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Trend Trading All Pairs

  • #321
  • Dec 3, 2009 6:31pm Dec 3, 2009 6:31pm
Quoting Musashi
Could of possibly taken this trade on the Pound m15 Chart.
That might work out good, but that trend is a little young for me. I like to see a little history on the trend to make sure it is doing what it is supposed too.

--NM
  • #322
  • Dec 3, 2009 6:39pm Dec 3, 2009 6:39pm
I think it will. I took entry off of M5. Target will be next round number for half position if it gets there.
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  • #323
  • Dec 3, 2009 6:46pm Dec 3, 2009 6:46pm
Finally, yesterday made 65 pips on usdjpy long. It's been a long time since I've made anything. Tired of loosing, probably just got lucky.

Anyway could you tell me if I'm off in left field here on usdjpy. It has now retraced to Fib 23.6 and almost hit the SMA30 on the 1H. On the 15MIN it has gone a hair lower than the 100 SMA. Would a good place to go in be between 88.20 and 88.25 or should one wait till 88.29 which is the high of the last candle? Would you wait for a 15 min close at those levels or jump right in when it gets there?

This is a grat thread and I hope to learn a lot. Thanks for starting this and sharing your knowledge.
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  • #324
  • Dec 3, 2009 6:46pm Dec 3, 2009 6:46pm
Quoting Musashi
I think it will. I took entry off of M5. Target will be next round number for half position if it gets there.
Thats a good entry, you have more guts than I have, I do not like trading those smaller time frames. But this may hit your target it has a lot of momentum.

--NM
  • #325
  • Dec 3, 2009 6:56pm Dec 3, 2009 6:56pm
Quoting Scratch99
Finally, yesterday made 65 pips on usdjpy long. It's been a long time since I've made anything. Tired of loosing, probably just got lucky.

Anyway could you tell me if I'm off in left field here on usdjpy. It has now retraced to Fib 23.6 and almost hit the SMA30 on the 1H. On the 15MIN it has gone a hair lower than the 100 SMA. Would a good place to go in be between 88.20 and 88.25 or should one wait till 88.29 which is the high of the last candle? Would you wait for a 15 min close at those levels or jump right in when it gets there?

This is...
I personally would not just jump right in at any level. The fib number is good, but for me the retracement is not deep enough. I am really picky though, I look for a retracement between 38 and 61. I do not look for any particular fib number just the area, however I do look for a conluence of S/R to come together in that FIb window.

Then when the retracement gets to the area of S/R I look for a reversal pattern to develop and then place the entry based on that. Some of the more riskier traders will trade that 23 and also the 76 fib I however prefer not too unless there is such a strong confluence of S/R at that level.

--NM
  • #326
  • Dec 3, 2009 7:00pm Dec 3, 2009 7:00pm
Quoting Scratch99

Anyway could you tell me if I'm off in left field here on usdjpy. It has now retraced to Fib 23.6 and almost hit the SMA30 on the 1H. On the 15MIN it has gone a hair lower than the 100 SMA. Would a good place to go in be between 88.20 and 88.25 or should one wait till 88.29 which is the high of the last candle? Would you wait for a 15 min close at those levels or jump right in when it gets there?
If price is dropping best not to go long when it's going down.

Wait for it to show you that it is going back up again before considering going long.

Biggest Mistake anyone can make is trying to pick a bottom or a top in the market.
  • #327
  • Dec 3, 2009 7:01pm Dec 3, 2009 7:01pm
I would draw the FIB line from the very bottom candle (2009.11.26) on your 1 H chart instead. That shows the USD JPY has more room to fall still.

Quoting Scratch99
Finally, yesterday made 65 pips on usdjpy long. It's been a long time since I've made anything. Tired of loosing, probably just got lucky.

Anyway could you tell me if I'm off in left field here on usdjpy. It has now retraced to Fib 23.6 and almost...
  • #328
  • Edited 7:13pm Dec 3, 2009 7:02pm | Edited 7:13pm
Quoting Scratch99
Finally, yesterday made 65 pips on usdjpy long. It's been a long time since I've made anything. Tired of loosing, probably just got lucky.

Anyway could you tell me if I'm off in left field here on usdjpy. It has now retraced to Fib 23.6 and almost hit the SMA30 on the 1H. On the 15MIN it has gone a hair lower than the 100 SMA. Would a good place to go in be between 88.20 and 88.25 or should one wait till 88.29 which is the high of the last candle? Would you wait for a 15 min close at those levels or jump right in when it gets there?

This is...
Here is an example,
I am looking at the CHFJPY pair and the retracement has brought it down to the 38 Fib, along with that there is a previous swing high at that level, it is a small swing but it is there, and the price is in the area of the dynamic S/R MA lines, and there is a round number in place there along with the trendline. This is one where I am waiting a reversal and a break out of the retracement TL hoping for new highs. That makes sense?

--NM
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  • #329
  • Dec 3, 2009 7:02pm Dec 3, 2009 7:02pm
I understand what your saying. Thanks. The more I look at this the more I think it's coming together. I sure like this system and hope I get to understand it better. Thanks again.
  • #330
  • Dec 3, 2009 7:16pm Dec 3, 2009 7:16pm
Quoting NightMoves
Here is an example,
I am looking at the CHFJPY pair and the retracement has brought it down to the 38 Fib, along with that there is a previous swing high at that level, it is a small swing but it is there, and the price is in the area of the dynamic S/R MA lines, and there is a round number in place there along with the trendline. This is one where I am waiting a reveral and a break out of the retracement TL hoping for new highs. That makes sense?

--NM
I think I understand what your saying. I understand the FIB level. I can see you trend lines. I don't quite understand where you would enter would it be at the break of the trend line or at the top of the swing high? also do you wait for the setup candle to close at or above that level or do you get in at the time it hits that level?
  • #331
  • Dec 3, 2009 7:18pm Dec 3, 2009 7:18pm
Quoting Scratch99
I understand what your saying. Thanks. The more I look at this the more I think it's coming together. I sure like this system and hope I get to understand it better. Thanks again.
Just takes a little screen time to get used to seeing whats going on and to recognize the entry point, sometimes you can watch a setup develop for quite awhile just to watch it fall apart, but it is much better than just taking a chance on hope and a prayer.

--NM
  • #332
  • Dec 3, 2009 7:23pm Dec 3, 2009 7:23pm
Quoting Musashi
If price is dropping best not to go long when it's going down.

Wait for it to show you that it is going back up again before considering going long.

Biggest Mistake anyone can make is trying to pick a bottom or a top in the market.
Thanks Musashi. That's what I try to do most of the time but always seems to reverse on me for some reason. It doesn't seem to matter what I do, just seems that the opposite happens as soon as I do it. I think this system will help me out a lot. I guess I'll have to wait and see.
  • #333
  • Dec 3, 2009 7:24pm Dec 3, 2009 7:24pm
Quoting Musashi
No breakout of the triangle has happened this morning.

Looks like a pull back to retest some previous resistance levels is in order.
The E/J pair is in a nice area for a turn around back to the upside too, I have been watching that pair as well. It does have room to fall and with the US employment news coming out tomorrow I am suprised this pair is moving at all.

--NM
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  • #334
  • Dec 3, 2009 7:26pm Dec 3, 2009 7:26pm
Quoting Scratch99
Thanks Musashi. That's what I try to do most of the time but always seems to reverse on me for some reason. It doesn't seem to matter what I do, just seems that the opposite happens as soon as I do it. I think this system will help me out a lot. I guess I'll have to wait and see.
Excellent advice to anyone trading, do not guess the market let it tell you what is going to do. Dont try and predict it, becaue really it cannot be done.

--NM
  • #335
  • Dec 3, 2009 7:27pm Dec 3, 2009 7:27pm
Quoting Scratch99
Thanks Musashi. That's what I try to do most of the time but always seems to reverse on me for some reason. It doesn't seem to matter what I do, just seems that the opposite happens as soon as I do it. I think this system will help me out a lot. I guess I'll have to wait and see.
Musashi is a very wise man.
Mate Scratch99, try to read abour renko bars and use them in your decision making process and you'll be selecting right direction more and more times from trade to trade.
Key support and resistance levels are also very evident on renko charts.
  • #336
  • Dec 3, 2009 7:27pm Dec 3, 2009 7:27pm
Don't worry price reverses on me too mate. Like it is right now.

All I can say is concentrate on where you put your SL. The rest will take care of itself.

Nothing worse than getting stopped out early then watching price go onto reach the target after you get stopped out. Risking 1% on a 20 pip stop is the same as Risking 1% on a 50 pip stop.

If trading with wider stops you need bigger targets that's the only difference.

You will find in asian session the range for GBPUSD is around 50 pips - 75 pips on most days and having sl inside the range you are likely to get stopped out. Typically the range occurs between to 50 Pip round number intervals also.
  • #337
  • Dec 3, 2009 7:41pm Dec 3, 2009 7:41pm
WOW!!! Awesome help and advice guys. This is great. I've learned a lot already tonight. I guess it helps to ask questions. I hope one day I'll get good enough to give advice. Anyway reality has now set in and I have to go to bed because I have to work early tomorrow. No time to trade tonight, had to learn how not to loose money.

Where do I find these renko bars.

Thanks again guys.
  • #338
  • Dec 3, 2009 7:45pm Dec 3, 2009 7:45pm
I would sure like to see a bpc on this CHFJPY pair I think it wants to go without me...

--NM
  • #339
  • Dec 3, 2009 7:49pm Dec 3, 2009 7:49pm
Quoting Scratch99
WOW!!! Awesome help and advice guys. This is great. I've learned a lot already tonight. I guess it helps to ask questions. I hope one day I'll get good enough to give advice. Anyway reality has now set in and I have to go to bed because I have to work early tomorrow. No time to trade tonight, had to learn how not to loose money.

Where do I find these renko bars.

Thanks again guys.
Have a good night scratch99!!

--NM
  • #340
  • Dec 3, 2009 8:08pm Dec 3, 2009 8:08pm
Taking some heat on the pound trade.

Still got potential to make the target. Although has me concerned since GBPJPY is not breaking down. EURJPY shaping up nicely.
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