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Trend Trading All Pairs

  • #661
  • Dec 8, 2009 6:08pm Dec 8, 2009 6:08pm
Quoting Sutts
Thanks for the help NM. I think for now I'd best stick to pure trend trades and try to master one technique at a time. I understand target setting for those setups now but I'm not so sure about TPs for breakouts....just obvious resistance areas on higher TFs I guess.

I've been watching the hector vids and found them very useful. From what I can tell he's a nice genuine guy - not a common attribute of forex system vendors!

Cheers,

Dave
No problem Dave targets for breakouts are normally set by the pip distance they have been ranging in. Just a rull of thumb I think, but that is how I learned them, and flag targets are based on the length of the flag pole.

--NM
  • #662
  • Dec 8, 2009 6:11pm Dec 8, 2009 6:11pm
Quoting pipnut
The Gbp/Jpy just fell out of the triangle it was in.
The Usd/Jpy is crawling sideways to the SMAs.

pipnut
I seen it break out and then the pullback never stopped...LOL well maybe this is the big pullback after the big move today.
  • #663
  • Dec 8, 2009 6:21pm Dec 8, 2009 6:21pm
yes i hope

chris
Chris
  • #664
  • Dec 8, 2009 6:26pm Dec 8, 2009 6:26pm
Some bad news on the Yen, either push the PA up into the Fib Retracement areas and open some trades or blow right thru them.

pipnut
Even a blind squirrel finds a nut sometime.
  • #665
  • Dec 8, 2009 6:27pm Dec 8, 2009 6:27pm
usdjpy setting up on 30min with 50% but honestly i think we may get a deeper pullback off the 1H. any thoughts

chris
Chris
  • #666
  • Dec 8, 2009 6:27pm Dec 8, 2009 6:27pm
Its about time we started getting the pullback, time to reload the gun and shoot again...

--NM
  • #667
  • Dec 8, 2009 6:30pm Dec 8, 2009 6:30pm
So have a look at eurjpy. Is this a buy now or wait till it traces back to the trend line then buy or wait till it falls below support then wait for retrace then short? Or am I not getting it at all?
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy.gif Size: 53 KB
  • #668
  • Dec 8, 2009 6:30pm Dec 8, 2009 6:30pm
Quoting gctrading1
usdjpy setting up on 30min with 50% but honestly i think we may get a deeper pullback off the 1H. any thoughts

chris
On the GBPJPY it would not suprise me to see it retrace all the way back to the 146.00 level.

--NM
  • #669
  • Dec 8, 2009 6:31pm Dec 8, 2009 6:31pm
Quoting pipnut
Some bad news on the Yen, either push the PA up into the Fib Retracement areas and open some trades or blow right thru them.

pipnut
What is PA?
  • #670
  • Dec 8, 2009 6:32pm Dec 8, 2009 6:32pm
may be pulling back to test the trend line from the high yesterday
Chris
  • #671
  • Dec 8, 2009 6:32pm Dec 8, 2009 6:32pm
PA price action
Chris
  • #672
  • Dec 8, 2009 6:35pm Dec 8, 2009 6:35pm
Quoting Scratch99
So have a look at eurjpy. Is this a buy now or wait till it traces back to the trend line then buy or wait till it falls below support then wait for retrace then short? Or am I not getting it at all?
Scratch,

I personally will not trade against the trend, I will wait for it to come near the trend line.

--NM
Attached Image (click to enlarge)
Click to Enlarge Name: retrace.gif Size: 31 KB
  • #673
  • Dec 8, 2009 6:38pm Dec 8, 2009 6:38pm
Quoting NightMoves
Scratch,

I personally will not trade against the trend, I will wait for it to come near the trend line.

--NM
Sounds good. So would a chage of the present trend be when you rise above the major trend line. The big black line on your chart?
  • #674
  • Dec 8, 2009 6:40pm Dec 8, 2009 6:40pm
Quoting NightMoves
Scratch,

I personally will not trade against the trend, I will wait for it to come near the trend line.

--NM
yes that is the trend line i am talking about
Chris
  • #675
  • Dec 8, 2009 6:46pm Dec 8, 2009 6:46pm
Quoting gctrading1
yes that is the trend line i am talking about
Thanks. Therefore as far as tonight goes there probably is no trade out there because everything seems to be going back up for now and untilthe lower or upper trend lines are broken there would be no trade and at the time of a break of these trend lines, we would then wait fro a retrace then a continuation. Is this correct? I sure hope so.
  • #676
  • Dec 8, 2009 6:49pm Dec 8, 2009 6:49pm
Quoting Scratch99
Sounds good. So would a chage of the present trend be when you rise above the major trend line. The big black line on your chart?
Right now I would not long this pair until we know for sure it is going to climb back up again, we are at the 61.8 fib on the daily chart so anything can happen, but I need good confirmation before I take any long positions, but it could very well be headed back up again, but I will not place a trade based on a prediction I would rather just trade the PA it is much safer.

--NM
  • #677
  • Dec 8, 2009 6:54pm Dec 8, 2009 6:54pm
Quoting Scratch99
Thanks. Therefore as far as tonight goes there probably is no trade out there because everything seems to be going back up for now and untilthe lower or upper trend lines are broken there would be no trade and at the time of a break of these trend lines, we would then wait fro a retrace then a continuation. Is this correct? I sure hope so.
If we get a bounce off that trendline then I wil still be looking to short this. But again I need to see the PA before I place any trade then we can trade so Much safer. On this time frame I would say a long is out of the question for awhile until it starts showing some organization in that drection.

--NM
  • #678
  • Dec 8, 2009 6:56pm Dec 8, 2009 6:56pm
in MT4 is there any way to make a trendline alert? In ninja you can only have an alert at a price. Sure would be nice to be able to draw an alert.

chris
Chris
  • #679
  • Dec 8, 2009 6:56pm Dec 8, 2009 6:56pm
The E/J did seem to bounce off some strong support, on the daily but even then I would need confirmation on at least the 4hr chart to place a long entry.

--NM
  • #680
  • Dec 8, 2009 6:57pm Dec 8, 2009 6:57pm
Quoting gctrading1
in MT4 is there any way to make a trendline alert? In ninja you can only have an alert at a price. Sure would be nice to be able to draw an alert.

chris
MT4 only has price alerts.
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