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Trend Trading All Pairs

  • #2,981
  • Feb 4, 2010 5:40am Feb 4, 2010 5:40am
Quoting EntropyLad
damn! GBP/JPY breakout to the downside H4/H1 is solid. nice, nice, all around happening at 8:15am london time too(around LOB) time. although this is a 1, 2, 3 formation tearing down from 144.50 rn...tempting thought:get in at 144.31, sell 1/2 at 144.05 rn and move the rest to BE and ride. But...i cant...Unfortunately, i cannot enter: GBP red-labeled news of MPC meetings and rates....Must ignore all trade signals on MPC rates news day. Otherwise, it is ONE HELL OF A PERFECT 1, 2,3 BPC, formation though for H4/H1 with the breakout right at LOB time(that...
LOL, You know honestly if the economy was in better shape I would say there is a chance the interest rate announcment coming from GBP would bring that currency up becaue they may hike the rates, but things are not that good yet, I do not think they are going to do anything with the rates, Australia tried that and it back fired, and on the next rate announcement they lowered them again, so I think if any of these countries tries to raise the rates, it would just send that particular economy even deeper into trouble. I am no economist but I do not think you have to be to figure this one out. (now watch I will be so far off base with that statement )...

--NM
  • #2,982
  • Feb 4, 2010 5:49am Feb 4, 2010 5:49am
Quoting NightMoves
LOL, You know honestly if the economy was in better shape I would say there is a chance the interest rate announcment coming from GBP would bring that currency up becaue they may hike the rates, but things are not that good yet, I do not think they are going to do anything with the rates, Australia tried that and it back fired, and on the next rate announcement they lowered them again, so I think if any of these countries tries to raise the rates, it would just send that particular economy even deeper into trouble. I am no economist but I do not...
Sounds like the big focus is going to be a combination of the news,
The important focus today will be the decision concerning the APF program as it is expected to expire later this month. If MPC decides to take a “wait and see” stance on the APF, expect to see GBP soaring against other majors as this is a strong message reflecting the recovery of UK’s economy.

--NM
  • #2,983
  • Feb 4, 2010 6:28am Feb 4, 2010 6:28am
Quoting NightMoves
Sounds like the big focus is going to be a combination of the news,
The important focus today will be the decision concerning the APF program as it is expected to expire later this month. If MPC decides to take a “wait and see” stance on the APF, expect to see GBP soaring against other majors as this is a strong message reflecting the recovery of UK’s economy.

--NM
OK that tid bit of information does not look to reliable, time for a new source...LOL

--NM
  • #2,984
  • Feb 4, 2010 8:10am Feb 4, 2010 8:10am
The EU trade I took yesterday is still going after the news, which really did not seem to impact it too much. I will let it run for awhile longer then close it out before the NFP news tomorrow. Unless I get stopped out before that.

--NM
Attached Image (click to enlarge)
Click to Enlarge Name: EU Trade 2_3_2010.png Size: 31 KB
  • #2,985
  • Feb 4, 2010 8:26am Feb 4, 2010 8:26am
Good Morning Everyone!

pipnut
Even a blind squirrel finds a nut sometime.
  • #2,986
  • Feb 4, 2010 8:26am Feb 4, 2010 8:26am
Quoting NightMoves
The EU trade I took yesterday is still going after the news, which really did not seem to impact it too much. I will let it run for awhile longer then close it out before the NFP news tomorrow. Unless I get stopped out before that.

--NM
Looks like my au trade is coming to fruitation too - moving my sl closer... This is a first for me...

I also marked 4/1hr EJ, GJ for paper trading as I had to go out and big red news announcements, but I still feel a sense of achievement as I am now more in a position to get the entries right, intra day exits is good, but need to work on longer term exits. Oh and huge: TRUST
  • #2,987
  • Feb 4, 2010 8:27am Feb 4, 2010 8:27am
Quoting pipnut
Good Morning Everyone!

pipnut
Good Morning Pipnut...

--NM
  • #2,988
  • Feb 4, 2010 8:27am Feb 4, 2010 8:27am
Quoting Paulette
LOB today was ok for me, got 1 on eur/usd +30...
Hi Paulette,
Well done on the LOB trade this morning.
I haven't bought Hector's course yet but I noticed that, on a chart that Entropy Lad posted recently, he mentions one of Hector's rules re LOB trades - something along the lines of there must be a two day trend before an LOB trade is considered.
I don't know if I've got this right, or if there are some other rules I will discover when I buy the course. Or were you persuaded to enter because the risk was only about 10 pips?
Kan
Thanks for your help, warmth and straight talking Heather.
  • #2,989
  • Feb 4, 2010 8:35am Feb 4, 2010 8:35am
Quoting Paulette
Looks like my au trade is coming to fruitation too - moving my sl closer... This is a first for me...

I also marked 4/1hr EJ, GJ for paper trading as I had to go out and big red news announcements, but I still feel a sense of achievement as I am now more in a position to get the entries right, intra day exits is good, but need to work on longer term exits. Oh and huge: TRUST
HI Paulette,
The AU is setting on some heavy support at the moment on the daily, if that gives way, then it looks like a nice ride for awhile. Longer term exits are much easier, when you have some room to play, in the beginning when the first entry is made, is thoughest, because stops are tight and anything can happen, but once it moves and there is no real S/R in the way, then you can give the market a little more room to play and move.

Unless the EU makes a major turn around, it should be good for awhile yet, the next strong support level is quite a ways off, but anything can happen.

The ticket is open the longer time frames and look for those areas of strong S/R, and if you leave your trades open for the longer term watch the PA when gets to those levels.

But again anything can happen just follow it with stops so you protect your profits and let the trend run its magic.

--NM
  • #2,990
  • Feb 4, 2010 8:39am Feb 4, 2010 8:39am
Quoting NightMoves
HI Paulette,
The AU is setting on some heavy support at the moment on the daily, if that gives way, then it looks like a nice ride for awhile. Longer term exits are much easier, when you have some room to play, in the beginning when the first entry is made, is thoughest, because stops are tight and anything can happen, but once it moves and there is no real S/R in the way, then you can give the market a little more room to play and move.

Unless the EU makes a major turn around, it should be good for awhile yet,...
Again NM, thanks for the advise. I have my SL in quite close now as I am aware of the S/R, so if take out now it would have been a good exercise.

EU I am keenly watching along with GJ & EJ - all on paper. It is just as if I am seeing PA action that previously was not visible - also because it is supported by definate PA related entry / exit rules.
  • #2,991
  • Feb 4, 2010 8:43am Feb 4, 2010 8:43am
Quoting Paulette
Looks like my au trade is coming to fruitation too - moving my sl closer... This is a first for me...

I also marked 4/1hr EJ, GJ for paper trading as I had to go out and big red news announcements, but I still feel a sense of achievement as I am now more in a position to get the entries right, intra day exits is good, but need to work on longer term exits. Oh and huge: TRUST
Nice trading, I would still keep an eye on that level, because if that level breaks it could be a very nice ride for awhile...

--NM
Attached Image (click to enlarge)
Click to Enlarge Name: AU Daily Support Levels.png Size: 42 KB
  • #2,992
  • Feb 4, 2010 8:43am Feb 4, 2010 8:43am
Quoting Kanderpro
Hi Paulette,
Well done on the LOB trade this morning.
I haven't bought Hector's course yet but I noticed that, on a chart that Entropy Lad posted recently, he mentions one of Hector's rules re LOB trades - something along the lines of there must be a two day trend before an LOB trade is considered.
I don't know if I've got this right, or if there are some other rules I will discover when I buy the course. Or were you persuaded to enter because the risk was only about 10 pips?
Kan
Hi Kanderpro,

LOB - no, what Entropy (I think) was referring too was the Trend collapse strategy, which is something I possibly will look into at a later stage.

I tried to locate it, but failed. Maybe Entropy can help
  • #2,993
  • Feb 4, 2010 8:54am Feb 4, 2010 8:54am
hello nightmoves, i have been reading closely the first pages of this thread and all i can say is WOW. very detailed and informative is there a link to other resources that talk about specifically your trend trading strategy on this thread. thanks in advance
  • #2,994
  • Feb 4, 2010 9:01am Feb 4, 2010 9:01am
The next major support for the EU was only about 60 pips away and there is an RN between me and it, and I think it is about to retrace, and I do not hink it is going to make that retrace distance back before the NFP news, I thought I had more room than that but I didnt so I took the 131 pips and closed it out.

--NM
  • #2,995
  • Feb 4, 2010 9:09am Feb 4, 2010 9:09am
Quoting piyeree
hello nightmoves, i have been reading closely the first pages of this thread and all i can say is WOW. very detailed and informative is there a link to other resources that talk about specifically your trend trading strategy on this thread. thanks in advance
HI piyree,

There are things kind of scattered throughout this thread, but the first few pages are the gest of it, the method is pretty simple, and pretty darned effective. For the most part we are intraday trading but once you find a good entry into the trend you can ride it as far as you can. The targets for the intraday trading are usually based on the ADR and for a longer term targets we use price pattern projection or just the normal major S/R levels, and then watch what price action dies around those areas.

Its really a price action method of trading, no indicators except for the 3 MA lines to help determine a nice tame trend to get into, the wild trends are little risky so we cheat and find the tame ones based on those MA lines...LOL

--NM
  • #2,996
  • Feb 4, 2010 9:14am Feb 4, 2010 9:14am
Quoting NightMoves
HI piyree,

There are things kind of scattered throughout this thread, but the first few pages are the gest of it, the method is pretty simple, and pretty darned effective. For the most part we are intraday trading but once you find a good entry into the trend you can ride it as far as you can....
Thanks for the reply NM,

my only problem is the ADR. I am using FXCM Trading station but I can't seem to find the ADR indicator in their marketscope. sorry i am noob just started trading november 2009 but when I started using your method I was able to make January my firt green profitable month. thanks to you
  • #2,997
  • Feb 4, 2010 9:19am Feb 4, 2010 9:19am
Quoting Kanderpro
Hi Paulette,
Well done on the LOB trade this morning.
I haven't bought Hector's course yet but I noticed that, on a chart that Entropy Lad posted recently, he mentions one of Hector's rules re LOB trades - something along the lines of there must be a two day trend before an LOB trade is considered.
I don't know if I've got this right, or if there are some other rules I will discover when I buy the course. Or were you persuaded to enter because the risk was only about 10 pips?
Kan
Chapter 7 of hector old course explicitly stated: Minimum of 2 days of clear, unidirectional price action for any LOB. Preferably a minimum of three, even better if it is FIVE. Anyways, here is a LOB hector course module if you are interested:
http://learnforexlive.com/blog/londo...forex-strategy

If you are interested in LIVE hector LOB trades, check out these 5 vidoes:
Video # 1
Inserted Video


Video # 2
Inserted Video


Video #3
Inserted Video


Video # 4
Inserted Video


Video # 5
Inserted Video



HERE IS HECTOR former blog on LOB strategies(unfortunately, some of the videos are not working anymore)

http://www.hectortrader.com/trades-library/
  • #2,998
  • Feb 4, 2010 9:20am Feb 4, 2010 9:20am
Quoting piyeree
Thanks for the reply NM,

my only problem is the ADR. I am using FXCM Trading station but I can't seem to find the ADR indicator in their marketscope. sorry i am noob just started trading november 2009 but when I started using your method I was able to make January my firt green profitable month. thanks to you
I also use the trading station, but I use MT4 for charting. So I run both of them, the Market scope does not have that ADR nor can just place the grid lines on the round numbers and keep it there without missing half the chart, so I use MT4 for that purpose and it seems to work out really well.

--NM
  • #2,999
  • Feb 4, 2010 9:24am Feb 4, 2010 9:24am
Quoting NightMoves
The EU trade I took yesterday is still going after the news, which really did not seem to impact it too much. I will let it run for awhile longer then close it out before the NFP news tomorrow. Unless I get stopped out before that.

--NM
Damn! that EU is still kicking them in the nuts. High probability of retracement due to profit taking on friday...but IF, i mean, IF the NFP numbers supports the USD...the move in EUR/USD to the downside will be many, many more pips to come.

I cant say it enough, nightmoves: WELL PLAYED. Well played indeed.

See? Fortune does favour the bold. (intelligent boldness, of course).
  • #3,000
  • Feb 4, 2010 9:28am Feb 4, 2010 9:28am
Quoting NightMoves
The next major support for the EU was only about 60 pips away and there is an RN between me and it, and I think it is about to retrace, and I do not hink it is going to make that retrace distance back before the NFP news, I thought I had more room than that but I didnt so I took the 131 pips and closed it out.

--NM
Oh, i posted my previous post before reading this one...you closed it out? 131 pips on the second part. Not bad. Not bad at all. Good, bold moves, ladies and gentlemen, happens every day.
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