Mechanical trend trading

Paulus,
Your charts although take time are extremely useful to us. Thanks and keep them coming when you have a chance...

Kostas.

To project TPs and SLs, this is one way of setting SLs and TPs. Measure the the last swing and then place it to where the price retraced. I will show you the 2nd way to set up the TPs/SLs on my next post. Guys this kind of projection is not alway 100%, to have higher accuracy make sure you place your TP 10-20 pips above the projection line.

The 2nd way which is my way(I don't like to measure, sometimes it is confusing to find the exact swing point) I just use the fib lines, this is widely used areas by the experienced traders as well.

First trade of the week I just took. This pair is trending down nicely and it is right at the spot that I like to see, that is why I took it. Lets see what happens, it is all up to the market from here on. I checked the 4 hr chart and it doesn't sit on any major support line, it should flow nicely.

I have extended the SL to 9110 on that trade which is the next high, it might find a resistance there and I am still under the 1:1 RR, which is fine. Or we could see the price retrace to 9150 area and that is with higher 4hr time frame.

trades so far shown on charts

USDCHF +43 and just triggered short entry S and TP can be seen

USDCAD long from 1.0536 TP and SL can be seen

EURUSD +48 and very close to another long

GBPJPY loss of 26 pips waiting for long signal

EURUSD just triggered long we made a higher high so trade is valid for me

As always RR 3:1


P

here is the 5min version of the above signal

Update

USDCHF +43 and short from 1.0407 SL 1.0424 TP 1.0366

USDCAD +64

EURUSD +48 and long from 1.4144 SL 1.4125 TP 1.4193

GBPJPY -26 pips

EURGBP long from 0.8742 SL 0.8728 TP 0.8779

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Hi guys, here is a trade that I took about 30 min ago with eur/jpy. As I have mentioned prev I always go with round #s and this is between the round#s, so I am taking it with my demo account.

This is my seond trade that I took with chf/jpy, the signal wasn't near the the round# just like the above so I am also with demo on this one.

To update my first trade aud/usd that I took yesterday, I am still holding it, it is not functioning as I have planed it but I am hoping the best for that one.

loss on those 2 jpy pairs eur/jpy and chf/jpy, good thing those trades were with demo. I don't trust trades if they don't meet round #s.

I have posted this setup last friday with my pending orders. This one triggered and I just noticed now, it is one of my 5 setups that I follow. The price is on a round # and I am taking it live. Lets hope for the best. All the elements are there to take this trade.

I have closed my aud/usd trade that I took yesterday and closed it for 32 pips, the market is ranging and I don't want to take the chance any more on that one. this pair didn't continue its trend. I did risk 55 pips and I was lucky the price came back again.

I have closed my nzd/jpy trade for 70 pips, I got what I was looking for, it will retrace and I will look for another opportunity. On this one I should have opened 2 entries, because it was a 4hr setup which has more room for movement, close one and ride the 2nd entry as much as possible. Too bad..

Well done fed your really cracking on with it..

You have a very good style you could easily open your own thread on this and get a huge following.

Its good to see charts with just price action..I think you should write a PDF document on your 5 set ups with chart examples etc..more and more traders are steering away from indicators

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Update

USDCHF +43 and short from 1.0407 SL 1.0424 TP 1.0366..this turned into a loss of 20 pips after gaining 33 pips on the position but considering the winner being twice the size Im happy with the result

USDCAD +64

EURUSD +48 and long from 1.4144 SL 1.4125 TP 1.4193 this turned into a loss of 22 pips after gaining 38 pips on the position but considering the winner being twice the size Im happy with the result

GBPJPY -26 pips

EURGBP +33 pips

Signals so far today

EURJPY +148 pips chart posted

GBPUSD long from 1.6196 TP 1.6269 SL 1.6168 chart posted

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Hi Paulus! I allways traded in a similar way, the trend is my friend!

How can I make my fibs look like that? Sorry about the dumb question...





Best regards, Cain

Expecting bounce off the trend line, if there's a significant break going up, going long is a good idea. On the breaking of the trend line we could be a bit more cautious by placing our stop on the other side of the break with say 10 pips breathing room. If it hits SL then trade the bounce. Bounces with a more larger SL. How would you go about it Paulus?

thanks budy, i think i will do that then.

Jaula Hi

I would go about it by only trading the trend I see which is down,as you can see the trend started nicely late DEC so for me to draw a long trend I would need the break up at B to be higher than C with a higher low put in..for me atm the down trend is in place

On EURCHF we had the entry and I identify point A as the last swing low which automatically gives me a SL at 1.4752 which is 1/3 of my TP so if all goes well and we win its a RR of 3:1

To get the fibs looking like mine you need to alter the Fibo levels as shown

Cheers

P