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Mechanical trend trading

  • #141
  • Feb 1, 2010 1:55pm Feb 1, 2010 1:55pm
here is another setup with gbp/jpy, since point A the price is making LL and LH, I like the flow of it, point E is the entry area, I have my pending orders at the round# 145.00, will it make another LL? We will find out.
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  • #142
  • Feb 1, 2010 11:44pm Feb 1, 2010 11:44pm
Possible trend turn arounds may be happening..Im taking every signal but dont forget in the final cut I may not be taking signals from potential exhausting trends..now there is no way of telling this but one way is to restrict yourself to 2 trades in each trend untill we have a trend line break and a trend reversal.

Also dont forget a 50 pip stop loss and a 5 pip stop loss will result in approx the same loss ie

1000 account risk 5% per trade = $50

Trade 1

50 pip stop loss... $50 /50pip = $1 per per
1 mini contract at $1 = $50

Trade 2

5 pips stop loss $50/5pip = $10 per pip
1 full contract at $10 = $50
or 10 mini at ( 10 x $1) = $50

Both losses are the same in each case we only lose 5% of the account but if the trade wins we win $150 in both cases

The account has 2 out comes

A loss of $50 so next trade is $1000-$ 50 = $950 x 5% = $47.50

A gain of $150 so next trade is $1000 + $150 = £1150 x 5% = $57.50

Update

USDJPY still short from 90.61 TP 89.15 SL 91.14

USDCHF long from 1.05555 TP 1.0642 SL 1.0523

GBPJPY short from 145.00 TP 143.07 SL 145.71

EURUSD - 27 pips

EURJPY still short from 125.71 TP 124.54 SL 126.15

EURGBP long from 0.9718 TP 0.8767 SL 0.8698
  • #143
  • Feb 2, 2010 10:47am Feb 2, 2010 10:47am
Paulus good point, it is not matter of who is right and who is wrong in trading. When price reaches to those levels of support and resistance, it is always tricky to know the direction of the market.
  • #144
  • Feb 2, 2010 3:10pm Feb 2, 2010 3:10pm
Quoting fed
Paulus good point, it is not matter of who is right and who is wrong in trading. When price reaches to those levels of support and resistance, it is always tricky to know the direction of the market.
Fed - Have you had a chance to writing the pdf on your method? I am having trouble interpreting the round number piece.
  • #145
  • Edited 7:56am Feb 3, 2010 1:01am | Edited 7:56am
just an update with my 2 trades that I took yesterday with gbp/jpy and usd/chf. I have closed both of them. gbp/jpy wasn't making that LL that I was looking for so I closed it for a profit of +56 pips and the usd/chf wasn't making any HH either and that one I closed for a -16pips.

I am also long with nzd/usd and I have secured 25pips and will continue with my 2nd entry to 0.7158.

Here is aud/cad just triggard, lets see how that goes.
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  • #146
  • Feb 3, 2010 1:04am Feb 3, 2010 1:04am
Random walk trade thread
  • #147
  • Feb 3, 2010 10:18am Feb 3, 2010 10:18am
hehe ..N1 Ulterior

you put a smile on my face thanks..

Update

Changes going on ...

previously open signals

USDJPY -51
USDCHF -32
GBPJPY still short from 145.00 TP 143.07 SL 145.71
EURJPY -44
EURGBP +52

USDCAD +50 -17
GBPUSD -40
GBPJPY short from 145.02 TP 143.07 SL 145.71
EURUSD -31


Cheers

Paul
  • #148
  • Edited 1:36pm Feb 3, 2010 1:21pm | Edited 1:36pm
Glad you liked the diagnosis of this thread

1) playing Invalidated trend lines
2) mixing horizontal support levels with trend lines

No precision...

Here's a little seed for thought...
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  • #149
  • Feb 3, 2010 2:53pm Feb 3, 2010 2:53pm
stop it Ulterior Im laughing so much my sides hurt

Your a card you should start your own thread prescion trading by the only guy in the trading community who knows..

Your a big bang boy trading 100's of contracts we should all listen...and hey Im serious start your thread post your chart Il come over and play promise

hahahah your a good guy peace to all Il buy you a drink any day of the week

have fun in your thread

Byeeeeeee

P
  • #150
  • Feb 3, 2010 11:01pm Feb 3, 2010 11:01pm
Quoting fed
just an update with my 2 trades that I took yesterday with gbp/jpy and usd/chf. I have closed both of them. gbp/jpy wasn't making that LL that I was looking for so I closed it for a profit of +56 pips and the usd/chf wasn't making any HH either and that one I closed for a -16pips.

I am also long with nzd/usd and I have secured 25pips and will continue with my 2nd entry to 0.7158.

Here is aud/cad just triggard, lets see how that goes.
Just a thanks to you Fed for showing your trades. I'm up almost 500pips this week using your method (as best I can) with most trades risking from 30 to 50 pips.

Thanks again, Juicyt
"Even if you fall down face first, you still went forward."
  • #151
  • Feb 3, 2010 11:41pm Feb 3, 2010 11:41pm
I must admit Fed your trading system style is very good with a combination of trend lines and sweet spot areas trading the intersection ..this may well be the way to go for me to give precision as Ulterior suggests.. Thanks again for the criticism Ulterior and I honestly mean that..when things are highlighted we have to ignore or take it on the chin ..thanks


Question what happens at ? ? do you trade the bounce or as I suspect wait for a break down which will be a continuation of the down trend and then trade the rally up to 9300 with hopefully TL support ?

Cheers

Paul
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  • #152
  • Feb 4, 2010 12:00am Feb 4, 2010 12:00am
thanks buddy, I didnt' mean to critisize your work though, just suggestions here and there, because you are doing an execellent price action trading and I learned something from you as well how to set the SLs and TPs which I always had trouble with. Your trading style is the best here that I have seen here in the FF forums, no indies at all. Keep it up.

aud/cad is a nice trade and I have secured 70 pips and now I have adjusted my 2nd position to break even so I can get more pips out this trade.

Was that a question for me?
  • #153
  • Feb 4, 2010 12:22am Feb 4, 2010 12:22am
Quoting juicyt
Just a thanks to you Fed for showing your trades. I'm up almost 500pips this week using your method (as best I can) with most trades risking from 30 to 50 pips.

Thanks again, Juicyt
wow what the hell, good for you, I am glad that you are making great amount of pips as long as you keep it consistence then you will win most of your trades.
I made half of that this week because I have chickened out just because eur/usd came very close to 3750 line, when a major pair come close to a sup or res areas I always panic, I either trade less or take the trades with less lots. This is something that I need to improve if I want to continue as a trader. Psychologically I am not well yet when price is at those levels.

I mean look at eur/usd, it gave a nice set up right at 4000 line it was a sell but I didn't take it and I am just watching it how price is making some nice lows, and look at gbp/usd price at 6950 61% fib line from the last swing, that one was a great trade to take as well, I just didn't take them, psychologicaly I was affraid to loose some of my last months profit, Iam very careful.

Anyway soon things will be more clearer what price is doing so I can jump in again to those less complicated trends.
  • #154
  • Feb 4, 2010 3:50am Feb 4, 2010 3:50am
Hey Paulus, fed, et al,

How are you managing your lives around trendline trading? In other words, do you only look for and trade trendline touches during your normal waking hours? Or do you also use trendline alerts to wake you up so you can get out of bed and check the charts?
You are in a maze of twisty little passages, all alike.
  • #155
  • Edited 6:56am Feb 4, 2010 6:45am | Edited 6:56am
For me its trading only in normal working hours but post all charts..I have some great line alerts here but havnt used them yet which would free me up a bit I must admit

Update 4th

Changes going on ...




USDCHF Long from 1.0587 TP 1.0655 SL 1.0565
USDCAD +27
GBPUSD short from 1.5863 TP 1.5803 SL 1.5887
GBPJPY still short from 145.00 TP 143.07 SL 145.71 ( chart posted)

Additional swap t0 be followed

AUDUSD +103



Cheers

Paul
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  • #156
  • Feb 4, 2010 7:06am Feb 4, 2010 7:06am
Quoting stevegee58
Hey Paulus, fed, et al,

How are you managing your lives around trendline trading? In other words, do you only look for and trade trendline touches during your normal waking hours? Or do you also use trendline alerts to wake you up so you can get out of bed and check the charts?

hey stevegee, I do trading 24hrs when the market is open, how I manage it when I also have a daytime job? What I do is that I put pending orders since I look for setups that has round#s lining up with that trendline.
  • #157
  • Feb 4, 2010 8:02am Feb 4, 2010 8:02am
Quoting Ulterior
Glad you liked the diagnosis of this thread

1) playing Invalidated trend lines
2) mixing horizontal support levels with trend lines

No precision...

Here's a little seed for thought...
precision is for the disillusioned control freak.

Here's some more food for thought, a supply level. There's a criteria for identifying and using these as a support/resistance level. Maybe combining these levels with TL's will be interesting. Entry at lower bracket, stop behind upper bracket.
Attached Image
  • #158
  • Feb 4, 2010 8:48am Feb 4, 2010 8:48am
wow what a ralley, specially for the jpy pairs. I just closed my aud/cad manualy right at 9250 line since it has 7 pips spread, this can pull itself up on that psych level before it executes by my brocker. So first order was for 70 pips and the 2nd one is for 140pips, not bad. I will look for some nice pull backs for setups for later on. The price just pulling up like 20-30 pips like crazy right now as I type, scalping time I guess
  • #159
  • Feb 4, 2010 9:52am Feb 4, 2010 9:52am
yea news driven moves ..hey ho busted 2 position

Update 4th

USDJPY -30
USDCAD +27
GBPUSD +60
EURUSD - no sig
EURGBP - no sig
GBPJPY +193
AUDUSD +103
EURJPY -35
USDCHF +68
AUDUSD From this mornings chart +68



Cheers
  • #160
  • Feb 4, 2010 12:36pm Feb 4, 2010 12:36pm
EURUSD short 1.3758 TP 1.3727 SL 1.3773

P
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