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Trend Trading All Pairs

  • #5,141
  • Mar 8, 2010 8:32pm Mar 8, 2010 8:32pm
Quoting hytten
Got it. Makes sense. I think the problem at least for me is having to track so many chart at different time frame while working.. Shhh don;t tell my boss haha.
Hahahaha Your secret is safe with me....

--NM
  • #5,142
  • Mar 8, 2010 8:43pm Mar 8, 2010 8:43pm
Quoting hytten
Got it. Makes sense. I think the problem at least for me is having to track so many chart at different time frame while working.. Shhh don;t tell my boss haha.
Hi NM
one question, if PA shows a 123 formation, does it still require a BPC,
or the BPC is necessary for confirmation regardless of the 123
thanks
  • #5,143
  • Mar 8, 2010 8:43pm Mar 8, 2010 8:43pm
Quoting NightMoves
If it can get through this brush pile I will feel much better about my next target being hit.

--NM
Hi NM,

I've been practicing your 75% Fib on the M5 stop management and it really does work well. Look how price broke the 61.8 but not the 75.0.

Now I just need to remember to factor in the spread, especially on these expensive pairs. I've been picked a couple of times as I forgot to include the spread in the stop.

PD
Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPY M5 3-8-2010 19-37-25.jpg Size: 94 KB
  • #5,144
  • Mar 8, 2010 8:48pm Mar 8, 2010 8:48pm
Quoting A 5
Hi NM
one question, if PA shows a 123 formation, does it still require a BPC,
or the BPC is necessary for confirmation regardless of the 123
thanks
It really depends on where that 1-2-3 occurs at. The 1-2-3 must form at a S/R level, because really they form all over the chart, but when they form at a S/R level that is when they mean something. The BPC is somewhat different because in that case you are waiting for a break of a trend line, and then BPC must break the trend line at some point, so there is a difference between the BPC and the 1-2-3 even though they both look the same. Hope that clears it up some for you.

--NM
  • #5,145
  • Mar 8, 2010 8:51pm Mar 8, 2010 8:51pm
Quoting PippyD
Hi NM,

I've been practicing your 75% Fib on the M5 stop management and it really does work well. Look how price broke the 61.8 but not the 75.0.

Now I just need to remember to factor in the spread, especially on these expensive pairs. I've been picked a couple of times as I forgot to include the spread in the stop.

PD
HI PD,
Glad you found that technique useful, yes it does work but it is like anything in the market it may not work every time but it has kept me in many trades where I may have closed it out early otherwise.

--NM
  • #5,146
  • Mar 8, 2010 9:01pm Mar 8, 2010 9:01pm
Quoting NightMoves
It really depends on where that 1-2-3 occurs at. The 1-2-3 must form at a S/R level, because really they form all over the chart, but when they form at a S/R level that is when they mean something. The BPC is somewhat different because in that case you are waiting for a break of a trend line, and then BPC must break the trend line at some point, so there is a difference between the BPC and the 1-2-3 even though they both look the same. Hope that clears it up some for you.

--NM
thanks for the clarification,
Let me see if i understand you correctly, the 123 happens when aspect 1 rebounds off the SR/TL or confluence of Fibs & RN
while the BPC generally would be applicable for breaks of TL/CT with prices retesting the TL/CT and thereafter showing continuation to validate it's intent.
  • #5,147
  • Mar 8, 2010 9:06pm Mar 8, 2010 9:06pm
Quoting A 5
Hi NM
one question, if PA shows a 123 formation, does it still require a BPC,
or the BPC is necessary for confirmation regardless of the 123
thanks
Looking at the 15 min trigger chart of the GBPJPY I have shaded the BPC of the trend line, as you can see there were a couple of false breakouts previous to the actual BPC, waiting for the BPC will keep you out of the majority of those false breakouts.

The 1-2-3 formation looks the same however it does not have to break a trend line or S/R to be valid sometimes it will form right at a horizontal S/R line and never break it.

--NM
Attached Image (click to enlarge)
Click to Enlarge Name: BPC.png Size: 56 KB
  • #5,148
  • Mar 8, 2010 9:08pm Mar 8, 2010 9:08pm
Quoting A 5
thanks for the clarification,
Let me see if i understand you correctly, the 123 happens when aspect 1 rebounds off the SR/TL or confluence of Fibs & RN
while the BPC generally would be applicable for breaks of TL/CT with prices retesting the TL/CT and thereafter showing continuation to validate it's intent.
Yes that is correct, they look the same and act the same to a certain degree but the BPC must break the trend line at some point in its formation.

--NM
  • #5,149
  • Mar 8, 2010 9:14pm Mar 8, 2010 9:14pm
Quoting NightMoves
Yes that is correct, they look the same and act the same to a certain degree but the BPC must break the trend line at some point in its formation.

--NM
Perfect
thanks so much
  • #5,150
  • Mar 8, 2010 9:17pm Mar 8, 2010 9:17pm
Quoting NightMoves
If it can get through this brush pile I will feel much better about my next target being hit.

--NM

time for an exit review
  • #5,151
  • Mar 8, 2010 9:20pm Mar 8, 2010 9:20pm
Quoting A 5

time for an exit review
Hahahah I see it is having issues down there, I scaled back my position again at 85 pips and I am going to leave my SL where it is and use the 75 FIB to manage it so as long as it does not close in the 75% fib I am going to leave it alone...

--NM
  • #5,152
  • Mar 8, 2010 9:26pm Mar 8, 2010 9:26pm
Quoting A 5

time for an exit review
Here is where I would close it, if I get a closed bar inside this area then this trade will go in the history file, if I do not get a closed bar in this area then it stays alive.

--NM
Attached Image (click to enlarge)
Click to Enlarge Name: Fib Management.png Size: 56 KB
  • #5,153
  • Mar 8, 2010 9:36pm Mar 8, 2010 9:36pm
Quoting NightMoves
Here is where I would close it, if I get a closed bar inside this area then this trade will go in the history file, if I do not get a closed bar in this area then it stays alive.

--NM
ok
i trust you meant if prices retrace 75% back to your entry, you will close after an inside bar is form on the trigger chart within the shaded.
many thanks again
  • #5,154
  • Mar 8, 2010 9:41pm Mar 8, 2010 9:41pm
Quoting A 5
ok
i trust you meant if prices retrace 75% back to your entry, you will close after an inside bar is form on the trigger chart within the shaded.
many thanks again
Yes My SL is at break even and I have scaled down my position 2 times, so I have taken a good amount of pips for this session I think, and if the PA breaks into the 75% area thats ok by me, but if a bar fully closes in side that 75% area then I will call this trade done and look for another entry if there is one. I use the last pullback area that was at least 40 pips to place the FIB lines. If it pulls back back beyond that level then this pair is not ready to run the gambit imo.

--NM
  • #5,155
  • Mar 8, 2010 9:44pm Mar 8, 2010 9:44pm
Looking pretty for a potential good retracement
Attached Image (click to enlarge)
Click to Enlarge Name: A5-USDCAD 2010-03-09 11.23.gif Size: 43 KB
  • #5,156
  • Mar 8, 2010 9:49pm Mar 8, 2010 9:49pm
Quoting NightMoves
Yes My SL is at break even and I have scaled down my position 2 times, so I have taken a good amount of pips for this session I think, and if the PA breaks into the 75% area thats ok by me, but if a bar fully closes in side that 75% area then I will call this trade done and look for another entry if there is one. I use the last pullback area that was at least 40 pips to place the FIB lines. If it pulls back back beyond that level then this pair is not ready to run the gambit imo.

--NM
thanks for all the detailed clarification
am staying conservative and closed for a 75 pip gain
RR of 1.5, not perfect in my case but contented though
cheers
  • #5,157
  • Edited 10:03pm Mar 8, 2010 9:53pm | Edited 10:03pm
Quoting A 5
thanks for all the detailed clarification
am staying conservative and closed for a 75 pip gain
RR of 1.5, not perfect in my case but contented though
cheers
Excellent trade!! I am going to hang in there for awhile and see what this pair has in mind, it may make a full retracement and I will have to close it but I am happy with what I have taken from it so far too.

--NM
  • #5,158
  • Mar 8, 2010 9:55pm Mar 8, 2010 9:55pm
Quoting A 5
Looking pretty for a potential good retracement
That pair might make a good retracement it looks like it is undecided and getting into a range, and I have an idea several of these pairs are going to be doing that until the NFP numbers comes out later.

--NM
  • #5,159
  • Mar 8, 2010 10:04pm Mar 8, 2010 10:04pm
Quoting NightMoves
That pair might make a good retracement it looks like it is undecided and getting into a range, and I have an idea several of these pairs are going to be doing that until the NFP numbers comes out later.

--NM
Yup
its under my radar
  • #5,160
  • Mar 8, 2010 10:19pm Mar 8, 2010 10:19pm
Quoting A 5
thanks for all the detailed clarification
am staying conservative and closed for a 75 pip gain
RR of 1.5, not perfect in my case but contented though
cheers
Now its just going to sit there until the London session opens...

--NM
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