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Trend Trading All Pairs

  • #5,081
  • Mar 7, 2010 10:15pm Mar 7, 2010 10:15pm
Quoting hytten
Looking to trade rejection of 138.22
Looks good to me .
  • #5,082
  • Mar 7, 2010 10:19pm Mar 7, 2010 10:19pm
Hello Everyone,
I was wondering how many of us have taken time to write down a trading plan and sticking to it ....and maintining trading journal with trade details along with entry exit charts.
  • #5,083
  • Mar 8, 2010 12:35am Mar 8, 2010 12:35am
Quoting MktScape
Hello Everyone,
I was wondering how many of us have taken time to write down a trading plan and sticking to it ....and maintining trading journal with trade details along with entry exit charts.
Hi MktScape,

On the advice of NM, Custos and EntropyLad I have my trade plan in writting, draw each trade out on the chart completely before it happens and then wait on market to make the trade accordingly or else just leave it chart/pair alone.

I also use the tradesheet NM posted some time ago to analise my trades. http://www.forexfactory.com/showthre...43#post3436243

It works for me and gives one amazing insight - oh I am doing early entries / late entries / impatient / or or or...

Thing is it requires discipline to stick to trade plan / chart drawing and trade admin - but after a while it becomes routine and a non-issue.
  • #5,084
  • Mar 8, 2010 12:40am Mar 8, 2010 12:40am
Quoting Custos
I know I play around with a lot of things, but I think in trading it is important to always look for new stuff and either incorporate it or reject it.
What I am looking at is going with the flow with those touch trades by just marking up all different S/R levels from different time-frames and colour-coding them. And instead of just looking for trades going with the trend, I would just look for trades that go with the flow.
e.g.: price is testing a daily S/R level from below, thus I will only go short when price tests h4 S/R levels from below until...
Hi Custos,

I hear you - work with the 4hr/1hr combination. On this combination it might very well be worth while looking at it.

IMO on smaller TF's I don't see the point as you are then looking at scalping/taking any move / candle the market makes.

If one could stick to the rules of your trend/counter trend moves as stipulated above, it could be worth the while.

I will test it in demo and see if I like this to go into my trading toolbox - finding what works for my personality is also important.

Appreciate your advise and willingness to share.

  • #5,085
  • Mar 8, 2010 12:46am Mar 8, 2010 12:46am
Quoting Paulette
Hi MktScape,

On the advice of NM, Custos and EntropyLad I have my trade plan in writting, draw each trade out on the chart completely before it happens and then wait on market to make the trade accordingly or else just leave it chart/pair alone.

I also use the tradesheet NM posted some time ago to analise my trades. http://www.forexfactory.com/showthre...43#post3436243

It works for me and gives one amazing insight - oh I am doing early entries / late entries / impatient / or or or...

Thing is it requires discipline...
I am not sure if you like to keep your trading plan and trades history online but if you do, www.meetpips.com is great. You can post your chart and why you take the trades and it also auto calculate the pips for you so you can keep track.
  • #5,086
  • Mar 8, 2010 12:53am Mar 8, 2010 12:53am
Quoting MktScape
When price action dosent respect confluence level, setup is void ...take a step back and re-asses the situation ...the last 3 daily bars have had high momentum and after breaching the sloping trendline and the conflunce level price has now reached the next monthly resistance level at 123.589 and a this level this is a 50% retracement + RN + a sloping trendline drawn from previous two swing highs not from all the way from the top swing ... all these confluence factors are coming very close to each other.

I am looking at price action right now at...
Thanks MktScape for you input
  • #5,087
  • Mar 8, 2010 1:03am Mar 8, 2010 1:03am
IMO EUR/USD is still within its 3mnth down channel - if it can close above 1.3800 it might break out to the upside
  • #5,088
  • Mar 8, 2010 1:10am Mar 8, 2010 1:10am
Thanks guys for your inputs concerning the going with the flow topic. Always good to see the opinions of you guys. Also helps me stay rational and realistic.

best regards
  • #5,089
  • Mar 8, 2010 1:37am Mar 8, 2010 1:37am
will usd/chf break to the downside?

This pair has spend Feb 10 in a range of 200-250 pips, it tested tested 1.0650 last week, will it be able to break out below?

waiting on range break...
  • #5,090
  • Mar 8, 2010 1:47am Mar 8, 2010 1:47am
Quoting Paulette
will usd/chf break to the downside?

This pair has spend Feb 10 in a range of 200-250 pips, it tested tested 1.0650 last week, will it be able to break out below?

waiting on range break...
I think it is on the move to the downside.
  • #5,091
  • Mar 8, 2010 2:36am Mar 8, 2010 2:36am
Quoting MktScape
Hello Everyone,
I was wondering how many of us have taken time to write down a trading plan and sticking to it ....and maintining trading journal with trade details along with entry exit charts.
well, what I like to do is to make small notes in the charts and then save them when I enter and when I exit.
At the end of the day or week I then analyze the winners vs. the losers and try to find my mistakes by comparing the entry vs. exit charts.
I used to have a general trade plan, but these days I find it more useful to just write small notes on the chart, like the higher time-frame outlook, levels I would enter...
But in the beginning a trade plan is definitely important, to reinforce discipline and concepts. Once you automatically follow your internal trade plan checklist in your head, you don't really need a trade plan anymore.

At least my opinion
  • #5,092
  • Mar 8, 2010 2:49am Mar 8, 2010 2:49am
Quoting Custos
I think it is on the move to the downside.
May i know why you think it will break to the downside? From multiple doji from weekly?
  • #5,093
  • Mar 8, 2010 3:01am Mar 8, 2010 3:01am
Quoting shahroor
I would appreciate your thoughts on this pair EJ
Downtrending
Retracement to 61.8% Fib
Round number 123.00
Previous support

My only concern that it has breached my trendline !!

Hi All ,

As per Shahroor question ,So how many of you wll still think its a valid trade if the TRENDLINE is breached ?

As for me , I would like to see price drop back below the trendline before I consider any trades . However , history shows that its still a valid trade .
  • #5,094
  • Mar 8, 2010 3:04am Mar 8, 2010 3:04am
Hi All,
Do we have such alerts ?

"trendline break phone sms notification"
  • #5,095
  • Mar 8, 2010 3:10am Mar 8, 2010 3:10am
Quoting Ibz
Hi All ,

As per Shahroor question ,So how many of you wll still think its a valid trade if the TRENDLINE is breached ?

As for me , I would like to see price drop back below the trendline before I consider any trades . However , history shows that its still a valid trade .
I think it is still a valid setup if it doesn't breached too much. Look for price reversal to enter. BUT if you look at weekly chart, channel bottom is pretty close. So in terms of probability I would not enter short.
  • #5,096
  • Mar 8, 2010 4:40am Mar 8, 2010 4:40am
Quoting hytten
I think it is still a valid setup if it doesn't breached too much. Look for price reversal to enter. BUT if you look at weekly chart, channel bottom is pretty close. So in terms of probability I would not enter short.

As of now , SMA on weekly chart seems weaken , I would probably short this pair at 124.760 if BPC met . LOL
  • #5,097
  • Mar 8, 2010 4:46am Mar 8, 2010 4:46am
Anyone watching the NZDUSD..there is a good looking pinbar in H4 and daily.. it really sticks out.. But there is a gap before the pinbar..Any thoughts?
  • #5,098
  • Mar 8, 2010 6:15am Mar 8, 2010 6:15am
Quoting Ibz
Hi All,
Do we have such alerts ?

"trendline break phone sms notification"
You would have to use an alert which sends an email and configure MT4 to do that under Tools ---> Options ---> Email.

Fill this in with your Internet Service provider SMTP and then I believe you would have to either find and online email to forwarding sms service or talk to your ISP about their SMS Gateway adress to have the emails forwarded to your phone.

Hope this helps.
  • #5,099
  • Mar 8, 2010 7:54am Mar 8, 2010 7:54am
Quoting MktScape
You would have to use an alert which sends an email and configure MT4 to do that under Tools ---> Options ---> Email.

Fill this in with your Internet Service provider SMTP and then I believe you would have to either find and online email to forwarding sms service or talk to your ISP about their SMS Gateway adress to have the emails forwarded to your phone.

Hope this helps.

Thanks for your help
  • #5,100
  • Mar 8, 2010 8:25am Mar 8, 2010 8:25am
Quoting MktScape
Hello Everyone,
I was wondering how many of us have taken time to write down a trading plan and sticking to it ....and maintining trading journal with trade details along with entry exit charts.
Hi MktScape,
I am sure everyone out here is aware that I keep a journal and a written trading plan, my journal is probably overkill but the data that it provides for analyzing the trades at a later date is indespensible, I track everything, time of day, pips gained or lossed, images of the trade chart, mistakes, Win loss percentage, time frame win loss ratio, setup win loss ratio( so I know which setups perform better)... and a ton of other things, so yeh maybe over kill but I think it is imperative to keep a data log so you can analyze everything about the trade and correlate the data to help make better decisions on the next trade.

Once you start analyzing you start to see a pattern develop on the winning tades and the losing trades, and then it begins to paint a picture of why the winning trades won and the losing trades lost. And it is pretty amazing what you find, and that many of the losing trades a some very close similarities to them, and the winning trades had close similarities to them, so you with that information you stay away from certain setups or at least the time of day or the time frame itself when that setup appears again, and the same for winning trades.

So yes I keep a written plan and a journal.

--NM
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