Trend Trading Chart Thread | Page 13 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Are you a trend trader or a counter-trend trader? 29 replies

Trading bounces off daily chart trend lines 13 replies

Trend trading with 55EMAs on the Daily Chart 10 replies

Is Grid Trading (combined trend following and counter trend) Profitable? 3 replies

Attachments: Trend Trading Chart Thread
Exit Attachments

Trend Trading Chart Thread

  • #241
  • Nov 9, 2009 2:19pm Nov 9, 2009 2:19pm
after reading the first 155 pages of Jacko's thread this thread seems very similar my first question is: using the start of the present move at 4627 would I look at a 00 or 50 near the 50% retrace level to enter? for instance IF retrace from present level 5019, 50% and some horizontal support is around 4850-4800. Is this the Jacko method way to look at this? would post a chart but I also am old techno moron
  • #242
  • Nov 9, 2009 4:15pm Nov 9, 2009 4:15pm
Hey Dan,

What's your opinion on entry for USD/CAD?

I will most likely enter on a test of 1.0650, I'm assuming you would wait for a bounce off of this area and then look to go short at 1.6000??

How do you differentiate between a bounce and a small retracement? Is your criterion just that it drop 50 pips from your chosen area?

It seems like USD/CAD may be rolling over in the coming weeks to head back up, but there should still be some good short opportunities until I start seeing higher highs and higher lows on the daily.

Brennan
Attached Image (click to enlarge)
Click to Enlarge Name: usdcad4hr.gif Size: 50 KB
  • #243
  • Nov 9, 2009 4:17pm Nov 9, 2009 4:17pm
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?

Who says you gotta get out if your riding the trend. I think thats the main theme here....trend following.

Pick a basket of pairs and other products such as commodties,stock indexes, and make sure you watch them on a daily basis and you will prove it to yourself...that they trend alot longer than you can hang onto them!!

golferfx
Attached Image (click to enlarge)
Click to Enlarge Name: usdcad daily.gif Size: 19 KB
  • #244
  • Nov 9, 2009 10:16pm Nov 9, 2009 10:16pm
hello everyone. i missed the boat to go long on audusd. correct me if i am wrong. what i should do is to wait for a pullback to the 23.8% fibo which is roughly around 0.9150 and look to buy long from there. else if the retracement is stronger than expected then i will look to 0.9050 or 0.9000 which is in the area of the 38% fibo and go long from there.

am i wrong in my analysis?
Attached Image (click to enlarge)
Click to Enlarge Name: audusd.gif Size: 20 KB
  • #245
  • Nov 10, 2009 5:10am Nov 10, 2009 5:10am
Quoting lmturek11
after reading the first 155 pages of Jacko's thread this thread seems very similar my first question is: using the start of the present move at 4627 would I look at a 00 or 50 near the 50% retrace level to enter? for instance IF retrace from present level 5019, 50% and some horizontal support is around 4850-4800. Is this the Jacko method way to look at this? would post a chart but I also am old techno moron
Hi,

Yes this thread is basically an extension of using Jacko's method on other pairs/markets.

In my opinion the 50% retrace level (around 1.4800) represents a minimum distance for price to retrace before I would be interested in buying again (although I am currently in a long trade and would like to see things go higher first!). Also use trendlines drawn across the highs and lows to guide you. Keep it simple and remember that trading this method you may only be looking at 1 trade per week on E/U... sometimes even less!

Regards,

Dan
  • #246
  • Nov 10, 2009 5:17am Nov 10, 2009 5:17am
Quoting static
Hey Dan,

What's your opinion on entry for USD/CAD?

I will most likely enter on a test of 1.0650, I'm assuming you would wait for a bounce off of this area and then look to go short at 1.6000??

How do you differentiate between a bounce and a small retracement? Is your criterion just that it drop 50 pips from your chosen area?

It seems like USD/CAD may be rolling over in the coming weeks to head back up, but there should still be some good short opportunities until I start seeing higher highs and higher lows on the daily.

Brennan
Hi Brennan,

Yes I tend to use 50 pips as a rule because that is what I use on the two main pairs I trade (G/U and E/U). However, part of the reason I started this thread was to test things like the size of an influential bounce and stop loss etc. so I wouldn't argue if anyone wanted to test out different parameters (so long as we stick with the main rules). The reason I use 50 pips is because I use a 100 pip stop loss, so if my thinking is that 1.0700 will hold then an entry 50 pips below would show that the market had turned but also my stop loss is 100 pips away (50 pips behind the level I am hoping will hold). Hope that makes some sense!

With regards to the trade - it's hard to say exactly what I would do because time is also an element. If price were to start heading up now I would be considering an entry short in the 1.0700 area.

Regards,

Dan
  • #247
  • Nov 10, 2009 5:20am Nov 10, 2009 5:20am
Quoting herzog21
hello everyone. i missed the boat to go long on audusd. correct me if i am wrong. what i should do is to wait for a pullback to the 23.8% fibo which is roughly around 0.9150 and look to buy long from there. else if the retracement is stronger than expected then i will look to 0.9050 or 0.9000 which is in the area of the 38% fibo and go long from there.

am i wrong in my analysis?
Hi,

If price starts to drop now I will be looking for an entry around 1.9100 - that is the 50% retracement level (ish). I will also be watching where price is likely to intersect the trendline - if that is in the 1.9100 area too then even better!

50% is the only fib level (I know it's not actually a true fib level which is why I tend to refer to it as a retracement level not a fib level!) I pay attention to these days. But don't forget that trendlines are also an important part of the method and probably the hardest part to learn. Once you are comfortable with simple trendlines though things get much easier!

Regards,

Dan
  • #248
  • Nov 10, 2009 5:48am Nov 10, 2009 5:48am
Thanks for the update Dan, keep the good work up..
  • #249
  • Nov 10, 2009 7:48am Nov 10, 2009 7:48am
Dan, thanks for your help
  • #250
  • Nov 11, 2009 10:24am Nov 11, 2009 10:24am
Dan, which price area do you watch on EUR or GBP now? Just wondering to know your thinking and learn more about the system
thanks

ps I like your method and i've been following Jacko style too
  • #251
  • Nov 11, 2009 10:58am Nov 11, 2009 10:58am
Looking at G/$, would you consider move from 11/3, 6260 low to 11/9, 6841 high the current swing low to high? If so, here at 6550 seems 50% and 50 as round number. Is this the correct application of the methodology?
  • #252
  • Nov 11, 2009 1:10pm Nov 11, 2009 1:10pm
Hi Dan, are you seeing this as a potential trade?
Attached Image (click to enlarge)
Click to Enlarge Name: Optimized-GBPUSD.jpg Size: 93 KB
  • #253
  • Nov 11, 2009 9:18pm Nov 11, 2009 9:18pm
Quoting TradeOne
Hi Dan, are you seeing this as a potential trade?

Why worry about something you have no control over...why not wait for a trend to develope.

Pound is ranging and does not no what she wants to do. This is where 95% of traders lose all their money...trying to forecast/predict where the price will go.

Who knows...
  • #254
  • Nov 12, 2009 2:09am Nov 12, 2009 2:09am
Quoting carrot_yuli
Dan, which price area do you watch on EUR or GBP now? Just wondering to know your thinking and learn more about the system
thanks

ps I like your method and i've been following Jacko style too
Hi,

Well I am still in a long trade on E/U so I will be waiting for that to play out before looking for another position. If price were to drop now I think 1.4800 would be worth considering.

With G/U it is still too early to say - I think it is going up but the chart is still a bit too muddy for my liking. I probably won't be placing a trade on G/U until we get back into a trend - too risky at the moment for my style of trading.

Regards,

Dan
  • #255
  • Nov 12, 2009 2:11am Nov 12, 2009 2:11am
Quoting TradeOne
Hi Dan, are you seeing this as a potential trade?
Hi TradeOne,

I am certainly watching this but I am not keen on trading G/U until we are back into a defined trend. E/U is my preferred choice at the moment!

Regards,

Dan
  • #256
  • Nov 12, 2009 4:36am Nov 12, 2009 4:36am
Having said that I won't trade G/U it is interesting that we seem to be having a reaction at the 50% fib level and with confluence of the recent up-trendline... may be worth placing a small trade on it
  • #257
  • Nov 12, 2009 4:45am Nov 12, 2009 4:45am
Quoting DanUK
Hi TradeOne,

I am certainly watching this but I am not keen on trading G/U until we are back into a defined trend. E/U is my preferred choice at the moment!

Regards,

Dan
Why You didn't consider sell GBP either as now is on the top of the congestion area and usually its a good time to buy low n sell on high. I see your Eur trading journal and if i'm not mistaken u sell on top when you are in a congestion.
Thanks for your reply

ps: just pop up in my mind, u didn't consider sell because u still have a position on Eur which is buy so its kind of opposite to your position now? But how if you don't have any position standing?
  • #258
  • Nov 12, 2009 5:04am Nov 12, 2009 5:04am
Quoting carrot_yuli
Why You didn't consider sell GBP either as now is on the top of the congestion area and usually its a good time to buy low n sell on high. I see your Eur trading journal and if i'm not mistaken u sell on top when you are in a congestion.
Thanks for your reply

ps: just pop up in my mind, u didn't consider sell because u still have a position on Eur which is buy so its kind of opposite to your position now? But how if you don't have any position standing?
You've confused me a bit here!?

I have a long open on E/U from 1.47 (stop loss currently at 1.49). As long as E/U remains in an uptrend I won't be placing any sell orders - I only trade in the direction of the trend.

I do not have any open position on G/U. I would say that there is no confirmed trend here at the moment - if I was to take a sell it would have been at 1.6750 after price was rejected at 1.6800.

Does that help to clear things up?

Regards,

Dan
  • #259
  • Nov 12, 2009 6:05am Nov 12, 2009 6:05am
Quoting DanUK
I have a long open on E/U from 1.47 (stop loss currently at 1.49).
Just wondering, because it's discretionary, why didn't you move the stops to 1.4950 with a daily high yesterday very close to 1.5050?
  • #260
  • Nov 12, 2009 6:31am Nov 12, 2009 6:31am
Quoting bazooki
Just wondering, because it's discretionary, why didn't you move the stops to 1.4950 with a daily high yesterday very close to 1.5050?
I only move my stop once price has moved 100 pips... as I entered at 1.4700 I didn't move to breakeven until price got to 1.4800, then price got up to 1.4900 so I moved my stop to 1.4800 etc.

The only reason I do this is because it has proved to work for me in the past.

Regards,

Dan
0 traders viewing now