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Trend Trading Chart Thread

  • #221
  • Nov 6, 2009 11:00am Nov 6, 2009 11:00am
Its been a poor week for trand trading, lots of sideways movment!
  • #222
  • Nov 8, 2009 8:30am Nov 8, 2009 8:30am
Hi All, I'm new here. I've found a lot of useful in this thread and I think it's time for me to post up a suggestion.

Does anyone else see this as a potential setup on NZD/USD?

Looking for a bounce off 0.7150 and a buy at 0.7200...
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  • #223
  • Nov 8, 2009 7:00pm Nov 8, 2009 7:00pm
Nice call on that one also a nice 50% fib taken from more recent daily trend line.
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  • #224
  • Nov 8, 2009 7:05pm Nov 8, 2009 7:05pm
+100pips locked in aud/usd post #177.
  • #225
  • Nov 8, 2009 8:24pm Nov 8, 2009 8:24pm
Quoting TradeOne
Hi All, I'm new here. I've found a lot of useful in this thread and I think it's time for me to post up a suggestion.

Does anyone else see this as a potential setup on NZD/USD?

Looking for a bounce off 0.7150 and a buy at 0.7200...
.

What is the trading plan here...going for the top...where is your target for profit...where is your hard stop in case she heads south.

I love trading plans where everyone says "yea I'm in."

Please tell us your plan.

thanks
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  • #226
  • Nov 8, 2009 8:42pm Nov 8, 2009 8:42pm
After a nice blow off the eurgbp has been falling to support around .8815/40.

Nice support from the daily and weekly chart.

If that does not hold further trouble to .8700 then onto .8450/00

I will be watching .8840/15 for a long term buying opp.

golferfx
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  • #227
  • Nov 9, 2009 5:04am Nov 9, 2009 5:04am
Quoting bazooki
do you do this manually (like jacko) or automatic (pip by pip)? i suppose you got stopped out usd/cad (100 pips profit?)? i entered @ 1.07, should have trusted the technicals and entered @ 1.0750!
Hi,

Yeah out for +100 on USD/CAD

I prefer to trail my stop manually. I will usually wait for price to get to the round number before moving my stop (for example E/U has just got to 1.5000 so I have moved my stop up to 1.4900). It is slightly discretionary in that if price got to 1.4995 I would still have moved my stop up however sticking with the 100 pip trail stop is fairly mechanical overall - which is why I like it.

Regards,

Dan

PS... I re-entered short on USD/CAD at 1.07 - hoping I might still catch a trendy move!
  • #228
  • Nov 9, 2009 5:07am Nov 9, 2009 5:07am
Quoting Brixton
Its been a poor week for trand trading, lots of sideways movment!
I don't know - I got in a good long position on E/U, a fair position on U/CAD and a good position on A/U

Regards,

Dan
  • #229
  • Edited 6:53am Nov 9, 2009 5:51am | Edited 6:53am
Quoting DanUK
Hi,

Yeah out for +100 on USD/CAD

I prefer to trail my stop manually. I will usually wait for price to get to the round number before moving my stop (for example E/U has just got to 1.5000 so I have moved my stop up to 1.4900). It is slightly discretionary in that if price got to 1.4995 I would still have moved my stop up however sticking with the 100 pip trail stop is fairly mechanical overall - which is why I like it.

Regards,

Dan

PS... I re-entered short on USD/CAD at 1.07 - hoping I might still catch a trendy move!
thank you for the explanation, I also do believe you have more control trailing manually. usd/cad looking good!

did you already move your stop A/U to 0.92, or -- if it doesn't reach 0.93 today and turns south -- you would eventually still move it to 0.92? hypothetically speaking of course

edit: at the time of posting, AU daily high @ 9292 and price around 9270, it just reached 9295+, as you explained with EU you would have moved the stop in this case.
  • #230
  • Nov 9, 2009 6:09am Nov 9, 2009 6:09am
Quoting golferfx
.

What is the trading plan here...going for the top...where is your target for profit...where is your hard stop in case she heads south.

I love trading plans where everyone says "yea I'm in."

Please tell us your plan.

thanks
The market is at 0.7378 now so it looks like we're missing out on this one but I would go with a 100 pip trailing stop (moving it along manually) and let it ride until it gets stopped out. I think this is the way Dan would play it...
  • #231
  • Nov 9, 2009 6:46am Nov 9, 2009 6:46am
Quoting DanUK
Hi,

Yeah out for +100 on USD/CAD

I prefer to trail my stop manually. I will usually wait for price to get to the round number before moving my stop (for example E/U has just got to 1.5000 so I have moved my stop up to 1.4900). It is slightly discretionary in that if price got to 1.4995 I would still have moved my stop up however sticking with the 100 pip trail stop is fairly mechanical overall - which is why I like it.

Regards,

Dan

PS... I re-entered short on USD/CAD at 1.07 - hoping I might still catch a trendy move!

In both trades aswell

Nice and simple.

How it should be.

It amazes me how we overcomplicate things lol!

KISS (not literally of course ha).
  • #232
  • Nov 9, 2009 6:48am Nov 9, 2009 6:48am
Quoting bazooki
thank you for the explanation, I also do believe you have more control trailing manually. usd/cad looking good!

did you already move your stop A/U to 0.92, or -- if it doesn't reach 0.93 today and turns south -- you would eventually still move it to 0.92? hypothetically speaking of course
Yes that's right - if it misses the target by just a few pips I would still be happy to move my stop up.

Regards,

Dan
  • #233
  • Nov 9, 2009 6:56am Nov 9, 2009 6:56am
Quoting Pipalicious
In both trades aswell

Nice and simple.

How it should be.

It amazes me how we overcomplicate things lol!

KISS (not literally of course ha).
Me too. I have tried a few different trading methods but trend trading on H4/Daily charts has made my life much easier. My biggest problem has always been getting in my own way - I over analyse too much. Once you learn to use just a couple of simple trendlines and follow the trend it makes trading much, much easier. Actually some trades, like my last few on E/U, have been so simple that it almost seems unfair!

Regards,

Dan
  • #234
  • Nov 9, 2009 7:08am Nov 9, 2009 7:08am
Quoting DanUK
Hi,

Yeah out for +100 on USD/CAD

I prefer to trail my stop manually. I will usually wait for price to get to the round number before moving my stop (for example E/U has just got to 1.5000 so I have moved my stop up to 1.4900). It is slightly discretionary in that if price got to 1.4995 I would still have moved my stop up however sticking with the 100 pip trail stop is fairly mechanical overall - which is why I like it.

Regards,

Dan

PS... I re-entered short on USD/CAD at 1.07 - hoping I might still catch a trendy move!...
Hi Dan,
why did you short U/CAD at 1.07? any reversal sign or just because it near the down TL? isn't that too late to put at 1.07?
  • #235
  • Nov 9, 2009 7:44am Nov 9, 2009 7:44am
Quoting carrot_yuli
Hi Dan,
why did you short U/CAD at 1.07? any reversal sign or just because it near the down TL? isn't that too late to put at 1.07?
Hi,

Why would it be too late? Could you explain what you mean by that?

I shorted originally at 1.0800 and was closed out at 1.0700 for +100 pips. Price then went back up to the trendline and bounced off of 1.0750 giving me an entry at 1.0700. Does that make sense?

Regards,

Dan
  • #236
  • Nov 9, 2009 8:10am Nov 9, 2009 8:10am
Quoting DanUK
Hi,

Why would it be too late? Could you explain what you mean by that?

I shorted originally at 1.0800 and was closed out at 1.0700 for +100 pips. Price then went back up to the trendline and bounced off of 1.0750 giving me an entry at 1.0700. Does that make sense?

Regards,

Dan

The professional says that u should have a plan and my plan is to short at 1.0800 (because the down TL) but it didn't get there. When i saw it now i think i miss the trade where i should be selling at 1.0750 and because i think 1.0700 is to low from the TL. i can't get the fear away from taking the trade that already move too many from my target its just doesn't look good.
Looking at your trade reminds me that it will never be perfect. Nice trade Dan!
  • #237
  • Nov 9, 2009 8:26am Nov 9, 2009 8:26am
Quoting carrot_yuli
Looking at your trade reminds me that it will never be perfect. Nice trade Dan!
Yes that's right. You should have a plan and stick to it but at the same time you need to be remember that all these tools (trendlines, fibs etc) are subjective and should be used as a guide to the right area only - it's not an exact science. Part of the job is learning to feel the way when things don't go exactly to plan!

Regards,

Dan
  • #238
  • Nov 9, 2009 8:32am Nov 9, 2009 8:32am
USD/JPY has been hanging around 89.75-90.25. I've been trying to get in at around 90.50-91.00. Looks like this one's running away from me as well...
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  • #239
  • Nov 9, 2009 8:48am Nov 9, 2009 8:48am
+200 now locked in aud/usd post#177.
  • #240
  • Nov 9, 2009 9:18am Nov 9, 2009 9:18am
Quoting DanUK
Yes that's right. You should have a plan and stick to it but at the same time you need to be remember that all these tools (trendlines, fibs etc) are subjective and should be used as a guide to the right area only - it's not an exact science. Part of the job is learning to feel the way when things don't go exactly to plan!

Regards,

Dan
That, IMHO is THE way to long term success.

This isnt a science and never will be. Discretion in my terms is basically experience and time put into the markets. And we NEED discretion if we want the markets to feed us haha.

Great thread guys and gals!

Keep it up!
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