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Trend Trading All Pairs

  • #2,801
  • Feb 1, 2010 7:37am Feb 1, 2010 7:37am
Quoting 4extool
For those of you who are really interested in learning all about what news means to the forex market, go to informedtrades.com. its a sick site with hundreds of videos for beginners and advanced traders. I really like their lessons about what news releases mean.

Everything is free!
That is a good site, I have been on there before, and thought a lot of that information was pretty good.

--NM
  • #2,802
  • Feb 1, 2010 8:18am Feb 1, 2010 8:18am
Quoting 4extool
Actually I'm already in that trade. my p&c got hit. Since my RR is much better than the 50% change that the news is pushing the market against me, I really don't care. in fact i never know why people why have RR that are greater than 1:2 worry about the news. I 'm only careful not to have a P&C order that trades into the price around news.

PIPdawg

AUD/USD did exactly what I hoped for. I retraced to last weeks low of 0.8832 I'm in that bad boy as well.

earlier I took another trade: GBP/JPY short of course :-) -15 at the moment but very promising

BTW...
I'm still waiting for the eur/usd and the gbp/jpy to give me a good BPC with the 1H as my setup and 15min as my trigger chart....am I missing something?
  • #2,803
  • Feb 1, 2010 8:21am Feb 1, 2010 8:21am
Quoting Chris P
That would be the Swiss central bank intervening and trying to keep the value of the Franc at what they conceive to be a reasonable level against the Euro. I don't know the reasons behind it, I'm a trader not an economist, but suffice to say that every time they've intervened, the market has shot up a couple of days after. Just worth bearing in mind if anybody is short on the CHF pairs.
The main reason is that the SNB does not want its currency to strengthen to the point that it becomes a disadvantage for their exports. Strong currencies in a weak economy can kill your export business.
Japan was well known to do this in the past. That is why there is always speculation that they will intervene again. If you pull back to the weekly candles you can see that when the JPY gets too strong there are some serious wicks. It's to the point now that when the JPY approaches those levels speculators start selling the JPY in droves in anticipation of an intervention. The past lessons have been learned by the market and now the market's reaction can almost been seen as a proxy for intervention.
  • #2,804
  • Feb 1, 2010 8:21am Feb 1, 2010 8:21am
Quoting Pip Dawg
I'm still waiting for the eur/usd and the gbp/jpy to give me a good BPC with the 1H as my setup and 15min as my trigger chart....am I missing something?

Not really. the only reason i'm in those trades is because i'm trading a different style. more aggressive.

Not working out today :-)

but I'm going to trade like this for a month and than see what works and what not. I might have to go back to hector's conservative way of trading.
It's my price or no price at all!
  • #2,805
  • Feb 1, 2010 8:27am Feb 1, 2010 8:27am
Correct me if wrong but we have a good short if we can break and retrace up to the 1.3900 level. Looks like we have confuence of the MA's, counter trendline, 00's and the 38.2 fib....is that what you guys are seeing?

http://www.biggerbids.com/members/im...screenshot.jpg

  • #2,806
  • Feb 1, 2010 8:33am Feb 1, 2010 8:33am
Quoting Pip Dawg
Correct me if wrong but we have a good short if we can break and retrace up to the 1.3900 level. Looks like we have confuence of the MA's, counter trendline, 00's and the 38.2 fib....is that what you guys are seeing?

http://www.biggerbids.com/members/im...screenshot.jpg

I see the 61.8 Fib as a nearly perfect confluence with former support (off by one pip). I'll bet you that if Custos was trading this morning he took that short on the touch.
If we get the BPC, I would really like the trade.
  • #2,807
  • Feb 1, 2010 8:38am Feb 1, 2010 8:38am
Quoting finswin56
I see the 61.8 Fib as a nearly perfect confluence with former support (off by one pip). I'll bet you that if Custos was trading this morning he took that short on the touch.
If we get the BPC, I would really like the trade.
The touch trade is very cool. Waiting for the BPC is building my character by trying my patience...lol.
  • #2,808
  • Feb 1, 2010 8:56am Feb 1, 2010 8:56am
Quoting finswin56
The main reason is that the SNB does not want its currency to strengthen to the point that it becomes a disadvantage for their exports...
Good analysis. With JPY crosses moving south as well, it may not be too long before we see some more large moves occuring in those pairs either. I'll defo be keeping a eye on EURCHF over the coming days as I'm still in my GBPCHF short from 1.6995. I've got it covered at BE, but I'd still like us to see my final TP of 1.6680 before closing it out.
  • #2,809
  • Feb 1, 2010 8:59am Feb 1, 2010 8:59am
Quoting Pip Dawg
The touch trade is very cool. Waiting for the BPC is building my character by trying my patience...lol.
Keep the patience Pip Dawg. It may never break, but that's just the way it goes sometimes. Your analysis is correct. Keep spotting these day in day out and you'll catch those that do fit the criteria. We can't control the market, but we can react to it's movements and take advantage of opportunities as they present themselves.

I've been watching the fib retrace levels for some good PA as a tip off for where price is going, but we've had nothing solid so far. Most of the time we spend 'trading' is actually spent waiting... lol
  • #2,810
  • Feb 1, 2010 9:03am Feb 1, 2010 9:03am
Quoting Chris P
Keep the patience Pip Dawg. It may never break, but that's just the way it goes sometimes. Your analysis is correct. Keep spotting these day in day out and you'll catch those that do fit the criteria. We can't control the market, but we can react to it's movements and take advantage of opportunities as they present themselves.

I've been watching the fib retrace levels for some good PA as a tip off for where price is going, but we've had nothing solid so far. Most of the time we spend 'trading' is actually spent waiting... lol
Chris P....

I appreciate the affirmation. It is good to know that I'm going down the right path. Being new to this method I'm retraining myself and its just good to hear that I'm picking up the signals as I should....thanks.
  • #2,811
  • Feb 1, 2010 9:16am Feb 1, 2010 9:16am
Quoting finswin56
I see the 61.8 Fib as a nearly perfect confluence with former support (off by one pip). I'll bet you that if Custos was trading this morning he took that short on the touch.
If we get the BPC, I would really like the trade.
I am not sure he would. there is the US red-labeled news coming up soon. ISM manufacturing numbers. It is not even setup for a "blend the news" trade. GBP/USD almost look like a nice "blend the news" trade...but it isnt. Anyways, currently watching

EUR/USD,

GBP/USD
  • #2,812
  • Feb 1, 2010 9:17am Feb 1, 2010 9:17am
Quoting Chris P
Keep the patience Pip Dawg. It may never break, but that's just the way it goes sometimes. Your analysis is correct. Keep spotting these day in day out and you'll catch those that do fit the criteria. We can't control the market, but we can react to it's movements and take advantage of opportunities as they present themselves.

I've been watching the fib retrace levels for some good PA as a tip off for where price is going, but we've had nothing solid so far. Most of the time we spend 'trading' is actually spent waiting... lol

You cant control the market, but you can control how you react to it.

One of the market wizards said that...in jack d schwager book.
  • #2,813
  • Feb 1, 2010 9:28am Feb 1, 2010 9:28am
Come on, EUR/USD, give me a BPC under the 1.3900 so that i can short the crap out of you.

Anybody interested in USD/SGD? check out H4.
  • #2,814
  • Feb 1, 2010 9:39am Feb 1, 2010 9:39am
First time playing a shorter time frame....waiting for my sell stop to be hit...

http://www.biggerbids.com/members/im...screenshot.jpg

  • #2,815
  • Feb 1, 2010 9:42am Feb 1, 2010 9:42am
Quoting Pip Dawg
Chris P....

I appreciate the affirmation. It is good to know that I'm going down the right path. Being new to this method I'm retraining myself and its just good to hear that I'm picking up the signals as I should....thanks.
You're definitely getting it right Pip Dawg. Trading itself is very simple, and all good trading methods should follow suit. The hardest part comes from controlling one's emotions. Each and every trader goes through a learning curve, some progress quicker than others. You're in a good place here to learn how to do things in a correct fashion. If you can learn to master your emotions and remove them from your trading, you will become consistent.

Half the trouble is people looking to make it rich quick. It just doesn't happen that way - normally those are the ones who end up blowing their accounts even quicker! Stay disciplined, only take the trades that strickly match your criteria, and you will do well. And always ask plenty of questions, it's the best way to learn.

Best,
Chris
  • #2,816
  • Feb 1, 2010 9:45am Feb 1, 2010 9:45am
Quoting Chris P
You're definitely getting it right Pip Dawg. Trading itself is very simple, and all good trading methods should follow suit. The hardest part comes from controlling one's emotions. Each and every trader goes through a learning curve, some progress quicker than others. You're in a good place here to learn how to do things in a correct fashion. If you can learn to master your emotions and remove them from your trading, you will become consistent.

Half the trouble is people looking to make it rich quick. It just doesn't happen that way - normally...
Right on brother...if I can just make small steps I'm happy with that.

By the way...my first attempt with a shorter term time frame is really sucking balls right now.
  • #2,817
  • Feb 1, 2010 9:47am Feb 1, 2010 9:47am
Quoting EntropyLad
Come on, EUR/USD, give me a BPC under the 1.3900 so that i can short the crap out of you.

Anybody interested in USD/SGD? check out H4.
No PA on my charts at the moment. Have you got a chart with what you're looking at?
  • #2,818
  • Feb 1, 2010 9:54am Feb 1, 2010 9:54am
Quoting Pip Dawg
Right on brother...if I can just make small steps I'm happy with that.

By the way...my first attempt with a shorter term time frame is really sucking balls right now.
Here's a chart with my trendline drawn on it. I prefer the trendline to pick up obvious lows/highs of bars, rather than trying to 'fit' it to a retracement. Also, a trendline closer to 45° is always preferable over a steeper line.

This may still work for you, as you've got your stop in a good place, but just something to add to the mix.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd 5min 010210.gif Size: 18 KB
  • #2,819
  • Feb 1, 2010 10:02am Feb 1, 2010 10:02am
Quoting Chris P
Here's a chart with my trendline drawn on it. I prefer the trendline to pick up obvious lows/highs of bars, rather than trying to 'fit' it to a retracement. Also, a trendline closer to 45° is always preferable over a steeper line.

This may still work for you, as you've got your stop in a good place, but just something to add to the mix.
Great advice....I will definitely do that next time. It may still work if it can just break that 1.59 level. I will give it a little more time to see what happens.
  • #2,820
  • Feb 1, 2010 10:53am Feb 1, 2010 10:53am
Hmmm.. MR. PIP DAWG .i wont take that trade. I will wait for a break of that round number, a pullback that test and fail at that RN, then a continuation. I wrote about that here:
http://www.forexfactory.com/showthre...or#post3395829

check here too:
http://cdn.forexfactory.com/attachme...1&d=1264360989


Pip Dawg; First time playing a shorter time frame....waiting for my sell stop to be hit...

http://www.biggerbids.com/members/im...screenshot.jpg

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