nov 1, 2009 3:58pm Nov 1, 2009 3:58pm
Hello all and a happy Sun. night opening!

I'm really glad you posted this Lg!

I was looking @ it this weekend....

The Support has been tested SEVERAL times and it is closing in.

While it did have a wicked retrace, likely just news and was continuing path south...hmmmm

My vote is no as of now....

Curious to see some other inputs on this... Maybe going short if it DOES break the support...however, it looks like its nugged past a few times..????

hmmm for SURE....
  • #185
  • Nov 1, 2009 4:02pm Nov 1, 2009 4:02pm
Here's another one. Look at this audjpy daily chart. On 10/28/09, we got a conservative valid signal(red line), but price bounced off of that resistance level and closed above it the next day. Then price penetrated through that resistance level the next day and closed below it.
1) Would this still be a valid signal?
2) Would you take this trade?
Attached Image (click to enlarge)
Click to Enlarge Name: audjpy.gif Size: 31 KB
  • #186
  • Nov 1, 2009 4:04pm Nov 1, 2009 4:04pm
Quoting Mrezoot
Hello all and a happy Sun. night opening!

I'm really glad you posted this Lg!

I was looking @ it this weekend....

The Support has been tested SEVERAL times and it is closing in.

While it did have a wicked retrace, likely just news and was continuing path south...hmmmm

My vote is no as of now....

Curious to see some other inputs on this... Maybe going short if it DOES break the support...however, it looks like its nugged past a few times..????

hmmm for SURE....
You're 100% correct. No trade.
  • #187
  • Nov 1, 2009 4:05pm Nov 1, 2009 4:05pm
AUD/JPY
I would take a trade just because everything is in place and close is below that support line, but as in first case we have too long candles. Too much risk is involved.
"All good things come to those who wait..."
  • #188
  • Nov 1, 2009 4:10pm Nov 1, 2009 4:10pm
Quoting TheFutureAce
i would take the short trade cause we have the 2ma crossover, slope color same and then rsi below 50. Please confirm if I am correct

Also it touches the monthly R2 and if we take it there at R2 its 137.55 and by the time the long candles are drawn the price i at 132.45 so its almost 500 pips gain
Yes, it's a valid signal because all of the signals agree, but it's not recommended that you take this trade because price did not break and close below the trend lines and pivot point. Also that candle is too long. Price respects trend lines and s&r levels. So, we don't know how price is going to respond at these levels.
  • #189
  • Nov 1, 2009 4:17pm Nov 1, 2009 4:17pm
Quoting lgtj
Yes, it's a valid signal because all of the signals agree, but it's not recommended that you take this trade because price did not break and close below the trend lines and pivot point. Also that candle is too long. Price respects trend lines and s&r levels. So, we don't know how price is going to respond at these levels.
thanks lj...still learning but I like the simplicity of this method
  • #190
  • Nov 1, 2009 4:21pm Nov 1, 2009 4:21pm
Quoting TheFutureAce
thanks lj...still learning but I like the simplicity of this method
You're welcome.
  • #191
  • Nov 1, 2009 4:27pm Nov 1, 2009 4:27pm
Quoting lostfx
AUD/JPY
I would take a trade just because everything is in place and close is below that support line, but as in first case we have too long candles. Too much risk is involved.
Yes, it's still a valid signal, but price is still above the 50sma and pivot point. Also, the lower trend line of the channel is not too far away, and the candle is extra long. Besides, audjpy is in a strong uptrend. With all of these facts, I would not take this trade. You're right about it being a very risky trade.
  • #192
  • Nov 1, 2009 4:36pm Nov 1, 2009 4:36pm
Hey lg

qq: what are these slope indicators? what do they signify and why use them only as 15 and 30?sorry if was asked before

thanks
  • #193
  • Nov 1, 2009 4:36pm Nov 1, 2009 4:36pm
I would not take AUD/JPY trade due to risk and sup levels being close. Just wondering lgtj did you take the weekly long on eur/jpy last week as it did trigger? or did i misunderstand what you where looking at. Thanks
  • #194
  • Nov 1, 2009 4:47pm Nov 1, 2009 4:47pm
Quoting TheFutureAce
Hey lj

qq: what are these slope indicators? what do they signify and why use them only as 15 and 30?sorry if was asked before

thanks
The slope indicators are used to confirm trend direction, that's all. I use these settings because they move with price action pretty good. If you change the settings you'll see for yourself.
  • #195
  • Nov 1, 2009 4:52pm Nov 1, 2009 4:52pm
Quoting kaaea
I would not take AUD/JPY trade due to risk and sup levels being close. Just wondering lgtj did you take the weekly long on eur/jpy last week as it did trigger? or did i misunderstand what you where looking at. Thanks
Yes I did take the eurjpy trade and it triggered, but price was not ready to continue north yet. I closed the trade with a loss, but that's forex for you. You win some and you lose some.
  • #196
  • Nov 1, 2009 4:53pm Nov 1, 2009 4:53pm
Ok thanks, yea loosings all part of any system no matter how good it may be just got to keep at it without being fearful or greedy.
  • #197
  • Nov 1, 2009 4:56pm Nov 1, 2009 4:56pm
lgtj what is your view on USD/JPY?
"All good things come to those who wait..."
  • #198
  • Nov 1, 2009 5:00pm Nov 1, 2009 5:00pm
Quoting kaaea
Ok thanks, yea loosings all part of any system no matter how good it may be just got to keep at it without being fearful or greedy.
Well said!
  • #199
  • Nov 1, 2009 5:05pm Nov 1, 2009 5:05pm
Quoting lostfx
lgtj what is your view on USD/JPY?
Ok The 2ma cross just appeared on my platform(red line). When this current candle closes(sunday candle), I'm going short on usdjpy.
Attached Image (click to enlarge)
Click to Enlarge Name: usdjpy.gif Size: 34 KB
  • #200
  • Nov 1, 2009 5:41pm Nov 1, 2009 5:41pm
I was checking my charts and look at what I saw. Gbpjpy daily is forming a conservative valid signal to go short. Price has bounced off of the upper trend line of the downtrend channel, and now it's forming a valid signal. I'm going to keep my eye on this one.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy.gif Size: 34 KB
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