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Trend Trading All Pairs

  • #1,861
  • Jan 11, 2010 5:45pm Jan 11, 2010 5:45pm
Quoting Big1red9
Close to tops going back into May 09...had seen those.

So if price is where we want it but its near a top.. wait for the top to blow then jump in or... get in watching for the resistance or go fish other waters.

Thanks!
BR
On the 4 hour chart the trend line has been breached and the MA lines are now starting to bend, telling me this uptrend may be losing the horse power needed to go much higher.

--NM
  • #1,862
  • Jan 11, 2010 7:10pm Jan 11, 2010 7:10pm
Quoting NightMoves
Patience is really a virtue and takes practice and practice. The key is as soon as you can move your stop safely to BE then the patience is much easier to achieve.

I was hoping that pair would move tothe previous swing low and I was going to half out there, but it never got there so I decided to half out before that level and then it started coming back up so I closed it out but I still banked a good amount of pips for the way it was moving.

--NM
I'm trying to log as much screen time as I can. Right now I'm doing more demo than real trades as I learn more. The trend following system in this thread has helped give me a system that works. Very cool!

Do you still think there is downside left to GBP/AUD? The trend on the 4H seems to be holding.
  • #1,863
  • Jan 11, 2010 7:46pm Jan 11, 2010 7:46pm
Quoting Pip Dawg
I'm trying to log as much screen time as I can. Right now I'm doing more demo than real trades as I learn more. The trend following system in this thread has helped give me a system that works. Very cool!

Do you still think there is downside left to GBP/AUD? The trend on the 4H seems to be holding.
Not sure about that, that is one nice thing about trading this way you do not have to try and predict the market you just go with it.

I am still looking for shorts in that pair, as long as the setup looks good I will still trade it. But if the setup looks just a little bit iffy, I will walk away from it.

--NM
  • #1,864
  • Jan 11, 2010 7:53pm Jan 11, 2010 7:53pm
Quoting Pip Dawg
I'm trying to log as much screen time as I can. Right now I'm doing more demo than real trades as I learn more. The trend following system in this thread has helped give me a system that works. Very cool!

Do you still think there is downside left to GBP/AUD? The trend on the 4H seems to be holding.
Keep practicing the demo until you are confortable trading this way, remember its your money and your the boss, if price does not do what you tell it too, then no deal. Wait for the setups, find as many good setups as you can, then narrow that batch down to the best looking ones and concentrate on just those.

Always let the price come to you, you mark the S/R levels and that is where you wait for price to get too. Then you make your decision based on how well price is behaving in that area. If you do not like what it is doing then you simply pass it up.

You cannot control price or what happens after your in the trade but you have all the say before you enter it, so price must do what you want it to do before you enter.

--NM
  • #1,865
  • Jan 11, 2010 8:02pm Jan 11, 2010 8:02pm
NM,

Your a good person,
I still find how you run this thread to be very refreshing. Your putting a lot of time into it and it is appreciated.

Thank you,
BR

Quoting NightMoves
On the 4 hour chart the trend line has been breached and the MA lines are now starting to bend, telling me this uptrend may be losing the horse power needed to go much higher.

--NM
  • #1,866
  • Jan 11, 2010 8:09pm Jan 11, 2010 8:09pm
Quoting Big1red9
NM,

Your a good person,
I still find how you run this thread to be very refreshing. Your putting a lot of time into it and it is appreciated.

Thank you,
BR
BR,
Thanks for those kind words, I like helping people and FX trading does not have to complicated, and I think most people just over complicate it. I think with this thread and the people we have coming here and I can see some of the people are really trying to grasp this, and I know they will. The more screen time they get the better they will get, Its all just a matter of time, once you have the foundation you can build the house, and thats really what this is about....everybody buidling really nice expensive houses all paid for by the Forex Bankers...

--NM
  • #1,867
  • Jan 11, 2010 9:33pm Jan 11, 2010 9:33pm
Quoting NightMoves
Here is how I set my entries, looking at the chart, we are in a down trend so I am looking to short this pair, You can see it has broken the retracement line, price is bouncing off...
i have just begun been reading up on your tread, very succinct and informative, keep going
  • #1,868
  • Jan 11, 2010 10:59pm Jan 11, 2010 10:59pm
aud/jpy set up on 4 hr chart and aud/usd setup on 1 hr chart looks like it is going the upside soon.

but aud usd is going to hit a long term daily resistance.

nzd/usd pair also looks like it going to go up. =D
  • #1,869
  • Jan 11, 2010 11:09pm Jan 11, 2010 11:09pm
anybody watching g/u H1 setup ? BPC is forming at trigger chart (M15) .. looks like a good setup
  • #1,870
  • Jan 12, 2010 1:09am Jan 12, 2010 1:09am
Quoting Big1red9
Custos,

Thanks for adding clarity. The videos from Hector pounds the need for the MA's to be a cerain way.

What are you using for S/R? Fib RN or previous lows/highs?

Thank you,
BR
What I do normally on weekends, I start with the monthly chart all the way down to the h1 chart and mark horizontal S/R levels and trendlines. But just the most obvious ones. They must be clear to you just by looking 5 seconds at the chart.
The fibs are only applied for a swing trade to see if price retraces back to one of the fibs & a previously marked S/R level. If those two conditions are not fulfilled you don't take the trade.
  • #1,871
  • Jan 12, 2010 1:10am Jan 12, 2010 1:10am
Quoting MysticaL8e4r
anybody watching g/u H1 setup ? BPC is forming at trigger chart (M15) .. looks like a good setup
I like the e/u h1 right now. a bpc forming on the m15. I like that one more, cause it broke out of it's range yesterday and testing it from above. Looks pretty high probability to me.

best regards
  • #1,872
  • Jan 12, 2010 1:56am Jan 12, 2010 1:56am
ya the EU pair look quite nice.

anyway the two pair. AU and NU pair.. both are positive pips. =D
  • #1,873
  • Jan 12, 2010 2:44am Jan 12, 2010 2:44am
Custos,

Did you take that 15M BPC on EU? I did and it just stopped me out. Were there any warnings that I should have taken note of or actions I should have taken to avoid this?

Thanks
  • #1,874
  • Jan 12, 2010 2:56am Jan 12, 2010 2:56am
Quoting Sutts
Custos,

Did you take that 15M BPC on EU? I did and it just stopped me out. Were there any warnings that I should have taken note of or actions I should have taken to avoid this?

Thanks
I also took a loss. But that's trading. You take the highest probability setups and still you will lose some of the time.
However, I already bailed out with half of the position when I saw the first indecision bar on the h1 setup chart (second bar from the right).
By then I already suspected that this will not follow through. What you wanna see upon entry on the setup chart are momentum bars, not indecision bars.
Furthermore, it is good to incorporate time-stops. In general, I give price 2-3 bars (on the setup chart) upon entry to reach my first target, or I will close the trade all together.
The best trades are when you are in profit right from entry and don't take any heat.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd h1 12.1.2010.gif Size: 63 KB
  • #1,875
  • Jan 12, 2010 3:00am Jan 12, 2010 3:00am
anyone short on this?
  • #1,876
  • Jan 12, 2010 3:19am Jan 12, 2010 3:19am
Great advice Custos, thanks!

Can I just confirm please that the BPC we are talking about had a high of 1.4512? I'm asking because there appears to be a smaller BPC that I missed on the break of the steeper H1 retracement TL. Piccy attached.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd-15m.GIF Size: 27 KB
  • #1,877
  • Jan 12, 2010 3:27am Jan 12, 2010 3:27am
Is anyone considering taking the EU daily setup with the BPC on the H4 with an entry around 1.4450? It bounced off some key daily resistance and the monthly pivot and was almost in the fib zone.

Thanks
  • #1,878
  • Jan 12, 2010 3:41am Jan 12, 2010 3:41am
Seems to be a possible H1 short setup for EUR/CHF, although the recent higher low is a worry. M15 BPC forming against H4 resistance and Monthly S1. Too high risk???

Also USD/CAD short setup on H4 with BPC forming on H1.
  • #1,879
  • Jan 12, 2010 3:49am Jan 12, 2010 3:49am
Custos,

Thanks for the excellent explanation on the eu trade. M learning -))

As mentioned yesterday I was long. Took Half off at 1.4545 +51 pips
Reached 59 high, still riding balance.

M seeing eur $ range now 1ith 4450-4550 type.

Since i trade this off my day chart on my trend set up I will sit for days unless i get taken out
No TP set as I see probable trend trade set up as opposed to trend within a trend.
I do give it a few days allowance to unfold.
  • #1,880
  • Jan 12, 2010 4:09am Jan 12, 2010 4:09am
Quoting Sutts
Great advice Custos, thanks!

Can I just confirm please that the BPC we are talking about had a high of 1.4512? I'm asking because there appears to be a smaller BPC that I missed on the break of the steeper H1 retracement TL. Piccy attached.
Yeah, you could have traded both bpc's. However, I personally like to only use the outer trendline, Cause after that one I don't have any resistance/support to go through upon entry.
So, I took the bigger bpc.

Of course it's always a trade-off, do you wanna be in earlier but have a higher risk on that trade? Or do you wanna wait for the outer trendline to break, entering higher but at much lower risk?
If the outer trendline is too flat, then I might either not take that setup at all, or I take the riskier approach and wait for a bpc at the break of the steeper inner trendline.
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