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Trend Trading All Pairs

  • #6,081
  • Mar 30, 2010 9:47pm Mar 30, 2010 9:47pm
Yeah it is.. in addition other JPY pairs are right at strong resistance points.

Thanks for the feedback,
BR

Quoting A 5
I think it may be too bearish on the JPY to hold on
just my personal opinion.
i know it's a hard call to make . . .
  • #6,082
  • Mar 30, 2010 11:29pm Mar 30, 2010 11:29pm
Quoting Big1red9
Yeah it is.. in addition other JPY pairs are right at strong resistance points.

Thanks for the feedback,
BR
love it, diversity continues... Often I have taken a trade in opposite direction to Custos... Just in Trade Management - take your risk off as soon as you can and monitor the rest.

We are all standing in front of the same charts but our views are different, all depends on your angle.

Trade safe
  • #6,083
  • Mar 31, 2010 12:42am Mar 31, 2010 12:42am
yes, as Van Tharp likes to say, we trade our beliefs, not the market. we each have to go with what we believe, what else is there? as the the JPY right now, all pairs are at highs and the contrarian in me says go short, and the risk can be low. Also, counts 5 waves up on most pairs so some correction is due....
  • #6,084
  • Mar 31, 2010 1:20am Mar 31, 2010 1:20am
[IMG]file:///Users/vanmiller/Library/Caches/TemporaryItems/moz-screenshot.png[/IMG][IMG]file:///Users/vanmiller/Library/Caches/TemporaryItems/moz-screenshot-1.png[/IMG][IMG]file:///Users/vanmiller/Library/Caches/TemporaryItems/moz-screenshot-2.png[/IMG]Here's a "market drivers" grid chart layout from think or swim's paper trading platform, note I'm monitoring S&P, oil, Nikkei, 10yr Treas, gold, and dollar index all on one screen. Great tool for watching the overall market for its effect on the currency pairs... (hope this attachment works, my first time)...
Attached Image (click to enlarge)
Click to Enlarge Name: 2010-03-31-TOS_CHARTS.jpg Size: 302 KB
  • #6,085
  • Mar 31, 2010 3:15am Mar 31, 2010 3:15am
Quoting Big1red9
Seems like I am going to hate myself no matter what I do.

I can't yet let go of this short. Am I deluding myself?

Thanks,
BR
Thats what makes trading interesting, one never knows what will happen, all the YEN crosses are at resistance levels for the most part and showing a lot of weakness, and now we just wait and see what the next move is going to be, trying to predict its next move is like stapling jello to the wall, its pretty hard to do...

--NM
  • #6,086
  • Mar 31, 2010 3:21am Mar 31, 2010 3:21am
Quoting vanmiller
yes, as Van Tharp likes to say, we trade our beliefs, not the market. we each have to go with what we believe, what else is there? as the the JPY right now, all pairs are at highs and the contrarian in me says go short, and the risk can be low. Also, counts 5 waves up on most pairs so some correction is due....
One would think it is all down play because of where the YEN crosses are situated, and for the most part looks like a place to go short, but then again there are some big players out who see the same thing and they may do just the opposite for obvious reasons, so I guess the best thing to do is just sit back and wait until the market tells us which way it is going to go. Just my 2 cents worth.

--NM
  • #6,087
  • Mar 31, 2010 3:48am Mar 31, 2010 3:48am
Quoting NightMoves
One would think it is all down play because of where the YEN crosses are situated, and for the most part looks like a place to go short, but then again there are some big players out who see the same thing and they may do just the opposite for obvious reasons, so I guess the best thing to do is just sit back and wait until the market tells us which way it is going to go. Just my 2 cents worth.

--NM
I absolutely agree, when in doubt and you are not sure of your probability stack, then sit and wait - rather miss one opportunity than loose hard earned pips...
  • #6,088
  • Mar 31, 2010 4:02am Mar 31, 2010 4:02am
Quoting NightMoves
I dont know if anyone is paying attention to the CJ pair, but it has broke out of the range it has been in to the upside on the daily, the range itself has been steadily climbing higher, it is now retesting the range top from above which is acting as support now. If this continues it could be around 400 pips before the next level of resistance. Just thought I would mention it.

--NM
The CJ is behaving well with the breakout
  • #6,089
  • Mar 31, 2010 4:08am Mar 31, 2010 4:08am
Quoting Paulette
I absolutely agree, when in doubt and you are not sure of your probability stack, then sit and wait - rather miss one opportunity than loose hard earned pips...
Paulette
I see you are treading cautiously and banking in all the pips.
slowly and confidently is a prerequisite in forex.
all the traits of our commander NM
good work
i am pacing myself in the hope of emulating all this qualities
thanks a lot
  • #6,090
  • Mar 31, 2010 4:21am Mar 31, 2010 4:21am
I posted yesterday about the YEN weakness showing up across the board on all but the weekly time frames, here is an update.

--NM
Attached Image (click to enlarge)
Click to Enlarge Name: Yen Weakness.png Size: 14 KB
  • #6,091
  • Mar 31, 2010 4:22am Mar 31, 2010 4:22am
Quoting A 5
The CJ is behaving well with the breakout
Yep so far, as BR pointed out there is a slanted trend line in the same area, so I think a break above that and we will have our answer.

--NM
  • #6,092
  • Mar 31, 2010 4:36am Mar 31, 2010 4:36am
The EURAUD bounced back like a rubber ball...It came back far enough to hit my stop.

--NM
  • #6,093
  • Mar 31, 2010 5:03am Mar 31, 2010 5:03am
Here is where I have the weekly slanted trend line, on the CJ pair, the daily range top has had a hole blown through it the last defense is the weekly slanted TL, if that breaks then I think the horizontal resistance from the last touch of weekly slanted TL will be the next target.

Any thoughts?

--NM
Attached Image (click to enlarge)
Click to Enlarge Name: CJ Long term resistance.png Size: 39 KB
  • #6,094
  • Mar 31, 2010 5:13am Mar 31, 2010 5:13am
Its what got me here in the first place.... lol

Quoting NightMoves
Here is where I have the weekly slanted trend line, on the CJ pair, the daily range top has had a hole blown through it the last defense is the weekly slanted TL, if that breaks then I think the horizontal resistance from the last touch of weekly slanted TL will be the next target.

Any thoughts?

--NM
  • #6,095
  • Mar 31, 2010 5:15am Mar 31, 2010 5:15am
Quoting Big1red9
Its what got me here in the first place.... lol
Hahahaha, I tell ya markets are funny little critters arent they?

--NM
  • #6,096
  • Mar 31, 2010 5:23am Mar 31, 2010 5:23am
Quoting NightMoves
Here is where I have the weekly slanted trend line, on the CJ pair, the daily range top has had a hole blown through it the last defense is the weekly slanted TL, if that breaks then I think the horizontal resistance from the last touch of weekly slanted TL will be the next target.

Any thoughts?

--NM
the GDP m/m news may be able to energise it
we'll see how it goes in a few moments

hmmm.
i didnt have the Weekly slanted TL on my charts
  • #6,097
  • Mar 31, 2010 5:26am Mar 31, 2010 5:26am
Quoting Big1red9
Its what got me here in the first place.... lol
are you still holding onto your short on CADJPY
  • #6,098
  • Mar 31, 2010 5:38am Mar 31, 2010 5:38am
Yup

Quoting A 5
are you still holding onto your short on CADJPY
  • #6,099
  • Mar 31, 2010 5:41am Mar 31, 2010 5:41am
I have not had 1 single easy pip generating trade in weeks. I want some of yours.....EA and EU come to mind.

Quoting NightMoves
Hahahaha, I tell ya markets are funny little critters arent they?

--NM
  • #6,100
  • Mar 31, 2010 5:49am Mar 31, 2010 5:49am
Quoting Big1red9
I have not had 1 single easy pip generating trade in weeks. I want some of yours.....EA and EU come to mind.
Having a news push helped on both of those trades for sure, and this time the news took me out on the EA. It is nice when price is far enough away from your entry where the news does not make a difference if backs up some, and of course it helps a bunch when the news pushes it along.

But on the EA this time around price was not far enough away from my entry so it came back on me. It took me out for 139 pips on the last part of the trade. I gave it a 100 pip or so SL I was just above the congestion area, but PA was to strong for that to hold.

--NM
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