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Trend Trading All Pairs

  • #4,181
  • Feb 18, 2010 5:38am Feb 18, 2010 5:38am
Quoting Pip Dawg
Anyone watching gbp/aud? Looks like bpc to the 1.7400 level which was also prior support. 1H setup...
I see it, but ADR is almost done for now. might retrace back up till asian session.
E/J also moving nicely, sitting on 100+ pips for the moment, news pushed it down further
  • #4,182
  • Feb 18, 2010 5:40am Feb 18, 2010 5:40am
I'm looking at the USD/JPY for a TT.
I don't like that it's breaking a TL right now, but I really like the 90.50 and 90.36 levels. By the time it gets there the ADR should be near its average.
  • #4,183
  • Feb 18, 2010 5:44am Feb 18, 2010 5:44am
Quoting finswin56
I'm looking at the USD/JPY for a TT.
I don't like that it's breaking a TL right now, but I really like the 90.50 and 90.36 levels. By the time it gets there the ADR should be near its average.
I agree. But if price doesn't cool off a little bit, then I won't take that one. Might just fall through, but otherwise a good level. I would love to see a little retrace up after that spike now and then a touch on those levels. (I am looking here at the one hour chart for PA).
  • #4,184
  • Feb 18, 2010 5:52am Feb 18, 2010 5:52am
Quoting Custos
I agree. But if price doesn't cool off a little bit, then I won't take that one. Might just fall through, but otherwise a good level. I would love to see a little retrace up after that spike now and then a touch on those levels. (I am looking here at the one hour chart for PA).
same here. similar thing happened yesterday with EUR/USD, and price just blew through some decent levels I thought we'd see a bonce from.
  • #4,185
  • Feb 18, 2010 5:55am Feb 18, 2010 5:55am
Quoting NightMoves
I see its playing around in there. I would like to see a nice clean break below 123.00 and then I think I can let it run a couple days.

--NM
It finally broke through after 5 hours of consolidation. I took the short on the break and hope to take some profit just ahead of 122.30. It would be nice to catch one of these runners that you all have been banking this month.
  • #4,186
  • Feb 18, 2010 6:38am Feb 18, 2010 6:38am
Quoting finswin56
It finally broke through after 5 hours of consolidation. I took the short on the break and hope to take some profit just ahead of 122.30. It would be nice to catch one of these runners that you all have been banking this month.
Well there goes that...
Another time that I've taken a breakout at the beginning of the US session and it's failed. Lesson learned.
On the positive side, I took a long on gold back at 1106 and have a free ride now.
  • #4,187
  • Feb 18, 2010 6:53am Feb 18, 2010 6:53am
Entered on aud/usd and moved to BE very quickly prior to news...

The interesting thing is that im aware that ive just done something i KNOW i should NOT do...but yet i did it...

hmm....think my mindset needs a smack lol.

Gotta keep working on it...

Any thoughts on this from you more experienced guys? Any advice "mindset -wise"?
  • #4,188
  • Feb 18, 2010 7:06am Feb 18, 2010 7:06am
Quoting finswin56
Well there goes that...
Another time that I've taken a breakout at the beginning of the US session and it's failed. Lesson learned.
On the positive side, I took a long on gold back at 1106 and have a free ride now.

I can see this "free ride" is not so easy to achieve, in the mean time I am managing to take less trades, more positive and slowly turning compounding in my favor.

I was hoping for a free EJ ride too, but not to be not today, the train went the other way...

Last 2 weeks have been positive live trading for me, the pshyc bank is building slowly...

So more screen time and more lessons to be learned - main thing seems that market will do what market wants to do and you have to wait for market to come to your trade specifications.

Manage each trade as per the plan and take off risk at first TP. I enjoyed the "trade management" discussions that was going early today and yesterday. As a newbie I need the pep-talks from the snr guys...

Thanks again NightMoves, Custos, EntropyLad and others - you guys are truely appreciated.

Braz beach estates without odd butlers - here we come
  • #4,189
  • Feb 18, 2010 7:19am Feb 18, 2010 7:19am
Second half of my EU got stopped out for 80 pips. I was hoping for a runner....

--NM
  • #4,190
  • Feb 18, 2010 7:21am Feb 18, 2010 7:21am
Quoting Paulette
I can see this "free ride" is not so easy to achieve, in the mean time I am managing to take less trades, more positive and slowly turning compounding in my favor.

I was hoping for a free EJ ride too, but not to be not today, the train went the other way...

Last 2 weeks have been positive live trading for me, the pshyc bank is building slowly...

So more screen time and more lessons to be learned - main thing seems that market will do what market wants to do and you have to wait for market to come to your trade specifications.

Manage each trade...
They have been a real pain in the neck for me to achieve lately, for sure. My February has been sub par. The whiplash I've received from the market lately is a good reminder of that patience you are gaining. Looks like I need a refresher course.
  • #4,191
  • Feb 18, 2010 7:23am Feb 18, 2010 7:23am
Quoting Paulette
I can see this "free ride" is not so easy to achieve, in the mean time I am managing to take less trades, more positive and slowly turning compounding in my favor.

I was hoping for a free EJ ride too, but not to be not today, the train went the other way...

Last 2 weeks have been positive live trading for me, the pshyc bank is building slowly...

So more screen time and more lessons to be learned - main thing seems that market will do what market wants to do and you have to wait for market to come to your trade specifications.

Manage each...
LOL yeh keep that lazy butler out, all he does is eat, and apparently sit in the bathroom when I am not there.

The EJ train went the wrong direction for sure. These pairs are just not following through with the setups this week, they start out good but then head the other way. I guess thats the trading arena, good days and bad days. However any positive pips at the end of the week is a good thing.

--NM
  • #4,192
  • Feb 18, 2010 7:24am Feb 18, 2010 7:24am
Quoting Custos
I agree. But if price doesn't cool off a little bit, then I won't take that one. Might just fall through, but otherwise a good level. I would love to see a little retrace up after that spike now and then a touch on those levels. (I am looking here at the one hour chart for PA).
Looks like USD/JPY is breaking out of it's counter TL. I think I would prefer to see it at least his 90.50 before this move.
  • #4,193
  • Feb 18, 2010 7:28am Feb 18, 2010 7:28am
Quoting finswin56
Looks like USD/JPY is breaking out of it's counter TL. I think I would prefer to see it at least his 90.50 before this move.
I think we still could have an opportunity later. The h4 trendline is still far away. Price might come back down to that area later to test that S/R level & trendline. Let's see if and when that could happen.
  • #4,194
  • Feb 18, 2010 7:46am Feb 18, 2010 7:46am
These setups are just not following through today. I managed about 36 pips off the AU and closed it out. I noticed price seems to be paying attention to the mid point of our round number grid, I set it up to show every 25 pips and sure enough price is stalling everywhere at that level for some reason, usually it blows right by that number but not today.

--NM
  • #4,195
  • Feb 18, 2010 7:48am Feb 18, 2010 7:48am
Quoting NightMoves
These setups are just not following through today. I managed about 36 pips off the AU and closed it out. I noticed price seems to be paying attention to the mid point of our round number grid, I set it up to show every 25 pips and sure enough price is stalling everywhere at that level for some reason, usually it blows right by that number but not today.

--NM
I'm realizing, too late, that we're probably in for more of this as price likely consolidates on the daily TF.
  • #4,196
  • Feb 18, 2010 7:49am Feb 18, 2010 7:49am
Quoting Custos
I think we still could have an opportunity later. The h4 trendline is still far away. Price might come back down to that area later to test that S/R level & trendline. Let's see if and when that could happen.
I agree. However, if it happens later today, I will miss it. I'm off. Good luck!
  • #4,197
  • Feb 18, 2010 7:51am Feb 18, 2010 7:51am
Quoting finswin56
I'm realizing, too late, that we're probably in for more of this as price likely consolidates on the daily TF.
Yes I am seeing that too, looks like every 25 pips expect a bounce in the opposite direction...

--NM
  • #4,198
  • Feb 18, 2010 7:52am Feb 18, 2010 7:52am
Quoting Pipalicious
Entered on aud/usd and moved to BE very quickly prior to news...

The interesting thing is that im aware that ive just done something i KNOW i should NOT do...but yet i did it...

hmm....think my mindset needs a smack lol.

Gotta keep working on it...

Any thoughts on this from you more experienced guys? Any advice "mindset -wise"?
I closed the trade below 1:1 RR...

Not doing this again. Only demo but its even worse when it goes in your favor lol. Setup looked nice to me personally.

I moved stop to BE asap. Then behind RN (0.8990) and then just closed considering that if it does indeed spike it will definetely take me out at BE. So i just took the chips of the table.

Not good psychologically IMHO. Lesson learned
  • #4,199
  • Feb 18, 2010 7:54am Feb 18, 2010 7:54am
Hello.. how trade today guys?

Damn i missed a lot of trade since i dont have much time to online today..

Just enter long on NZDUSD a few hours ago.. a bit late, but better than nothing

http://img442.imageshack.us/img442/4...1feb182348.gif
Trend + S&R + RR =
  • #4,200
  • Edited 8:15am Feb 18, 2010 8:00am | Edited 8:15am
Quoting NightMoves
....Then the psyhological issue go away..

--NM
I presume that you mean, the psychological issues never goes away...they get repressed...they become latent...ready to spring on your on at your moment of weakness. Psychological issues and their thousand cousins.


Quoting 4extool
I think that we all agree that one of the best trading methods is the ones without all kinds of indicators. I even dare to say that our method here could even be traded with the moving averages. It just makes trends more visual but we could surely do without.

We all look pretty much for the same thing, and all of us can see that this way of trading is working. So why aren't we all making crazy pips...and when i say all I MEAN ME!

When I'm not trading and looking at the charts I know exactly what to look for. To test this i haven't traded this...

Create a checklist of the rules. When every rules is checked, go/jump. No hesistation, no re-thinking. That's the leap. As CUSTOS said in his signature "Plan intensely and act decisively without fear". This week i passed over two TT trades because they violated rule #4, 5, 7 of my TT trades. Rules are rules. From my own point of view, not following the rules or over-tweaking the rules leads to mental stress, confusion, etc. The rules create structures and clarity, direction and decisiveness. Discipline.

Quoting NightMoves
LOL yeh keep that lazy butler out, all he does is eat, and apparently sit in the bathroom when I am not there.

The EJ train went the wrong direction for sure. These pairs are just not following through with the setups this week, they start out good but then head the other way. I guess thats the trading arena, good days and bad days. However any positive pips at the end of the week is a good thing.

--NM
In my view, that EJ wasnt a right setup to begin with. It violates the 3SMA. Same with your successful EU yesterday.
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