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Trend Trading All Pairs

  • #3,501
  • Feb 10, 2010 8:39am Feb 10, 2010 8:39am
Quoting gctrading1
Custos i asume you are in the eurcad trade? What was your entry and stop? Where i would have put my stop i think it would have been hit.
attached is eur/cad hourly chart. blue line is entry line, red line is stop loss line.
Attached Image (click to enlarge)
Click to Enlarge Name: eurcad h1 10.2.2010.gif Size: 61 KB
  • #3,502
  • Feb 10, 2010 8:56am Feb 10, 2010 8:56am
Hi NM,

can I ask you to review this trade for me please.

It is my first live trade at 1% of my account and I think over-caution has stepped in as well as a bit of doubt:

It is a 4/1hr swing trade;
4hr: trendline, dynamic resistance, counter trend line;
1hr; counter trend line breached, 38% holding resistance on retracement, b-p-c occurred. Element P was 10 pips off 14650, hence I opted to enter @ 14645.

Was this a valid entry? Or should the entry have been at 14655 - pretty close to RN?

I went in and decided to come out on +10; (ADR exhausted and caution of a big retrace as price did not move and stayed in the 14630's for over an hour)

Another question: with Swing trades, ADR and late NY sessions, do we ignore ADR?

Thanks for your input.
Attached Image (click to enlarge)
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  • #3,503
  • Feb 10, 2010 9:15am Feb 10, 2010 9:15am
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.
Dont you wish that you havent closed out the EUR/CAD? hehehe. the AUD/USD touch trade finally continues its downtrend. the little punk kicked me out of my 1, 2, 3/bpc trade then turned around and get kicking.

Quoting Custos
when you trade the break of the inner trend-line I would target the outer trendline for my first target and next the swing low and then the extension of the swing.
It normally depends if I have enough room to the outer trendline, if I can make lots of pips to the outer trendline then I will take the trade, otherwise I will wait for a break of the outer trendline.
I do the same thing myself.

Quote
Quoting Custos
from what I heard, they will just offer loan guarantees. Not really bailing them out...
Originally Posted by Paulette http://cdn.forexfactory.com/images/buttons/viewpost.gif
Germany bailing out Greece?

"Talk that Germany is looking to bailout Greece helped spur the Euro higher against other major currencies, bouncing off eight month lows. Having been hit hard over the past couple of weeks, a possible bailout has helped raise confidence in the 16 state currency. If approved, this will be the first rescue in the 11 year history of the single currency. The school of thought is that an announcement may be made on Thursday when leaders are scheduled to meet"
from what I heard, they will just offer loan guarantees. Not really bailing them out...
I can only imagine the volatility and trading action going on in german bunds at this moment,

Quoting Pipalicious
Geeeezzz i need to refine my eyeing skills lol...

I had the retracement line a bit wobly there ha.

Ye i see it too now. I thought id missed it. Then again we have the trade balance report for CAD in 1 hour roughly.

Do you pay attention to red news only or to the orange aswell?

Cheers

Pip
This goes to what we were discussing yesterday about pyramiding. Those who traded the EUR/CAD entry today after the CAD news will simply be adding to their original position at 1.4745(from the touch trade)
  • #3,504
  • Feb 10, 2010 9:16am Feb 10, 2010 9:16am
Quoting Paulette
[font=Arial][size=2]Hi NM,

can I ask you to review this trade for me...
Hi Paulette,

Im not a pro by any means but as far as im concerned theres 2 ways to set trades...

Intra-day.

Intra-week (swings).

Intra-day (1h - 30m) we use ADR + RN to set targets which should always be hit within the same trading day.

Intra-week swing trades (4h - d - w) we use price projections of the pattern formed. As its a swing for several days it doesnt matter when you open it as long as the entry signal and the confluence is there. At the end of the day your trade will be open overnight.

Hope this helps.

IŽll let the "veterans" add to it lol.

cheers

pip.
  • #3,505
  • Feb 10, 2010 9:22am Feb 10, 2010 9:22am
Quoting Pipalicious
Hi Paulette,

Intra-week swing trades (4h - d - w) we use price projections of the pattern formed. As its a swing for several days it doesnt matter when you open it as long as the entry signal and the confluence is there. At the end of the day your trade will be open overnight.

Hope this helps.

IŽll let the "veterans" add to it lol.

cheers

pip.
Thanks Pip - at the moment I am still looking at this trade going hmmm - should I, shouldn't I... And then when I hear Entropy / Custos with their touch trades and adding to those positions I think maybe just a retrace...

But in due time, in due time - after loads of screen time I will master sensitive touch trades and add to my own positions after b-p-c's...
  • #3,506
  • Feb 10, 2010 9:24am Feb 10, 2010 9:24am
Quoting Paulette
Hi NM,

can I ask you to review this trade for me please.

It is my first live trade at 1% of my account and I think over-caution has stepped in as well as a bit of doubt:

It is a 4/1hr swing trade;
4hr: trendline, dynamic resistance, counter trend line;
[font=Arial][size=2]1hr; counter trend line breached, 38% holding resistance on retracement, b-p-c occurred. Element P was...
The Entry was about where it should have been, but you are right about the ADR, I was looking at that. And when trading intraday trades that can be a big factor. I was watching a similar setup on the AUDUSD, but I did not take the trade, there was just not enough momentum for me to get into it.

And with all the news relases this morning, I decided to stay out for a while, but yes your entry looks fine. Sometimes its nice to see a 2 or 3 bar pullback, I normally will not enter with a 1 bar pullback, I like to see at least 2 and no more than 5 (if the 5 are small candles), I prefer 2 to 3 to me that is ideal.

--NM
  • #3,507
  • Feb 10, 2010 9:35am Feb 10, 2010 9:35am
Quoting NightMoves
The Entry was about where it should have been, but you are right about the ADR, I was looking at that. And when trading intraday trades that can be a big factor. I was watching a similar setup on the AUDUSD, but I did not take the trade, there was just not enough momentum for me to get into it.

And with all the news relases this morning, I decided to stay out for a while, but yes your entry looks fine. Sometimes its nice to see a 2 or 3 bar pullback, I normally will not enter with a 1 bar pullback, I like to see at least 2 and no more than 5...
Thanks, now I feel a whole lot better about this trade... When it did not move off the range, I opted out. Tomorrow morning will show me the development of this trade.
  • #3,508
  • Feb 10, 2010 9:40am Feb 10, 2010 9:40am
Quoting Paulette
Thnx - thought so... news due soon and RN: let's see... Last weeks pip fest is now just a distant memory
Not so sure. I mean, let us look at this week so far.

Monday USD time, there was the GBP/USD touch trade at 1.5650. that later went by roughly +90 pips(i think nightmoves took this trade).

Monday asian time, there was a EUR/CAD touch trade at 1.4700 that went + 50pips before reversing.

Tuesday, USD time, there was the AUD/USD touch trade at 0.8800 that is now at 0.8714, that is roughly + 80 pips.

Also, in the same USD time zone, Pipalicious took the EUR/CAD touch trade at 1.4750 which is now by +100pips.

So, it wasnt soo bad.

We passed over the successful GBP/CHF short LOB breakout(on monday) due to the CHF intervention possibilities...it worked well, down to the ADR price target...still, i believe it is the right trade to pass it over. CHF intervention can be nasty.

Whatelse? Oh yes, Short EUR/AUD daily/h4 from yesterday? Still in that trade. Entry at pullback to 1.5740, instead of the standard 1.5715. Currently up by + 50 pips.

Well, had a loss in short AUD/USD from entry at 0.8740, sl at 0.8770. Well, you cant capture them all.

I dont think this week is that bad.
  • #3,509
  • Feb 10, 2010 9:41am Feb 10, 2010 9:41am
Quoting Paulette
Thanks, now I feel a whole lot better about this trade... When it did not move off the range, I opted out. Tomorrow morning will show me the development of this trade.
I just am not trusting what I am seeing here, the setups look like they come to fruition and then, the momentum dies after about 20 pips or so, and then it setup again. So I think we are dealing with a lot of indecision for some reason.

--NM
  • #3,510
  • Feb 10, 2010 9:43am Feb 10, 2010 9:43am
Quoting NightMoves
I just am not trusting what I am seeing here, the setups look like they come to fruition and then, the momentum dies after about 20 pips or so, and then it setup again. So I think we are dealing with a lot of indecision for some reason.

--NM
I also have not been watching the markets much today, been moving snow most of the day.

--NM
  • #3,511
  • Feb 10, 2010 9:45am Feb 10, 2010 9:45am
Quoting Custos
attached is eur/cad hourly chart. blue line is entry line, red line is stop loss line.
OK i see my chart looks different than yours. I agree NM it has been a hard day. I only had one trade early this morning on gbpusd and took 40 pips on it but other than that i do not see much.
Chris
  • #3,512
  • Feb 10, 2010 10:05am Feb 10, 2010 10:05am
Quoting gctrading1
OK i see my chart looks different than yours. I agree NM it has been a hard day. I only had one trade early this morning on gbpusd and took 40 pips on it but other than that i do not see much.
I am not seeing anything I want to get into right now either. I guess last week took a lot out of this market....needs to rest a bit and relaod the pip gun.

--NM
  • #3,513
  • Feb 10, 2010 10:14am Feb 10, 2010 10:14am
Quoting Pipalicious
Geeeezzz i need to refine my eyeing skills lol...

I had the retracement line a bit wobly there ha.

Ye i see it too now. I thought id missed it. Then again we have the trade balance report for CAD in 1 hour roughly.

Do you pay attention to red news only or to the orange aswell?

Cheers

Pip
I do trade "blend the news" with red-labeled news. this is chapter 5 of hector old course. Unless the news is interest rate news or NFP news.
  • #3,514
  • Feb 10, 2010 10:40am Feb 10, 2010 10:40am
Sold 1st 1/2 for + 70 pips at 1.5670. I entered at 1.5740 short(Used a CHRISP approach so didnt enter at the expected 1.5715 = 1,2, 3 completion; i waited for a pullback after 1, 2,3 has been confirmed. After reading chrisp, i tends to do this for D/H4 trades.).
Anyways, Moved the remaining 2nd 1/2 to 1.5720.
I thank PIPALICIOUS for this trade. I wasnt even really looking at this trade until pipalicious made a mention of it in this link:
http://www.forexfactory.com/showpost...postcount=3378

Thanks, man.

Did you take the short trade, pip man?




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
  • #3,515
  • Feb 10, 2010 11:08am Feb 10, 2010 11:08am
see EUR/CAD go! Touch trade on that from 1.4750 would have been glorious!

Pity the PIP dawg. he got out early! hahahaha.
  • #3,516
  • Feb 10, 2010 11:51am Feb 10, 2010 11:51am
Quoting EntropyLad
Sold 1st 1/2 for + 70 pips at 1.5670. I entered at 1.5740 short(Used a CHRISP approach so didnt enter at the expected 1.5715 = 1,2, 3 completion; i waited for a pullback after 1, 2,3 has been confirmed. After reading chrisp, i tends to do this for D/H4 trades.).
Anyways, Moved the remaining 2nd 1/2 to 1.5720.
I thank PIPALICIOUS for this trade. I wasnt even really looking at this trade until pipalicious made a mention of it in this link:
http://www.forexfactory.com/showpost...postcount=3378

Thanks, man....

I was on other end of this trade. I just looked at 4H and formation of 1-2-3 and checked H1 chart to trigger my entry at 1.5731 to the upside. And lost. Still demo so did not get hurt. However learned a valuable lesson, to check higher time frame as higher TF dictates. In my case Daily was down trending and H4 appeared to be uptrend.
fp
  • #3,517
  • Feb 10, 2010 12:04pm Feb 10, 2010 12:04pm
Quoting EntropyLad
see EUR/CAD go! Touch trade on that from 1.4750 would have been glorious!

Pity the PIP dawg. he got out early! hahahaha.
What a gorgeous trade. Looks like something from a Hector video. It even ran the full swing with a bit of a stall right in the middle just like it's supposed to.
  • #3,518
  • Feb 10, 2010 3:14pm Feb 10, 2010 3:14pm
hahaha. CUSTOS, Just admiring the touch trade you took in GBP/AUD at short 1.8050 on feb 8, now at 1.7790. A trendline collapse trade it is too. Fine work, custos; fine work.

http://www.forexfactory.com/showpost...postcount=3337


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
  • #3,519
  • Feb 10, 2010 3:52pm Feb 10, 2010 3:52pm
Quoting EntropyLad
Sold 1st 1/2 for + 70 pips at 1.5670. I entered at 1.5740 short(Used a CHRISP approach so didnt enter at the expected 1.5715 = 1,2, 3 completion; i waited for a pullback after 1, 2,3 has been confirmed. After reading chrisp, i tends to do this for D/H4 trades.).
Anyways, Moved the remaining 2nd 1/2 to 1.5720.
I thank PIPALICIOUS for this trade. I wasnt even really looking at this trade until pipalicious made a mention of it in this link:
http://www.forexfactory.com/showpost...postcount=3378

Thanks, man....
Ye im still in the trade.

Will be interesting what price will do with the outer TL. Its taking its time although i expect momentum once it breaks....if it does lol

I exited my eur/cad at 1.4610...so im a happy bunny lol

Pip
  • #3,520
  • Feb 10, 2010 4:10pm Feb 10, 2010 4:10pm
Quoting EntropyLad
see EUR/CAD go! Touch trade on that from 1.4750 would have been glorious!

Pity the PIP dawg. he got out early! hahahaha.
I actually didn't feel too bad about it until I kept reading about it over and over in this thread. I have been pulled away from my screen constantly today...trading from work you know...so I'm in a depressed state of mind, frustrated and for some reason my confidence is shot. Not to mention that I have not been able to post or even keep up with you guys so I'm totally out of the loop.

I will never get my Brazilian beach house at this rate!

Even though he keeps reminding me of my short comings in my trading, I still love you EntropyLad. In fact I would like for you to live an additional 5 years so make sure you stare at my forex groupies for at least 10 minutes today.
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