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Trend Trading All Pairs

  • #5,741
  • Mar 24, 2010 10:08am Mar 24, 2010 10:08am
Quoting NightMoves
You are correct about that, and unless the news really huge and earth shattering this is going to continue unless of course the BoE steps in like the SNB and the BoJ does, I think the BoJ does it just to watch traders squirm around...LOL they seem to come out play quite often.

--NM
this is what i have read ...

by J Coleman 13:15GMT
We Got The Number Of That Truck..Hedge Fund Led USD/JPY Blast-Off
Traders relay that it was a macro hedge fund which goosed USD/JPY close to the 92.00 level. The size of the order? Rumored to have been 3 yards of dollars…
A US custody bank has joined the buying as well, we’re told.
Wonder where his stop is?
USD/JPY is consolidating gains around 91.90. 92.16 is key resistance.
  • #5,742
  • Mar 24, 2010 12:20pm Mar 24, 2010 12:20pm
Quoting A 5
this is what i have read ...

by J Coleman 13:15GMT
We Got The Number Of That Truck..Hedge Fund Led USD/JPY Blast-Off
Traders relay that it was a macro hedge fund which goosed USD/JPY close to the 92.00 level. The size of the order? Rumored to have been 3 yards of dollars…
A US custody bank has joined the buying as well, we’re told.
Wonder where his stop is?
USD/JPY is consolidating gains around 91.90. 92.16 is key resistance.
Thats interesting stuff there. I just wonder how far this will go. I have a resistance drawn around the 92.300 area and it is getting close to that area now. Maybe it wont stop until it hits 92.50?

--NM
  • #5,743
  • Mar 24, 2010 1:06pm Mar 24, 2010 1:06pm
I think I am going to start looking for short entries on the AUDUSD pair as well on the daily it looks like it is about ready.

--NM
Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSD Daily Trend.png Size: 36 KB
  • #5,744
  • Mar 24, 2010 3:46pm Mar 24, 2010 3:46pm
heyo!

please comment on these. i'm very new and would be delighted to receive feedback on this groovy method
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Click to Enlarge Name: mamethod2.jpg Size: 84 KB
  • #5,745
  • Mar 24, 2010 4:01pm Mar 24, 2010 4:01pm
Quoting frankkn
heyo!

please comment on these. i'm very new and would be delighted to receive feedback on this groovy method
Hi frankkn,
Yep looks good that is the way I have mine drawn up as well.

--NM
  • #5,746
  • Mar 24, 2010 4:20pm Mar 24, 2010 4:20pm
i'm nervous to put my stop too far away...

is just above 135 too close?



edit: what about switching to a 4h to look for PA signals like inside bars or pin bars?? or would it just be best to get short when it brakes the low of the breakout from the retrace.. ( 134.5 area..below daily pin bar )
  • #5,747
  • Mar 24, 2010 4:25pm Mar 24, 2010 4:25pm
Quoting frankkn
i'm nervous to put my stop too far away...

is just above 135 too close?
You should put the stop behind the pullback, which is around 137.5. And yes 135 is way too close for that kind of pair and time-frame.
Don't forget, this is the gbp/jpy. One really volatile pair. And since the setup is based upon the daily, you have to have a wide stop.
  • #5,748
  • Mar 24, 2010 4:29pm Mar 24, 2010 4:29pm
Quoting Custos
You should put the stop behind the pullback, which is around 137.5. And yes 135 is way too close for that kind of pair and time-frame.
Don't forget, this is the gbp/jpy. One really volatile pair. And since the setup is based upon the daily, you have to have a wide stop.
i was afraid of that

i only have a hundred bucks in my account lol

how much leverage should i use if i want my stop to be miles away?
  • #5,749
  • Mar 24, 2010 4:29pm Mar 24, 2010 4:29pm
Quoting frankkn
i'm nervous to put my stop too far away...

is just above 135 too close?



edit: what about switching to a 4h to look for PA signals like inside bars or pin bars?? or would it just be best to get short when it brakes the low of the breakout from the retrace.. ( 134.5 area..below daily pin bar )
Switching to the 4 hour chart is really how it should be done, if you are trading the daily chart. If you are trading the 4 hour chart then you switch to the 1 hour chart...etc your stop goes behing the event that got you in the trade in the first place. So in a down trend and after 1-2-3 formation you place it just above the # 3 aspect of the formation.

--NM
  • #5,750
  • Mar 24, 2010 4:30pm Mar 24, 2010 4:30pm
Quoting frankkn

edit: what about switching to a 4h to look for PA signals like inside bars or pin bars?? or would it just be best to get short when it brakes the low of the breakout from the retrace.. ( 134.5 area..below daily pin bar )
Whatever makes you profitable. You are on the right track to use PA for determining if an entry is good or not. In trading there is no right or wrong. Advice from us here is only part of the story. Screentime on the other hand and trying out your ideas in the markets, that's what trading is really all about and ultimately will make you profitable. So yes, try it out, definitely a good idea to get in on inside bars or pin bars.
  • #5,751
  • Mar 24, 2010 4:32pm Mar 24, 2010 4:32pm
Quoting frankkn
i was afraid of that

i only have a hundred bucks in my account lol

how much leverage should i use if i want my stop to be miles away?
well, if you only have a hundred bucks, then trade lower time-frames (M30 to H4). And I think a 100 leverage is definitely enough.
  • #5,752
  • Mar 24, 2010 4:36pm Mar 24, 2010 4:36pm
Quoting frankkn
i was afraid of that

i only have a hundred bucks in my account lol

how much leverage should i use if i want my stop to be miles away?
What you should do is practice this method before you go live with it to make sure you understand the setups and to better understand why your taking the trade. Then when you get the hang of it according to how your demo account is performing then you can go live with it. It takes a lot of screen time to get learn how to read the price action. And a demo account can replenished when ever you need it to be a real account is very unforgiving in that respect.
--NM
  • #5,753
  • Mar 24, 2010 4:41pm Mar 24, 2010 4:41pm
Quoting NightMoves
What you should do is practice this method before you go live with it to make sure you understand the setups and to better understand why your taking the trade. Then when you get the hang of it according to how your demo account is performing then you can go live with it. It takes a lot of screen time to get learn how to read the price action. And a demo account can replenished when ever you need it to be a real account is very unforgiving in that respect.
--NM
I second that. If you are starting out, demo is the only way, otherwise you will lose your 100 bucks faster than you can imagine. I think you should at least try to double your demo account 2 or 3 times. Then you can start going live...

EDIT: of course only with proper risk management: which means always a reasonable stop in place and only risk max 3% of your account.
  • #5,754
  • Mar 24, 2010 5:58pm Mar 24, 2010 5:58pm
i have been papertrading since last july, but not forex. i've been using volume spread analysis on the emini s&p.

i have the cash to fund a proper account, but instead of doing that straight out of demo i thought i would try with 100 bucks (that i got from selling textbooks haha)

i really like this kind of setup. i'll try to catch a wave on a shorter timeframe, get my stop to breakeven at some point, and see if i can ride this bigger wave that is setting up

you guys are so helpful, and this method is so simple i like the idea of reacting as opposed to predicting like i'm used to with vsa
  • #5,755
  • Mar 25, 2010 12:52am Mar 25, 2010 12:52am
Quoting Custos
wow, really quiet today. where is everybody?

new idea/concept: adding positions.
Let's say we got a good touch trade in direction of the trend. Now it would be reasonable to assume that the trend continues.
By adding positions we can exploit the whole new swing to the downside.
What I wanna do here is to add position every certain number of pips (50 pips for example) depending on the time-frame and currency pair.
Several questions/problems arise here:
1. how to define this certain number of pips? Should we just set limit orders at each 50 pips...
what a coincidence. I posted this question a couple of days ago concerning adding positions. And yesterday DanUK posted on his thread exactly what I was looking for.
http://www.forexfactory.com/showpost...&postcount=233
http://www.forexfactory.com/showpost...&postcount=235
Interesting idea to add at each S/R level. Definitely worth pursuing that concept in my opinion.
  • #5,756
  • Mar 25, 2010 12:56am Mar 25, 2010 12:56am
Quoting frankkn
i have been papertrading since last july, but not forex. i've been using volume spread analysis on the emini s&p.

i have the cash to fund a proper account, but instead of doing that straight out of demo i thought i would try with 100 bucks (that i got from selling textbooks haha)

i really like this kind of setup. i'll try to catch a wave on a shorter timeframe, get my stop to breakeven at some point, and see if i can ride this bigger wave that is setting up

you guys are so helpful, and this method is so simple i like the idea of reacting as...
you have a good thinking (I mean with riding the bigger wave). My piece of advice here would be to take off half when you've ridden down a wave in the shorter time-frames, and leave the rest open to ride then this bigger daily wave.
Then you won't feel bad, if your trade gets stopped out at b/e, cause you actually earned money on it.
  • #5,757
  • Mar 25, 2010 1:06am Mar 25, 2010 1:06am
Quoting Custos
what a coincidence. I posted this question a couple of days ago concerning adding positions. And yesterday DanUK posted on his thread exactly what I was looking for.
http://www.forexfactory.com/showpost...&postcount=233
http://www.forexfactory.com/showpost...&postcount=235
Interesting idea to add at each S/R level. Definitely worth pursuing that concept in my opinion.
good read
but your questions 1-3 remains unclear
i guess its left to individual discretion in relation to risk appetite and your monthly/yearly goals
cheers
  • #5,758
  • Mar 25, 2010 1:14am Mar 25, 2010 1:14am
Quoting A 5
good read
but your questions 1-3 remains unclear
i guess its left to individual discretion in relation to risk appetite and your monthly/yearly goals
cheers
well,
question 1 is answered by using S/R levels instead of fixed pips.
for question 2, I will start using half of account size already in the market. So, if I went in with 3% of my account, then I will add 1.5% of my account...
For question 3 I don't have an answer yet...

At least that's what I thought about till now.

haha, my monthly and yearly goals are to cash in infinite amounts of pips. But that's not gonna happen
  • #5,759
  • Mar 25, 2010 1:28am Mar 25, 2010 1:28am
Quoting Custos
well,
question 1 is answered by using S/R levels instead of fixed pips.
for question 2, I will start using half of account size already in the market. So, if I went in with 3% of my account, then I will add 1.5% of my account...
For question 3 I don't have an answer yet...

At least that's what I thought about till now.

haha, my monthly and yearly goals are to cash in infinite amounts of pips. But that's not gonna happen
i guess its best to have it tested and see how it goes from there
meanwhile, the EU is making new lows
interesting to see how it will respond to the EU summit tonight

well, infinite is not tangible
to make it happen its gonna be numbers . . . haha nothing but numbers
  • #5,760
  • Mar 25, 2010 6:46am Mar 25, 2010 6:46am
Quoting A 5
i guess its best to have it tested and see how it goes from there
meanwhile, the EU is making new lows
interesting to see how it will respond to the EU summit tonight

well, infinite is not tangible
to make it happen its gonna be numbers . . . haha nothing but numbers
Hahaha actually the market is nothing but an oscillation up and down over a given period of time which can be compared to a bicycle wheel which is a cricle and has no end, which makes the line infinite, now take that bicycle wheel and attach a pencil to it and spin the wheel, now take a piece of large paper and hold it so the pencil draws on the paper, and move the paper horizontally in 1 direction, that represents the time, the pencil will draw an oscillating line from the infinte circle so I think you can make and infinte number of pips based on the infinite line.... Just my opinion.

--NM
EDIT: and the paper is tangible...like the money.
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