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Trend Trading All Pairs

  • #2,181
  • Jan 18, 2010 5:36am Jan 18, 2010 5:36am
Quoting 4extool
I'm watching these two pairs:

USD/CAD 4H
GBP/USD 4H

The second pair can be drawn with channel or with triangle.

I have drawn in my prediction what trajectory is concerned.

Remember guys, I'm new to this system. I'm just trying to implement what NM has been suggesting and I'm at the fourth chapter of Hector's course.

Comments are welcome pos or neg
First of all good attempt. I agree with you on usd/cad. However, make sure you let it go below your support line before you think of any shorts.

Secondly, gbp/usd would be more of a channel than a triangle, at least in my opinion. If you gonna take any setups on that one, just look that you don't buy against resistance.
But I personally would not bother with that pair, since it's just ranging around on the weekly, thus will give me only low probability setups.

And finally, today is usd holiday. so don't trade any usd related currencies today.

best regards
  • #2,182
  • Edited 6:13am Jan 18, 2010 5:58am | Edited 6:13am
Thanks for your reply Custos.

The usd remark is noted. That weekly ranging part I will have to look into and how that effects a break of a 4hour s&r setup.

I have another pair that looks really interesting to me:

GBP/CHF 1 hour

 The 1.6780 level has been an important S&r level for the last past months. If this level breaks and holds when it gets retested It might be an interesting move upwards since that it’s the last area of defense for the Bears for a while.


What say you?


Im definatly keeping my eye on this one
Attached Image (click to enlarge)
Click to Enlarge Name: GBPCHF.jpg Size: 68 KB
It's my price or no price at all!
  • #2,183
  • Jan 18, 2010 6:39am Jan 18, 2010 6:39am
Quoting 4extool
Could someone please show me a current screen shot of the trend indicator. Mine is making problems again.

as you can see...so many zeros
4extool,
You will need to run the data on pairs you are showing zeroes on. So just open up some daily and monthly charts on those pairs so it can gather the data and it should fill in for you.

--NM
  • #2,184
  • Jan 18, 2010 6:44am Jan 18, 2010 6:44am
Quoting Custos
As I mentioned a couple of posts earlier, I changed my outlook for eur/aud to not tradable for the moment. I found a trendline it still has to go through on the weekly.
But, just for the sake of discussion, let's just assume that this weekly trendline is not there. In general, I would wait for it to break the S/R level from the monthly chart (which coincides with your double bottom on the H4). Then once it broke that S/R level that pair starts to become tradable to the downside, and I can look into the shorter time-frames to find setups for short...
Custos....

Yes, that makes sense. After having mediocre trading on the short term charts for so long I'm trying to adopt a style that will work better for me. I'm not used to looking at the longer term charts and sometimes feel that I'm missing the trade.

Right now it looks like the EUR/AUD is testing that same support level again which looks like it goes back to May 2005. That seems to me to be a solid level of support.

How much emphasis do you give levels that go back so far?

Thanks for your input...you guys make this a great thread and are always extremely helpful.
  • #2,185
  • Jan 18, 2010 7:09am Jan 18, 2010 7:09am
Quoting Pip Dawg
Custos....

Yes, that makes sense. After having mediocre trading on the short term charts for so long I'm trying to adopt a style that will work better for me. I'm not used to looking at the longer term charts and sometimes feel that I'm missing the trade.

Right now it looks like the EUR/AUD is testing that same support level again which looks like it goes back to May 2005. That seems to me to be a solid level of support.

How much emphasis do you give levels that go back so far?

Thanks for your input...you guys make this a great thread and...
Hi Pip Dawg,
Maybe I can answer that question, long term S/R levels like you are talking about carry the most weight, remember the longer TF S/R levels are really the major S/R levels and special attention needs to be given to those areas. Because those are the ones that will probabaly dictate what price is going to do once it reaches that level, if it breaks the level or it bounces off the level, will that level hold or will that level give way.

So no action should be taken once you get to one of those levels until you get a clear signal from PA as to what it intends to do with that level. Because something is going to happen there, we might see a reversal or we might see a momentum breakout, and that is when you want to jump in because price is moving pretty fast....but do not jump in the breakout until you get the BPC especially in those areas.

If the level does not hold then price ususally blasts through it only to come right back, and you never know when that is going to happen, so those areas need special attention and a good BPC for a signal that it is not just trying to trick you into jumping in to steal your money.

--NM
  • #2,186
  • Jan 18, 2010 7:14am Jan 18, 2010 7:14am
Quoting Pip Dawg
Custos....

Yes, that makes sense. After having mediocre trading on the short term charts for so long I'm trying to adopt a style that will work better for me. I'm not used to looking at the longer term charts and sometimes feel that I'm missing the trade.

Right now it looks like the EUR/AUD is testing that same support level again which looks like it goes back to May 2005. That seems to me to be a solid level of support.

How much emphasis do you give levels that go back so far?

Thanks for your input...you guys make this a great thread and are...
Yeah, I've been at the same point you have been. Always just focused on one time-frame and very short-term and eventually blew up several accounts. Well, that changed already somewhat when I learned hector's trading style, but of course in the beginning I was very impatient and took any signal the method gave me, which led again to losses. Finally after a couple of months I just stopped and incorporated the higher time-frames into the whole picture. From that point onward I had a very good win loss ratio.

You shouldn't care about missing a trade. It's important to not be involved in potential losing trades, capital preservation. That's all what it is about. If you just wait for the best possible opportunities, and stay conservative with your setups, you can still make a lot of money. I personally use 5% of my account on each trade (not suggesting you should do that as well), but I rather take 4 really high probability trades with 5% of my account than 20 crappy trades with 1% of my account.

Nowadays, I will not trade any setup that happens in a higher time-frame range/triangle (like gbp/usd weekly), or when two forces clash against each other, like a trend with an S/R level (like eur/aud weekly).

Just my opinion, best is you just do some backtesting and find out for yourself what is right. Maybe I am totally wrong, who knows.
  • #2,187
  • Jan 18, 2010 7:18am Jan 18, 2010 7:18am
Quoting NightMoves
4extool,
You will need to run the data on pairs you are showing zeroes on. So just open up some daily and monthly charts on those pairs so it can gather the data and it should fill in for you.

--NM
TNX NM but it's not working either.

I was just checking the video manual that comes with the original and it loads automatically on the vid :-(

MIG's software is very slow too so I'm going to try another mt4 provider who has about the same currency pairs.

any tips anyone?
It's my price or no price at all!
  • #2,188
  • Jan 18, 2010 7:23am Jan 18, 2010 7:23am
Quoting 4extool
TNX NM but it's not working either.

I was just checking the video manual that comes with the original and it loads automatically on the vid :-(

MIG's software is very slow too so I'm going to try another mt4 provider who has about the same currency pairs.

any tips anyone?
I think interbankfx has all the pairs to make it work, I use once in a whille MIG platform and it works but it is pretty slow and I get a lot of bad data once in a while with very long spikes sometimes over a 1000 pips at a time FXCM MT4 works really good but it is missing 1 pair so the ADR does not load but they have a lot of pairs.

--NM
  • #2,189
  • Jan 18, 2010 7:25am Jan 18, 2010 7:25am
Quoting NightMoves
Hi Pip Dawg,
Maybe I can answer that question, long term S/R levels like you are talking about carry the most weight, remember the longer TF S/R levels are really the major S/R levels and special attention needs to be given to those areas. Because those are the ones that will probabaly dictate what price is going to do once it reaches that level, if it breaks the level or it bounces off the level, will that level hold or will that level give way.

So no action should be taken once you get to one of those levels until you get a clear signal from...
Thanks NightMoves....so do nothing at those important levels until I get the correct signal or confirmation that the price is actually moving one way or another. I think I'm getting it.

Thanks!
  • #2,190
  • Jan 18, 2010 7:30am Jan 18, 2010 7:30am
Quoting Custos
Yeah, I've been at the same point you have been. Always just focused on one time-frame and very short-term and eventually blew up several accounts. Well, that changed already somewhat when I learned hector's trading style, but of course in the beginning I was very impatient and took any signal the method gave me, which led again to losses. Finally after a couple of months I just stopped and incorporated the higher time-frames into the whole picture. From that point onward I had a very good win loss ratio.

You shouldn't care about missing a trade....
Thanks Custos...I appreciate the input.

I think I have been lucky that I have not blown up my account but I have been frustrated that it has not grown. With all the work I've put into it it should be at least a little bigger than it is now...that's working for nothing! But at least I know it's time to change things up and try a different method. What's the definition of insanity?

I think that advice is good and I will start with the higher times frames as a basis for my trades.

Thanks!
  • #2,191
  • Jan 18, 2010 7:30am Jan 18, 2010 7:30am
Quoting Pip Dawg
Thanks NightMoves....so do nothing at those important levels until I get the correct signal or confirmation that the price is actually moving one way or another. I think I'm getting it.

Thanks!
Yes that is correct, that level has held in the past and it might do so again. So always wait for confirmation, and the break outself is not enough of a signal that price is going to continue in that direction you need the BPC to confirm it.

--NM
  • #2,192
  • Jan 18, 2010 7:34am Jan 18, 2010 7:34am
Quoting NightMoves
I think interbankfx has all the pairs to make it work, I use once in a whille MIG platform and it works but it is pretty slow and I get a lot of bad data once in a while with very long spikes sometimes over a 1000 pips at a time FXCM MT4 works really good but it is missing 1 pair so the ADR does not load but they have a lot of pairs.

--NM
IBFX it is.

How are they as broker BTW?
It's my price or no price at all!
  • #2,193
  • Jan 18, 2010 7:37am Jan 18, 2010 7:37am
Quoting 4extool
IBFX it is.

How are they as broker BTW?
I am not sure about that, I only know that the dashboard works because someone I know that also is learning this method uses them and the dash board looked good on that platform. So as far as a broker is concerned I have no experience with them.

--NM
  • #2,194
  • Jan 18, 2010 7:38am Jan 18, 2010 7:38am
Quoting NightMoves
Yes that is correct, that level has held in the past and it might do so again. So always wait for confirmation, and the break outself is not enough of a signal that price is going to continue in that direction you need the BPC to confirm it.

--NM
That BPC was the holly grail for me. No I feel much more confident going into a trade. less struggling on entries.
It's my price or no price at all!
  • #2,195
  • Jan 18, 2010 7:48am Jan 18, 2010 7:48am
Hi NM

I'm still following this thread with great interest (almost addictive). You asked me to PM you regarding your pdf document of the system. As a junior member I am unable to PM? With regards to the system, I think I am getting my bpc mixed up with 123 formations.

Andy_G
  • #2,196
  • Jan 18, 2010 7:53am Jan 18, 2010 7:53am
Quoting NightMoves
Yes that is correct, that level has held in the past and it might do so again. So always wait for confirmation, and the break outself is not enough of a signal that price is going to continue in that direction you need the BPC to confirm it.

--NM
I think the BPC will be my friend from now on.

Thanks NightMoves!

I see alot of people talking about Hectors method. I'm assuming the course is well worth the money then?
  • #2,197
  • Jan 18, 2010 7:54am Jan 18, 2010 7:54am
Quoting NightMoves
I am not sure about that, I only know that the dashboard works because someone I know that also is learning this method uses them and the dash board looked good on that platform. So as far as a broker is concerned I have no experience with them.

--NM
could it be that the 5the decimal is messing things up?
It's my price or no price at all!
  • #2,198
  • Jan 18, 2010 7:56am Jan 18, 2010 7:56am
Quoting Pip Dawg
I think the BPC will be my friend from now on.

Thanks NightMoves!

I see alot of people talking about Hectors method. I'm assuming the course is well worth the money then?
funny, I had just (30 some min ago) asked you about that in a private msg
It's my price or no price at all!
  • #2,199
  • Jan 18, 2010 7:57am Jan 18, 2010 7:57am
Quoting Pip Dawg
I think the BPC will be my friend from now on.

Thanks NightMoves!

I see alot of people talking about Hectors method. I'm assuming the course is well worth the money then?
I think it is, the guy knows how to trade this market, I am not sure what his new course is like but I know the one I took some years back had some very good information and techniques in it and I use those techniques on almost every trade.
--NM
  • #2,200
  • Jan 18, 2010 8:02am Jan 18, 2010 8:02am
Quoting 4extool
funny, I had just (30 some min ago) asked you about that in a private msg
Sorry 4extool....I'm a noobie on the forums and did not see the private message. I'm looking into his course now.
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