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Trend Trading All Pairs

  • #3,421
  • Feb 9, 2010 1:56pm Feb 9, 2010 1:56pm
Quoting Pipalicious
How about this for a touch trade?

Is this what you look for?

Its hindsight but id like your opinions on it either way...

Cheers...

Pip
yep, looks good to me, very good example.
  • #3,422
  • Feb 9, 2010 1:57pm Feb 9, 2010 1:57pm
Quoting Pipalicious
How about this for a touch trade?

Is this what you look for?

Its hindsight but id like your opinions on it either way...

Cheers...

Pip
I am guessing that is EUR/AUD DAILY chart. makes perfect sense to me. let CUSTOS weighs in.

That is part of the reason why i wasnt liking the EUR/AUD long idea.
http://www.forexfactory.com/showpost...postcount=3386
  • #3,423
  • Feb 9, 2010 2:16pm Feb 9, 2010 2:16pm
Nightmoves, i agree with everything you wrote down there.

Although, lets say i have become totally comfortable with TOUCHTRADES, i wont mind entering a touch trades of a good setup...then wait for a 1, 2, 3 formation after that, get my standard breakout and add to my position. becuase i normally trade the 1, 2, 3 and BPC formation to begin with. Why not do the touch trade, then, when the BPC or 1,.2, 3 formation has been formed and completed, enter as hector suggested.

I wont mind pyramiding that way.

UPDATE: I agree with what custos wrote below, i guess i didnt make that clear in THIS post earlier. That is what i meant.

WHAT CUSTOS SAID BELOW:

Quote
My suggestion to pyramiding that way is that you just take off half of your touch trade position somewhere before and move stop to b/e. That way you won't lose all your profits when the trade turns sour and you will have a risk free touch trade, once you enter the bpc trade. Hope that makes sense.
That way you can pyramid without increasing risk.

best regards


Quoting NightMoves
The Major currencies I consider are the EU,GBP,JPY,AUD,USD,CHF...etc, and yes I do vary my lots according to the setup and the type of trend I am in.

What would make me reduce lots, is the time of day for the currency I am tading, the target distance, how wild or tame the trend is...etc, I guess I consider a lot of things at the time I am looking at an entry, and of course each trade is a little different than the last.
In a perfect setup or one that I would consider a perfect setup and extreme low risk trade, I will go in full boat on the trade...
  • #3,424
  • Feb 9, 2010 2:19pm Feb 9, 2010 2:19pm
Quoting EntropyLad
Nightmoves, i agree with everything you wrote down there.

Although, lets say i have become totally comfortable with TOUCHTRADES, i wont mind entering a touch trades of a good setup...then wait for a 1, 2, 3 formation after that, get my standard breakout and add to my position. becuase i normally trade the 1, 2, 3 and BPC formation to begin with. Why not do the touch trade, then, when the BPC or 1,.2, 3 formation has been formed and completed, enter as hector suggested.

I wont mind pyramiding that way.
My suggestion to pyramiding that way is that you just take off half of your touch trade position somewhere before and move stop to b/e. That way you won't lose all your profits when the trade turns sour and you will have a risk free touch trade, once you enter the bpc trade. Hope that makes sense.
That way you can pyramid without increasing risk.

best regards
  • #3,425
  • Feb 9, 2010 2:42pm Feb 9, 2010 2:42pm
This is what i mean by this post(using touchtrades and 1, 2, 3 formation to pyramid).
http://www.forexfactory.com/showpost...postcount=3423

I have attached a chart below that better explains what i mean about pyramiding with a EUR/AUD daily/h4 chart.

this is the daily setup chart:
http://www.forexfactory.com/attachme...1&d=1265748095

this is the h4 trigger chart:

http://www.forexfactory.com/attachme...1&d=1265748095
Attached Image(s) (click to enlarge)
Click to Enlarge Name: euraud daily setup chart.gif Size: 28 KB
Click to Enlarge Name: euraud h4 trigger chart.gif Size: 39 KB
  • #3,426
  • Feb 9, 2010 3:11pm Feb 9, 2010 3:11pm
Quoting EntropyLad
Nightmoves, i agree with everything you wrote down there.

Although, lets say i have become totally comfortable with TOUCHTRADES, i wont mind entering a touch trades of a good setup...then wait for a 1, 2, 3 formation after that, get my standard breakout and add to my position. becuase i normally trade the 1, 2, 3 and BPC formation to begin with. Why not do the touch trade, then, when the BPC or 1,.2, 3 formation has been formed and completed, enter as hector suggested.

I wont mind pyramiding that way.

UPDATE: I agree with what custos wrote...
LOL You can trade anyway you want, all I am saying is I am very conservative and very picky on what I want to see before I enter a trade. There a million ways to trade, and I have a certain set of criteria I need to see before I get into a trade.

I suppose if I had enough confidence in trading that way I would, but I have not proven to myself that I can consistently win trades like that only because I have not done it enough to know exactly what I am looking for with that method.

Once you have that method mastered you can probably make a truckload of pips, and then I would have to buy a truck to haul the damn things, and there goes my profits right out the window...LOL
  • #3,427
  • Feb 9, 2010 3:52pm Feb 9, 2010 3:52pm
Quoting EntropyLad
This is what i mean by this post(using touchtrades and 1, 2, 3 formation to pyramid).
http://www.forexfactory.com/showpost...postcount=3423

I have attached a chart below that better explains what i mean about pyramiding with a EUR/AUD daily/h4 chart.

this is the daily setup chart:
http://www.forexfactory.com/attachme...1&d=1265748095

this is the h4 trigger chart:

http://www.forexfactory.com/attachme...1&d=1265748095
Entropy,

If i were to master the touch trades I must say im of the same thoughts as you...

Once the touch trade is at BE, and we do get a confirmed BPC i would then add to the position.

I havent done it nor am i a master, but that reasoning makes total logic and sense for me.

But the key here (at least for me) would be to get solid statistics behind before applying it. Just like NM says

Pip
  • #3,428
  • Feb 9, 2010 3:57pm Feb 9, 2010 3:57pm
Has anyone taken any trades today? I know I have not. But I did beef up my journal some...LOL

--NM
  • #3,429
  • Feb 9, 2010 5:11pm Feb 9, 2010 5:11pm
Quoting NightMoves
Has anyone taken any trades today? I know I have not. But I did beef up my journal some...LOL

--NM
I took EntropyLad's touch trade on the EUR/CAD in my demo account and closed with 30 pips profit.

I attempted the same with the AUD/USD in my demo account and lost about 10 pips.

Some of these retracements are starting to look pretty good right now.
  • #3,430
  • Feb 9, 2010 6:00pm Feb 9, 2010 6:00pm
Quoting Pip Dawg
I took EntropyLad's touch trade on the EUR/CAD in my demo account and closed with 30 pips profit.

I attempted the same with the AUD/USD in my demo account and lost about 10 pips.

Some of these retracements are starting to look pretty good right now.
I have to agree with you, some of these are looking really good, I like the GBPUSD on the 1hr trigger, I am just not sure how well that pair will perform in this session...

--NM
  • #3,431
  • Feb 9, 2010 7:00pm Feb 9, 2010 7:00pm
Anyone stalking e/c(m30) & e/a(m15)?
  • #3,432
  • Feb 9, 2010 7:06pm Feb 9, 2010 7:06pm
Quoting NightMoves
I have to agree with you, some of these are looking really good, I like the GBPUSD on the 1hr trigger, I am just not sure how well that pair will perform in this session...

--NM
NM,

I'd be curious to see your analysis on this pair. After the run-up today the price is just meandering around .57050 level from way back in October. It's the pink line on my chart.

PD
Attached Image (click to enlarge)
Click to Enlarge Name: 2-9-2010 18-01-38 GBPUSD.jpg Size: 146 KB
  • #3,433
  • Feb 9, 2010 7:25pm Feb 9, 2010 7:25pm
Quoting PippyD
NM,

I'd be curious to see your analysis on this pair. After the run-up today the price is just meandering around .57050 level from way back in October. It's the pink line on my chart.

PD
I think it is in a decision taking mode right now, this is the frrst real pullback we have had since the break of the weekly tendline. I am hoping it continues on down. Here is the way I have my chart marked up.

--NM
Attached Image (click to enlarge)
Click to Enlarge Name: Big resistance.png Size: 52 KB
  • #3,434
  • Feb 9, 2010 7:44pm Feb 9, 2010 7:44pm
Looks like USDCHF has been cooked and ready to be served!
Be ready guys
Attached Image (click to enlarge)
Click to Enlarge Name: USDCHF-H4.JPG Size: 125 KB
  • #3,435
  • Feb 9, 2010 7:46pm Feb 9, 2010 7:46pm
Quoting NightMoves
I think it is in a decision taking mode right now, this is the frrst real pullback we have had since the break of the weekly tendline. I am hoping it continues on down. Here is the way I have my chart marked up.

--NM
Thanks NM. Very interesting.

There certainly is room above and below. Your comment about decision taking mode makes sense. Would you trade this as a range or does it need more time to qualify?
  • #3,436
  • Feb 9, 2010 7:52pm Feb 9, 2010 7:52pm
Quoting MktScape
Looks like USDCHF has been cooked and ready to be served!
Be ready guys
I have to agree with you on that one, I was just looking at that chart, I think what I might do on that pair, and I did this on the GBPUSD yesterday, is kind of a new technique for me, but I have paper traded this for a while with good success, and that is, even though the trend line is quite a few pips away from the action right now, is I wait for the 1-2-3 right off that confluence of support, and trade it up to that trend line, there is enough room right now, and once it gets far enough away from my entry I move my stop in tighter, if it bounce off the line and stops me out I still bank some pips, if it does not stop me out then I keep following it.
  • #3,437
  • Feb 9, 2010 8:02pm Feb 9, 2010 8:02pm
Hi NM,
I am posting the usdcad chart here...as per my analysis price met significant resistance @ 1.07675... for almost 4 days price kept hitting resistance couldnt break and now appears to have collapsed below the slope trendline and if you see on h4 it is trying to retest it ...would anyone consider taking this reversal trade on continuation after restest onm h4?
Attached Image (click to enlarge)
Click to Enlarge Name: usdcad.PNG Size: 52 KB
  • #3,438
  • Feb 9, 2010 8:03pm Feb 9, 2010 8:03pm
Quoting PippyD
Thanks NM. Very interesting.

There certainly is room above and below. Your comment about decision taking mode makes sense. Would you trade this as a range or does it need more time to qualify?
I do not normally range trade unless the range is big enough to have formed a trend, then I will trade as usual. If this shoots to the upside, then I wll scratch the whole setup completely.

--NM
  • #3,439
  • Feb 9, 2010 8:07pm Feb 9, 2010 8:07pm
Quoting MktScape
Hi NM,
I am posting the usdcad chart here...as per my analysis price met significant resistance @ 1.07675... for almost 4 days price kept hitting resistance couldnt break and now appears to have collapsed below the slope trendline and if you see on h4 it is trying to retest it ...would anyone consider taking this reversal trade on continuation after restest onm h4?
I would not take that trade myself, I did look over the charts and I was looking at that one but it really has no bias imo, it more or less is just taking a stroll around town with really no place in mind to go.

--NM
  • #3,440
  • Feb 9, 2010 8:09pm Feb 9, 2010 8:09pm
This sound intutive to me and i would give it a try ...if you look at it on H1 it is making a small 123 formation ..how about entring at resistance break of this W formation on 1hr?

Quoting NightMoves
I have to agree with you on that one, I was just looking at that chart, I think what I might do on that pair, and I did this on the GBPUSD yesterday, is kind of a new technique for me, but I have paper traded this for a while with good success, and that is, even though the trend line is quite a few pips away from the action right now, is I wait for the 1-2-3 right off that confluence of support, and trade it up to that trend line, there is enough room right now, and once it gets far enough away from my entry I move my stop in tighter, if it bounce...
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