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Trend Trading All Pairs

  • #6,501
  • May 4, 2010 3:57pm May 4, 2010 3:57pm
Quoting pipnut
Custos,

Are you watching this one? Waiting to see if we are going to get a bounce or a breakout.

pipnut
yeah for this one I definitely want to get extra confirmation in form of PA. Price just rallied up and down like crazy. Can't decide where it wants to go.

I am assuming, but this is really just a guess at this point, that it will break your trendline, and will find support on my blue trendline.

But let's see, time will show. But really lots of pairs setting up for trends, I like that
Attached Image (click to enlarge)
Click to Enlarge Name: audjpy d1 4.5.2010.gif Size: 30 KB
  • #6,502
  • Edited 11:48pm May 4, 2010 7:28pm | Edited 11:48pm
Quoting Custos
well-spottet, sorry for the late reply. Was kind of busy these days. Hehe, don't forget, reversals are always the most difficult to call. Rather go with the trend, but good job.

Hello Custos,
Thanks for responding. Looks like you are busy in pip harvesting ...watch out for pip overdose . Reversals are tough spot and to ride as well. This one appeared to be quite straight forward but nonetheless i have been burned quite a few times in trying to enter reversals on other pairs or in other reversal situations. I have made a rule for myself to wait for a confirmation such as break of trendline or if price has formed a range at the top or bottom then I would wait for the breakdown and retest of the range before entering because otherwise if i dont wait for a confirmation then my stop loss keeps getting hit again and again. What type of strategy do you use while entering reversals?

Thanks
  • #6,503
  • May 4, 2010 7:40pm May 4, 2010 7:40pm
Custos,
I was wondering how would you play this kind of breakout which we saw today on this pair. Keeping mind the market saying that 'professionals fade the breakout' therefore I would be reluctant to enter it before a pullback and continuation but then we would miss truck load of pips.? i mean we really dont know how far the price will go before pullingback?

How do you trade this kind of breakout .... Do you like enter breakouts?
Attached Image (click to enlarge)
Click to Enlarge Name: USDCHF-H$.jpg Size: 111 KB
  • #6,504
  • May 4, 2010 7:50pm May 4, 2010 7:50pm
Quoting Custos
here is a chart of usdjpy h1. Let's see if usd/jpy is getting down to my orange area.
I caught this one as well. Did you enter via limit buy?
  • #6,505
  • May 4, 2010 11:59pm May 4, 2010 11:59pm
Quoting Custos
okay, actually when such big moves happen I try to exploit the intra-day move on a 5 min chart. hehe, let's say as a side income from longer-time frame trading.
But obviously those setups come and go pretty fast. Wouldn't recommend that to any newbies out there.
roughly explain how u enter on the 5m entries?
  • #6,506
  • May 5, 2010 12:10am May 5, 2010 12:10am
Quoting MktScape
Hello Custos,
Thanks for responding. Looks like you are busy in pip harvesting...
Well, my strategy for reversals is very similar to finding my levels in trending conditions. I look out for obvious horizontal levels, maybe a trendline coming by, and then it is important to watch PA. I want price to slowly reach that level, then exit half as soon as possible after 10 to 20 pips. With those reversal I can never be sure if price won't just break through, that's why taking off risk is important. And then let the rest ride to my designated target level.
  • #6,507
  • May 5, 2010 12:22am May 5, 2010 12:22am
Quoting MktScape
Custos,
I was wondering how would you play this kind of breakout which we saw today on this pair. Keeping mind the market saying that 'professionals fade the breakout' therefore I would be reluctant to enter it before a pullback and continuation but then we would miss truck load of pips.? i mean we really dont know how far the price will go before pullingback?

How do you trade this kind of breakout .... Do you like enter breakouts?

You know, in most situations price will come back and touch the breakout level again. I would always wait for some kind of pullback. Why? Cause if I enter at the breakout, I don't know where I should put my stop loss. Also, normally my stop loss is around 10 to 20 pips, when playing a breakout I could never have such a tight stop. And that would be a problem for me. As explained, for me R:R of each trade is very important. When I put on a 10 pip stop loss I at least want to get a 100 pip profit. This pays for all my losers and more. But if I play a breakout, then my R:R is decreasing significantly. It's just not worth it.
So, my strategy, wait for the pullback, enter right at the touch of the level.

well, and how do you get into such a setup if it's not pulling back? You go to lower time-frames and see if you get a small pullback there and enter. Since I did that several times on the eur/usd yesterday, I didn't want to enter also in usd/chf, which is highly correlated to eur/usd.
  • #6,508
  • May 5, 2010 12:24am May 5, 2010 12:24am
Quoting MktScape
I caught this one as well. Did you enter via limit buy?
yeah, I got a limit buy sitting right at the orange level. Let's see if it get's triggered or price just shoots up again. You can't catch them all
  • #6,509
  • May 5, 2010 12:28am May 5, 2010 12:28am
Quoting ja5on
roughly explain how u enter on the 5m entries?
same thing as with higher time-frames. Find a trend, draw trendlines, fibs and horizontal levels and look out for slow PA. Enter at the touch of those and move stop to b/e fast.

Problem is: those fast time-frames can be very noisy and it's sometimes so hard to judge what price is gonna do next. That's why I recommend higher time-frames first. m5 is also a beast for me, I only enter with low percentages of my account, when I play with this time-frame. But I am getting there in understanding the PA going on in that time-frame.
  • #6,510
  • May 5, 2010 8:41pm May 5, 2010 8:41pm
HI Guys,
Been ahwile since I had time to get back in here, I took a short entry on the EURAUD a few days ago and so far its still pippin. So now I will scan around the charts and see if anything looks good.

--NM
Attached Image (click to enlarge)
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  • #6,511
  • May 5, 2010 9:05pm May 5, 2010 9:05pm
Quoting NightMoves
HI Guys,
Been ahwile since I had time to get back in here, I took a short entry on the EURAUD a few days ago and so far its still pippin. So now I will scan around the charts and see if anything looks good.

--NM

Look at that ...who is here ....NM. Holy cow, I really thought that Kapitan has abandoned his ship for a greener pasture . But we were still carrying the flag as much as we could and the ship is still sailing ... hopefully you will be around.

Custos he has been chipping in frequently ..thanks to him .

I am scanning charts ...will get back.
  • #6,512
  • May 5, 2010 9:12pm May 5, 2010 9:12pm
Quoting MktScape
Look at that ...who is here ....NM. Holy cow, I really thought that Kapitan has abandoned his ship for a greener pasture . But we were still carrying the flag as much as we could and the ship is still sailing ... hopefully you will be around.

Custos he has been chipping in frequently ..thanks to him .

I am scanning charts ...will get back.
Hahaha I see the flag is still flying and the ship is still sailing! Good to see everyone is still posting charts and trades.

I have been buried in work so I cant watch the trades like I was doing, but I am still trading and pippin right along here. But I thought I would post my latest trade.

I have a sell limit order in the EU as well but it needs to back up some before that triggers. But I will post them as I take them.

--NM
  • #6,513
  • May 5, 2010 9:32pm May 5, 2010 9:32pm
how about this setup? I think pull back is not deep enough. But the price has reached a weekly resistance level therefore we can expect a deeper pullback to get in.
Attached Image (click to enlarge)
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  • #6,514
  • Edited 10:02pm May 5, 2010 9:42pm | Edited 10:02pm
looks like this one getting ready to fall down
Attached Image (click to enlarge)
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  • #6,515
  • May 6, 2010 12:52am May 6, 2010 12:52am
Quoting NightMoves
Hahaha I see the flag is still flying and the ship is still sailing! Good to see everyone is still posting charts and trades.

I have been buried in work so I cant watch the trades like I was doing, but I am still trading and pippin right along here. But I thought I would post my latest trade.
I have a sell limit order in the EU as well but it needs to back up some before that triggers. But I will post them as I take them.

--NM
where did u had ur sell limit at for the EU?
  • #6,516
  • May 6, 2010 1:39am May 6, 2010 1:39am
Quoting MktScape
Look at that ...who is here ....NM. Holy cow, I really thought that Kapitan has abandoned his ship for a greener pasture . But we were still carrying the flag as much as we could and the ship is still sailing ... hopefully you will be around.

Custos he has been chipping in frequently ..thanks to him .

I am scanning charts ...will get back.
Ahoy Captain Morgan!
  • #6,517
  • May 6, 2010 5:31am May 6, 2010 5:31am
wow...
Attached Image (click to enlarge)
Click to Enlarge Name: EURCHF H1 06-May 18.23.gif Size: 27 KB
  • #6,518
  • May 6, 2010 8:26am May 6, 2010 8:26am
a good confluence of s/r on Usd/CHF trade. 38.2% fib plus S/R at 1.1050. area
  • #6,519
  • May 6, 2010 9:11am May 6, 2010 9:11am
Quoting A 5
wow...
This one got melt down.
  • #6,520
  • May 6, 2010 3:44pm May 6, 2010 3:44pm
haha, amazing, today I actually went on holidays. Amazing that such a thing happens when I am not in front of my computer. Damn it. 1200 pips in gbp/jpy, what the hell. I've never ever seen that. And this happens exactly when I started my holidays. (anyways still caught the big eur/usd move).
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