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Trend Trading All Pairs

  • #3,281
  • Edited 6:09am Feb 8, 2010 5:33am | Edited 6:09am
THE original POST here HAS BEEN ERASED. It causes disturbances in the force....i dont like disturbances.
  • #3,282
  • Feb 8, 2010 5:36am Feb 8, 2010 5:36am
Quoting Custos
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
Cool.

I get what you are saying about the 1.5650 level, and i readily admit it that it will be prettier looking to use that level.
  • #3,283
  • Feb 8, 2010 5:39am Feb 8, 2010 5:39am
Quoting EntropyLad
I am not objecting to the fact that the setup will be prettier looking if one opted for the 1.5650 area like custos prefer. However, the 1.5600 area has (1)round number (2) 38.2 fib (3)price action consolidation through asian trading session (4)intersection of the slanted trendline (5)Gap (6)The area between the 30 and 50 MAs.

But argument(by CUSTOS and CHRISP) that the setup was unduly focused on MAs above everything else just doesnt make sense to me. Especially, given all those 6 points i just stated. And the CUSTOS objection...
okay, next time I will refrain from stating how I see a setup, when you have a different opinion. I just stated how I analyse it, nothing personal. If you see it differently, then just state it, there is no one truth about trading there, no need to make this an endless discussion.
So, then next time don't worry, not gonna post any comments on your posts again.

best regards.
  • #3,284
  • Feb 8, 2010 5:45am Feb 8, 2010 5:45am
Quoting Chris P
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
I understand. All newbies should look for the prettiest chart to trade. Paulette and I were discussing LOB trades this morning...how we cancelled all setups because breakouts happened a 15minutes before 7am london time. (LOB are only allowed exactly between 7am and 9am). And that cancellation decision proved wise, because at the exact dot of 7am..all the breakouts completely reversed themselves and rocket in the opposite directon. All of them. Without exception. So, yeah, rules are rules.
  • #3,285
  • Feb 8, 2010 5:51am Feb 8, 2010 5:51am
Quoting Custos
okay, next time I will refrain from stating how I see a setup, when you have a different opinion. I just stated how I analyse it, nothing personal. If you see it differently, then just state it, there is no one truth about trading there, no need to make this an endless discussion.
So, then next time don't worry, not gonna post any comments on your posts again.

best regards.
Come on, custos. Come on. Dont take this personally. You know how much i value your opinion and take on things. You are custos, the one and only. The pip sniper, the pips overload.

Dont take it personally. I honestly want and appreciate your input. Without you i wont have heard of BRV.

I have only this to say about you:

http://i182.photobucket.com/albums/x...you_rock-1.gif
  • #3,286
  • Feb 8, 2010 5:59am Feb 8, 2010 5:59am
Quoting EntropyLad
I am not objecting to the fact that the setup will be prettier looking if one opted for the 1.5650 area like custos prefer. However, the 1.5600 area has (1)round number (2) 38.2 fib (3)price action consolidation through asian trading session (4)intersection of the slanted trendline (5)Gap (6)The area between the 30 and 50 MAs.

But argument(by CUSTOS and CHRISP) that the setup was unduly focused on MAs above everything else just doesnt make sense to me. Especially, given all those 6 points i just stated. And the CUSTOS objection...
I am looking at this setup too..around the 1.5600.. it has most criteria met for the area of confluence.. but it lack previous support becoming new resistance. In the videos, there are instances when Hector disregard this factor.. it just means that it would be a riskier trade compared if u have all the criteria met. Just my take on it.
  • #3,287
  • Feb 8, 2010 5:59am Feb 8, 2010 5:59am
Quoting EntropyLad
Come on, custos. Come on. Dont take this personally. You know how much i value your opinion and take on things. You are custos, the one and only. The pip sniper, the pips overload.

Dont take it personally. I honestly want and appreciate your input. Without you i wont have heard of BRV.

I have only this to say about you:
I don't take it personally. Just writing about setups in my spare-time and don't wanna start arguing in my spare-time. So, as long as we just don't make endless discussions about when we see things differently, then it's fine. I am just writing how IN MY OPINION I see things, and if you have ANOTHER opinion, that's fine for me. Just don't slash my opinion all around, it's just an opinion, nothing else.
And since I apologized in a previous post for my misjudgement on how you saw the setup, I don't see the point why you discuss this further and further.

best regards.
  • #3,288
  • Feb 8, 2010 6:00am Feb 8, 2010 6:00am
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
Thanks Chris, will look into it for sure..
  • #3,289
  • Feb 8, 2010 6:01am Feb 8, 2010 6:01am
It's all healthy discussion

I've seen too many threads get overrun with people damning each other down. That's why I'm very picky about where I post. NM has got a good thread going here, and all the people involved at the moment are doing a good job at helping the new folk along. We've all got our own little take on things (how else would there be someone going long when we're going short?), but respect for each other should always shine through.

I enjoy being part of this thread.

Best,
Chris
  • #3,290
  • Feb 8, 2010 6:02am Feb 8, 2010 6:02am
Top Four Things i Have Learned from CUSTOS

#1. Precision trades are possible ala BRV

#2. How many hours within each trading sessions(asian, euro, us) are relevant.

#3. Total display of awesomeness by kicking "maforexcity" butt aka "the buy one, get one free sales guy".

#4. Always look for the prettiest setups.
  • #3,291
  • Feb 8, 2010 6:12am Feb 8, 2010 6:12am
Quoting Chris P
It's all healthy discussion

I've seen too many threads get overrun with people damning each other down. That's why I'm very picky about where I post. NM has got a good thread going here, and all the people involved at the moment are doing a good job at helping the new folk along. We've all got our own little take on things (how else would there be someone going long when we're going short?), but respect for each other should always shine through.

I enjoy being part of this thread.

Best,
Chris

I have deleted the post, chrisP. Actually, i wrote that post before reading the followup post by CUSTOS, otherwise, i wont have written it.

http://www.forexfactory.com/showpost...postcount=3281
  • #3,292
  • Feb 8, 2010 6:14am Feb 8, 2010 6:14am
Quoting Chris P
It's all healthy discussion

I've seen too many threads get overrun with people damning each other down. That's why I'm very picky about where I post. NM has got a good thread going here, and all the people involved at the moment are doing a good job at helping the new folk along. We've all got our own little take on things (how else would there be someone going long when we're going short?), but respect for each other should always shine through.

I enjoy being part of this thread.

Best,
Chris
very true, so now let's go back to trading & finding trading setups...
  • #3,293
  • Feb 8, 2010 6:19am Feb 8, 2010 6:19am
By the way, gbp/usd now sitting there since a few bars on the m30. No momentum there, in 45 minutes ny will open, which might take gbp/usd back up. So better to move your stop to around entry levels or close the trade all together.

Again, just my opinion.
  • #3,294
  • Feb 8, 2010 6:21am Feb 8, 2010 6:21am
Quoting iezzzwan
Mine triggered as with the pullback continuation... I will consider that support area as my take profit 1.. will let it run after that.
I presume from your statement that you've dumped 1/2 of your cargo in GBP/USD short at 1.5555 and moved the rest to BE + 1? Generally when using RN as full or partial exit, +/-5pips of RN is a preferable point of exit.
  • #3,295
  • Feb 8, 2010 6:23am Feb 8, 2010 6:23am
Quoting Custos
By the way, gbp/usd now sitting there since a few bars on the m30. No momentum there, in 45 minutes ny will open, which might take gbp/usd back up. So better to move your stop to around entry levels or close the trade all together.

Again, just my opinion.
Thanks. That was the point i was trying to make to iezzwan in the link below. (Although not as clearly as you did.)

http://www.forexfactory.com/showpost...postcount=3294
  • #3,296
  • Feb 8, 2010 6:31am Feb 8, 2010 6:31am
Hi folks,

Been reading the discussions.

Its all a matter of how we each see the market.

Where else do we get savvy people believing they are both right? when ones buying and another selling?? lol! Thats trading.

IMHO I see the gbp/usd a bit more "aggresive" than usuall due to some factors. That doesnt invalidate the trade, it just depends on the individual and their risk tolerance AND expertise.

I personally like the trade. However, I entered at a different price and im already out. Luck? I dont know, but i do know i was comfortable with this particular trade. One mans meat is another mans poison...

Im just saying this as my "personal" view on things. Im still learning and i like the discussions here. So heres my take on it

Pip
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  • #3,297
  • Feb 8, 2010 6:37am Feb 8, 2010 6:37am
Quoting Pipalicious
Hi folks,

Been reading the discussions.

Its all a matter of how we each see the market.

Where else do we get savvy people believing they are both right? when ones buying and another selling?? lol! Thats trading.

IMHO I see the gbp/usd a bit more "aggresive" than usuall due to some factors. That doesnt invalidate the trade, it just depends on the individual and their risk tolerance AND expertise.

I personally like the trade. However, I entered at a different price and im already out. Luck? I dont know, but i do know i was comfortable with...
Good for you, pipalicious. In hector intra-trade management...he would recommend moving the SL of your remaining 1/2 to the back of that triangle(those two red lines on the 5mins chart, the 1.5585 area) after selling the first 1/2 at 1.5555.
http://cdn.forexfactory.com/attachme...1&d=1265632182
  • #3,298
  • Feb 8, 2010 6:50am Feb 8, 2010 6:50am
Quoting Custos
By the way, gbp/usd now sitting there since a few bars on the m30. No momentum there, in 45 minutes ny will open, which might take gbp/usd back up. So better to move your stop to around entry levels or close the trade all together.

Again, just my opinion.
Yeah..it does not work out after all.. taking too long in that consolidation. Closed my position with minor profit. Dont wanna risk it.

update: looking at that huge bullish climb I glad that I did. Thanks all.
  • #3,299
  • Feb 8, 2010 7:06am Feb 8, 2010 7:06am
Quoting iezzzwan
Yeah..it does not work out after all.. taking too long in that consolidation. Closed my position with minor profit. Dont wanna risk it.

update: looking at that huge bullish climb I glad that I did. Thanks all.
If we look at the 1h chart we are seeing the formation of a clear range within a downtrend. If price respects these barriers its posible we could see another opportunity short in the breakout.

Lets see what happens...

On the daily we have huge space to play with shorts IMHO.

PIp
  • #3,300
  • Feb 8, 2010 7:07am Feb 8, 2010 7:07am
Guys,

my 2cents on GU, it has now bounced off the day "support/trend line" (not sure which term to use now) yet again:

tf day: line starts low of 8 July 09, 28 Sept 09, 13 oct 09, 5 feb 09, tried it twice already today... Seems to be forming a strongish support?

I learned this little trick from NM - any thoughts?

EU also seems to have found itself a nice support to sit on: +- 13640 area. This was S/R area: 7-15 Oct 08, 19-26 Mrch 09, 10-19 May 09
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