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Trend Trading All Pairs

  • #2,141
  • Jan 15, 2010 6:25pm Jan 15, 2010 6:25pm
Quoting NightMoves
Good advice Custos,

The method we use on this thread is time tested and proven to work and that is what we use to trade live, this Pin bar test we are trying is niether tried nor proven and we are only testing "DO NOT TRADE THIS LIVE".

--NM
Hey Custos, you've probably already seen it but there's a nice little pin bar with flashing lights on the weekly USDCAD right at some support. Please post your results when you have some.
  • #2,142
  • Jan 15, 2010 8:02pm Jan 15, 2010 8:02pm
Quoting Big1red9
So as not to distract from this thread, I won't go into details or editorialize (although I want to). I will say killing the hedge was first and leverage will not be last.

Consider an overseas broker. Some are very strong and stable. More than one is in the process of or already has become a bank, increasing safety.

This is separate from voicing your opinion to your elected officials or administrators in charge of writing policy.

The saying...

When life hands you lemons..... applies.

Have a good weekend,
BR
BigRed,

I've heard some good things about some of the foreign brokers. If this thing does come to fruition then that will be the way to go. See what happens when government intervenes...the people will go to the place they can make the money. How can they not get that? Sorry, didn't mean to editorialize either but this stuff just steams me. Have a great weekend.
  • #2,143
  • Jan 15, 2010 10:07pm Jan 15, 2010 10:07pm
Pip Dawg,

I took no issue with your comments. I said it the way that I did, so that we didn't do what other threads have and get so far away from trading and get feather ruffled. Religion and politics in the right place. My experience is, that if you want to remain friends with someone, leave those topics alone.


Quoting Pip Dawg
BigRed,

I've heard some good things about some of the foreign brokers. If this thing does come to fruition then that will be the way to go. See what happens when government intervenes...the people will go to the place they can make the money. How can they not get that? Sorry, didn't mean to editorialize either but this stuff just steams me. Have a great weekend.
  • #2,144
  • Jan 16, 2010 5:57am Jan 16, 2010 5:57am
Nightmoves,

I would not be surprised about leverage reduction schemes. After they went after online poker... but, i didn't hear anything about another reduction . I know there's just been one on the 30th of November 2009, for the U.S territories (amongst others) goes a max leverage of 100:1 on the major pairs and 25:1 for exotics.

My broker GFT offers an option for non U.S. residents to change their accounts to GFT's UK branch if we would be interested in higher leverage.

About a trade: I'm eying USD/CAD 4h tf for a nice short trade. What can you tell me about a possible entry according to Hector's method?

I'm going over the whole thread this weekend to learn more about entry points.

TNX buddy your always a help.
Attached Image (click to enlarge)
Click to Enlarge Name: usdcad.gif Size: 25 KB
It's my price or no price at all!
  • #2,145
  • Jan 16, 2010 6:01am Jan 16, 2010 6:01am
Quoting Big1red9
Pip Dawg,

I took no issue with your comments. I said it the way that I did, so that we didn't do what other threads have and get so far away from trading and get feather ruffled. Religion and politics in the right place. My experience is, that if you want to remain friends with someone, leave those topics alone.
BR...

I agree.
  • #2,146
  • Jan 16, 2010 8:15am Jan 16, 2010 8:15am
Quoting 4extool
Nightmoves,

I would not be surprised about leverage reduction schemes. After they went after online poker... but, i didn't hear anything about another reduction . I know there's just been one on the 30th of November 2009, for the U.S territories (amongst others) goes a max leverage of 100:1 on the major pairs and 25:1 for exotics.

My broker GFT offers an option for non U.S. residents to change their accounts to GFT's UK branch if we would be interested in higher leverage....
to answer my own question:

On the longer (d) time frame this pair meets resistance
It's my price or no price at all!
  • #2,147
  • Jan 16, 2010 8:55am Jan 16, 2010 8:55am
Quoting 4extool
to answer my own question:

On the longer (d) time frame this pair meets resistance
Yep it looks good on the lower TF but when looking at the bigger picture I am not sure I want to look for short entries just yet. Give it awhile until it establishes a clear direction to trade in.

--NM
  • #2,148
  • Jan 16, 2010 8:58am Jan 16, 2010 8:58am
Quoting 4extool
to answer my own question:

On the longer (d) time frame this pair meets resistance
Talking about the FOREX leverage change.....I think they just need to leave it alone, and let us play...

--NM
  • #2,149
  • Jan 16, 2010 9:15am Jan 16, 2010 9:15am
Here is the daily chart on the USDJPY looks like we may be going short on this pair...

--NM
Attached Image (click to enlarge)
Click to Enlarge Name: usdjpy bouncing.gif Size: 34 KB
  • #2,150
  • Jan 16, 2010 9:43am Jan 16, 2010 9:43am
Yes, the USDJPY also bouncing off TL from July 07 on the weekly.
  • #2,151
  • Jan 16, 2010 9:44am Jan 16, 2010 9:44am
Quoting NightMoves
Here is the daily chart on the USDJPY looks like we may be going short on this pair...

--NM
Pairs I watch for the upcoming week

GBP/CAD short
AUD/USD long
EUR/AUD short
USD/JPY short
USD/CAD short
EUR/CAD short
EUR/CHF short
NZD/USD long
NZD/JPY long
  • #2,152
  • Jan 16, 2010 9:47am Jan 16, 2010 9:47am
Quoting jtone
Hey Custos, you've probably already seen it but there's a nice little pin bar with flashing lights on the weekly USDCAD right at some support. Please post your results when you have some.
hm, I was looking into that one, but that is more an indecision bar for me (wicks have almost equal length). indecision bars have no bias, but pin bar have one, which is better.

best regards
  • #2,153
  • Jan 16, 2010 9:56am Jan 16, 2010 9:56am
Quoting Custos
Pairs I watch for the upcoming week

GBP/CAD short
AUD/USD long
EUR/AUD short
USD/JPY short
USD/CAD short
EUR/CAD short
EUR/CHF short
NZD/USD long
NZD/JPY long
If you trade the EURAUD short this week becareful of a false break out that is a pretty strong support area, everyone make sure you get a good BPC on that pair if it does break the level.

--NM
  • #2,154
  • Jan 16, 2010 10:35am Jan 16, 2010 10:35am
Quoting NightMoves
If you trade the EURAUD short this week becareful of a false break out that is a pretty strong support area, everyone make sure you get a good BPC on that pair if it does break the level.

--NM
yep, thanks for the hint
  • #2,155
  • Jan 16, 2010 10:43am Jan 16, 2010 10:43am
Hi Custos,
May I ask what TFs you look at to determine your market bias for the different pairs in the upcoming week. Also. when you say for the upcoming week do you mean for Monday or the whole week? What I am struggling with is the lower TFs may point to a near term short, but on a 4H or Daily may indicate long!
Thanks.
  • #2,156
  • Jan 16, 2010 10:56am Jan 16, 2010 10:56am
Quoting dpowli
Hi Custos,
May I ask what TFs you look at to determine your market bias for the different pairs in the upcoming week. Also. when you say for the upcoming week do you mean for Monday or the whole week? What I am struggling with is the lower TFs may point to a near term short, but on a 4H or Daily may indicate long!
Thanks.
I typically look from monthly down to daily, if price is about to or already breached an S/R level there, if the pair is trending or ranging... If price already banged recently against an S/R level I will wait till it breaks. That determines my bias for the upcoming week (till friday). However, I will check each day, if any pair changed its bias (just takes 10 min in the evening).

Attached are usd/jpy and eur/gbp. As you see usd/jpy is about to break to the downside, thus I will look to trade it down in the upcoming week. The eur/gbp however is just in the middle of a huge triangle, no bias whatsoever, thus I won't trade it.

But I will not trade off those high time-frames, I will search for breakout or swing trades from h1 to daily chart, and only in the direction of the higher time-frame bias. Any long trades on the usd/jpy I will definitely not take, only short trades until the higher time-frame bias changes.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: usdjpy d1 16.1.2010.gif Size: 39 KB
Click to Enlarge Name: eurgbp w1 16.1.2010.gif Size: 40 KB
  • #2,157
  • Jan 16, 2010 11:04am Jan 16, 2010 11:04am
I have uploaded a weekly chart of the euraud. it shows an entrenched downtrend. However it also shows serious support from 2007?? timeframe. It just might bounce. Stochastics are oversold too. You need big stops to trade this here.
Attached Image (click to enlarge)
Click to Enlarge Name: euraud-weekly-16012010.jpg Size: 146 KB
If you think you can or cannot do it you are correct
  • #2,158
  • Jan 16, 2010 11:13am Jan 16, 2010 11:13am
Custos - Thank you, makes a lot of sense now.
  • #2,159
  • Jan 16, 2010 11:29am Jan 16, 2010 11:29am
Quoting Olu
I have uploaded a weekly chart of the euraud. it shows an entrenched downtrend. However it also shows serious support from 2007?? timeframe. It just might bounce. Stochastics are oversold too. You need big stops to trade this here.
Your stochastics were at an oversold level since may. You would never have entered a short trade since then. I personally don't believe in stochastics. Ask yourself, is price moving cause of stochastics or cause of demand and supply? I think no big bank will put their orders in, just because stochastics are at an oversold or overbought level. just my opinion.

And this method here allows you to have your stop as tight as possible. Attached is a chart showing what I want price to do and where my entry and stop would be (orange line).

best regards
Attached Image (click to enlarge)
Click to Enlarge Name: euraud h4 16.1.2010.gif Size: 49 KB
  • #2,160
  • Jan 16, 2010 11:53am Jan 16, 2010 11:53am
Hi Custos

Good point about the stochastics. Stochastics form as a result of price and not the other way round. Just like you I would not trade this short until i get a break of a swing low under the support line. I was using this to say that till there is a true break this pair may oscillate around here shredding peoples trading account as it does so
If you think you can or cannot do it you are correct
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