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Trend Trading All Pairs

  • #6,121
  • Mar 31, 2010 6:40pm Mar 31, 2010 6:40pm
Quoting frankkn
i think i mentioned that i papertraded futures for about nine months, and when i went live with my tiny little account i went with forex.

i have (almost) nothing but losing trades. i'll see a pin bar at resistance in a downtrend and get short on the break only to be stopped out again and again and again

today i had my first successful trade in forever because i went back to what i know (volume) you forex guys always astonished me trading with no volume


edit: while paper trading i dabbled in currencies... just wanna go on the record saying...
The key is wait for confirmation, imo a pinbar is not enough confirmation to take the trade, I have seen pinbars fail many times, and other times they work, so imo use trendlines, and S/R areas and only take trades in the direction of the trend. Wait for the counter trend break, wait for a pullback, and once you get confirmation you enter the market.

There is nothing wrong with using indicators, some people cant trade without them, and I used to be one of them, but no matter what indicator you use price action is going to tell you the next move not the indicator, because the indicators do what price does after the price has already done it.

But using indicators as a confirmation can help too suppose if one gets good with them.

--NM
  • #6,122
  • Mar 31, 2010 11:47pm Mar 31, 2010 11:47pm
Quoting Armadise
Hey, mana
I've got a indicator from another thread.
You can try this.
http://www.forexfactory.com/showthread.php?t=113181
Thank you, Armadise.
  • #6,123
  • Apr 1, 2010 12:04am Apr 1, 2010 12:04am
Quoting frankkn
i think i mentioned that i papertraded futures for about nine months, and when i went live with my tiny little account i went with forex.

i have (almost) nothing but losing trades. i'll see a pin bar at resistance in a downtrend and get short on the break only to be stopped out again and again and again

today i had my first successful trade in forever because i went back to what...
hm, I don't know how you trade, but lately the market is trending so much, it is difficult to not make money in this market. Maybe you don't select your S/R zones well enough. You should take only the most obvious ones. Also if you find it difficult to make money in the markets right now then just search for pairs which are trending a lot. You can make a lot of mistakes and still make money if you go with a trending pair.
  • #6,124
  • Apr 1, 2010 4:27am Apr 1, 2010 4:27am
hi nightmoves, do i have to change some settings for it to look like yours...especially the one at the top.............that shows the weakness and strength......cheers

Quoting Armadise
Hey, mana
I've got a indicator from another thread.
You can try this.
http://www.forexfactory.com/showthread.php?t=113181
  • #6,125
  • Apr 1, 2010 6:59am Apr 1, 2010 6:59am
Quoting Danku
hi nightmoves, do i have to change some settings for it to look like yours...especially the one at the top.............that shows the weakness and strength......cheers
I am not sure what indicator your referencing. I di not download the indicator that was posted, but it is different than the one I have.

Here is one that I have used.

--NM
Attached File(s)
File Type: ex4 Currency Meter[1].ex4   20 KB | 689 downloads
  • #6,126
  • Apr 1, 2010 7:09am Apr 1, 2010 7:09am
Quoting Danku
hi nightmoves, do i have to change some settings for it to look like yours...especially the one at the top.............that shows the weakness and strength......cheers
I also have what is called the multimeter, I have not used it but it does show quite a bit of information, here is a chart that I added it too so you could see what it looks like, this chart is the USDJPY H1. If anyone is interested I can upload it.

--NM
Attached Image (click to enlarge)
Click to Enlarge Name: Multimeter.png Size: 25 KB
  • #6,127
  • Apr 1, 2010 7:27am Apr 1, 2010 7:27am
Quoting NightMoves
I also have what is called the multimeter, I have not used it but it does show quite a bit of information, here is a chart that I added it too so you could see what it looks like, this chart is the USDJPY H1. If anyone is interested I can upload it.

--NM
NM, I like it, and appreciate your help in this thread

ps, Can some make a ea for this trade method?Is it possible?
  • #6,128
  • Apr 1, 2010 7:28am Apr 1, 2010 7:28am
Custos I know you been watching the EURAUD it might be headed for another nice impulse to the down side.

--NM
  • #6,129
  • Apr 1, 2010 7:29am Apr 1, 2010 7:29am
Quoting frankkn
i think i mentioned that i papertraded futures for about nine months, and when i went live with my tiny little account i went with forex.

i have (almost) nothing but losing trades. i'll see a pin bar at resistance in a downtrend and get short on the break only to be stopped out again and again and again

today i had my first successful trade in forever because i went back to what...
from my "tiny little account" experience, and getting stopped out again and again, I finally figured out that all my stops were too tight all the time (fear factor and not enough money to really trade).... so I only trade minimum number of mini-lots (that means 1 often) with larger stops and I have much better success. It's easy to judge this if you back track and see if in the long run the trades you got stopped out on went in your favor after you stopped out.

Another tactic with the small account is just to accept a lot of little stop-outs, and when you get a winner let it run and it should get you to profitability over many trades......

just some thoughts....van
  • #6,130
  • Apr 1, 2010 7:33am Apr 1, 2010 7:33am
Quoting mana_
NM, I like it, and appreciate your help in this thread

ps, Can some make a ea for this trade method?Is it possible?
The problem with EA's is the fact they dont think, they only run from a script, and there are so many variables which determine why you should or should not enter, that a script will never catch consistently imo. That is one of the reasons Robots are not consistent they may work great in certain market conditions and then the conditions change and well...sadness soon sets in.

--NM
  • #6,131
  • Apr 1, 2010 7:37am Apr 1, 2010 7:37am
Quoting NightMoves
Custos I know you been watching the EURAUD it might be headed for another nice impulse to the down side.

--NM
Thanks I am trying to find the right opportunity to enter on the m15 chart. Have you already entered eur/aud?
  • #6,132
  • Apr 1, 2010 7:40am Apr 1, 2010 7:40am
Quoting Custos
Thanks I am trying to find the right opportunity to enter on the m15 chart. Have you already entered eur/aud?
Yes I just entered, I entered a little more aggressively than I ususally do we will see how it works out.

--NM
  • #6,133
  • Apr 1, 2010 7:41am Apr 1, 2010 7:41am
Quoting mana_
NM, I like it, and appreciate your help in this thread

ps, Can some make a ea for this trade method?Is it possible?
Common sense in the markets can't be programmed into a software yet. Wait another 50 years, maybe then we can program intelligence and common sense into an EA, but right now it is simply impossible. Even neural networks are still too "stupid" to grasp everything a human trader can grasp.
  • #6,134
  • Apr 1, 2010 7:46am Apr 1, 2010 7:46am
Quoting Custos
Thanks I am trying to find the right opportunity to enter on the m15 chart. Have you already entered eur/aud?
Also entering this close to a news release is always really risky, I am in with a small size for the time being, I will add too it if it gets going.

--NM
  • #6,135
  • Apr 1, 2010 7:52am Apr 1, 2010 7:52am
Quoting NightMoves
Also entering this close to a news release is always really risky, I am in with a small size for the time being, I will add too it if it gets going.

--NM
true. also quite risky since tomorrow is bank holiday for half of the world. So not sure if we have enough volume to keep the eur/aud going for now.
  • #6,136
  • Apr 1, 2010 8:05am Apr 1, 2010 8:05am
Quoting Custos
true. also quite risky since tomorrow is bank holiday for half of the world. So not sure if we have enough volume to keep the eur/aud going for now.
Yep depends on if it gets going or not today, if it does then depending on the position of it, I may leave it open or close it, holidays with low volume can get develop some pretty big spikes.

--NM
  • #6,137
  • Apr 1, 2010 8:10am Apr 1, 2010 8:10am
Here is the meter for anyone that wants it, I do not how accurate it is because I have never really tried it.
IMPORTANT: Must be placed in the Experts folder. All fonts provided must be installed to display properly.

--NM
Attached File(s)
File Type: zip FXMultimeterIII.zip   1.9 MB | 2,737 downloads
  • #6,138
  • Apr 1, 2010 8:29am Apr 1, 2010 8:29am
This EURAUD trade may work out like most aggressive entries do...Hahaha

--NM
  • #6,139
  • Apr 1, 2010 8:55am Apr 1, 2010 8:55am
We should know in about another 10 or 15 minutes if this aggressive entry will work or not, the NY pep rally will be over and they should be placing orders...

--NM
  • #6,140
  • Apr 1, 2010 8:59am Apr 1, 2010 8:59am
Quoting NightMoves
This EURAUD trade may work out like most aggressive entries do...Hahaha

--NM
NM
i have noted you mention we need to exercise patience and wait for good setups.
i myself find this rather difficult to control as the itch to trade is always not easy to restrain, the curiosity becomes so intense believing that it is right to go.
so my compromise is reduce the lot size ha.. ha..
newbies like me are difficult to control our emotions, only painful drawdowns will hopefully etch this into our grey matter
cheers
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