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Trend Trading All Pairs

  • #361
  • Edited 9:01am Dec 4, 2009 6:52am | Edited 9:01am
Quoting Musashi
Now ??

Musashi,

I looked at the pound trade you had going and were you able to get out of it before headed back north? Those real small TF trades are risky, I certainly have tried scalping on the smaller TF and I can honestly say I am no good at it. That is why I mentioned imo opinion that trend just did not have history of bouncing off the correct area for me to take it.

--NM
  • #362
  • Edited 8:15am Dec 4, 2009 7:34am | Edited 8:15am
NM,

Well I've taken my first trade using your setup - this was on the CHFJPY pair which I know you were watching. I realise that plenty of resistance lies above and my first TP (last swing high on H1) provides a very poor R:R but I'm more concerned at the moment with spotting entries and going through the motions.

Can I ask you to cast your eye over my attached setup and entry charts and perhaps comment on my entry please? Some things I'm unsure about are:

1. Would you have passed on this trade due to the last swing high being so close to the entry point? 1st target 18 pips with stop of 30 pips.

2. Would you have tucked your stop below the round number which was only 6 pips away?

3. Would you have been put off by the fact that price returned to test the horizontal support line a second time?

4. When the price pulled back after the initial bounce it broke back below the retracement TL - is that a problem?

5. Is your 1st target ALWAYS the last swing high on the setup chart?

Thanks again for your assistance. I really love these setups.

PS. 1st target met and up 70 plus on second as I write. I think I should have gone with GBPJPY instead though - much better reaction and better RR on first target - we live and learn! Any ideas for second target please?

Dave
Attached Image(s) (click to enlarge)
Click to Enlarge Name: SetupChart-1H-CHFJPY-b.GIF Size: 56 KB
Click to Enlarge Name: EntryChart-15M-CHFJPY-b.GIF Size: 60 KB
  • #363
  • Dec 4, 2009 8:26am Dec 4, 2009 8:26am
Quoting Sutts
NM,

Well I've taken my first trade using your setup - this was on the CHFJPY pair which I know you were watching. I realise that plenty of resistance lies above and my first TP (last swing high on H1) provides a very poor R:R but I'm more concerned at the moment with spotting entries and going through the motions.

Can I ask you to cast your eye over my attached setup and entry charts and perhaps comment on my entry please? Some things I'm unsure about are:

1. Would you have passed on this trade due to the last swing high being so close to...
HI Dave,
To answer your questions,

1: Yes I would have a waited on the the entry based on the time frame I was using it was getting very close to the previuos swing high, at the time I was watching it it was not that close, and the RN being so close would probabaly have made wait a little longer, a more aggressive trader would have taken it, I am not that aggressive and some times I miss entries, but I would rather be out of a trade I wished in that in a trade I wished I was out of .

2: Yes my stop would have been below the RN, again that is where you have to look at much you have at risk as compared to how much you are trying to gain. If the stops are too large for the target area then I pass on it. I was hoping the pair would have taken off much sooner than it did. But either way the setup was valid.

3: Not really put off by that fact as long as it it bounced back up and gave a clear entry.

4: My target 1st is always the previous swing high or low, and the second target is the ADR or the nearest RN to the ADR which ever is closer and then I just place my target just shy of that number in case the price does not quite reach it.

A very nice trade I was watching most of the yen crosses and they were all pretty much on agreement with each other, but the setup did not complete until after I called it a night.

Good Job sounds like you are catching on to this system in good fashion.

--NM
  • #364
  • Dec 4, 2009 8:29am Dec 4, 2009 8:29am
Quoting NightMoves
HI Dave,
To answer your questions,

1: Yes I would have a waited on the the entry based on the time frame I was using it was getting very close to the previuos swing high, at the time I was watching it it was not that close, and the RN being so close would probabaly have made wait a little longer, a more aggressive trader would have taken it, I am not that aggressive and some times I miss entries, but I would rather be out of a trade I wished in that in a trade I wished I was out of .

2: Yes my stop would have been below the RN, again that...
Dave,
Let me correct myself, your stop is exactly where it should have been, I think your stop is that yellow line and that is where it should be. Very nice trade!

--NM
  • #365
  • Dec 4, 2009 8:34am Dec 4, 2009 8:34am
Thanks for your support NM, much appreciated. I'm going to keep working this method until it becomes second nature.

I think I missed my opportunity to take my second TP near ADR which would have been around 89.00. It's a free trade now so I might just let it run.

Cheers,

Dave
  • #366
  • Dec 4, 2009 8:37am Dec 4, 2009 8:37am
Quoting Sutts
Thanks for your support NM, much appreciated. I'm going to keep working this method until it becomes second nature.

I think I missed my opportunity to take my second TP near ADR which would have been around 89.00. It's a free trade now so I might just let it run.

Cheers,

Dave
Nice job, If it looks like its running out of steam then I just tighten my stop and and just follow it, eventually it will run out of steam, so then intratade management takes over from there. Excellent work!!

--NM
  • #367
  • Dec 4, 2009 8:40am Dec 4, 2009 8:40am
Thanks
  • #368
  • Dec 4, 2009 8:47am Dec 4, 2009 8:47am
Quoting Sutts
Thanks for your support NM, much appreciated. I'm going to keep working this method until it becomes second nature.

I think I missed my opportunity to take my second TP near ADR which would have been around 89.00. It's a free trade now so I might just let it run.

Cheers,

Dave
The more you use the system the better you get, it was hard for me to use this system at first because I was so used to using indicators like MACD and Stochastics, and CCI , RSI ...etc and then all of a sudden those are all gone, so I had to get used to that part of it first, now I would rather have nothing on my charts except what you see on them.

And this is the only system I trade with and really the only method I trust, because it is real time price action trading and you cannot beat real time no lagging indicators except for the MA lines, and in this case they work perfect!

--NM
  • #369
  • Dec 4, 2009 8:58am Dec 4, 2009 8:58am
I see on the 4 hour chart that the CHFJPY is trying to cut a path through all that brush now.

--NM
Attached Image (click to enlarge)
Click to Enlarge Name: plowing through the brush.gif Size: 31 KB
  • #370
  • Dec 4, 2009 9:16am Dec 4, 2009 9:16am
Here is another example of how you can see the MA lines are showing how strong the trend is, you can see how nice it is bouncing off the 30 MA line pretty consistantly, then it starts to bounce off the 50 a few times and then soon it is testing the 100 MA and then evntually even the 100 gives way, so you can kind of guage the condition of the trend and it gives you somewhat of a warning that it might be running out of gas. So it kind of tells you that it might be getting close to the end.

--NM
Attached Image (click to enlarge)
Click to Enlarge Name: weakening.gif Size: 24 KB
  • #371
  • Dec 4, 2009 10:45am Dec 4, 2009 10:45am
Did anyone trade EUR-JPY today? There was a great entry on this pair. I avoided because of the news.
  • #372
  • Dec 4, 2009 10:50am Dec 4, 2009 10:50am
Quoting Brixton
Did anyone trade EUR-JPY today? There was a great entry on this pair. I avoided because of the news.
Hi Brixton,
I avoided all trades today bcause of the news and I do not trade Friday afternoons, however all the setups I was watching were reinforced by the news Which is always a good thing.

--NM
  • #373
  • Dec 4, 2009 11:00am Dec 4, 2009 11:00am
If you guys are interested in learning this whole system which there is alot more than I could cover on here; here is where I learned it:
http://www.hectortrader.com/coursechapter1.php

The first chapter is free and he covers a lot of info, and you can see the videos which gives a much better explanation of what is going than I have given here in this forum. There is enough info in the first chapter of videos to really explain this whole system.

So if you have nothing to do while the market is closed this weekend sit back and watch forex videos...LOL there is a lot of them.

I am not promoting his course, but really there is a lot of info just in that first chapter. And the explanations of S/R are better too because the videos help.

--NM
  • #374
  • Dec 4, 2009 11:07am Dec 4, 2009 11:07am
Thanks for the weakening trend graphic NM. Being an indicator guy I'd never noticed that behaviour before. The range seems to flatten and tighten up before the turn too. Great stuff.

Wish I could back track a few years and completely avoid getting caught up in bl**dy indicators. What a waste of energy that was.

Dave
  • #375
  • Dec 4, 2009 11:10am Dec 4, 2009 11:10am
Cheers for the Hector link, lots to go at there
  • #376
  • Dec 4, 2009 11:42am Dec 4, 2009 11:42am
Quoting Sutts
Cheers for the Hector link, lots to go at there
I Dave,
I know I got caught up in the indicator thing too and now I do not even use them, and I am actually making money. Some people have good luck I guess with them but there are so many false signals that I am really glad I do not use them any more. I find it much better to let the market tell me what to do rather than an indicator that conflicts with another indicator and so on an so forth. But anyway I hope the link helps explain this a little better than I have.

It kind of helps everyone when we are looking for the same type of setups and then we can all watch for them and alert each other when they develop and take as many pips from this as we can possibly get.

--NM
  • #377
  • Dec 4, 2009 1:10pm Dec 4, 2009 1:10pm
Yep, I'm a convert for sure. I'll post any setups I find and hopefully others will too. Looking forward to making a go of this.....

Cheers,

Dave
  • #378
  • Dec 4, 2009 1:23pm Dec 4, 2009 1:23pm
Quoting Sutts
Yep, I'm a convert for sure. I'll post any setups I find and hopefully others will too. Looking forward to making a go of this.....

Cheers,

Dave
Well hopefully if we all post the setups then everyone can benefit and leave here with more cash than they came in here with...

--NM
  • #379
  • Dec 4, 2009 10:22pm Dec 4, 2009 10:22pm
Hi NightMoves,
I stumbled across this thread and was glad to see that you are following the same method i looking to apply.

Are you taking any trades in a pair which is in a range?

By the way how many charts do you follow? Also are you a full time trader?( I am not but intended to become one).

Thanks
  • #380
  • Dec 4, 2009 11:23pm Dec 4, 2009 11:23pm
Quoting NightMoves
If you guys are interested in learning this whole system which there is alot more than I could cover on here; here is where I learned it:
http://www.hectortrader.com/coursechapter1.php

The first chapter is free and he covers a lot of info, and you can see the videos which gives a much better explanation of what is going than I have given here in this forum. There is enough info in the first chapter of videos to really explain this whole system.

So if you have nothing to do while the market is closed this weekend sit back and watch...
NM,

Thanks for providing the link to Hector's web site. Out of curiosity, did you take his course or did you simply use that 1st Chapter as a foundation for your trading strategy?

Thanks,
BC
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