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Trend Trading All Pairs

  • #1,781
  • Jan 11, 2010 2:41am Jan 11, 2010 2:41am
Thanks for the advice Custos, I'll take a look at that level.

Cheers,

Dave
  • #1,782
  • Jan 11, 2010 3:10am Jan 11, 2010 3:10am
Quoting Sutts
I watched what I thought was a flag develop this morning on the GBPUSD M30/H1 and sure enough it broke to the upside....
I would have seen that as a flat-top triangle. Your flag is right below a resistance level. Main rule in trading, don't buy against resistance and don't sell against support. Wait for the whole S/R level to give way.
Other than that, the bpc was too large, not worth taking.

Now to something else, I didn't even look into the gbp/usd for today. As you see on the weekly chart I attached, gbpusd is in a range since may 2009.
Do you wanna trade a pair that is in a range and might turn against your position at any time?
Or do you rather wanna trade a pair that is trending on the higher time-frames in one direction and gives better setups?

I rather trade pairs that trend on higher timeframes. You will get much better setups and a much better win-loss percentage.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbpusd h1 11.1.2010.gif Size: 57 KB
Click to Enlarge Name: gbpusd w1 11.1.2010.gif Size: 44 KB
  • #1,783
  • Jan 11, 2010 3:19am Jan 11, 2010 3:19am
Quoting Custos
I would have seen that as a flat-top triangle. Your flag is right below a resistance level. Main rule in trading, don't buy against resistance and don't sell against support. Wait for the whole S/R level to give way.
Other than that, the bpc was too large, not worth taking.

Now to something else, I didn't even look into the gbp/usd for today. As you see on the weekly chart I attached, gbpusd is in a range since may 2009.
Do you wanna trade a pair that is in a range and might turn against your position at any time?
Or do you rather wanna trade...
as an example of a pair I wanna trade right now, see the aud/jpy weekly. It is just breaking above resistance potentially going to 107.00
But I don't trade off the weekly of course, only off the h1, h4 and daily. The higher timeframes show you, if the pair has any bias at all, or if it's just ranging around.
Attached Image (click to enlarge)
Click to Enlarge Name: audjpy w1 11.1.2010.gif Size: 45 KB
  • #1,784
  • Jan 11, 2010 3:29am Jan 11, 2010 3:29am
Any thots on the $chf ?

Incidentally am long eur at the close of friday's level. 496.
An order i left with my broker Friday for Monday's excecution.
  • #1,785
  • Jan 11, 2010 3:34am Jan 11, 2010 3:34am
Quoting jonjon
Any thots on the $chf ?

Incidentally am long eur at the close of friday's level. 496.
An order i left with my broker Friday for Monday's excecution.
yeah, it's probably gonna go down further, since it's highly negatively correlated with the eur/usd (and that one just broke above its daily S/R level).
Well, I am more conservative, and wanna wait till usd/chf breaks below 1.000. But probably you could already enter short before that level, it's just a little riskier than waiting for it to break weekly support.
Attached Image (click to enlarge)
Click to Enlarge Name: usdchf w1 11.1.2010.gif Size: 49 KB
  • #1,786
  • Jan 11, 2010 3:58am Jan 11, 2010 3:58am
Thanks Custos -)

M inclined for lower prices too to sell it. Just have it on radar.

It bounced at the 618 1.0143 zone. Would rather another uptick towards the 1.0200 zone then relook at it for interest. Or as mentioned above, momentum to downside for interest.
  • #1,787
  • Jan 11, 2010 4:06am Jan 11, 2010 4:06am
Quoting Sutts
I watched what I thought was a flag develop this morning on the GBPUSD M30/H1 and sure enough it broke to the upside....
Thanks Custos, appreciate your help. I'm trying to kick the indicator habit so it's an up hill struggle.

Dave
  • #1,788
  • Jan 11, 2010 5:37am Jan 11, 2010 5:37am
Since some watching aud and audjpy... the set up in spot gold was very nice -))
Attached Image (click to enlarge)
Click to Enlarge Name: gold.gif Size: 25 KB
  • #1,789
  • Jan 11, 2010 5:55am Jan 11, 2010 5:55am
Looks like its been a pretty sluggish session so far since the opening bell.

--NM
  • #1,790
  • Jan 11, 2010 5:59am Jan 11, 2010 5:59am
Quoting NightMoves
Looks like its been a pretty sluggish session so far since the opening bell.

--NM
yeah, no pair triggered in london session. Now I am watching eur/cad and aud/usd. maybe one of them triggers during the ny session.
Which pairs are you watching?
  • #1,791
  • Jan 11, 2010 6:06am Jan 11, 2010 6:06am
Quoting Custos
yeah, no pair triggered in london session. Now I am watching eur/cad and aud/usd. maybe one of them triggers during the ny session.
Which pairs are you watching?
I am watching the EURCAD,AUDJPY, AUDUSD, but it seems like they are all banging off of longterm S/R levels, the GBPAUD looks like it may take the bounce, so our bottomless pit theory might not happen.

--NM
  • #1,792
  • Jan 11, 2010 6:12am Jan 11, 2010 6:12am
Quoting NightMoves
I am watching the EURCAD,AUDJPY, AUDUSD, but it seems like they are all banging off of longterm S/R levels, the GBPAUD looks like it may take the bounce, so our bottomless pit theory might not happen.

--NM
well, I still hope that price will not go above the gbp/aud h4 down trendline. Then we might see another move down. But that one will earliest happen tomorrow.
  • #1,793
  • Jan 11, 2010 6:17am Jan 11, 2010 6:17am
Quoting Custos
well, I still hope that price will not go above the gbp/aud h4 down trendline. Then we might see another move down. But that one will earliest happen tomorrow.
Right now it looks as though there is a lot of indecision out there. I had a couple alarms go off but there really was no momentum driving the price so no trades got triggered for me either at least not yet.

--NM
  • #1,794
  • Jan 11, 2010 6:26am Jan 11, 2010 6:26am
Quoting NightMoves
Right now it looks as though there is a lot of indecision out there. I had a couple alarms go off but there really was no momentum driving the price so no trades got triggered for me either at least not yet.

--NM
yeah I know what you mean, like aud/usd. The breakout out of the range was not with a lot of momentum. I think if we get a continuation, I will just watch it and not enter. Those bars are just to small for a "true" breakout. Of course it might just work out, but a little too risky for me.
Attached Image (click to enlarge)
Click to Enlarge Name: audusd m15 11.1.2010.gif Size: 45 KB
  • #1,795
  • Jan 11, 2010 6:29am Jan 11, 2010 6:29am
Soon the NY session will open and we will see if they can make a decision.

--NM
  • #1,796
  • Jan 11, 2010 6:31am Jan 11, 2010 6:31am
Quoting Custos
yeah I know what you mean, like aud/usd. The breakout out of the range was not with a lot of momentum. I think if we get a continuation, I will just watch it and not enter. Those bars are just to small for a "true" breakout. Of course it might just work out, but a little too risky for me.
That is what I was thinking too, just no momentum driving anything right now, maybe the NY session will get things going.

--NM
  • #1,797
  • Jan 11, 2010 6:55am Jan 11, 2010 6:55am
Quoting Custos
yeah I know what you mean, like aud/usd. The breakout out of the range was not with a lot of momentum. I think if we get a continuation, I will just watch it and not enter. Those bars are just to small for a "true" breakout. Of course it might just work out, but a little too risky for me.
The EURCAD looks like it is getting ready to break back down into the trendline...however my spread is 9 pips right now...

--NM
  • #1,798
  • Jan 11, 2010 7:05am Jan 11, 2010 7:05am
Quoting NightMoves
The EURCAD looks like it is getting ready to break back down into the trendline...however my spread is 9 pips right now...

--NM
yeah, I am also watching the eurcad. I hope that one will trigger. Looks good to me and shows more momentum than aud/usd.

haha, did you see what happened to aud/usd. Good that I didn't take that one. Would have gotten me in right to the pip & stopped me out a couple of minutes later. Great feeling to not have entered into an unprofitable trade
  • #1,799
  • Jan 11, 2010 7:12am Jan 11, 2010 7:12am
Quoting Custos
yeah, I am also watching the eurcad. I hope that one will trigger. Looks good to me and shows more momentum than aud/usd.

haha, did you see what happened to aud/usd. Good that I didn't take that one. Would have gotten me in right to the pip & stopped me out a couple of minutes later. Great feeling to not have entered into an unprofitable trade
Haha, that AUDUSD pair just does not have the momentum I like to see, maybe in another hour or so when the NYorkers get done hanging out in the break room......

--NM
  • #1,800
  • Jan 11, 2010 7:22am Jan 11, 2010 7:22am
Quoting Custos
yeah, I am also watching the eurcad. I hope that one will trigger. Looks good to me and shows more momentum than aud/usd.

haha, did you see what happened to aud/usd. Good that I didn't take that one. Would have gotten me in right to the pip & stopped me out a couple of minutes later. Great feeling to not have entered into an unprofitable trade
It just dont want to get in there just yet...

--NM
Attached Image (click to enlarge)
Click to Enlarge Name: trying to get back into the trend.png Size: 53 KB
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