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Trend Trading Chart Thread

  • #981
  • Mar 13, 2010 2:36am Mar 13, 2010 2:36am
DanUK mainly and anyone else trading stocks.

I have recently started to look at Stock Charts using this method the last 2/3 weeks and i must say that this style of trading really rocks, mainly at www.freestockcharts.com but unfortunately they only have US & Canadain Stocks.

Questions:

Do you know of any broker (Not an mt4 Broker) who has Hong Kong, European, USA & Canada Stocks?

When trading stocks, does the broker offer leverage just like Forex?

www.freestockcharts.com is very good when charting. Is there a free chart site with the 4 Exchanges that someone can practice with?

I want to take a longer/patient style of trading instead of sitting and waiting for price to come to round numbers/Fibs, meaning i want the trades to come to me not me looking for them....................

Cheers.
  • #982
  • Mar 14, 2010 1:18pm Mar 14, 2010 1:18pm
Considering a short from 1.5150 on GU. Fair bit of resistance on 50%fib from 5571-4781 again. What do people think?
  • #983
  • Mar 14, 2010 3:16pm Mar 14, 2010 3:16pm
dan,

are you still in this sell at 5150? i am in two minds since there is a second consecutive weekly bullish pin now.
Quoting DanUK
Hi,

I watch price action rather than time - although both are factors. If you take a look at an H1 chart you will see several candles attempt to make it past the 50% level (which to answer your second question I had at 1.5177, as per your first chart) but none could hold it past so I placed an order to sell below at 1.5150.

Hope that helps!

Regards,

Dan
  • #984
  • Mar 14, 2010 7:12pm Mar 14, 2010 7:12pm
Quoting Danku
Do you know of any broker (Not an mt4 Broker) who has Hong Kong, European, USA & Canada Stocks?

When trading stocks, does the broker offer leverage just like Forex?
My take on this:

I also trade stocks but max on 1:2 margin. I have done some research regarding high-leverage stock brokers in the past, keep in mind that most brokers (there are non MT4 as well as MT4) -- so called "market makers" -- that do offer 1:10 or 1:20, only offer a selection of stocks, the worst spreads, sometimes up to 5-10(!) cents, and even worse swap/rollover (= holding overnight) charges. Most of them will set limits on how many cents away your limit or stop order can be set, for example if GE is trading @ 15.00 and the limit is 4 cents, you can only set an immediate buy limit order 4 cents away @ 15.04. Then there is also slippage and "requotes"..., which is actually also a problem with "bad" FX brokers.

However, you can make money with them if you know how to handle the spreads and restrictions, but I just don't like them, you can for example get stopped out of a trade sooner than you would like/have to.

If anyone does know a good high-leverage broker that offer EUR/US stocks, I'd also be interested.
  • #985
  • Mar 15, 2010 2:39am Mar 15, 2010 2:39am
Quoting coolshades
dan,

are you still in this sell at 5150? i am in two minds since there is a second consecutive weekly bullish pin now.
Hi Coolshades,

No that trade had already closed for +100 pips. I have re-entered this morning though at 1.5150.

I was initially concerned by the first pin bar that showed but on closer inspection it was running right into heavy resistance in the 1.5200/1.5300 area. So for me it was a definite caution sign but nothing more than that!

Regards,

Dan
  • #986
  • Mar 15, 2010 4:12am Mar 15, 2010 4:12am
entered at same price, short and already moved to be.

the consecutive weekly bullish pin bar still bothers me, but given that is the weekly, so there is enough movement for a few 100 pips downwards too.

Quoting DanUK
Hi Coolshades,

No that trade had already closed for +100 pips. I have re-entered this morning though at 1.5150.

I was initially concerned by the first pin bar that showed but on closer inspection it was running right into heavy resistance in the 1.5200/1.5300 area. So for me it was a definite caution sign but nothing more than that!

Regards,

Dan
  • #987
  • Mar 15, 2010 4:36am Mar 15, 2010 4:36am
am also short at 9150 due to inability to break 9200, confluence of downward trend line touching highs of 12/3, 14/1, horizontal s/r line touching highs of 11/12/09, 10/12/09, 29/10/09
  • #988
  • Mar 15, 2010 1:32pm Mar 15, 2010 1:32pm
Quoting coolshades
entered at same price, short and already moved to be.

the consecutive weekly bullish pin bar still bothers me, but given that is the weekly, so there is enough movement for a few 100 pips downwards too.
It's always smart to be aware of these things!
  • #989
  • Mar 18, 2010 3:58pm Mar 18, 2010 3:58pm
hi

is anyone considering trading usd/chf, although the overall trend is down since early 2009, the trend is up from late 2009

bounce from round number, bounce from support, 50% ret, all line up quite nicely

or am i looking to over trade? and blow my gains for this week again

sohail
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  • #990
  • Mar 18, 2010 9:16pm Mar 18, 2010 9:16pm
Hey Sohail786...u also have good Support and RN 1.0500...........i see the trend resuming now..............just it is doing on EURUSD.........Cheers

Quoting Sohail786
hi

is anyone considering trading usd/chf, although the overall trend is down since early 2009, the trend is up from late 2009

bounce from round number, bounce from support, 50% ret, all line up quite nicely

or am i looking to over trade? and blow my gains for this week again

sohail
  • #991
  • Mar 19, 2010 7:07am Mar 19, 2010 7:07am
I am long in this from 10570, seeing the same thing you are. Also short GBPUSD from 50% fib, see chart attached.


Quoting Sohail786
hi

is anyone considering trading usd/chf, although the overall trend is down since early 2009, the trend is up from late 2009

bounce from round number, bounce from support, 50% ret, all line up quite nicely

or am i looking to over trade? and blow my gains for this week again

sohail
Attached Image (click to enlarge)
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  • #992
  • Mar 19, 2010 8:21am Mar 19, 2010 8:21am
long at more or less same price after failure to break 1.05. hope it goes to 0800 now.

Quoting bez3000
I am long in this from 10570, seeing the same thing you are. Also short GBPUSD from 50% fib, see chart attached.
  • #993
  • Mar 19, 2010 4:51pm Mar 19, 2010 4:51pm
Quoting coolshades
long at more or less same price after failure to break 1.05. hope it goes to 0800 now.

damn it! i missed the entry

i need to stop sleeping man

hopefully we get a retest of the support

sohail
  • #994
  • Edited 5:13pm Mar 21, 2010 1:49pm | Edited 5:13pm
I'm a little late on this one but may dive in @ 1.0600.

50fib
Bounce off TL
Bounce off 1.05
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  • #995
  • Mar 22, 2010 3:30am Mar 22, 2010 3:30am
Just trying to keep it simple, spotted this.....and waiting for the current bar close to see how she plays..............cheers
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  • #996
  • Mar 22, 2010 3:31am Mar 22, 2010 3:31am
it would help if you told us which pair it was

Quoting Danku
Just trying to keep it simple, spotted this.....and waiting for the current bar close to see how she plays..............cheers
  • #997
  • Mar 22, 2010 6:24am Mar 22, 2010 6:24am
I have the worst eyesight, but I can see thats AUDJPY
  • #998
  • Mar 22, 2010 6:41am Mar 22, 2010 6:41am
Quoting Danku
Just trying to keep it simple, spotted this.....and waiting for the current bar close to see how she plays..............cheers

Hope you dont mind ,here is my take ,


60 minute primary trend reversal with primary supports


nicholas
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  • #999
  • Mar 22, 2010 7:25am Mar 22, 2010 7:25am
EURJPY - one to watch


primary down trend reversal , shorts on primary retrace down to supports.


nicholas
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  • #1,000
  • Mar 24, 2010 1:35pm Mar 24, 2010 1:35pm
I would like to try and breathe a little life back into this thread! Those who have been following my 2010 journal will know that due to the fact that I no longer have time to study H4 charts and babysit H4 trades I have amended my trading to suit daily charts.

Here is a brief summary of my current trading style:

Step 1 – Key Support & Resistance Levels

In my opinion horizontal support and resistance levels are the key to the market. These are the levels where the big boys are buying and selling and that should interest us, the retail trader.

The first step is to identify the nearby key levels of support and resistance that may be of use to us. We are not looking to map every single level but we want to highlight the important levels that could be a useful place to enter or a barrier to a trade.

These levels are not always to the pip levels – they will often show as a range.

For an example of what I consider a key level, plot 1.3850 on a EUR/USD chart.

Step 2 – Defining The Trend

I am only interested in trading support and resistance levels in the direction of the prevailing trend.

In order to define the trend we must first zoom out as far as possible. It should be clear which way price is going. If it isn’t then it is probably not worth trading!

In an uptrend, each major swing should make a higher high followed by a retracement making a higher low. In a downtrend, each major swing should make a lower low followed by a retracement making a lower high.

By drawing a trendline (or sometimes more than one) across the highs and the lows of our chart we should also get some idea about the trend.

It is also important to zoom out to weekly and monthly charts to get a better understanding of where we are in the big picture.

Step 3 – Placing A Trade

So we know the trend and we know where we are going to trade from (i.e. the key levels) – all we need to do now is wait for price to retrace to one of the key levels.

Let’s assume we are in a downtrend. On most occasions I will place a sell limit order at the level. If however I am uncertain about the trade for some reason (perhaps we have moved a long way from our trendline and anticipate a deeper correction) then I will watch price action at the level. If price blows through the level I will let it go and wait for price to move up to the next level or wait for price to get back below the level. Alternatively if price struggles to get through the level, or forms some kind of candlestick pattern (shooting star, engulfing bars etc) I will look to trade below the level. Vice versa in an uptrend.

Step 4 – Trade Management

This is where my style has changed somewhat and is the most subjective part of the method.

When I place an order, I will not put a default stop loss of “X” number of pips. Again, let’s assume we are in a downtrend. My hard stop will be placed above the trendline and above a recent swing high. It will be placed somewhere I don’t expect it to get hit unless something terrible happens (global disaster!). This is my emergency stop loss… it’s just good practice in the event that I can’t get to my trade station or broker for some reason.

If a trade moves against me I will likely stop the trade before my emergency stop loss gets hit. I will be watching price and how it reacts to the trendline and support and resistance levels. If it is blowing through them against my perceived trend direction I will close the trade.

If the trade moves in profit I will simply let it run. Then when we get to another level I will be looking to add another position and so on.

I will eventually move my emergency stop loss but again it will be a “worst case scenario”. I will look to close my trades if the trend appears to be changing or if we have moved sharply away from the trendline and a deep correction would eat up a lot of profit – in this case I will look to close my trades and the point that maximises profit from open positive positions and minimises loss from open negative positions.

Regards,

Dan
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