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Trend Trading All Pairs

  • #2,221
  • Jan 18, 2010 9:35am Jan 18, 2010 9:35am
4extool-
Just got your PM. Check your email.
  • #2,222
  • Jan 18, 2010 9:37am Jan 18, 2010 9:37am
Quoting NightMoves
I used the last pattern projection for my TP and I do not know it will make it but if it does it should be around 200 pips or so I think.

--NM
Actually I just looked at the trade and my TP is around 130 pips or so, but I may move the stop and just follow it until it takes me out. Who knows if the break holds the next level would be 200 pips thats where I got the 200 pips from.

--NM
  • #2,223
  • Jan 18, 2010 10:51am Jan 18, 2010 10:51am
You got me again NM
I only see a total move on E/G of 97 PIPs since 00:00GMT Friday. Looks like 80 PIPs right now. Can you straighten me out please? (again )
  • #2,224
  • Jan 18, 2010 11:01am Jan 18, 2010 11:01am
Quoting dpowli
You got me again NM
I only see a total move on E/G of 97 PIPs since 00:00GMT Friday. Looks like 80 PIPs right now. Can you straighten me out please? (again )
Hi dpowli,
I entered at 88.41 and took half out at 88.00 and moved my stop to just below my entry so if I get stopped out I will still make a a couple pips on the second half. Now my TP right now is at 87.50 or so, I may move the stop when and if we get that far, and set my next target at 86.84 or so but that is only if we get through this debris we are looking at right now.I banked out 41 pips earlier today and now I will just let creep down if it will.

--NM
  • #2,225
  • Jan 18, 2010 11:04am Jan 18, 2010 11:04am
Quoting dpowli
You got me again NM
I only see a total move on E/G of 97 PIPs since 00:00GMT Friday. Looks like 80 PIPs right now. Can you straighten me out please? (again )
Here is kind of a snapshot of where I entered and where I moved my stop too. The long blue diagnal line was my target line which has not quite been hit yet, so far 30 pips from where I wanted it to go..

--NM

P.S. Would help if Uploaded the picture
Attached Image (click to enlarge)
Click to Enlarge Name: eurgbp possible longer term trade.gif Size: 31 KB
  • #2,226
  • Jan 18, 2010 11:06am Jan 18, 2010 11:06am
Hello people,

Been reading this thread the last few days and enjoying so figured would say a quick hi.
Fairly new to Forex so will be just reading and wont have much to contribute but thanks to the people who take the time to post ideas/thoughts & strategies and so on. Good to get some idea how other(more experienced) ppl go about things and help develop my own reasoning and tactics.

Im trying to learn more about picking up the major moves and trends etc. Ive played around with short term

Custos, your post hit home something ive been thinking about last few days myself. Cheers
Good luck all, cya around

[quote=Custos;3374838]

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...
  • #2,227
  • Jan 18, 2010 11:12am Jan 18, 2010 11:12am
Quoting NightMoves
Here is kind of a snapshot of where I entered and where I moved my stop too. The long blue diagnal line was my target line which has not quite been hit yet, so far 30 pips from where I wanted it to go..

--NM

P.S. Would help if Uploaded the picture
This is not a fast moving pair so it is going to take its time to do what ever it is it wants to do. So this trade could last a few more days actually, unless it backs up and knocks me out of the game.

--NM
  • #2,228
  • Jan 18, 2010 11:17am Jan 18, 2010 11:17am
OK, got that part, thanks. Was confused about the 200 PIP target you were talking about.
  • #2,229
  • Edited 11:38am Jan 18, 2010 11:20am | Edited 11:38am
Yeah, i was short EUR/GBP too at LONDON OPEN BREAKOUT at 0.8817.
risked 15pips. made 1:2 risk/reward, given that the ADR = 60. ADR-PT = 0.8770. i used the M30/5MINS breakdown. the trend fits nicely at that time frame.

it was a choice between that and GBP/USD, GBP/CHF at london open. This is the time-- when you have to choose between two or three valid setups...this is the time that currency strength indicators can tip the balance in deciding which one to choose.

Anybody tried out hector's currency strength indicator yet?
  • #2,230
  • Jan 18, 2010 11:29am Jan 18, 2010 11:29am
You trade over the weekend?

Isnt that against the cardinal rules? Just asking.

CHECK out the H4 on EUR/GBP...that trade, just broke that major daily low...0.8850(on FRIDAY). Retraced, and bounced off it...should be a nice downtrend. You can see the same thing on the DAILY.

I think there is a measured move TP at 0.8796 and another one at 0.8740. depending on where you started drawing the FIB...just my two cents.
  • #2,231
  • Jan 18, 2010 11:34am Jan 18, 2010 11:34am
Quoting dpowli
OK, got that part, thanks. Was confused about the 200 PIP target you were talking about.
Oh ok, yeah that is just an extended target if things keep going.

--NM
  • #2,232
  • Jan 18, 2010 4:32pm Jan 18, 2010 4:32pm
Quoting EntropyLad
You trade over the weekend?

Isnt that against the cardinal rules? Just asking.

CHECK out the H4 on EUR/GBP...that trade, just broke that major daily low...0.8850(on FRIDAY). Retraced, and bounced off it...should be a nice downtrend. You can see the same thing on the DAILY.

I think there is a measured move TP at 0.8796 and another one at 0.8740. depending on where you started drawing the FIB...just my two cents.
Hi EntropyLad.
I guess the cardinal rule is up to the individual trader, you can keep them open as long as you wish. If you want to trade longer term the same rules apply except for the ADR because it really does not matter in longer term trades. So really there is no rule as to how long to keep them open, we just have been getting out after each impulse move but you dont have too.

We have been discussing the RN and the ADR here because we are basing those trades on intraday trades but you certainly go go longer nothing says otherwise. If the trade can carry you for days then you can ride it for days.
on the EURGBP trade, I originally based my TP on a pattern projection but I may just keep going until it kicks me out somewhere.

--NM
  • #2,233
  • Jan 18, 2010 4:43pm Jan 18, 2010 4:43pm
Quoting EntropyLad
Yeah, i was short EUR/GBP too at LONDON OPEN BREAKOUT at 0.8817.
risked 15pips. made 1:2 risk/reward, given that the ADR = 60. ADR-PT = 0.8770. i used the M30/5MINS breakdown. the trend fits nicely at that time frame.

it was a choice between that and GBP/USD, GBP/CHF at london open. This is the time-- when you have to choose between two or three valid setups...this is the time that currency strength indicators can tip the balance in deciding which one to choose.

Anybody tried out hector's currency strength indicator yet?
I assume your entry was around the point of my blue line (0.8817) and your stop at around my red line (0.8826). Good that it worked out for you, but as you were probably aware, you still had to go through a retracement trendline. Kind of risky trade.

Yeah, I also have that indicator, it's pretty useful as you pointed out for choosing the best setup, if you have several correlated pairs involved.

best regards
Attached Image (click to enlarge)
Click to Enlarge Name: eurgbp m5 18.1.2010.gif Size: 44 KB
  • #2,234
  • Jan 18, 2010 4:47pm Jan 18, 2010 4:47pm
Quoting Custos
I assume your entry was around the point of my blue line (0.8817) and your stop at around my red line (0.8826). Good that it worked out for you, but as you were probably aware, you still had to go through a retracement trendline. Kind of risky trade.

Yeah, I also have that indicator, it's pretty useful as you pointed out for choosing the best setup, if you have several correlated pairs involved.

best regards
I seen that currency strength indicator and I have a one but not as nice as that one, mine only has the a few of the majors on it. It works but it is missing quite a bit compared to the one you have.

--NM
  • #2,235
  • Jan 18, 2010 4:47pm Jan 18, 2010 4:47pm
Quoting EntropyLad
You trade over the weekend?

Isnt that against the cardinal rules? Just asking.

CHECK out the H4 on EUR/GBP...that trade, just broke that major daily low...0.8850(on FRIDAY). Retraced, and bounced off it...should be a nice downtrend. You can see the same thing on the DAILY.

I think there is a measured move TP at 0.8796 and another one at 0.8740. depending on where you started drawing the FIB...just my two cents.
don't get overexcited on the eur/gbp. Now sitting right at weekly support. Wait for it to breach that support, then search for shorts again.
Attached Image (click to enlarge)
Click to Enlarge Name: eurgbp w1 18.1.2010.gif Size: 40 KB
  • #2,236
  • Jan 18, 2010 4:50pm Jan 18, 2010 4:50pm
Quoting NightMoves
I seen that currency strength indicator and I have a one but not as nice as that one, mine only has the a few of the majors on it. It works but it is missing quite a bit compared to the one you have.

--NM
yeah, I find it quite good, since you really can see which currency is moving accross all pairs. That's actually my subsitute for the dashboard.
  • #2,237
  • Jan 18, 2010 4:51pm Jan 18, 2010 4:51pm
Quoting Custos
don't get overexcited on the eur/gbp. Now sitting right at weekly support. Wait for it to breach that support, then search for shorts again.
Yes it is, that is why I was saying if it breaks that level my TP is 200 pips from there.

--NM
  • #2,238
  • Jan 18, 2010 5:06pm Jan 18, 2010 5:06pm
Quoting EntropyLad
Yeah, i was short EUR/GBP too at LONDON OPEN BREAKOUT at 0.8817.
risked 15pips. made 1:2 risk/reward, given that the ADR = 60. ADR-PT = 0.8770. i used the M30/5MINS breakdown. the trend fits nicely at that time frame.

it was a choice between that and GBP/USD, GBP/CHF at london open. This is the time-- when you have to choose between two or three valid setups...this is the time that currency strength indicators can tip the balance in deciding which one to choose.

Anybody tried out hector's currency strength indicator yet?
Also could you please show me the setup for gbp/usd? I looked at it and could not really figure out how that would be good for a london open or any setup today. Daily trendline right above and the tokyo range is in the middle of nowhere, and US is on holidays today.
I think that would have been a really dangerous trade, but that's just my opinion, maybe I become too conservative these days...
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbpusd d1 18.1.2010.gif Size: 46 KB
Click to Enlarge Name: gbpusd h1 18.1.2010.gif Size: 49 KB
  • #2,239
  • Jan 18, 2010 5:09pm Jan 18, 2010 5:09pm
Quoting NightMoves
Yes it is, that is why I was saying if it breaks that level my TP is 200 pips from there.

--NM
yeah I think it's still gonna go down to 0.8750 than bounce off, but who knows. Anyways, just make sure it's a free trade, then you don't have to worry.
  • #2,240
  • Jan 18, 2010 5:26pm Jan 18, 2010 5:26pm
Quoting Custos
yeah I think it's still gonna go down to 0.8750 than bounce off, but who knows. Anyways, just make sure it's a free trade, then you don't have to worry.
Yep All good been a free trade since this morning...

--NM
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