Trend Trading All Pairs | Page 164 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Trading correlation pairs by using the other pairs 843 replies

28 Pairs Trading Panel (Multi-pairs) 0 replies

Export All pairs or selected pairs to .csv with script 3 replies

Daily Bar Analysis - All Pairs/All Welcome 15 replies

Trend Trading All Currency Pairs 3 replies

Attachments: Trend Trading All Pairs
Exit Attachments

Trend Trading All Pairs

  • #3,261
  • Feb 8, 2010 3:24am Feb 8, 2010 3:24am
Quoting Kanderpro
Hello Paulette and Entropy Lad,
Bought Hector's course on Friday and still going through it so rules not hard-wired yet.
EG is trending since Asian session Friday and has broken last week's high. Not much momentum for an LOB.
Any thoughts?
Kan

These pairs/crosses: E/G, GBP/CAD, GBP/JPY, GBP/USD, EUR/JPY, CHF/JPY, EUR/USD all broke out during asian session on the M30/M5 time frame. On the short side. With the exception of E/G on the long side. I skipped all of them. With the exception of gbp/usd, gbp/cad and eur/gbp(who reached their 1st TP before 7am london time starts...the rest reversed strongly at the dot of 7am precisely.)
  • #3,262
  • Feb 8, 2010 3:35am Feb 8, 2010 3:35am
Quoting Paulette
Hi Kan
LOB only from 7-9, then cancel if not entered as yet.
Paulette is right. Respect the rules.

To learn more about LOB, check out:

http://www.forexfactory.com/showpost...postcount=2997
  • #3,263
  • Feb 8, 2010 3:52am Feb 8, 2010 3:52am
GBP/USD m30/m5 maybe setting up nicely. Let see it develop first.
  • #3,264
  • Feb 8, 2010 4:04am Feb 8, 2010 4:04am
Quoting EntropyLad
GBP/USD m30/m5 maybe setting up nicely. Let see it develop first.
I'm already short on the M30 chart. Target a few pips above 1.5500 round number..
  • #3,265
  • Feb 8, 2010 4:22am Feb 8, 2010 4:22am
Quoting iezzzwan
I'm already short on the M30 chart. Target a few pips above 1.5500 round number..

Hope it works out for you. I didnt go in because it didnt follow my expected outline(the blue line on the chart). After completing the 1, 2, 3 FORMATION...i wanted a bpc right below the RN....it didnt form the way i wanted...i just have to let it go. This is the M5 trigger chart below.

http://www.forexfactory.com/attachme...1&d=1265624448
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd short m30m5.gif Size: 31 KB
  • #3,266
  • Feb 8, 2010 4:31am Feb 8, 2010 4:31am
Mine triggered as with the pullback continuation... I will consider that support area as my take profit 1.. will let it run after that.
  • #3,267
  • Feb 8, 2010 4:32am Feb 8, 2010 4:32am
Quoting EntropyLad
GBP/USD m30/m5 maybe setting up nicely. Let see it develop first.
I think you guys focus a little too much on the MA's. I don't see any obvious horizontal S/R level that gbp/usd is bouncing off from, also the trendline got breached to the upside, which also makes it invalid as a resistance level.

MA's are a guide for trending conditions, they are not a support/resistance level per se.
Not a very high probability setup in my opinion.
  • #3,268
  • Feb 8, 2010 4:43am Feb 8, 2010 4:43am
Quoting EntropyLad
Hope it works out for you. I didnt go in because it didnt follow my expected outline(the blue line on the chart). After completing the 1, 2, 3 FORMATION...i wanted a bpc right below the RN....it didnt form the way i wanted...i just have to let it go. This is the M5 trigger chart below.
Yeah, that is true as well, the bpc is way too low. Not a real retest of retracement trendline as resistance...
  • #3,269
  • Feb 8, 2010 4:43am Feb 8, 2010 4:43am
Quoting Custos
I think you guys focus a little too much on the MA's. I don't see any obvious horizontal S/R level that gbp/usd is bouncing off from, also the trendline got breached to the upside, which also makes it invalid as a resistance level.

MA's are a guide for trending conditions, they are not a support/resistance level per se.
Not a very high probability setup in my opinion.
I have to concur with you Custos. Remember guys, Hector always said to look for levels of confluence before picking trades. If you only wait for the best possible setups, you will protect your capital and experience a much higher winning percentage of trades.

Best,
Chris
  • #3,270
  • Feb 8, 2010 4:47am Feb 8, 2010 4:47am
Quoting Paulette
Hi Guys,

Pure PA. Best to trade on Day or Week level as you have to wait on candles to close, meaning you will be managing this trade once a day. Also, day retracement candles = more pips, than 5 / 15/ 1hr retracements in general. ALWAYS try on demo first
Hi Paulette,

If you want to learn more about longer term PA and picking trend reversals, here's a link for the best place to start: http://www.forexfactory.com/showthread.php?t=2331

If you don't rely on PA alone and factor in levels of S/R, MACD confirmation, space etc, you'll see the success ratio jump to more like 90%+

I use this method every day.

Best,
Chris
  • #3,271
  • Feb 8, 2010 4:51am Feb 8, 2010 4:51am
Quoting Custos
I think you guys focus a little too much on the MA's. I don't see any obvious horizontal S/R level that gbp/usd is bouncing off from, also the trendline got breached to the upside, which also makes it invalid as a resistance level.

MA's are a guide for trending conditions, they are not a support/resistance level per se.
Not a very high probability setup in my opinion.
Quoting Chris P
I have to concur with you Custos. Remember guys, Hector always said to look for levels of confluence before picking trades. If you only wait for the best possible setups, you will protect your capital and experience a much higher winning percentage of trades.

Best,
Chris

I dont understand what you are talking about, custos and CHRISP. This is the chart i am looking at. Attached below: GBP/USD. Are you talking about the same chart?

http://www.forexfactory.com/attachme...1&d=1265626268
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd short m30.gif Size: 42 KB
  • #3,272
  • Feb 8, 2010 4:54am Feb 8, 2010 4:54am
Quoting Chris P
Hi Paulette,

If you want to learn more about longer term PA and picking trend reversals, here's a link for the best place to start: http://www.forexfactory.com/showthread.php?t=2331

If you don't rely on PA alone and factor in levels of S/R, MACD confirmation, space etc, you'll see the success ratio jump to more like 90%+

I use this method every day.

Best,
Chris
yep, I like that thread too. Have learned a lot there as well.
Most importantly, no matter what you do and how you trade: always incorporate the real S/R levels, horizontal and diagonal. Then you will already have a good edge. PA gives then a good indication if the S/R level will hold.

And again, MA's are not S/R levels!!!!!! That's actually the reason why hector put the MA's out of the new course, cause too many people got confused and used the MA's as S/R levels instead of the real horizontal and diagonal lines.

best regards
  • #3,273
  • Feb 8, 2010 4:58am Feb 8, 2010 4:58am
Quoting EntropyLad
I dont understand what you are talking about, custos and CHRISP. This is the chart i am looking at. Attached below: GBP/USD. Are you talking about the same chart?
Attached is what I see. Yeah it is within the fib range. But it didn't really use any of the obvious S/R levels as resistance. Overshot the trendline and didn't use the last swing low as resistance.

Well, I think it's of course a matter how you see the chart. For me it didn't use a good S/R level as resistance.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd m30 8.2.2010.gif Size: 50 KB
  • #3,274
  • Feb 8, 2010 5:03am Feb 8, 2010 5:03am
Setup chart is M30.. Trigger chart is M5.. I dont see pullback in M30 so i zoom in trigger chart..the retracement trendline was broken and I enter short. Just sticking to the system the best of my knowledge.. I am still on demo.
  • #3,275
  • Feb 8, 2010 5:14am Feb 8, 2010 5:14am
Quoting Custos
Attached is what I see. Yeah it is within the fib range. But it didn't really use any of the obvious S/R levels as resistance. Overshot the trendline and didn't use the last swing low as resistance.

Well, I think it's of course a matter how you see the chart. For me it didn't use a good S/R level as resistance.
So, let me get this straight. If price action overshot the slanted trendline momentarily and reversed below it, that still nullifies the trade? it must never, never, never overshot the trendline? I can tolerate a few overshoots.

#2. Because it didnt use the 1.56500 rn? Well, in my view, it uses the 1.5600 rn and there were plenty of price consolidation at the 1.5600 . In fact, it spent most the time during asia session consolidating at the 1.5600 rn. There was also a gap around the 1.5600 rn further providing S/R. You can see all this better at the M5 timeframe.

I am not saying it is a pretty looking chart. Certainly not neat looking. However, I think those elements are there(as i pointed out in the attached chart i sent), and contrary to what you and chrisP were focused on(the MAs) as the defect of the setup, the MAs have the least thing to do with the setup.

I obviously didnt take the trade for other reason. I stated that reason here:

http://www.forexfactory.com/showpost...postcount=3265
  • #3,276
  • Feb 8, 2010 5:19am Feb 8, 2010 5:19am
Quoting EntropyLad
I dont understand what you are talking about, custos and CHRISP. This is the chart i am looking at.
Hi EntropyLad

This is my take on cable. There is obviously a definite downtrend in play. I'd have preferred to have seen price move as I've marked on the chart, with a move down and then a swing back into the area and retesting the previous swing lows. One of the things Hector always pushed was making sure that swings were harmonic. I just can't see that here, and not enough levels of confluence for me to risk my money.

There are some factors going for this, such as the gap, but when you've got a large account size, for me it's just waiting for those setups which tick all the boxes. I know if I wait for all the ducks to line up (gotta love Hector's little analagies ), then I've got a VERY good chance of coming out on top.

Best,
Chris
  • #3,277
  • Feb 8, 2010 5:21am Feb 8, 2010 5:21am
Things are moving kind of slow right now arent they?

--NM
  • #3,278
  • Feb 8, 2010 5:24am Feb 8, 2010 5:24am
Just to add...

EntropyLad, you've obviously got a good grasp of Hector's method, this is more aimed at keeping the newer folk out of trouble.

For all the newbies reading the thread, practice only taking the best looking setups. Once you get good at these, then demo some of the other setups you see. Track your progress and see if you're any good at them. Just don't give away your hard earned pips on low quality setups. It's far too easy to go down this road when you're starting out.

Best,
Chris
  • #3,279
  • Feb 8, 2010 5:27am Feb 8, 2010 5:27am
Quoting EntropyLad
So, let me get this straight. If price action overshot the slanted trendline momentarily and reversed below it, that still nullifies the trade? it must never, never, never overshot the trendline? I can tolerate a few overshoots.

#2. Because it didnt use the 1.56500 rn? Well, in my view, it uses the 1.5600 rn and there were plenty of price consolidation at the 1.5600 . In fact, it spent most the time during asia session consolidating at the 1.5600 rn. There was also a gap around the 1.5600 rn further providing S/R. You can see all this better at...
it all depends how aggressive you are with looking for setups. Of course you can also take this one, but for me, I like when it just overshoots for a few pips the trendline and I actually prefer a clear horizontal S/R level. But as you know for my entry requirements I am very conservative.
All up to the trader what he wants to take, I just know for myself that this setup is not good enough for me.
Yeah, I just assumed that the MA's were the reason for taking the trade, sorry for my misjudgement.

best regards
  • #3,280
  • Feb 8, 2010 5:29am Feb 8, 2010 5:29am
Quoting NightMoves
Things are moving kind of slow right now arent they?

--NM
yeah, most pairs still have to retrace. I think that might still take one or two days. No decent setup right now in my opinion.

Did you guys find any other setups?
8 traders viewing now