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Trend Trading All Pairs

  • #1,361
  • Dec 17, 2009 1:04pm Dec 17, 2009 1:04pm
Quoting Custos
Hi, attached is the H1 audjpy setup chart.
This could become a I don't know how to call it, maybe AOB (Asian open breakout)?

Red lines marking the range made in the ny session. If it does break to the downside, just be sure to close part or all of the trade at the green S/R level line. And only enter that one if it triggers in the asian session, which still takes a while to open

best regards
Thanks for the heads up, I have that on my watch screen now.

--NM
  • #1,362
  • Dec 17, 2009 2:25pm Dec 17, 2009 2:25pm
Hey NM,

do you have a good strategy for times you can't be in front of your computer (like when you sleep)?
Cause I normally am in very deep sleep during the asian session, but those asian pairs just move so much during that time. I just feel I am missing out on thousands of pips if you add them all up. haha (well, not complaining about the pips I already make, but getting the "asian" pips would be nice as well).
I am talking here about asian open breakout trades.
  • #1,363
  • Dec 17, 2009 2:30pm Dec 17, 2009 2:30pm
Everyone who has posted here from three hours ago on in is mistaken. If you count waves from the smaller time frames up the patterns will often be distorted and most likely wrong. You need to start on the monthly chart first then go down to the smaller time frames. This chart explains how to acheive proper wave counts. It shows an alternate price projection (fibonacci expansion) for the wave 3 down trend on the monthly chart, for the EUR/USD. Here is the proper way to count the current wave 3 for the down trend:
Attached Image (click to enlarge)
Click to Enlarge Name: Elliot wave1.jpg Size: 35 KB
  • #1,364
  • Dec 17, 2009 2:43pm Dec 17, 2009 2:43pm
Quoting TaoTrader
Everyone who has posted here from three hours ago on in is mistaken. If you count waves from the smaller time frames up the patterns will often be distorted and most likely wrong. You need to start on the monthly chart first then go down to the smaller time frames. This chart explains how to acheive proper wave counts. It shows an alternate price projection (fibonacci expansion) for the wave 3 down trend on the monthly chart, for the EUR/USD. Here is the proper way to count the current wave 3 for the down trend:
hm, I always found elliott wave theory quite interesting. However, I never managed to make consistent profits with it. So are you saying according to elliott wave theory we are in a downtrend on the E/U?
  • #1,365
  • Dec 17, 2009 2:46pm Dec 17, 2009 2:46pm
Quoting Custos
hm, I always found elliott wave theory quite interesting. However, I never managed to make consistent profits with it. So are you saying according to elliott wave theory we are in a downtrend on the E/U?
Exactly. Please carefully follow my journal to understand this more. I will be regularly updating my trading method as well, which is where most of the day traders on here should be able to see their mistakes.
  • #1,366
  • Dec 17, 2009 3:06pm Dec 17, 2009 3:06pm
Quoting TaoTrader
Exactly. Please carefully follow my journal to understand this more. I will be regularly updating my trading method as well, which is where most of the day traders on here should be able to see their mistakes.
Elliot wave theory basically is trying to determine when the market is going to make a turn, we are more concerned about locating a trending market in any direction. I do understand EW theory and for the most part it can be a way to determine when a change is to take place.

We still need the trend to trade it however. But EW can be effective in possibly determining the change in direction.

--NM
  • #1,367
  • Dec 17, 2009 5:30pm Dec 17, 2009 5:30pm
Quoting NightMoves
Elliot wave theory basically is trying to determine when the market is going to make a turn, we are more concerned about locating a trending market in any direction. I do understand EW theory and for the most part it can be a way to determine when a change is to take place.

We still need the trend to trade it however. But EW can be effective in possibly determining the change in direction.

--NM
I am aware that most people here are day traders. You say you need the trend to trade it. I have been explaining to everyone since last night where the current trend is for pairs such as the EUR/USD. The trend is down, with monthly, weekly, daily and 4 hour confirmation. The 1 hour charts are distorted and unreliable. If you want to scalp or enter intra-day trades, Elliot Waves would clearly not be as reliable for you as they are for swing/position traders. See my journal if you want to learn more.
  • #1,368
  • Dec 17, 2009 6:34pm Dec 17, 2009 6:34pm
Quoting NightMoves
I expect the E/U to retrace once it gets to the 143.00 level.

--NM
you were right 1.4303 is the support
as I type this GBPCHF is in a free fall!!
  • #1,369
  • Dec 17, 2009 7:16pm Dec 17, 2009 7:16pm
well that small burst of energy slowed things down somewhat...

--NM
  • #1,370
  • Dec 17, 2009 8:21pm Dec 17, 2009 8:21pm
Quoting NightMoves
well that small burst of energy slowed things down somewhat...

--NM
yes, I droped 100 pips on my open trades.
If 4hr EU changes trend I'll exit and look for another short later.
Attached Image (click to enlarge)
Click to Enlarge Name: Capture.PNG Size: 41 KB
  • #1,371
  • Dec 17, 2009 8:34pm Dec 17, 2009 8:34pm
Quoting jado911
yes, I droped 100 pips on my open trades.
If 4hr EU changes trend I'll exit and look for another short later.
I was looking to get in but the bpc never finsihed, so I did not take the trade, then I thought it was setting up again, and once again no bpc, so I gave up on it for now. Sorry to hear about the 100 pips, there will be another shot at it I am sure.

--NM
  • #1,372
  • Dec 17, 2009 8:44pm Dec 17, 2009 8:44pm
Quoting NightMoves
I was looking to get in but the bpc never finsihed, so I did not take the trade, then I thought it was setting up again, and once again no bpc, so I gave up on it for now. Sorry to hear about the 100 pips, there will be another shot at it I am sure.

--NM
not following what is bpc?
and I'm still up 500 pips, was 600
  • #1,373
  • Dec 17, 2009 8:59pm Dec 17, 2009 8:59pm
Quoting jado911
not following what is bpc?
and I'm still up 500 pips, was 600
bpc is breakout pullback, and continuation. 500 pips is pretty darn good pippage.

--NM
  • #1,374
  • Dec 17, 2009 9:03pm Dec 17, 2009 9:03pm
Quoting NightMoves
bpc is breakout pullback, and continuation. 500 pips is pretty darn good pippage.

--NM
can you explain pull back to me, is it when price encountered by S or R?

once in a blue moon
  • #1,375
  • Dec 17, 2009 9:22pm Dec 17, 2009 9:22pm
Quoting jado911
can you explain pull back to me, is it when price encountered by S or R?

once in a blue moon
Hi jado911,
The bpc is where price breaks a trendline or a S/R level, and then pulls back and then contimues on. Here is a chart showing the bpc, or some call it a 1-2-3 formation. It works on all trends no matter what the TF is. The entry is placed right when the continuation clears #2 and SL is placed behind #2. make sense?

--NM
Attached Image (click to enlarge)
Click to Enlarge Name: bpc.gif Size: 22 KB
  • #1,376
  • Dec 17, 2009 9:27pm Dec 17, 2009 9:27pm
Quoting NightMoves
Hi jado911,
The bpc is where price breaks a trendline or a S/R level, and then pulls back and then contimues on. Here is a chart showing the bpc, or some call it a 1-2-3 formation. It works on all trends no matter what the TF is. The entry is placed right when the continuation clears #2 and SL is placed behind #2. make sense?

--NM
interesting, I think I can use that coz I usually enter at the close if the break bar(2), this can help me avoid the draw down. thanks for the info

_ if it doesn't go through pull back then?
  • #1,377
  • Dec 17, 2009 9:35pm Dec 17, 2009 9:35pm
Quoting NightMoves
Hi jado911,
The bpc is where price breaks a trendline or a S/R level, and then pulls back and then contimues on. Here is a chart showing the bpc, or some call it a 1-2-3 formation. It works on all trends no matter what the TF is. The entry is placed right when the continuation clears #2 and SL is placed behind #2. make sense?

--NM
i think its putting the SL behind #3. typo there. =D
  • #1,378
  • Dec 17, 2009 9:39pm Dec 17, 2009 9:39pm
Quoting jado911
interesting, I think I can use that coz I usually enter at the close if the break bar(2), this can help me avoid the draw down. thanks for the info

_ if id doesn't go through pull back then?
You wait for the pullback, as the long as the pullback does not take out #1 then you enter as soon as the continuation clears #2, and place your stop right behind #2 then if it does back up on you then it is a small loss if it does back up all the way. Just make sure you have enough S/R at the level you expect the turn around at, we like to see the price very close a round number like say 1.400,1.450,1.500...etc and other elements of S/R at the same area, Fibo,previous swing highs or lows...etc, the more S/R you get at that area the better chance the 1-2-3 formation has of holding and the better the chances are of a new impulse wave.

--NM

--NM
  • #1,379
  • Dec 17, 2009 9:53pm Dec 17, 2009 9:53pm
Quoting ja5on
i think its putting the SL behind #3. typo there. =D
Yes it would be number 3 not number 2 that was a my bad...

--NM
  • #1,380
  • Dec 17, 2009 10:05pm Dec 17, 2009 10:05pm
any pairs u guys watching now? i see a retracement trendline to the confluence s/r for most USD pairs. waiting for breakout. and pullback.
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