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Trend Trading All Pairs

  • #3,321
  • Feb 8, 2010 10:13am Feb 8, 2010 10:13am
Quoting Custos
I am also a very impatient person, but what I always do is to play around with a small percentage of my account until the good setups unfold. Like today, I entered against overall market direction, just playing around.
Also helps in getting to know the markets better and better. So if you have troubles waiting, then just drop your lot-size and trade around a little without risking much (also without winning much).
And once a good setup develops again you can hit it with full lot-size.

best regards
I think that is a good solution...play a bit while you wait.
  • #3,322
  • Feb 8, 2010 10:17am Feb 8, 2010 10:17am
Quoting Custos
yes, planning is definitely important. Without a plan we can't react well to different market situations. I used to mark S/R levels & price action I expect in the upcoming days and how I would react to that price-action. Well, now I do most of that in my head, but in the beginning that was really helpful, also in determining which setups are really good and which p/a would make me not take the setup at all or when to bail out.
Writing down thoughts and notes and analyzing trades is really important in my opinion.

best regards.
I have my setup and trigger chart rules in writing, to be sure I dont forget anything. Already my mind is a lot clearer on the rules.

One day I might toss the checklist...
  • #3,323
  • Feb 8, 2010 10:34am Feb 8, 2010 10:34am
Maybe the GBPUSD is about to do its thing???

--NM
Attached Image (click to enlarge)
Click to Enlarge Name: Maybe this time.png Size: 115 KB
  • #3,324
  • Feb 8, 2010 10:49am Feb 8, 2010 10:49am
Quoting NightMoves
Maybe the GBPUSD is about to do its thing???

--NM
Looks like she aint gonna give it easy - checking that level once more? or is she going to put the c in the b-p-?

Lets see...
  • #3,325
  • Feb 8, 2010 10:51am Feb 8, 2010 10:51am
Quoting NightMoves
Maybe the GBPUSD is about to do its thing???

--NM
yep, it could as well retrace back to a higher area on the h4 chart. Let's see what will happen.
  • #3,326
  • Feb 8, 2010 10:56am Feb 8, 2010 10:56am
Quoting Custos
yep, it could as well retrace back to a higher area on the h4 chart. Let's see what will happen.
Quite the Bulls and Bears battle going on there...

--NM
  • #3,327
  • Feb 8, 2010 10:57am Feb 8, 2010 10:57am
Quoting NightMoves
Maybe the GBPUSD is about to do its thing???

--NM
I see it. However, it is too late in the day for me to trade EUROPEAN/AMERICAN currency pair for me. I terminate all european/american trade entry on the setup H1, M30 after 12pm us EST. If this is trigger chart H4 or above, I wont mind. Just my personal rule.
  • #3,328
  • Feb 8, 2010 10:59am Feb 8, 2010 10:59am
Quoting EntropyLad
I see it. However, it is too late in the day for me to trade EUROPEAN/AMERICAN currency pair for me. I terminate all european/american trade entry on the setup H1, M30 after 12pm us EST. If this is trigger chart H4 or above, I wont mind. Just my personal rule.
I will certainly take it if it is there, I follow that rule on Fridays but during the week I have seen some pretty good moves in the second half of the NY session..

--NM
  • #3,329
  • Feb 8, 2010 11:04am Feb 8, 2010 11:04am
Quoting NightMoves
I will certainly take it if it is there, I follow that rule on Fridays but during the week I have seen some pretty good moves in the second half of the NY session..

--NM
gonna be interesting to see what happens, however, I am just gonna watch. I would be glad if we see a range breakout tomorrow in the london session.
  • #3,330
  • Feb 8, 2010 11:04am Feb 8, 2010 11:04am
Quoting Custos
yep, it could as well retrace back to a higher area on the h4 chart. Let's see what will happen.

hmmm, no C not yet... Must be an in-fight real close. I think they are having a party in NY, hence no trading volume of a sort
  • #3,331
  • Feb 8, 2010 11:05am Feb 8, 2010 11:05am
Quoting EntropyLad
I see it. However, it is too late in the day for me to trade EUROPEAN/AMERICAN currency pair for me. I terminate all european/american trade entry on the setup H1, M30 after 12pm us EST. If this is trigger chart H4 or above, I wont mind. Just my personal rule.
I see it the same way.
  • #3,332
  • Feb 8, 2010 11:06am Feb 8, 2010 11:06am
Quoting Paulette
hmmm, no C not yet... Must be an in-fight real close. I think they are having a party in NY, hence no trading volume of a sort
They are all at lunch now, talking about how they are going to push this pair down even further because they know we are waiting for that...LOL

--NM
  • #3,333
  • Feb 8, 2010 11:07am Feb 8, 2010 11:07am
Quoting Custos
gonna be interesting to see what happens, however, I am just gonna watch. I would be glad if we see a range breakout tomorrow in the london session.

I will prefer break out tomorrow... but looks like she wants to add a C
  • #3,334
  • Feb 8, 2010 11:09am Feb 8, 2010 11:09am
Quoting Paulette
I will prefer break out tomorrow... but looks like she wants to add a C
I would be happy with just a "B" right now....

--NM
  • #3,335
  • Feb 8, 2010 11:31am Feb 8, 2010 11:31am
Quoting NightMoves
I think about 80% of trading is psychological, the rest is luck...

--NM

Well! You know what they say about luck dont ya?

Learning
Under
Correct
Knowledge

So ye! It IS luck lol!!

Pip
  • #3,336
  • Edited 12:00pm Feb 8, 2010 11:47am | Edited 12:00pm
Quoting Custos
I see it the same way.

TRADING TIME ZONES.

One of the things i learnt from you, custos; not sure you remember the conversation. Anyways, thanks.

I subsequently modify your take on it a little bit to further compliment my own personal observations:

RULES ONLY APPLY TO M30, H1, H4 setup chart only. Ignore rule if dealing with daily, weekly setup chart.

EUROPEAN/AMERICAN or EUROPEAN/CANADIAN or EUROPEAN/EUROPEAN pair/crosses: Good from 2am US est time till 12pm US est time.

EUROPEAN/ASIA pair/crosses: Good from 2am US est till 7am US est time.

ASIA/ASIA or ASIA/AMERICAN or ASIA/CANADIAN pair/crosses. Good from 7pm US est time till 7am US est time.

AMERICAN/CANADIAN:*Good from 2am US est time till 12pm US est time*. A more aggressive time frame: 7pm US est time till 12pm US est time(ignoring the late USD trading session between 12pm and 6:50pm).

ADDENDUM:
I put asterisk on USD/CAD because that time frame seems to have the best breakout of USD/CAD that i have seen so far(of course, you have to be mindful of the US open(9:30am) time starting from 8am EST.). But in my reviews, and i will like others to weigh in on this, i have seen USD/CAD breakout and work in all time frames. All of them. EURO, USD or ASIAN. It is almost like 7pm US est time till next day 12pm US est time(covering the EURO and US time inbetween, and ignoring the late USD trading session, and starting with ASIA at 7pm). Maybe because CAD is a commodity dollar as such, it is able to work during asian time(aud, nzd are both commodity dollars too.)So, maybe CAD is able to feed off the action of other commodity dollars like aud, nzd, during asian time. That is just my hypothesis.

On european/asia pair or crosses. I dont trade european/asia during asian time because FRANKFURST/LONDON open can turn stuff completely around with a vengeance(e.g, yesterday/this morning. all the JPYs M30/M5 shorts setup of chf/jpy, eur/jpy, gbp/jpy, etc were turned back with a vengeance at the dot of 7am LONDON TIME.
nzd, aud, jpy, cad, usd, sgd, combinations results in 10 asian related currencies pairs/crosses to trade anyways. That is enough for ASIA session watchlist. I dont need to make things more risky with european/asia pairs or crosses before LONDON open time.

I think CUSTOS focus heavily on the first 4hrs of each trading session.

Anyways, these are my personal preferences and are not hectors. hector recommend trading between 7am london time and 12pm london time only. So, for the newbies, please, dont take this as hector's gospel. I need to add that disclaimer.
  • #3,337
  • Feb 8, 2010 3:27pm Feb 8, 2010 3:27pm
a new trade I got into.
attached is the gpb/aud h1 chart.

gbp/aud broke out of previous uptrend to the downside, now tested 38.2 fib, downtrendline, previous up-trendline, round number and S&R level. I think you can't have more confluence.
Still waiting to get my first target hit. I had a max drawdown of 3 or 4 pips on this trade so far (excluding spread).
R:R would be 7:1, if price hits all my targets.

best regards
Attached Image (click to enlarge)
Click to Enlarge Name: gbpaud h1 8.2.2010.gif Size: 72 KB
  • #3,338
  • Feb 8, 2010 3:35pm Feb 8, 2010 3:35pm
Quoting Custos
a new trade I got into.
attached is the gpb/aud h1 chart.

gbp/aud broke out of previous uptrend to the downside, now tested 38.2 fib, downtrendline, previous up-trendline, round number and S&R level. I think you can't have more confluence.
Still waiting to get my first target hit. I had a max drawdown of 3 or 4 pips on this trade so far (excluding spread).
R:R would be 7:1, if price hits all my targets.

best regards
I think you have taken another fine trade the way it looks, my GBPUSD is still going so far....My drawdown was 7 pips, but it cleared that fairly quickly..Right now I am +40 pips...Moved to BE+1 SO now I need to look for another one...LOL
  • #3,339
  • Feb 8, 2010 3:42pm Feb 8, 2010 3:42pm
Quoting NightMoves
I think you have taken another fine trade the way it looks, my GBPUSD is still going so far....My drawdown was 7 pips, but it cleared that fairly quickly..Right now I am +40 pips...Moved to BE+1 SO now I need to look for another one...LOL
nice, gbpusd seems to be going down steadily. hehe, good that we make a lot of profit here in this thread. I think I was hunting enough pips for the day, time to sleep over here . Gonna be back for the london session tomorrow, hopefully we got some other nice setups and our two trades will be very much in profit by then.

best regards
  • #3,340
  • Feb 8, 2010 3:44pm Feb 8, 2010 3:44pm
Quoting Custos
nice, gbpusd seems to be going down steadily. hehe, good that we make a lot of profit here in this thread. I think I was hunting enough pips for the day, time to sleep over here . Gonna be back for the london session tomorrow, hopefully we got some other nice setups and our two trades will be very much in profit by then.

best regards
Excellent work Custos,
Have a great night and I will hopefully see you in the London session!!!

--NM
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