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Trend Trading All Pairs

  • #2,241
  • Jan 18, 2010 5:29pm Jan 18, 2010 5:29pm
If you see a 1-2-3 setup being formed on whatever pair, should you put a trade at 2 then go to bed or work or do these trades have to be done while being watched? Also should you wait for the candle close below 2 on your setup chart or just put the trade once youe 2 has been broken?
  • #2,242
  • Jan 18, 2010 5:32pm Jan 18, 2010 5:32pm
Quoting 4extool
yes, that should be but it doesn't.

Could you compare this dashboard with yours now please?
Where can I find a dash board like this?
  • #2,243
  • Jan 18, 2010 5:36pm Jan 18, 2010 5:36pm
Quoting Scratch99
If you see a 1-2-3 setup being formed on whatever pair, should you put a trade at 2 then go to bed or work or do these trades have to be done while being watched? Also should you wait for the candle close below 2 on your setup chart or just put the trade once youe 2 has been broken?
If the setup looks good, you can actually set a buy stop or a sell limit and sometimes that works too it is a little more rsky of course but it can work just the same, just depends on how aggresive you are as a trader.

--NM
  • #2,244
  • Jan 18, 2010 5:38pm Jan 18, 2010 5:38pm
Quoting Scratch99
Where can I find a dash board like this?
These dashboards are actually purchased they are not open source, they are part of a course many of us took.

--NM
  • #2,245
  • Jan 18, 2010 5:42pm Jan 18, 2010 5:42pm
Thanks for the replies NM. Is the 1-2-3 pattern on the setup chart or on the trend chart.
  • #2,246
  • Jan 18, 2010 5:44pm Jan 18, 2010 5:44pm
Quoting Scratch99
Thanks for the replies NM. Is the 1-2-3 pattern on the setup chart or on the trend chart.
You will actually look for it on your trigger chart, not the setup chart.

--NM
  • #2,247
  • Jan 18, 2010 5:44pm Jan 18, 2010 5:44pm
Oh yeah, i agree completely, since it hasnt broke the trendline, it is risky...what i do in a situation like that is to move to BE when price action gets to the trendline...because you are not suppose to even enter the trade until the break of the slanted trendline, so you are being risky to begin with.

SORRY, the LOB trade--was also a 1,2,3 trade -- that was for the GBP/CHF only. the GBP/USD trade was from last week. I confused them in that post.
  • #2,248
  • Jan 18, 2010 5:48pm Jan 18, 2010 5:48pm
I have his dashboard...i dont have the FCI though. Hector's FCI is a currency strength indicator.
Attached Image (click to enlarge)
Click to Enlarge Name: dashboard.gif Size: 14 KB
  • #2,249
  • Jan 18, 2010 5:54pm Jan 18, 2010 5:54pm
Hey NM, can you have a look at NZDUSD. I was looking at a break of .7400 then on the 15 min trigger, then wait for the 1-2-3 before going long. Am I correct here.
  • #2,250
  • Jan 18, 2010 5:58pm Jan 18, 2010 5:58pm
Quoting Scratch99
Hey NM, can you have a look at NZDUSD. I was looking at a break of .7400 then on the 15 min trigger, then wait for the 1-2-3 before going long. Am I correct here.
When I look at that pair it looks to me like it has stalled out and really there is no strong bias in any direction right now. That is a pair that I personally would not be looking at trading intil it gets itself a little more organized somewhat. But thats my opinion.

--NM
  • #2,251
  • Jan 18, 2010 6:10pm Jan 18, 2010 6:10pm
I am watching the USDJPY for a break to the down side I though it would go last night but it didnt and now I see it is right back there again, so maybe this time around we wil get the break.

--NM
  • #2,252
  • Jan 18, 2010 6:14pm Jan 18, 2010 6:14pm
What do you think of usdcad. Sell at the blue line I know there is support further down at 1.0227. Do I wait for a close candle on my trigger chart or go ahead as soon as blue line is broken?
Attached Image (click to enlarge)
Click to Enlarge Name: usdcad.gif Size: 29 KB
  • #2,253
  • Jan 18, 2010 6:18pm Jan 18, 2010 6:18pm
Quoting NightMoves
I am watching the USDJPY for a break to the down side I though it would go last night but it didnt and now I see it is right back there again, so maybe this time around we wil get the break.

--NM
Would this break be at about 90.50 or 90.60? Just trying to figure out the trend lines.
  • #2,254
  • Jan 18, 2010 6:21pm Jan 18, 2010 6:21pm
Quoting Scratch99
What do you think of usdcad. Sell at the blue line I know there is support further down at 1.0227. Do I wait for a close candle on my trigger chart or go ahead as soon as blue line is broken?
Actually you need to open up the daily chart and take a look, the real break out will not happen until that pair crosses the 1.0200 RN line. There is an area of support on the daily chart that comes right across there so I would not trade that pair until that level is broke.

--NM
  • #2,255
  • Jan 18, 2010 6:23pm Jan 18, 2010 6:23pm
Quoting NightMoves
Actually you need to open up the daily chart and take a look, the real break out will not happen until that pair crosses the 1.0200 RN line. There is an area of support on the daily chart that come right across there so I would not trade that pair until that level is broke.

--NM
So when we do get a break we still have to wait for the 1-2-3 signal, correct?
  • #2,256
  • Jan 18, 2010 6:25pm Jan 18, 2010 6:25pm
Quoting Scratch99
So when we do get a break we still have to wait for the 1-2-3 signal, correct?
Yes especially in a situation like this, there could be a momentum breakout right there and then it could whip back above that level just as quick so you need the BPC for confirmation that it is going to continue.

--NM
  • #2,257
  • Jan 18, 2010 6:29pm Jan 18, 2010 6:29pm
Quoting NightMoves
Yes especially in a situation like this, there could be a momentum breakout right there and then it could whip back above that level just as quick so you need the BPC for confirmation that it is going to continue.

--NM
Thank you so much for your help. I think I'm starting to understand the trend and the BPC patterns. When we finally get the BPC do we enter the trade as soon as 2 is broken or do we wait for a candle to close below or at 2?
  • #2,258
  • Jan 18, 2010 6:31pm Jan 18, 2010 6:31pm
Quoting Scratch99
Thank you so much for your help. I think I'm starting to understand the trend and the BPC patterns. When we finally get the BPC do we enter the trade as soon as 2 is broken or do we wait for a candle to close below or at 2?
Most times I enter as soon as it is broke no real reason to wait I like to set right there with my finger on the trigger...

--NM
  • #2,259
  • Jan 18, 2010 6:38pm Jan 18, 2010 6:38pm
Do you lads abide the dictum of no trades after 12pm london time?

Because, i have been letting some trades go while sticking to that rule.

There was a breakout trade in GBP/CHF today, for example. 3pm est or 20:30hrs LONDON time. 1hr/15mins. at 1.6731. I didnt take it, of course. Been seeing a couple like that...i am curious as to others experience with regards to the dictum of no traders after 12pm london time.
  • #2,260
  • Jan 18, 2010 6:40pm Jan 18, 2010 6:40pm
Quoting Scratch99
Thank you so much for your help. I think I'm starting to understand the trend and the BPC patterns. When we finally get the BPC do we enter the trade as soon as 2 is broken or do we wait for a candle to close below or at 2?
But always always always wait for the BPC no matter what never leave home without it...

--NM
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