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Weekly Trend Trading Method

  • #221
  • Nov 4, 2009 3:48am Nov 4, 2009 3:48am
Quoting Mrezoot
Hey Lg,

Are you still in that USDJPY?

Looks like it finally falling!

I'm only -66 pips now..which is a big improvment

In it to win it!

Well I'm still in it at -70 pips and rising. I wanted to see an example of a failed trade and I guess I'm seeing it now. Guess I had to enter it to see it, as per usual.
  • #222
  • Nov 4, 2009 5:58am Nov 4, 2009 5:58am
Quoting Mrezoot
Hey Lg,

Are you still in that USDJPY?

Looks like it finally falling!

I'm only -66 pips now..which is a big improvment

In it to win it!
My sell stop has not been triggered yet. I placed my sell stop at the close of the sunday candle at .89.67. I'm still waiting.
  • #223
  • Nov 4, 2009 6:02am Nov 4, 2009 6:02am
Quoting Scratch99
Well I'm still in it at -70 pips and rising. I wanted to see an example of a failed trade and I guess I'm seeing it now. Guess I had to enter it to see it, as per usual.
Hey Scratch. Because price went against you initially does not mean that it is a failed trade. Be patient and wait to see what happens. Price is not going to always go your way at the beginning, but eventually it'll get there. If it goes too much against you for your liking, then close the trade and wait for another signal. It's that simple.
  • #224
  • Nov 4, 2009 10:41am Nov 4, 2009 10:41am
Hi all trust your weeks are going well.

Got another question for you lgtj ... if you get a legitimate conservative signal how long would you wait for it to trigger as in my backtesting some trades i.e a short price would rally higher for 3 weeks then trigger you in and stop you out wondering if you have any guidelines for when you wouldnt take a legit trade. Thanks
  • #225
  • Nov 4, 2009 10:52am Nov 4, 2009 10:52am
So is there any specific rules you have for Sundays?

I noticed on the USDJPY (post#199) that all signs were there on Sun. night...

Yet you waited until Mon to SellStop? Why?

Quote
When this current candle closes(sunday candle), I'm going short on usdjpy.

Do you simply wait for another bar to form? ..... for reassurance?

Also...do you ever just place order, or do you always do BS/SS above/below previous candle to enter?

Just curious how/why you dodged that one?

Maybe it can help others have more optimal entry's....
  • #226
  • Nov 4, 2009 11:40am Nov 4, 2009 11:40am
Quoting kaaea
Hi all trust your weeks are going well.

Got another question for you lgtj ... if you get a legitimate conservative signal how long would you wait for it to trigger as in my backtesting some trades i.e a short price would rally higher for 3 weeks then trigger you in and stop you out wondering if you have any guidelines for when you wouldnt take a legit trade. Thanks
It depends on how close price is to an s&r level. Could you post an example for me.
  • #227
  • Nov 4, 2009 11:51am Nov 4, 2009 11:51am
Quoting Mrezoot
So is there any specific rules you have for Sundays?

I noticed on the USDJPY (post#199) that all signs were there on Sun. night...

Yet you waited until Mon to SellStop? Why?



Do you simply wait for another bar to form? ..... for reassurance?

Also...do you ever just place order, or do you always do BS/SS above/below previous candle to enter?

Just curious how/why you dodged that one?

Maybe it can help others have more optimal entry's....
The sunday candle, for ibfx, is an extension of the previous friday candle. Also the new weekly candle starts after the sunday candle closes. Besides, the sunday candle contains only two hours of price action. So I waited for the sunday candle to close, since it's an extension of the friday candle, to place my order. Some brokers don't have sunday candles on their platform such as fxdd. I don't know what BS/SS means, but I place my orders at the high/low of the signal candle.
  • #228
  • Nov 4, 2009 12:29pm Nov 4, 2009 12:29pm
Hi, heres an example of a trade on nzd-usd its a short trade and it doesnt trigger for many weeks also on the screen shot although you cant see it there was a long setup a week before this short setup, and the indicators didnt line up for 4 weeks would you still take that trade? Thanks
Attached Image (click to enlarge)
Click to Enlarge Name: nzdusd.JPG Size: 64 KB
  • #229
  • Nov 4, 2009 12:38pm Nov 4, 2009 12:38pm
Hello lgtj,
Thank you for starting this thread, I've been a casual follower of it for a while now. I don't trade time based charts, but find myself these days often referring to your setup when I want to see what the longer term trends are up to.
You should see how your template looks on 25 pip renko bricks sometime.
See my post here if you'd like to try it, only takes a few minutes to set up renko charts on mt4.
http://www.forexfactory.com/showpost...5&postcount=91
Keep up the great work guys...
PS: I added this rsi candle indi etc set to your rsi specs, how does it look?
Attached Image (click to enlarge)
Click to Enlarge Name: how trades look on eurjpy 11-4-09 25 pip renko bricks.gif Size: 19 KB
Attached File(s)
File Type: mq4 rsi chart bars.mq4   3 KB | 369 downloads
  • #230
  • Nov 4, 2009 12:38pm Nov 4, 2009 12:38pm
Quoting kaaea
Hi, heres an example of a trade on nzd-usd its a short trade and it doesnt trigger for many weeks also on the screen shot although you cant see it there was a long setup a week before this short setup, and the indicators didnt line up for 4 weeks would you still take that trade? Thanks
I would not take this trade because there is a support level just below that candle. Also looking at the previous candles, I saw a couple of 2ma cross signals, price really didn't move, and price was still above that support level. With all of those observations, I would not take a trade.
  • #231
  • Nov 4, 2009 12:44pm Nov 4, 2009 12:44pm
Quoting 45Fxguy
Hello lgtj,
Thank you for starting this thread, I've been a casual follower of it for a while now....
I like it. I'll give it a try. Thanks and welcome to this thread.
  • #232
  • Edited 9:48pm Nov 4, 2009 3:42pm | Edited 9:48pm
Here's the nzdusd chart that you posted earlier. Now that I'm home, I'm able to see the big picture. I placed two red lines on the chart. The second red line is the signal that you had a question about. Look between the two red lines and tell me what you see.
Attached Image (click to enlarge)
Click to Enlarge Name: nzdusd daily.gif Size: 38 KB
  • #233
  • Nov 4, 2009 4:19pm Nov 4, 2009 4:19pm
Quoting lgtj
The sunday candle, for ibfx, is an extension of the previous friday candle. Also the new weekly candle starts after the sunday candle closes. Besides, the sunday candle contains only two hours of price action. So I waited for the sunday candle to close, since it's an extension of the friday candle, to place my order. Some brokers don't have sunday candles on their platform such as fxdd. I don't know what BS/SS means, but I place my orders at the high/low of the signal candle.
Buy Stop / Sell Stop sry...

Ok so you place your Buy Stop and Sell Stop @ High/Low of signal day....Thanks!
  • #234
  • Nov 4, 2009 6:18pm Nov 4, 2009 6:18pm
EURUSD just gave a buy signal on the daily chart but I'm not convinced of this one. The RSI is just a hair above 50 and one of the slopes is still red. I also think it will head down.
  • #235
  • Nov 4, 2009 6:26pm Nov 4, 2009 6:26pm
Quoting 45Fxguy
Hello lgtj,
Thank you for starting this thread, I've been a casual follower of it for a while now. I don't trade time based charts...... 25 pip renko bricks.....
Hello and welcome 45Fxguy!

Just wanted to say that I also run along w/ the renko bars as well!

I'm an ol' C4-turned-Nitro-turned-Recycling Bin thread trader who now adapts these (Lg) "Longer/Bigger" term views to weed out the other half of my trades!
(The LOSERS and FALSE SIGNALS)

So far this has been an amazing addition!

Running each system on their own broker, I confirm Alpari US(renko) w/ Alpari UK(Weekly)

Staying w/ the overall trend, I'll only put in when I have my renko signs AND it is in favored direction.
(This also allows me to put in short-term trades when screen-time is available and long-term when not...or not desired... )

This has been an amazing filter for a system which I refused to let die w/ the thread that started my many amateur "light-bulb" moments.

This has helped tremendously!

Thank you again so much LG, and look forward to seeing your progress 45Fxguy!

Many pips to all!
  • #236
  • Nov 4, 2009 9:30pm Nov 4, 2009 9:30pm
Quoting Scratch99
EURUSD just gave a buy signal on the daily chart but I'm not convinced of this one. The RSI is just a hair above 50 and one of the slopes is still red. I also think it will head down.
Good observation.
  • #237
  • Nov 4, 2009 9:31pm Nov 4, 2009 9:31pm
Quoting Mrezoot
Hello and welcome 45Fxguy!

Just wanted to say that I also run along w/ the renko bars as well!

I'm an ol' C4-turned-Nitro-turned-Recycling Bin thread trader who now adapts these (Lg) "Longer/Bigger" term views to weed out the other half of my trades!
(The LOSERS and FALSE SIGNALS)

So far this has been an amazing addition!

Running each system on their own broker, I confirm Alpari US(renko) w/ Alpari UK(Weekly)

Staying w/ the overall trend, I'll only put in when I have my renko signs AND it is in favored direction.
(This also...
You're welcome.
  • #238
  • Nov 4, 2009 9:34pm Nov 4, 2009 9:34pm
Look at these daily charts. These are the most recent signals. Do we have any valid signals? If so, why? If not, why not?
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.gif Size: 34 KB

Attached Image (click to enlarge)
Click to Enlarge Name: usdcad.gif Size: 36 KB

Attached Image (click to enlarge)
Click to Enlarge Name: audusd.gif Size: 34 KB

Attached Image (click to enlarge)
Click to Enlarge Name: usdchf.gif Size: 38 KB

Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy.gif Size: 36 KB

Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy.gif Size: 35 KB
  • #239
  • Nov 5, 2009 1:45am Nov 5, 2009 1:45am
Might the USDJPY be dropping finally?

Let's hope for the sake of Scrath99 and I!

Back in the -70 range after a hairy week-open....

Come on 89.65!
  • #240
  • Nov 5, 2009 3:53am Nov 5, 2009 3:53am
[quote=lgtj;3209897]Look at these daily charts. These are the most recent signals. Do we have any valid signals? If so, why? If not, why not?

The only valid one I see is GBPJPY but I would not take this one because the overall trend is down. I have to go to work now. Man I hope this system works I hate work, I love this stuff. C'omon USDJPY,go go ..
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