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Trend Trading All Pairs

  • #3,581
  • Feb 11, 2010 6:11am Feb 11, 2010 6:11am
Quoting yunero
how can i didn't notice it was very good setup

http://img168.imageshack.us/img168/9585/chfjpy.gif
SL on BE right now..

Just enter short NZDJPY, but a little bit late.. let see how it play..

minor support should be at 62.00

http://img713.imageshack.us/img713/1224/nzdjpyz.gif
Trend + S&R + RR =
  • #3,582
  • Feb 11, 2010 6:18am Feb 11, 2010 6:18am
Quoting Pipalicious
Im in e/u and n/u

Eur/usd entry at 1.3738 sl at 1.3769

nzd/usd touch trade entry at 0.6995 with sl at 0.7015 currently at BE.

Few questions guys....

1.- How many of you pay attention to the trendscanner when searching for trending markets to analize? Ive noticed that it doesnt always tell. For example my scanner doesnt say that nzd/usd is trending...yet it is.

2.- When scaling out how do you decide which points to do it at and in how many parts do you take them out? 2 exits? 3? Depends on trade?

Cheers.

Pip
I don't pay attention to the trend scanner at all, just to the forex currency index to get a feel for the market.
For exits, standard is 2 targets: last swing low and extension of the swing. But depending on the situation I will incorporate 3 to 4 targets. Really depends on what I expect price to do.
  • #3,583
  • Feb 11, 2010 6:25am Feb 11, 2010 6:25am
Quoting gctrading1
thank you very much i have been using ninjatrader for 3 years and nothing else so it is hard to make the change. I still use it for futures but i finally conceded that mt4 was better for FX.
gc,
If you want to center the chart even more, you can move the slider at the top of the chart...

--NM
Attached Image (click to enlarge)
Click to Enlarge Name: Chart Shift.png Size: 27 KB
  • #3,584
  • Feb 11, 2010 6:32am Feb 11, 2010 6:32am
i may short this pair at 1.6726 - 1.6775 zone

http://img10.imageshack.us/img10/2121/gchf.gif
Trend + S&R + RR =
  • #3,585
  • Feb 11, 2010 6:38am Feb 11, 2010 6:38am
Quoting yunero
i may short this pair at 1.6726 - 1.6775 zone
hm, I think gbp/chf is already ready. Touching hourly trendline, at RN, 61.8% fib. Already moved most of its ATR.
I think could be a good short. But I am already involved in so many trades, I will leave that one alone for now.

EDIT: also price action leading up to the trendline was pretty fast, not sure if the level will hold with previous price action.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpchf 11.2.2010.gif Size: 61 KB
  • #3,586
  • Feb 11, 2010 6:40am Feb 11, 2010 6:40am
If these numbers are right, I expect the $$ to take another big leap, I am not sure if it will have the push the AUD news had but I think it will help move it along some...

--NM
Attached Image (click to enlarge)
Click to Enlarge Name: USDUE.png Size: 327 KB
  • #3,587
  • Feb 11, 2010 6:49am Feb 11, 2010 6:49am
I don't know, if you guys heard, but the EU has now officially decided to save greece with loan guarantees and a saving plan. The reason being, if greece defaults then we have a domino-effect and most governments in the west will default as well, because of the financial interdependence nowadays. That would lead to an even worse recession than we have experienced these days and to a mass unemployment.

So, pretty good plan to save them.
  • #3,588
  • Feb 11, 2010 6:52am Feb 11, 2010 6:52am
Thats why its good to trade in a group so we all can benefit from each other. I am off to my office ...check back later ...hope i would be able to take at least one trade today .....
Quoting yunero
how can i didn't notice it was very good setup

http://img168.imageshack.us/img168/9585/chfjpy.gif
  • #3,589
  • Feb 11, 2010 6:53am Feb 11, 2010 6:53am
Quoting Custos
I don't know, if you guys heard, but the EU has now officially decided to save greece with loan guarantees and a saving plan. The reason being, if greece defaults then we have a domino-effect and most governments in the west will default as well, because of the financial interdependence nowadays. That would lead to an even worse recession than we have experienced these days and to a mass unemployment.

So, pretty good plan to save them.
That makes sense and that sounds like a good plan, much better than the Bank and Wallstreet bailout, of which we are going to be paying for forever.

--NM
  • #3,590
  • Feb 11, 2010 6:57am Feb 11, 2010 6:57am
Quoting Custos
I don't pay attention to the trend scanner at all, just to the forex currency index to get a feel for the market.
For exits, standard is 2 targets: last swing low and extension of the swing. But depending on the situation I will incorporate 3 to 4 targets. Really depends on what I expect price to do.
hmmmm about the scanner it makes sense....thought it was mine playing up.

I personally prefer scanning W down t 30m each morning manually than rely on a script. So agreed on that one.

About scaling could you give me an example of when you would consider several "additional" places to do it instead of the typical prev.swing low/high + projection?

One example would be when we have 2 retracement lines in the trigger chart. exit a portion when approaching the inner line and then another at the swing low/high and the rest at the projection. Is this correct?

Would another be when using touch trades?

Anything else im missing?

Thanks again buddy. Very good insight from you

Pip
  • #3,591
  • Feb 11, 2010 7:01am Feb 11, 2010 7:01am
Quoting NightMoves
That makes sense and that sounds like a good plan, much better than the Bank and Wallstreet bailout, of which we are going to be paying for forever.

--NM
yeah, I just find it amazing that nowadays everything is so fragile and so tied to the banking sector. Almost every country and so many citizens are in huge debt and borrowing more and more. I think the default of countries along with the default of people owning 4 or 5 credit cards will be the real collapse, but hopefully that is many years away.
But again, I am no economist, maybe that is not a big deal after all. At least I find it crazy.
  • #3,592
  • Feb 11, 2010 7:01am Feb 11, 2010 7:01am
Quoting Custos
hm, I think gbp/chf is already ready. Touching hourly trendline, at RN, 61.8% fib. Already moved most of its ATR.
I think could be a good short. But I am already involved in so many trades, I will leave that one alone for now.

EDIT: also price action leading up to the trendline was pretty fast, not sure if the level will hold with previous price action.
ONCE again, you nailed it to the pip.

For me, i wont touch GBP/CHF...in fact, i dont want to have anything to do with any of the CHF for the time being. That is just me. Those SNB bastards give me the willies.



Quote
Im in e/u and n/u

Eur/usd entry at 1.3738 sl at 1.3769

nzd/usd touch trade entry at 0.6995 with sl at 0.7015 currently at BE.

Few questions guys....

1.- How many of you pay attention to the trendscanner when searching for trending markets to analize? Ive noticed that it doesnt always tell. For example my scanner doesnt say that nzd/usd is trending...yet it is.

2.- When scaling out how do you decide which points to do it at and in how many parts do you take them out? 2 exits? 3? Depends on trade?

Cheers.

Pip


I dont use the dashboard or any of that. I look at the trend scanner little circles on the top left corner of my chart though(present in the old hector course.) I also use the FCI to gauge market strength. The rest are my two eye balls.
  • #3,593
  • Feb 11, 2010 7:03am Feb 11, 2010 7:03am
Quoting NightMoves
If these numbers are right, I expect the $$ to take another big leap, I am not sure if it will have the push the AUD news had but I think it will help move it along some...

--NM
Played around with your TRADING JOURNAL a little bit yesterday....hopefully, today, i will have more time.
  • #3,594
  • Feb 11, 2010 7:07am Feb 11, 2010 7:07am
Quoting Pipalicious
hmmmm about the scanner it makes sense....thought it was mine playing up.

I personally prefer scanning W down t 30m each morning manually than rely on a script. So agreed on that one.

About scaling could you give me an example of when you would consider several "additional" places to do it instead of the typical prev.swing low/high + projection?

One example would be when we have 2 retracement lines in the trigger chart. exit a portion when approaching the inner line and then another at the swing low/high and the rest at the projection. Is this...
Yes your examples are correct. With touch trades I take off half, after getting around 20 to 40 pips but at least an R:R of 1:1, so that I have a risk-free trade on the rest. And then I use the other 2 standard targets for the rest of the trade.
I will also sometimes leave 10% to 25% of the trade on for a longer-term target, which means the next big S/R level (daily, weekly or monthly). That one is usually anything from 300 pips to a couple of thousand pips away. But that I only do if I have a long-term trend-bias for a chart.

Other than that, just always take off some at an S/R level. That's a good general rule.

Best regards.
  • #3,595
  • Feb 11, 2010 7:13am Feb 11, 2010 7:13am
Quoting EntropyLad
Played around with your TRADING JOURNAL a little bit yesterday....hopefully, today, i will have more time.
It delivers amazing insight... I have used it and it already makes absolute sense.

Thanx NM

Oh, just closed out my EUR/CAD take 2: +65 and now she runs for the Milkmen... LOL

So my pips are starting to stack up... Trust and patience - no not the english one...
  • #3,596
  • Feb 11, 2010 7:16am Feb 11, 2010 7:16am
Quoting EntropyLad
Played around with your TRADING JOURNAL a little bit yesterday....hopefully, today, i will have more time.
One of things I noticed yesterday, is that if I have MT4 tied to it like I do in the risk calculator module, then the Monte carlo continually keeps adding another 500 trades and of course the expected results.

So what is happening is this, when I added the Risk calculator, I made that gather the information from MT4, well each time it gathers the information and updates a cell, the workbook calculates, so the Monte Carlo just keeps calculating and Calculating.

The ony way to make it stop is to change the calculations in the options and set them to manual. And thats ok, but then if you input into the journal then you have to use F9 to calculate what you put in. The Calendar module does not effect it that keeps on working. So what I need to do is a VB Macro to control only that particlular Monte Carlo page.

--NM
  • #3,597
  • Feb 11, 2010 7:19am Feb 11, 2010 7:19am
Quoting Custos
haha, yeah, sitting on 400+ pips on that trade. But not with full position size, I already took profit twice with that trade, but you can't know in advance which trade will go for hundreds of pips.
+400pips? Sweet thundering holy pips of christ! hey! I will make you a deal, okay? ...You send me some of those pips and i will send you my ex-girlfriend...

i have attached her picture below:

http://www.hollywoodtuna.com/images/...as_nov_big.jpg


DO WE HAVE A DEAL?

Accept my offer or i will kill this cat(his life is in your hands....)

 http://i126.photobucket.com/albums/p...ed_cat_gun.jpg
  • #3,598
  • Feb 11, 2010 7:23am Feb 11, 2010 7:23am
Quoting Paulette
It delivers amazing insight... I have used it and it already makes absolute sense.

Thanx NM

Oh, just closed out my EUR/CAD take 2: +65 and now she runs for the Milkmen... LOL

So my pips are starting to stack up... Trust and patience - no not the english one...

The ADR on EUR/CAD is 111. Look at the tokyo section consolidation...1.4500 is around the end of that adr run.

Milk those pips...milk those pips....
  • #3,599
  • Feb 11, 2010 7:24am Feb 11, 2010 7:24am
Quoting EntropyLad
+400pips? Sweet thundering holy pips of christ! hey! I will make you a deal, okay? ...You send me some of those pips and i will send you my ex-girlfriend...

i have attached her picture below:

DO WE HAVE A DEAL?
She has two really nice and firm.... convincing arguments. haha, I send you some imaginary pips for that.

haha, your second pic is funny. where do you get those pictures from?
  • #3,600
  • Feb 11, 2010 7:28am Feb 11, 2010 7:28am
Quoting Custos
She has two really nice and firm.... convincing arguments. haha, I send you some imaginary pips for that.
Well if nothing else I think I just added another 5 years to my life...and I owe it all to Custos 400 pips and Entropylad's prescription...

--NM
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