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Trend Trading All Pairs

  • #6,581
  • Edited May 20, 2010 7:44am May 19, 2010 11:20pm | Edited May 20, 2010 7:44am
Anyone interested in this level marked with yellow. Looks solid to me .. momentum appears to be slowing down. I have entered my limit order right at the fib and placed my SL at a reasonable distance to avoid being stopped out. I am anticipating to enter via pin bar hopefully.

Will my SET & SLEEP Strategy work .... we will see in the morning ... until then Ciao.

UPDATE: This one fell shy of the level i was looking for however did go down.
Attached Image (click to enlarge)
Click to Enlarge Name: NZDJPYH1.jpg Size: 123 KB
  • #6,582
  • May 20, 2010 12:22am May 20, 2010 12:22am
Quoting MktScape
Anyone interested in this level marked with yellow. Looks solid to me .. momentum appears to be slowing down. I have entered my limit order right at the fib and placed my SL at a reasonable distance to avoid being stopped out. I am anticipating to enter via pin bar hopefully.

Will my SET & SLEEP Strategy work .... we will see in the morning ... until then Ciao.
yep, exactly what I was talking about with the jpy crosses setting up similar levels. Is also a level I am watching.
  • #6,583
  • May 20, 2010 12:32am May 20, 2010 12:32am
Quoting Custos
yep, exactly what I was talking about with the jpy crosses setting up similar levels. Is also a level I am watching.
well, looks like the jpy's are trying to go down without us. I am now gonna wait an see how they behave and might enter at a lower time-frame, but I still think they could reverse back up to touch the level and then move down. Let's see...
  • #6,584
  • May 20, 2010 1:54am May 20, 2010 1:54am
Quoting Custos
since we had a runner today, my previously posted eur/usd level got obviously breached. Now, it's a matter of finding the next obvious level.
Attached is eur/usd h1. There you can see the S/R level very good. I marked the touches of the S/R level in orange and the entry area as well in orange. Big S/R level + 50% fib + probably a trendline + 1.26 RN.
Price will probably not ignore that level (except if there are news).

Any other views out there?
Hi Custos,

I agree, I have also marked a potential spike thru to the fib61 and 1.2750... All depending on the fundamentals impacting too with currency save attempts - I share with you the views of a respected economist in UK
"Intraday Market Thought: FEAR OF ECB INTERVENTION PULLING FX tradersThe massive 200-pip jump in EURCHF in less than 10 minutes (13:00-13:10 BST) followed by an additional 100-pip move is the work of no other than the Swiss National Bank intervening to sell its own currency. But the 80-90 pip jump in EURUSD followed by further gains could be the work of European banks intervening on behalf of the ECB to boost the ailing euro"
&
"Since neither the 750 bln IMF/EU/ECB package nor Germanys announcement to ban naked shorts succeeded in alleviating selling in the euro, coordinated central bank intervention to support the single currency is inevitable. Such action will unlikely reverse the euro's slide, but may help resurrect a 2-way market in the currency and slow down the damage"


Lets monitor and see what transpires
  • #6,585
  • May 20, 2010 7:46am May 20, 2010 7:46am
By the way .... i purchased this software yesterday .... waiting for them to provide the product activation key. After i get the basics down in operating this software i'll share my experience.
  • #6,586
  • Edited 8:37am May 20, 2010 8:10am | Edited 8:37am
Another level which is normally bound to give a reaction is on eur/cad h4. However, fast PA, so watch out. might not hold, but I think it will react.

Sorry, just saw that my fibs are off. Gonna correct this mistake in a bit.
Attached Image (click to enlarge)
Click to Enlarge Name: eurcad h4 20.5.2010.gif Size: 28 KB
  • #6,587
  • Edited 8:49am May 20, 2010 8:36am | Edited 8:49am
Quoting Custos
Another level which is normally bound to give a reaction is on eur/cad h4. However, fast PA, so watch out. might not hold, but I think it will react.
wow ....this one is shooting like a bullet train .... out of the way until it slows down.

I am assuming you wont have a limit order on this one as yet?
  • #6,588
  • May 20, 2010 8:56am May 20, 2010 8:56am
Quoting Custos
Another level which is normally bound to give a reaction is on eur/cad h4. However, fast PA, so watch out. might not hold, but I think it will react.

Sorry, just saw that my fibs are off. Gonna correct this mistake in a bit.
Okay, now I readjusted the fibs, and seems no fib lines up with that level. I still believe that the level will give a reaction at least, but lower probability, since it's not near a fib number.
  • #6,589
  • May 20, 2010 9:04am May 20, 2010 9:04am
Quoting MktScape
wow ....this one is shooting like a bullet train .... out of the way until it slows down.

I am assuming you wont have a limit order on this one as yet?
no, that one I will just watch what it does near that level, and maybe get in at a lower time-frame after it decided if it wants to bounce or not.
  • #6,590
  • May 20, 2010 9:16am May 20, 2010 9:16am
Hi Guys,

wow JPY has rocked my boat today! Phew - not trading till next week

I have just "upgraded" my bank with "bigger spread" and wack goes the Jpy...

Here are the trades, each at 50% of my % stake:

EJ: entry on confluence (touch of Fib50, TL & RN 113.500) 113.64, just close trade as close proximity to RN 111.000 & 111.074 (S/R Pivot of major hit 2 weeks ago). +250 (NOW a kick myself!!!, just drop 100)

GJ: entry on confluence (touch of Fib38, TL & RN 131.500) 131.45, still open with a TSL of 100, +250 locked in.
  • #6,591
  • May 20, 2010 9:29am May 20, 2010 9:29am
Quoting Paulette
Hi Guys,

wow JPY has rocked my boat today! Phew - not trading till next week

I have just "upgraded" my bank with "bigger spread" and wack goes the Jpy...

Here are the trades, each at 50% of my % stake:

EJ: entry on confluence (touch of Fib50, TL & RN 113.500) 113.64, just close trade as close proximity to RN 111.000 & 111.074 (S/R Pivot of major hit 2 weeks ago). +250 (NOW a kick myself!!!, just drop 100)

GJ: entry on confluence (touch of Fib38, TL & RN 131.500) 131.45, still open with a TSL of 100, +250 locked in.
very good, congrats. I missed my gj entry by virtually 3 pips. That's the price for trying to be precise. Anyways, got into ej and audusd for some nice pippage. So far so good.
  • #6,592
  • May 20, 2010 9:35am May 20, 2010 9:35am
Quoting Custos
very good, congrats. I missed my gj entry by virtually 3 pips. That's the price for trying to be precise. Anyways, got into ej and audusd for some nice pippage. So far so good.
Well done!!!! have you seen AJ - 500pips for today... JPY is pushing strong and USD

EUR/jpy just broke thru 2008 into 2001 levels

GBP/JPY approaching Jan 2009 levels

GBP/USD also hitting Jan - March 2009 levels

One just never knows, no precision anywhere... I read a lot an Jacko's today too... Interesting...

Trade Safe
P
  • #6,593
  • May 20, 2010 9:40am May 20, 2010 9:40am
Attached is a chart of how I entered on e/j.
First entry was confluence of 76% fib, trendline and S/R level.
When that went down so fast, I just marked up the upcoming hurdles and re-entered on the pullback (touch from below) after the break of a support level.

The arrows mark my entries, the orange areas mark why I saw that as a S/R level.

cheers
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy m15 20.5.2010.gif Size: 30 KB
  • #6,594
  • May 20, 2010 9:44am May 20, 2010 9:44am
Quoting Custos
Attached is a chart of how I entered on e/j.
First entry was confluence of 76% fib, trendline and S/R level.
When that went down so fast, I just marked up the upcoming hurdles and re-entered on the pullback (touch from below) after the break of a support level.

The arrows mark my entries, the orange areas mark why I saw that as a S/R level.

cheers

lots to be said on confluence - well done, I do admire your trading... One day I am gonna have enough screen time and be on your turf...
  • #6,595
  • May 20, 2010 10:49am May 20, 2010 10:49am
Quoting Custos
Attached is a chart of how I entered on e/j.
First entry was confluence of 76% fib, trendline and S/R level.
When that went down so fast, I just marked up the upcoming hurdles and re-entered on the pullback (touch from below) after the break of a support level.

The arrows mark my entries, the orange areas mark why I saw that as a S/R level.

cheers
I was thinking that I should recreate this trade on the simulator and practice entries/exits , SL and intrade management.
  • #6,596
  • May 20, 2010 11:17am May 20, 2010 11:17am
Quoting Paulette
lots to be said on confluence - well done, I do admire your trading... One day I am gonna have enough screen time and be on your turf...
haha, I am sure you gonna make it, you are already on the right path.
  • #6,597
  • May 20, 2010 11:19am May 20, 2010 11:19am
Quoting MktScape
I was thinking that I should recreate this trade on the simulator and practice entries/exits , SL and intrade management.
good idea, if I were you I would simulate everything from a weekly down to the 5 min on every pair, to get a feel how time-frames differ.
  • #6,598
  • May 20, 2010 11:39am May 20, 2010 11:39am
Quoting MktScape
I was thinking that I should recreate this trade on the simulator and practice entries/exits , SL and intrade management.
YEah let us know what it reveals...
  • #6,599
  • May 20, 2010 11:41am May 20, 2010 11:41am
Quoting Custos
I entered at the blue arrow. we already had 61.8% and S/R level and RN there.
Now to your entry with the trendline. That one I wouldn't have taken. And here is the reason. Price was bouncing around that 61.8% so many times already, I was thinking that this area will eventually breach. The market psychology behind that is that with each time price tries to breach the 61.8% and fails more and more orders get triggered. This means that on the next touch, there won't be a lot of orders left to push price down again. Now the more often it tries to breach...
Thank you Custos!

That answered most of my question. It looks like I marked that same point on my chart as your earlier entry point. I understand what you are saying about the multiple retest of the fib line.

I think you may have answered the rest in your response to MktScape. It looks like you set a limit entry at your anticipated level and remove it if PA doesn't move like you are expecting it to? And you use more than one lot, closing out part of your trade to offset the SL risk so you have a BE trade very quickly?

pipnut
Even a blind squirrel finds a nut sometime.
  • #6,600
  • May 20, 2010 12:04pm May 20, 2010 12:04pm
Quoting Paulette
YEah let us know what it reveals...
Sure ... i expect it to provide some valuable screen time ... which is otherwise very hard to get with my current job ...
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