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Trend Trading All Pairs

  • #6,661
  • May 28, 2010 4:37am May 28, 2010 4:37am
well, I am right now trading my newly tested strategy. Thus I am not watching high probability levels at this point (need to focus in on this strat first and then either combine it or drop one of the strats).
Anyways, my charts look something like this now. Very messy for the untrained eye. All S/R levels marked up. So not sure if it's of any use for you guys if I post such messy charts...

Quoting MktScape
I would use an indicator from time to time, one for price (MACD) and one for volume (Volume RSI). The way I use it is only to confirm divergences and nothing more .... as we know that indicator is essentially taking the price action into account.
As price and volume give a potent combination in analysis therefore i feel that if one can get a confirmation from these two unrelated data types then the probablity of anticipated price action is high. But my main course of analysis is of course, PA. In forex we have tick volume and we have to use comparitive...
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd h1 28.5.2010.gif Size: 34 KB
  • #6,662
  • May 28, 2010 7:55am May 28, 2010 7:55am
Quoting Custos
well, I am right now trading my newly tested strategy. Thus I am not watching high probability levels at this point (need to focus in on this strat first and then either combine it or drop one of the strats).
Anyways, my charts look something like this now. Very messy for the untrained eye. All S/R levels marked up. So not sure if it's of any use for you guys if I post such messy charts...
Interesting .... lets see how this strategy transpires. By the way ... how long it took you to switch full time trading?
  • #6,663
  • May 28, 2010 8:03am May 28, 2010 8:03am
custos, have you moved away from using bpc as an entry? do the regulars on here still use it?
  • #6,664
  • May 28, 2010 8:12am May 28, 2010 8:12am
Quoting MktScape
Interesting .... lets see how this strategy transpires. By the way ... how long it took you to switch full time trading?
well, you have to do several calculations:
You have to ask yourself, if with your strategy and account equity you can each month pay your bills, taxes, fight inflation and let your account grow.
And your strategy has to provide you with a 99% certainty that you can achieve that each and every month. If you don't have this certainty, then you are not ready for full time trading.
Once you got a really good strat down and big enough account equity, then you are ready to go. Well, it took me several years, this is not a get rich quick thing. It's a job like everything else, only that this can pay you better over the years than any other job. But the beginning is the hardest...
  • #6,665
  • May 28, 2010 8:14am May 28, 2010 8:14am
Quoting coolshades
custos, have you moved away from using bpc as an entry? do the regulars on here still use it?
yes, I moved away from that, I am now more using S/R level per se. I think there are still a few people using the bpc entry technique.
  • #6,666
  • May 28, 2010 8:14am May 28, 2010 8:14am
if you dont mind my asking, how many yrs did it take you to be consistently profitable?

Quoting Custos
well, you have to do several calculations:
You have to ask yourself, if with your strategy and account equity you can each month pay your bills, taxes, fight inflation and let your account grow.
And your strategy has to provide you with a 99% certainty that you can achieve that each and every month. If you don't have this certainty, then you are not ready for full time trading.
Once you got a really good strat down and big enough account equity, then you are ready to go. Well, it took me several years, this is not a get rich quick thing. It's a...
  • #6,667
  • May 28, 2010 8:16am May 28, 2010 8:16am
ok. cld you explain this with a chart pls? when you use s/r level, do you still use bpc in tandem with that? or use x many pips break of s/r level as an entry?

Quoting Custos
yes, I moved away from that, I am now more using S/R level per se. I think there are still a few people using the bpc entry technique.
  • #6,668
  • May 28, 2010 8:21am May 28, 2010 8:21am
Quoting coolshades
if you dont mind my asking, how many yrs did it take you to be consistently profitable?
well, problem was in the beginning that I was totally into indicators, of course that didn't work out at all, took me around one and half years to get over this indicator thing. But I have to say once I practiced hector's methodology I started becoming consistently profitable. It's a good strategy, but for my taste it suffers too much drawdown from entry.
So overall took me approximately 3 years to get consistently profitable. And from then on just trying to learn and develop new "more profitable" strategies, which is not that easy. But I think danuk's strategy is definitely the way to go, very easy to apply and with odds on your side.
  • #6,669
  • May 28, 2010 8:26am May 28, 2010 8:26am
Quoting coolshades
custos, have you moved away from using bpc as an entry? do the regulars on here still use it?
Good to see you here coolshades
  • #6,670
  • May 28, 2010 8:27am May 28, 2010 8:27am
Quoting coolshades
ok. cld you explain this with a chart pls? when you use s/r level, do you still use bpc in tandem with that? or use x many pips break of s/r level as an entry?
Attached is eur/usd h1 chart.
here you can see what I mean with entering at S/R levels. I always enter at the touch of S/R levels. First one would be a long, then price broke through the level AND closed below it. That tells me that the level will probably not hold and I wait for a retrace back up to that level to reverse my position (that doesn't work out each and every time, but it works out a lot of times).
And concerning bpc. I enter at the pullback aspect. more often than not I am either already out at the continuation part, or only have a partial on. For me that is psychologically easier. I don't like drawdown.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd h1 28.5.2010.gif Size: 26 KB
  • #6,671
  • May 28, 2010 8:36am May 28, 2010 8:36am
thks, i have always lurked on here. its the smaller tfs that seem to be predominant on this thread that stopped me from posting more often.

Quoting MktScape
Good to see you here coolshades
  • #6,672
  • May 28, 2010 8:39am May 28, 2010 8:39am
Quoting Custos
well, problem was in the beginning that I was totally into indicators, of course that didn't work out at all, took me around one and half years to get over this indicator thing. But I have to say once I practiced hector's methodology I started becoming consistently profitable. It's a good strategy, but for my taste it suffers too much drawdown from entry.
Quoting Custos
So overall took me approximately 3 years to get consistently profitable. And from then on just trying to learn and develop new "more profitable" strategies,...


I think majority of the to be traders develop the indicator frenzy ...which, i believe, is primarily due to they way quite a few trading books are written.

When a newbie picks up a trading book to read and start reading about the indicators the he/she start to think that if they start applying a combination of these indicator the they will get the best trading signals possible ... not knowing that adding multiple indicator will give them opposing signals.

I have read quite a few books and don’t remember them propagating solely the concept of support resistance trading with discreet focus PA.

  • #6,673
  • May 28, 2010 8:42am May 28, 2010 8:42am
Quoting MktScape
I think majority of the to be traders develop the indicator frenzy ...which, i believe, is primarily due to they way quite a few trading books are written.

[color=black][font=Verdana]When a newbie picks up a trading book to read and start reading about the indicators the he/she start to think that if they start applying a combination of these indicator the they will get the best trading signals possible ... not knowing that adding multiple indicator will give them opposing signals....
very true, there is so much crap written out there that it is impossible for a newbie to get a grasp of what is important. I think it is a maturing process which costs a lot of money in terms of losers and "buying systems", haha.
  • #6,674
  • May 28, 2010 8:48am May 28, 2010 8:48am
yes, i think having a good mentor helps leapfrog many pitfalls, but most of us do not have the maturity to seek a mentor, preferring a DIY approach.



Quoting Custos
very true, there is so much crap written out there that it is impossible for a newbie to get a grasp of what is important. I think it is a maturing process which costs a lot of money in terms of losers and "buying systems", haha.
  • #6,675
  • May 28, 2010 8:48am May 28, 2010 8:48am
Quoting coolshades
thks, i have always lurked on here. its the smaller tfs that seem to be predominant on this thread that stopped me from posting more often.
Are you trading daily TF only?
  • #6,676
  • May 28, 2010 8:55am May 28, 2010 8:55am
h4 and daily. largely follow the danuk system. i have been using the bpc as an entry and am wondering whether i should stick with it. its a conservative approach.

Quoting MktScape
Are you trading daily TF only?
  • #6,677
  • Edited 9:42am May 28, 2010 9:08am | Edited 9:42am
Quoting coolshades
h4 and daily. largely follow the danuk system. i have been using the bpc as an entry and am wondering whether i should stick with it. its a conservative approach.
I am practicing with BPC as well as touch trades entry method ... I observed that when pull back against the trend is sharp witg strong momentum then the touch trade entry method is better to use as it will help capture a lot more pips then the bpc method in that situation.

Whereas when pull back is kind of dragging up/lethargic on a say 45 deg angle then i would prefer to wait for a beak of counter trendline and its retest.
  • #6,678
  • Edited 9:22am May 28, 2010 9:10am | Edited 9:22am
wld you mind posting a couple of charts for both entries? what tfs do you trade off? i dont ever use the counter trend line. i only use long term trend lines and horizontal s/r lines. see euro h4 to elaborate.

the 2500 region (circled) would have been a good spot to enter a short touch trade. however my method of entry is to use a bpc.. so i would have entered at the horizontal (well it is a bit horizontal), even though there wasn't a b of the bpc.



Quoting MktScape
I am practicing with BPC as well as touch trades entry method ... I observed that when pull back against the trend is sharp and high momentum then the touch trade entry method is better to use as it will help capture a lot more pips then the bpc method in that situation.

Whereas when pull back is kind of dragging up/lethargic on a say 45 deg angle then i would prefer to wait for a beak of counter trendline and its retest.
Attached Image (click to enlarge)
Click to Enlarge Name: eurousd_h4_may2010.png Size: 37 KB
  • #6,679
  • May 28, 2010 9:41am May 28, 2010 9:41am
Quoting coolshades
wld you mind posting a couple of charts for both entries? what tfs do you trade off? i dont ever use the counter trend line. i only use long term trend lines and horizontal s/r lines. see euro h4 to elaborate.

the 2500 region (circled) would have been a good spot to enter a short touch trade. however my method of entry is to use a bpc.. so i would have entered at the horizontal (well it is a bit horizontal), even though there wasn't a b of the bpc.
I am at my office therefore dont have access to charts ... i'll post in the evening.
  • #6,680
  • May 28, 2010 10:05am May 28, 2010 10:05am
Quoting MktScape
I am at my office therefore dont have access to charts ... i'll post in the evening.
I'm in a similar situation.
if u need web-based access you might want to look at gft....their web charting platform is pretty good
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