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Trend Trading All Pairs

  • #3,161
  • Feb 5, 2010 9:38am Feb 5, 2010 9:38am
Quoting NightMoves
I avoid the Red and Orange flagged news the rest of the new does not seem to matter too much and the market does seem as vulnerable to the other news.

--NM
Yeah. The LOB that i spotted this morning was the GBP/USD....1HR/15MINS. Short. the breakout at 6:45. london time, the continuation at 7:45london time. RED-labeled news of GBP PPI input at 9:30 london time. I had to let it pass. Besides, the NFP number was coming up in the USD anyways.

Currently at 1:2 of risk, already reached expected ADR profit target and exceeded it. But, like the GBP/JPY i let go yesterday, this too is the right decision. RESPECT THE NEWS.

The 1hour chart below:
http://www.forexfactory.com/attachme...1&d=1265384304
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd lob.gif Size: 51 KB
  • #3,162
  • Feb 5, 2010 9:43am Feb 5, 2010 9:43am
Quoting EntropyLad
Yeah. The LOB that i spotted this morning was the GBP/USD....1HR/15MINS. Short. the breakout at 6:45. london time, the continuation at 7:45london time. RED-labeled news of GBP PPI input at 9:30 london time. I had to let it pass. Besides, the NFP number was coming up in the USD anyways.

Currently at 1:2 of risk, already reached expected ADR profit target and exceeded it. But, like the GBP/JPY i let go yesterday, this too is the right decision. RESPECT THE NEWS.

The 1hour chart below:
I agree with that decision, today is not a good safe day to trade, the trends are pretty darn steep and could start retracing the second you get in the market, they are due for a retracement, so I am not going to take any trades today no matter how good the setup is.

I will wait for things to settle down a little bit.

--NM
  • #3,163
  • Feb 5, 2010 9:54am Feb 5, 2010 9:54am
Quoting NightMoves
I agree with that decision, today is not a good safe day to trade, the trends are pretty darn steep and could start retracing the second you get in the market, they are due for a retracement, so I am not going to take any trades today no matter how good the setup is.

I will wait for things to settle down a little bit.

--NM
Wondering about the EUR/USD level at 1.3650. Not that it is particularly relevant as a bounce trade since i am not in the business of picking tops and bottoms, but of trading the trend. Chart attached
http://www.forexfactory.com/attachme...1&d=1265385261
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd weekly.gif Size: 34 KB
  • #3,164
  • Feb 5, 2010 10:18am Feb 5, 2010 10:18am
Quoting NightMoves
This is the sheet that I print out, this is the one I use now to write all the trade detials on to make it easier to enter into the journal.

--NM
THANK YOU. Looks great.
  • #3,165
  • Feb 5, 2010 10:46am Feb 5, 2010 10:46am
Quote
Quoting EntropyLad
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).
hehehe. EUR/USD now flirting with 1.3600. NIGHTMOVES and CUSTOS, hoping they held on a little longer. hahahaha. And i, entropy, smarting from getting out at 1:2 risk/reward. Anyways, what is done is done.

I mean, seriously this EUR/USD collapse is one heck of a collapse. It already destroyed the 1.3650 LEVEL(another reason why i dont trade bounce trades).
http://www.forexfactory.com/showpost...postcount=3163

It doesnt seem to have a floor beneath it.
  • #3,166
  • Feb 5, 2010 11:51am Feb 5, 2010 11:51am
Quoting NightMoves
Does he have anything like with his new course? Or he has gotten away from all that?

--NM
I have the new course and haven't seen a trade journal template yet. Which is kind of surprising now that you mention it.
  • #3,167
  • Feb 5, 2010 12:09pm Feb 5, 2010 12:09pm
Quoting PippyD
I have the new course and haven't seen a trade journal template yet. Which is kind of surprising now that you mention it.
There isnt one.

They are all videos so you have to "figure it out" in a way...so to speak.

Thats why i asked in here if anyone had a model they followed....

Pre-trade Management.
In-trade Management.
Post-trade Management.

Start with that in mind

Pip
  • #3,168
  • Feb 5, 2010 12:26pm Feb 5, 2010 12:26pm
Quote
Quote:
Originally Posted by PippyD http://cdn.forexfactory.com/images/buttons/viewpost.gif
[i]I have the new course and haven't seen a trade journal template yet....
HEHEHE.
Hey, hector is a business man. Why not "microsoft" the method, i.e. release things in stages...version 1.0...version 2.0...version 3.0..and milk it for all its worth? LOL

There is annex section of the old course, an extra section with all these goodies that from my interaction i have come to realize it is missing in the new course...and there are things in the new course that are missing in the old course...hmmm...hey, clever hector! lol. Of course, you cant use the old course access/password to gain access to the new course, neither can you use the new course access/passwords to gain access to the old course. Nice work, hey?

Maybe version 3.0 of hector's method WILL NOT contain other stuffs too that version 2.0 takes for granted, the same way version 2.0 doesnt have some stuff in that version 1.0 takes for granted. Hehehe.
  • #3,169
  • Feb 5, 2010 12:32pm Feb 5, 2010 12:32pm
Quoting Pipalicious
There isnt one.

They are all videos so you have to "figure it out" in a way...so to speak.

Thats why i asked in here if anyone had a model they followed....

Pre-trade Management.
In-trade Management.
Post-trade Management.

Start with that in mind

Pip
NM's template looks great.

I find it very easy to lose track of what I'm doing if I don't write down the reasoning behind a trade. Especially on a demo account "where it doesn't really matter". Trouble is I'd be messing around and realize I wasn't learning anything.
  • #3,170
  • Feb 5, 2010 2:46pm Feb 5, 2010 2:46pm
Quoting PippyD
NM's template looks great.

I find it very easy to lose track of what I'm doing if I don't write down the reasoning behind a trade. Especially on a demo account "where it doesn't really matter". Trouble is I'd be messing around and realize I wasn't learning anything.
Have a look at www . myfxbook . com

Maybe thats of interest to you.

It sure is to me.

Pip.
  • #3,171
  • Feb 5, 2010 3:40pm Feb 5, 2010 3:40pm
Quoting Pipalicious
Have a look at www . myfxbook . com

Maybe thats of interest to you.

It sure is to me.

Pip.
Do you use this site to track your trading details like the information in NM's template? It isn't clear from the public information that the site has that capability. Just curious. It is an interesting concept.
  • #3,172
  • Edited 4:45pm Feb 5, 2010 4:31pm | Edited 4:45pm
Quoting PippyD
NM's template looks great.

I find it very easy to lose track of what I'm doing if I don't write down the reasoning behind a trade. Especially on a demo account "where it doesn't really matter". Trouble is I'd be messing around and realize I wasn't learning anything.
The demo really should be treated as a real account, if you are learning different methods and techniques and such then i would not worry about it too much, however once you find a method that you feel is what your looking for, then you need to really start paying attention and learn that method inside and out. Use the DEMO account just like a real account when practicing the method you have chosen. Log every detail you can think of about the trade, and review everything after the trade is over.

Record mistakes, write down what you thought went right and wrong, write down everything that made you enter that trade, if you can save an image of the chart that you saw the setup on...save it, and refer back to it and look it over, and do the same for every trade you take, when you lose a trade you can compare the winning and losing charts and see what was different in the setup, maybe you did not wait for a clear BPC, or entered to close to a S/R level on the larger time frame, to close to a news release, a faulty pattern...etc.

There are number of things to consider and the more information you can record the more you can compare good trades against bad trades, and pretty soon you will see a pattern develop on the winning and losing trades, which will guide you as to what you are doing right and wrong.

It really helps define your weaknesses and strengths, and then when you know what the weaknesses are you can adjust and turn those into strengths as well, then soon you will notice that you are making better judgements on what to get into and what not to get into, and pretty soon you are winning trade after trade, and your confidence goes up and you are taking more stress free trades and coming out with more winning trades than losing trades, and you will have the confidence to know that wth each trade you enter that you had the best setups for low risk high probability opportunity.

If you use Excel to keep a journal it is easy to hyperlink each trade back to your chart image you saved and then all you have to do is click on the trade and it brings up that chart.

--NM
  • #3,173
  • Feb 5, 2010 5:40pm Feb 5, 2010 5:40pm
Quoting NightMoves
The demo really should be treated as a real account, if you are learning different methods and techniques and such then i would not worry about it too much, however once you find a method that you feel is what your looking for, then you need to really start paying attention and learn that method inside and out. Use the DEMO account just like a real account when practicing the method you have chosen. Log every detail you can think of about the trade, and review everything after the trade is over.

Record mistakes, write down what you thought went...
Excellent advice. This should be mandatory reading for all new traders.
  • #3,174
  • Feb 6, 2010 8:51am Feb 6, 2010 8:51am
Quoting NightMoves
Does he have anything like with his new course? Or he has gotten away from all that?

--NM
I bought his course 3 weeks ago and there is nothing like this in there... Videos, reading material supporting videos and MT templates / custom indicators.
  • #3,175
  • Feb 6, 2010 8:59am Feb 6, 2010 8:59am
Quoting Paulette
I bought his course 3 weeks ago and there is nothing like this in there... Videos, reading material supporting videos and MT templates / custom indicators.
I am suprised he does not have something like that, because of how crucial it is, you think that would be part of the course. I guess when I took it there was really nothing in there either as far as a journal goes anyway.

--NM
  • #3,176
  • Feb 6, 2010 9:03am Feb 6, 2010 9:03am
Quoting NightMoves
You will need to click on the common tab to find it, when in properties.

--NM
Hi NM, let me give you an example of the line I am after: you posted on 4 Feb 10 @ 5:01pm post# 3032 an EUR/USD chart, in that you have a counter trend line in black, breached by a massive red candle...

What is the line type you used to draw this line and then the little line linking into it from the top again with the trend?

In my brokers charts that is referred to as a segment line - you can basically to anything with this line, small / big / up / down / right / left - whatever as long as it has a start and an end.
  • #3,177
  • Feb 6, 2010 9:09am Feb 6, 2010 9:09am
Quoting Paulette
Hi NM, let me give you an example of the line I am after: you posted on 4 Feb 10 @ 5:01pm post# 3032 an EUR/USD chart, in that you have a counter trend line in black, breached by a massive red candle...

What is the line type you used to draw this line and then the little line linking into it from the top again with the trend?

In my brokers charts that is referred to as a segment line - you can basically to anything with this line, small / big / up / down / right / left - whatever as long as it has a start and an end.
can you post the link the to the post I will take a look at it.

--NM
  • #3,178
  • Feb 6, 2010 9:12am Feb 6, 2010 9:12am
Quoting NightMoves
can you post the link the to the post I will take a look at it.

--NM
I found the post, what I used was just the trend line tool on the toolbar

--NM
  • #3,179
  • Feb 6, 2010 9:14am Feb 6, 2010 9:14am
Quoting NightMoves
I found the post, what I used was just the trend line tool on the toolbar

--NM
thnx, I will try to get it working for me... PERFECT! Trendline has a little tickbox : Ray, untick and now it is sorted...

Much appreciated NM
  • #3,180
  • Feb 6, 2010 9:15am Feb 6, 2010 9:15am
Quoting Paulette
Hi NM, let me give you an example of the line I am after: you posted on 4 Feb 10 @ 5:01pm post# 3032 an EUR/USD chart, in that you have a counter trend line in black, breached by a massive red candle...

What is the line type you used to draw this line and then the little line linking into it from the top again with the trend?

In my brokers charts that is referred to as a segment line - you can basically to anything with this line, small / big / up / down / right / left - whatever as long as it has a start and an end.
I think what you are referring too is this tool to draw the lines with, if not I will try something else...

--NM
Attached Image (click to enlarge)
Click to Enlarge Name: Toolbar.png Size: 18 KB
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