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Trend Trading All Pairs

  • #5,241
  • Mar 10, 2010 11:00am Mar 10, 2010 11:00am
Quoting Custos
well, just saying, we only have two more days to go before the weekend. Since I like price to move slowly to that area, I would not like if price reaches it in the next few days, too fast PA.
So, under normal circumstances it should move up to that level next week to qualify as a tradable opportunity for me, otherwise too fast PA.
Don't you think so?
I see your reasoning...what about 1.5000 instead? That will be the 50% fib level above the 38%fib level. It is the second resistance. Yeah, i guess if it get there this week, one will need to wait for a 1, 2, 3 formation instead. or, trade a inverted hammer or bearish engulfing pattern off the 50%.

I might be able to tolerate it if it takes two H4 candles to go from 1.4950 to 1.5000 or two h4 candles to go from 1.5000 to 1.5050. For a cross like EUR/AUD, taking two h4 candles to cross 50 pips will indicate weakening momentum, especially, after battling the first level of resistance at 38% fib at 1.4950.

Quoting yunero
Yes, me too.. most of the time when PA is too fast, it will break that S&R level. I dont like what happend now, PA is too fast..maybe need 1 more candle to get there. If it break that level, i think next resistance area is @ 1.5050.
Reading PA and judging momentum is important for all of us, especially, when engaging in precision trades of TT. Besides, NZD rate announcement is coming today...whatever affects NZD will affect AUD and vice versa...i will have to wait after the rate announcement to engage anything AUD or NZD.
  • #5,242
  • Mar 10, 2010 11:14am Mar 10, 2010 11:14am
Quoting EntropyLad
I see your reasoning...what about 1.5000 instead? That will be the 50% fib level above the 38%fib level. It is the second resistance. Yeah, i guess if it get there this week, one will need to wait for a 1, 2, 3 formation instead. or, trade a inverted hammer or bearish engulfing pattern off the 50%.

I might be able to tolerate it if it takes two H4 candles to go from 1.4950 to 1.5000 or two h4 candles to go from 1.5000 to 1.5050. For a cross like EUR/AUD, taking two h4 candles to cross 50 pips will indicate weakening momentum, especially,...
oh, I was actually looking at 1.5 level only. haha, must look better at the posted charts next time. 1.5 coincides with a weekly resistance level. So I would take a trade up there just to be on the safe side.
  • #5,243
  • Mar 10, 2010 11:17am Mar 10, 2010 11:17am
Quoting Custos
I am thinking of going short in aud/usd. Attached is the daily chart. Confluence of trendline, horizontal S/R level and 76.4% fib.
PA is quite slow, so the level is likely to hold in my opinion, any objections or comments?
aud/usd playing out nicely, 30 pips or so in profit. stop to b/e.
  • #5,244
  • Mar 10, 2010 11:21am Mar 10, 2010 11:21am
Well, PA is crazy today. Spike on both london and US session.
Trend + S&R + RR =
  • #5,245
  • Mar 10, 2010 11:23am Mar 10, 2010 11:23am
Quoting Custos
aud/usd playing out nicely, 30 pips or so in profit. stop to b/e.
Good job it may go lower if it break support @ 0.9130.
Trend + S&R + RR =
  • #5,246
  • Mar 10, 2010 11:33am Mar 10, 2010 11:33am
Quoting EntropyLad
Did you take it? My entry was suppose to be short at 0.7255. As per my +/- 5 pips RN rule.
http://www.forexfactory.com/showpost...postcount=4994

But i didnt take the trade though: NZD cash rate, RBNZ rate announcement coming today. Too scary for me. Unless you want to sell 2/3rd at +15 pips, and widen the SL and hope the RATE announcement goes in your favour.
No, I didn't take it. Couldn't stay up to manage so I passed. I haven't had good luck with those late Asian trades anyway.

Exercising some patience.
  • #5,247
  • Mar 10, 2010 11:35am Mar 10, 2010 11:35am
Quoting Custos
aud/usd playing out nicely, 30 pips or so in profit. stop to b/e.

Quoting Paulette
I am in on it, waiting to see if it will develop free ride tho - entry was 9115... now @ BE, so lets see what happens...

Nicely done, both of you. Traded the same pair(aud/usd) in opposite direction and still make money!

Hmmm...trading...it is all about the timing!
  • #5,248
  • Mar 10, 2010 11:38am Mar 10, 2010 11:38am
Quoting Custos
aud/usd playing out nicely, 30 pips or so in profit. stop to b/e.
Decided to take this as my first live trade.
  • #5,249
  • Mar 10, 2010 11:41am Mar 10, 2010 11:41am
Quoting EntropyLad
Nicely done, both of you. Traded the same pair(aud/usd) in opposite direction and still make money!

Hmmm...trading...it is all about the timing!
yes, made some but the reversal took me out, still first portion in... no loss...
  • #5,250
  • Mar 10, 2010 11:42am Mar 10, 2010 11:42am
Quoting PippyD
Decided to take this as my first live trade.
congrats. Just make sure you now take some profit off and move your stop to b/e. We don't want your first trade to turn around and result in a loss
  • #5,251
  • Mar 10, 2010 11:42am Mar 10, 2010 11:42am
Quoting Custos
aud/usd playing out nicely, 30 pips or so in profit. stop to b/e.
What?

You didnt tell me the exact time(to the minute and second), location, sitting position, standing position, and turn around, and bend over, of the trade 5hours ahead of time. I am pissed at you!

Sorry...couldnt resist...hahaha.

Quoting PippyD
Decided to take this as my first live trade.
hey, no longer a virgin? congratulations....cheers. Here is a birthday present for you.

http://rlv.zcache.com/i_lost_my_virg...57tr1k_400.jpg
  • #5,252
  • Mar 10, 2010 11:42am Mar 10, 2010 11:42am
Quoting PippyD
Decided to take this as my first live trade.
well done PippyD...
  • #5,253
  • Mar 10, 2010 11:49am Mar 10, 2010 11:49am
Quoting PippyD
Decided to take this as my first live trade.
Quoting Custos
congrats. Just make sure you now take some profit off and move your stop to b/e. We don't want your first trade to turn around and result in a loss
So, what you are saying is that...custos pop your cherry?....


http://rlv.zcache.com/i_lost_my_virg...23uye8_400.jpg
  • #5,254
  • Mar 10, 2010 12:13pm Mar 10, 2010 12:13pm
Quoting EntropyLad
So, what you are saying is that...custos pop your cherry?....
I wasn't quite thinking of it that way but I do appreciate all the help.

It was a small step really. I ratcheted down my leverage to 10 cents a pip. Couldn't even afford to call Brazil on that. But it's real money.

Thank you all very, very much for all of your patience and guidance. I can't say it enough.

See NightMoves goes on vacation and the pictures start again. Heh! Heh!
  • #5,255
  • Mar 10, 2010 12:13pm Mar 10, 2010 12:13pm
Quoting PippyD
Decided to take this as my first live trade.
I took my first live trade too, EUR/JPY , entry 123.55
best of luck for both of us
  • #5,256
  • Mar 10, 2010 12:14pm Mar 10, 2010 12:14pm
Quoting shahroor
I took my first live trade too, EUR/JPY , entry 123.55
best of luck for both of us
Good deal!
  • #5,257
  • Mar 10, 2010 2:30pm Mar 10, 2010 2:30pm
Well articulated!

There is a lot of good contribution from everyone on this thread and we certainly are not gauging others performance .... at the end of the day this game is based on probability and even the best looking setups can fail therefore everyone should be taking trades based on their own assessment.

I have been on this thread almost from the begining and it has been going great and hopefully everyone would play their role in maintaining a lively & healthy decorum and keep discussing our trading and grow together.

Entropy .... the pictures you post are riot .....

[quote=Paulette;3536829]
Quoting EntropyLad
I hardly ever post trades that have moved many pips in my favour. In fact, my last three posts involving trading setups were,

#1. the USD/CAD. You can clearly see "before" and "after". And my objections.
http://www.forexfactory.com/showpost...postcount=5011

Morning EntropyLad - well spoken. There has been a bit of "snotty entitlement" creeping into the thread and I dont like that 1little bit.

To all the other junior traders of this thread's strategies, I have been following...
  • #5,258
  • Mar 10, 2010 3:23pm Mar 10, 2010 3:23pm
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


A 1, 2, 3 formation does not require a BPC. Although now i hardly take a 1, 2,3 formation without a bpc. I like having the two together, back to back. That is just my personal preference.

Another thing, sometimes, the bpc and the 1, 2, 3 are both the same thing.

CHRISP likes to wait for the uncompleted BPC after a 1, 2,3 formation to enter. That is, he will wait for a 1, 2, 3, formation, then, wait for a retracement after that completion of the 1, 2, 3, formation.

I guess what i am trying to say is this: at the end of the day, you will/must choose which trading approach/modification suits your psychology. We all have various tweaks of the standard hector approach. Heck, i modified CUSTOS TT trades to suit my psychology. I trade DanUK techniques with some modifications that is the combination of my TT trades rules with the use of ADR as SL and 1st PT; +/- 20 pips margin requirement rather than +/-15 pips. And only on the H4. etcetera, etcetera.
  • #5,259
  • Mar 10, 2010 3:26pm Mar 10, 2010 3:26pm
Quoting EntropyLad
Did you take it? My entry was suppose to be short at 0.7255. As per my +/- 5 pips RN rule.
http://www.forexfactory.com/showpost...postcount=4994

But i didnt take the trade though: NZD cash rate, RBNZ rate announcement coming today. Too scary for me. Unless you want to sell 2/3rd at +15 pips, and widen the SL and hope the RATE announcement goes in your favour.
Well, PIPPYD, nzd/cad has now moved by + 60 pips from where we were talking about it before. Oh well.
  • #5,260
  • Mar 10, 2010 4:15pm Mar 10, 2010 4:15pm
Hello guys, I've been reading this thread when have some time out at work, but its been really difficult to keep the pace of it.

I wonder if someone can point me out to a post where your trading method is explained thoroughly or is best explained?

I know I have to read all the thread, but cannot keep its dynamic due lack of time.

Thanks for your help and sorry for this annoying request.
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