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Trend Trading All Pairs

  • #6,361
  • Apr 15, 2010 9:28am Apr 15, 2010 9:28am
Quoting rematrx
Hi Paulette,

wich TF are you using for price trailing, 1H TF?

Thanks.
Hi

I normally stick to the TF's I used as trigger & setup... Like setup trend rules over trigger trend, so does the S/R levels... I use S/R and RN as levels to trail price against manually...

EDIT: First priority is to manage risk, get my SL = BE, that normally happens when price reaches TP1 (=# pips to SL, i.e. SL = 20, TP1 = 20), then trade becomes free ride.

Once risk is out of the way, you start seeking profit. Mostly I take a small portion of the original off the trade @ TP1, and let the rest follow the trend. Other times I might let the whole stake ride the trend - all depends on momentum (as I am still new momentum needs to be good to let it all go), but I still guard my TP1 with care in those cases.

Trade safe

Also I am not the expert here - NM & Custos are the kings, I have been trading this method now 4 months, it is good and the pippage good too - less trades, less losses, less unnecessary pshyc-bank exposure
  • #6,362
  • Apr 15, 2010 9:41am Apr 15, 2010 9:41am
Quoting NightMoves
These markets are still not in any decent order yet are they. Big swings in both directions, hmmm I guess I will wait a while longer, sounds like some of you guys are making pips on the breaks.

--NM
Yup, glad to see I'm not the only one who's been dormant. Only had 2 solid setups (in forex) in the last 2 weeks here. Personally I like to let the trades come to me instead of going after them

Only got a partial fill on USDCAD around 1.
  • #6,363
  • Apr 15, 2010 9:54am Apr 15, 2010 9:54am
Quoting A 5
Hi Custos
thanks so much for your explanation.
i do understand the same chart can mean different things to different people.
there are obvious subtle differences which we need to learn through exposure and spending screen time and listening to people like yourselves.
just like the sports, there is no short cut

i just noted that your decision has been proven right to short the EU, congrats
keep up and i must say i enjoyed reading your post, in particular your justifications on your trades.
cheers
no problem man. I always enjoy helping people

cheers
  • #6,364
  • Apr 15, 2010 9:58am Apr 15, 2010 9:58am
Quoting bluemosaic
very interesting. how would you measure momentum/ retrace as being fast or slow ie how do you quantify it in number of bars or percentage time taken compared with move etc?

thanks
that you cannot quantify, at least I don't quantify it. Screentime is important here. Compare your recent bars always to the older ones. Are they bigger than those older ones? Do we move in one direction very fast? How does the impulse compare to the retrace? (Normally the impulse should be way faster than the retrace)...
Lots of things which can't be really quantified, depends very much on the situation. At least I can't quantify it, maybe somebody else can.

cheers
  • #6,365
  • Apr 15, 2010 10:26am Apr 15, 2010 10:26am
Quoting Custos
that you cannot quantify, at least I don't quantify it. Screentime is important here. Compare your recent bars always to the older ones. Are they bigger than those older ones? Do we move in one direction very fast? How does the impulse compare to the retrace? (Normally the impulse should be way faster than the retrace)...
Lots of things which can't be really quantified, depends very much on the situation. At least I can't quantify it, maybe somebody else can.

cheers
thanks again. your advice is very helpful and appreciated
  • #6,366
  • Apr 15, 2010 11:35pm Apr 15, 2010 11:35pm
NM,Custo,

So, I draw a new trendline.
Wait for next breakout and pulllback.
Then, a big pullback runs. I should give up the setup
Thanks you
Armadise
Quoting NightMoves
Here is what I am talking about look at the pullback....way too many bars...

--NM
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  • #6,367
  • Apr 16, 2010 1:33am Apr 16, 2010 1:33am
Quoting Armadise
NM,Custo,

So, I draw a new trendline.
Wait for next breakout and pulllback.
Then, a big pullback runs. I should give up the setup
Thanks you
Armadise
that would be the new trendline after the big pullback. Now you are right, the setup would be void. But not because of the big pullback, but because after price having breached our new trendline, we don't have much room to go to our first target (last swing high), which means we would buy against resistance, a definite no go.

cheers
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  • #6,368
  • Apr 16, 2010 1:46am Apr 16, 2010 1:46am
hey. london's opening. any pairs u guys looking at?
  • #6,369
  • Apr 16, 2010 1:53am Apr 16, 2010 1:53am
Quoting ja5on
hey. london's opening. any pairs u guys looking at?
well, a lot of pairs took off already without a bpc (good that I've been in some of them with a touch trade).
well, usd/jpy daily could become a good long opportunity, but that's still gonna take a while.

cheers.
  • #6,370
  • Apr 16, 2010 2:01am Apr 16, 2010 2:01am
Quoting Custos
well, a lot of pairs took off already without a bpc (good that I've been in some of them with a touch trade).
well, usd/jpy daily could become a good long opportunity, but that's still gonna take a while.

cheers.
haa. i see. so what trade are u in? other than ur EU trade that u went in yst? still down bias for that. nice job
  • #6,371
  • Apr 16, 2010 2:13am Apr 16, 2010 2:13am
Quoting ja5on
haa. i see. so what trade are u in? other than ur EU trade that u went in yst? still down bias for that. nice job
cad/chf long, eur/aud short, eur/cad short, eur/jpy short, eur/usd short, gbp/chf short, nzd/jpy short, eur/gbp short

most of them have their stops at b/e already.

cheers
  • #6,372
  • Apr 16, 2010 2:15am Apr 16, 2010 2:15am
Quoting Custos
cad/chf long, eur/aud short, eur/cad short, eur/jpy short, eur/usd short, gbp/chf short, nzd/jpy short, eur/gbp short

most of them have their stops at b/e already.

cheers
by the way I do NOT recommend trading multiple pairs at the same time, except you spread your lot-sizes around.
So if you normally take 2% of your account for a trade, but got 4 euro trades you wanna get into, then take 0.5% per trade.

cheers
  • #6,373
  • Apr 16, 2010 2:19am Apr 16, 2010 2:19am
Quoting Custos
cad/chf long, eur/aud short, eur/cad short, eur/jpy short, eur/usd short, gbp/chf short, nzd/jpy short, eur/gbp short

most of them have their stops at b/e already.

cheers
well done... green pips, green pips....
  • #6,374
  • Apr 16, 2010 2:26am Apr 16, 2010 2:26am
Quoting Paulette
well done... green pips, green pips....
now it's just a matter of adding positions and trailing my stop
  • #6,375
  • Apr 16, 2010 4:34am Apr 16, 2010 4:34am
Quoting Custos
by the way I do NOT recommend trading multiple pairs at the same time, except you spread your lot-sizes around.
So if you normally take 2% of your account for a trade, but got 4 euro trades you wanna get into, then take 0.5% per trade.

cheers
ya. u definitely have alot of same based pairs in ur trades. if one turns on u. all will turn.. but till now. everything is going fine for u. good job. =D
  • #6,376
  • Apr 16, 2010 6:18am Apr 16, 2010 6:18am
Quoting ja5on
ya. u definitely have alot of same based pairs in ur trades. if one turns on u. all will turn.. but till now. everything is going fine for u. good job. =D
Thing is, I rather want to spread my risk into - same currency - pairs. Just imagine, if some bad news are coming out for usd and I am all invested in eur/usd. Then I will get stopped out on my position. If I spread it into other euro pairs, then I will only get stopped out on one of the pairs if we have some news coming out other than euro. Also another thing. Why trading other currencies when the market is right now so focused on euro? Don't you wanna be in with all the banks and funds and ride it down?
I agree with diversifying across non correlated pairs, but the less the market pays attention to other pairs, the more risk you will have cause it will have a much more random price action.
Also now let's see how the volcano ash works out for the euro. Some experts say this could be in the air for months, but difficult to estimate. Another reason for a short.

cheers
  • #6,377
  • Apr 16, 2010 6:27am Apr 16, 2010 6:27am
you seem to be trading a bit like DanUK.. and strictly not BPC. am i right?

Quoting Custos
Thing is, I rather want to spread my risk into - same currency - pairs. Just imagine, if some bad news are coming out for usd and I am all invested in eur/usd. Then I will get stopped out on my position. If I spread it into other euro pairs, then I will only get stopped out on one of the pairs if we have some news coming out other than euro. Also another thing. Why trading other currencies when the market is right now so focused on euro? Don't you wanna be in with all the banks and funds and ride it down?
I agree with diversifying across non correlated...
  • #6,378
  • Apr 16, 2010 6:36am Apr 16, 2010 6:36am
Quoting Custos
Thing is, I rather want to spread my risk into - same currency - pairs. Just imagine, if some bad news are coming out for usd and I am all invested in eur/usd. Then I will get stopped out on my position. If I spread it into other euro pairs, then I will only get stopped out on one of the pairs if we have some news coming out other than euro. Also another thing. Why trading other currencies when the market is right now so focused on euro? Don't you wanna be in with all the banks and funds and ride it down?
I agree with diversifying across non correlated...
Custos sounds like you have a few trades interacting out there, I have only 1 open trade at the moment on the EJ, first target was hit @+140 pips so as usual TP at BE and I will let it run and see what happens, otherwise not much action for me this week, I have been extremely busy with some rather large projects and have not had time to really pay attention to the charts.

And it looks it it is going to be awhile before I can get back into the big swing of things, I think most of my trading for awhile is going to be during the London Session and Asian session for awhile...

--NM
  • #6,379
  • Apr 16, 2010 6:43am Apr 16, 2010 6:43am
Quoting coolshades
you seem to be trading a bit like DanUK.. and strictly not BPC. am i right?
yep, actually I am a frequent reader of DanUK's threads and find his method really good.
My main method is kind of a mix of brv's touch trades & danuk's thread with my own little twists. Overall I like his method a lot. Very simple.
  • #6,380
  • Apr 16, 2010 6:46am Apr 16, 2010 6:46am
Quoting NightMoves
Custos sounds like you have a few trades interacting out there, I have only 1 open trade at the moment on the EJ, first target was hit @+140 pips so as usual TP at BE and I will let it run and see what happens, otherwise not much action for me this week, I have been extremely busy with some rather large projects and have not had time to really pay attention to the charts.

And it looks it it is going to be awhile before I can get back into the big swing of things, I think most of my trading for awhile is going to be during the London Session and...
Well done on your ej trade. Yeah, just try to trade when you have free time. Anyways lots of opportunities out there, especially since the euro seems to be starting a new impulse wave again on the dailies. (meaning the waves on lower time-frames will also have a very high probability)
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