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Trend Trading All Pairs

  • #6,441
  • Apr 26, 2010 10:24pm Apr 26, 2010 10:24pm
Quoting MktScape
Hi A5,
I am not sure as to where your trendline is starting ....you would probably have to zoom out the chart and repost. However here is another view of the GBP-CHF daily. To me it looks like that the price has hit short term resistance .... see the formation of pin bar, there is 61.8 fib + Rn at this resistance level level. To me it looks like viable short opportunity .....lets see how it plays out .... I would try to capture the highlighted area on the H4.

Lets see what are the comments of Jedi Master, Custos are in this case?

Ciao
ciao,
here is my daily chart
i may be wrong as i am new to FX
yeah, Custos is certainly 5 stars above us
Attached Image (click to enlarge)
Click to Enlarge Name: GBPCHF D1 - 27-Apr-10 11.17.gif Size: 48 KB
  • #6,442
  • Apr 26, 2010 10:47pm Apr 26, 2010 10:47pm
Quoting A 5
ciao,
here is my daily chart
i may be wrong as i am new to FX
yeah, Custos is certainly 5 stars above us
I believe, the second touch point of your TL need to be at the tip of price bar.
  • #6,443
  • Apr 26, 2010 11:00pm Apr 26, 2010 11:00pm
Quoting MktScape
Hi A5,
I am not sure as to where your trendline is starting ....you would probably have to zoom out the chart and repost. However here is another view of the GBP-CHF daily. To me it looks like that the price has hit short term resistance .... see the formation of pin bar, there is 61.8 fib + Rn at this resistance level level. To me it looks like viable short opportunity .....lets see how it plays out .... I would try to capture the highlighted area on the H4.

Lets see what are the comments of Jedi Master, Custos are in this case?

Ciao
which MT4 indicator are you using?
  • #6,444
  • Apr 26, 2010 11:07pm Apr 26, 2010 11:07pm
Quoting cerevante
which MT4 indicator are you using?
Hi,
The chart that i posted dosent really have an indicator on it except for the MAs, RN, I drew the trendlines myself.
  • #6,445
  • Apr 26, 2010 11:23pm Apr 26, 2010 11:23pm
Quoting MktScape
I believe, the second touch point of your TL need to be at the tip of price bar.
ciao
i noticed the Jan 28 spike but thought the Feb 18th was a good touch too.
the H4 is showing a rising wedge with HH & HL, so i guess we have to be cautious going short imo.
  • #6,446
  • Apr 27, 2010 12:11am Apr 27, 2010 12:11am
Quoting MktScape
Hey Custos .... stay around man .... I was thinking to post some charts and let some dicussion happen however i caught cold over the weekend and wanted to file my annual tax , which took all of my spare time. I'll review some setups in the evening (its 4:30 PM here) and post here.

We will chat.


BTW i was wondering as to how many times in a day would you go through the charts looking for new/developing setup. Also do you try to find trades on time frames smaller than h1?
hehe, I only can answer your question with it depends. If I don't have lots of time, i will go through the charts in the morning, put in my limit orders and see in the evening how it played out.
These days, if I have a lot of time, I am playing around even with m5 charts and the levels created there. Obviously, you have to watch an m5 chart a lot to be able to profit from it. But I would say everything from h1 and above can be watched once a day and then just put your orders in.
  • #6,447
  • Apr 27, 2010 12:22am Apr 27, 2010 12:22am
I am not using stop orders anymore, and my strategy is now somewhat different from hector. I enter at pullbacks, not at continuations. I only enter on retraces, meaning that I don't use stop orders anymore, but only limit orders (for entries). In your example, I would go short when price touches 1.0745 with stop 10 to 20 pips above that figure and move stop as fast as possible to b/e.
I know exactly what you are talking about with spikes triggering your stop orders, that's why I am now entering at retraces or the pullback only, cause I rather want a spike to trigger my limit order and make me be in profit, than my stop order and make me be in a loss. Another thing is I have a very low tolerance for losses, that's also why I like my entries with tight stops. BUT of course you are gonna miss some or get taken out by a bigger than expected spike. But that's just part of the game.

For your second question, I would never enter just like that. I only enter at levels (as described in brv's thread). so if there is a level at the highs I will take that one. Otherwise I will wait for it to break through your yellow box and touch your green line from below and enter right at the touch, which obviously didn't happen, but that's how I would have approached it.

hope I answered your questions to your satisfaction!

cheers
Quoting MktScape
Anyone looking at this trade ... How about entering on the breakdown move below the yellow spot?

Custos, if...
  • #6,448
  • Apr 27, 2010 12:24am Apr 27, 2010 12:24am
Quoting MktScape
Here is another potential short setup ..... how about entering at the breakdown of yellow marked zone on H4 TF?
here again, I would enter short when it breaks down and retraces back to an S/R level and then short right at that level.
  • #6,449
  • Apr 27, 2010 12:29am Apr 27, 2010 12:29am
Quoting A 5
Hi Mktscape
my H4 chart shows it has broken the daily TL,
imo am not sure about going short at 1.6500 as yet
cheers
Hi A5,
please make sure to go all the way up to the monthly when drawing your TL's. Market is right now testing my daily TL on gbp/chf.
Attached is the gbp/chf d1 chart.

cheers
Attached Image (click to enlarge)
Click to Enlarge Name: gbpchf d1 27.4.2010.gif Size: 26 KB
  • #6,450
  • Apr 27, 2010 12:32am Apr 27, 2010 12:32am
Quoting Custos
Hi A5,
please make sure to go all the way up to the monthly when drawing your TL's. Market is right now testing my daily TL on gbp/chf.
Attached is the gbp/chf d1 chart.

cheers
also, in my opinion, TL's anyways don't hold so much significance in determining the trend. I nowadays only look at the break of horizontal S/R levels instead of the TL break. Best Example was eur/usd, which broke the initial daily trendline, everybody was screaming long, but as time showed, it went short again. I would rather look if price breaks S/R levels to the downside or upside. That makes for me the trend.

cheers
  • #6,451
  • Apr 27, 2010 12:33am Apr 27, 2010 12:33am
Quoting MktScape
Hi A5,
I am not sure as to where your trendline is starting ....you would probably have to zoom out the chart and repost. However here is another view of the GBP-CHF daily. To me it looks like that the price has hit short term resistance .... see the formation of pin bar, there is 61.8 fib + Rn at this resistance level level. To me it looks like viable short opportunity .....lets see how it plays out .... I would try to capture the highlighted area on the H4.

Lets see what are the comments of Jedi Master, Custos are in this case?

Ciao
I agree, except for my entry, which I described in the answers to your other questions.
  • #6,452
  • Apr 27, 2010 12:53am Apr 27, 2010 12:53am
Quoting Custos
Hi A5,
please make sure to go all the way up to the monthly when drawing your TL's. Market is right now testing my daily TL on gbp/chf.
Attached is the gbp/chf d1 chart.

cheers
Thanks Custos
will definitely take note
cheers
  • #6,453
  • Apr 27, 2010 5:17am Apr 27, 2010 5:17am
HI Guys,

I have been trading hector-like strategy for a while now and can start to clearly see where Custos is trading differently.

Based on this I took a demo trade this morning on GJ -

my view was that trend is still down, although the retracements have been deep; JPY showing overall strength, and a daily bias to the downside; Red news was well into the morning session too; UK momentum could break S/R levels with trend continuation;

my S/R levels to work with was 145:00 (RN) or 145.30zone;
145.000 was my selected S/R level for entry;
Around 6:00am (or 5:00 am UK time) I set my short limit order with a S/L 15 on 144.95, brought my SL to BE when R:R was 1:1 (admitting to a flutter or 2 on the bounce off S/R, so I got up and went for coffee) - none the less the ride continued down.

I just moved my sl to +90 and letting it develop further as I am trailing S/L on S/R levels.

Maybe not a perfect selection yet, but I placed it as I saw it had a high probability to deliver.

Trade safe - my demo account looks GOOD...
  • #6,454
  • Apr 27, 2010 7:41am Apr 27, 2010 7:41am
Quoting Paulette
HI Guys,

I have been trading hector-like strategy for a while now and can start to clearly see where Custos is trading differently.

Based on this I took a demo trade this morning on GJ -

my view was that trend is still down, although the retracements have been deep; JPY showing overall strength, and a daily bias to the downside; Red news was well into the morning session too; UK momentum could break S/R levels with trend continuation;

my S/R levels to work with was 145:00 (RN) or 145.30zone;
145.000 was my selected S/R level for entry;
Around...
thanks for sharing your experiences Paulette.
  • #6,455
  • Apr 27, 2010 8:01am Apr 27, 2010 8:01am
Thanks Custos for the detailed explanation ... I havent used limit ordes so far however i would now start using them and incorporate some strategies as you have mentioned .....i was feeling that when entring on continuation it was becoming a bit too late,which promted the question.

I'll attempt a few more trades and see how they work out.

Ciao
Quoting Custos
I am not using stop orders anymore, and my strategy is now somewhat different from hector. I enter at pullbacks, not at continuations. I only enter on retraces, meaning that I don't use stop orders anymore, but only limit orders (for entries). In your example, I would go short when price touches 1.0745 with stop 10 to 20 pips above that figure and move stop as fast as possible to b/e.
I know exactly what you are talking about with spikes triggering your stop orders, that's why I am now entering at retraces or the pullback only, cause I rather want...
  • #6,456
  • Apr 27, 2010 11:01am Apr 27, 2010 11:01am
[quote=Paulette;3674271]HI Guys,

I have been trading hector-like strategy for a while now and can start to clearly see where Custos is trading differently.

Based on this I took a demo trade this morning on GJ -

UPDATE:
+250 and still going... SL now at 142.50....
  • #6,457
  • Apr 27, 2010 11:08am Apr 27, 2010 11:08am
[quote=Paulette;3675800]
Quoting Paulette
HI Guys,

I have been trading hector-like strategy for a while now and can start to clearly see where Custos is trading differently.

Based on this I took a demo trade this morning on GJ -

UPDATE:
+250 and still going... SL now at 142.50....
  • #6,458
  • Apr 27, 2010 10:37pm Apr 27, 2010 10:37pm
Check this level out for a short...anyone else on board on this one?

EUR-USD has a similar zone as well.
Attached Image (click to enlarge)
Click to Enlarge Name: EURJPY-H4.jpg Size: 113 KB
  • #6,459
  • Apr 27, 2010 10:59pm Apr 27, 2010 10:59pm
Hey Custos,
You were looking for an EA to manage trades. Attached is an EA to move SL to Breakeven and take partial profits on trades. I had it for some time but havent used it yet however a lot of people on James16 thread are using it on live trades. Try it on demo before using it.

Hope this helps.

Ciao
Attached Image
Attached File(s)
File Type: ex4 J16Manager(2).ex4   6 KB | 432 downloads
  • #6,460
  • Apr 28, 2010 12:44am Apr 28, 2010 12:44am
Quoting MktScape
Check this level out for a short...anyone else on board on this one?

EUR-USD has a similar zone as well.
yep, was a good level. Unfortunately I was asleep and forgot to put a limit order on that one, but it's reacting nicely.

cheers
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