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Trend Trading All Pairs

  • #6,681
  • May 28, 2010 4:06pm May 28, 2010 4:06pm
Quoting MktScape
I quickly tried to reconstruct some point/Qs i was thinking this morning .....

Lets go over S/R levels from the perspective of smaller TF trades (M30 upto M5)
When you are trading on these TF would you mark S/R starting from monthly down to H4 or would you simply mark the S/R and confluence levels on H1 and go with that …. I believe some traders trading on M5 & M15 would simply take H1 as the highest TF.

[color=black][font=Verdana]Have...
In scenario's like this, it's probably best to find out what works best with your own mindset. I know some traders who trade one time-frame on many instruments. Personally I found it easier to focus on a few instruments and trade multiple time-frames.
I do this as I spend much more time analyzing the pair and understanding it better, as opposed to chart flipping. When you get good, you can trade the trends within the trend-of-focus. For example, if you want to focus on primarily trading the hourly time-frame, mark key levels from higher timeframes and lower timeframes. When you know what pivot price is moving towards and on what timeframe, you can trade price as it approaches it. Do this on a daily basis and your screentime will improve greatly on various fronts. Another benefit of trading this way is less needless exposure. Just trade liquid instruments, such as index's or major's.

As a side note...there is no 'best timeframe' in your last question. Just pick what seems to be common knowledge of big players using, i.e. 60/240/daily, and go from there, as your job is to follow those with the money to move the market, not try and best them with some super secret timeframe. With that being said, tick charts can help smooth out the erroneous after-hours p.a. in all liquid markets.
  • #6,682
  • May 30, 2010 4:10am May 30, 2010 4:10am
Hi guys n gals,

Long time i aint been here.

seems to have slowed down a bit...where is everyone else? entropy, nightmoves,...?

Ive been practising a fair bit with touch trades and not so much bpc's.

But ive got a few questions guys n gals if ok...

- When taking TT's do you only take them ON round numbers or do you also take them in the vicinity of RN's? say...1,3512 for example...

- When TT'ing (lol) do you folks look for a minimum of confluence? sometimes im seeing awesome trades with no trenline confluence even though we are trending (HH, HL, etc...).

- Stop sizes. Do you folks vary them based on timeframe or is it a set pip amount? say 20 - 40 pips?

- Is there only certain timeframes you take TT's on or is this irrelevant?

- Any particular strategies when managing open trades and moving stops? im looking through BRV's pdf which is really good stuff. Interesting topic on "Ironmans 5min tsl technique". Or do you guys just move them like hector does on the trigger chart behind micro patterns?

- Ive noticed (custos i think) mentioning that on breakouts your entering on the pullback (with confluence i imagine?). Is anyone else doing this and how are you guys finding it?

I know im asking sh#t loads of questions folks hehe but i just wanted to take the chance now ive got some time to ask these things.

Ive noticed how a few of you guys have started "tweaking" your trading styles which is interesting

hope all is good gonna start posting more often again.
  • #6,683
  • May 30, 2010 4:56am May 30, 2010 4:56am
Good to see you again, has been a long time. Hope you are doing well.

Now to your questions:

- When taking TT's do you only take them ON round numbers or do you also take them in the vicinity of RN's? say...1,3512 for example...

yep, RNs are just an extra confirmation, but I also take them in the vinicity.

- When TT'ing (lol) do you folks look for a minimum of confluence? sometimes im seeing awesome trades with no trenline confluence even though we are trending (HH, HL, etc...).

well, the more confluence factors, the better, but I've also entered trades based on horizontal S/R level alone.

- Stop sizes. Do you folks vary them based on timeframe or is it a set pip amount? say 20 - 40 pips?

that varies according to the setup you trade, no hard rule here. Comes down to screentime.

- Is there only certain timeframes you take TT's on or is this irrelevant?

all time-frames work, but the higher the timeframe, the better.

- Any particular strategies when managing open trades and moving stops? im looking through BRV's pdf which is really good stuff. Interesting topic on "Ironmans 5min tsl technique". Or do you guys just move them like hector does on the trigger chart behind micro patterns?

I take off half at the next S/R level and trail the rest behind swing highs/lows. Not exclusively on the 5min chart, but basically very similarly to ironman's technique.

- Ive noticed (custos i think) mentioning that on breakouts your entering on the pullback (with confluence i imagine?). Is anyone else doing this and how are you guys finding it?

well, confluence is mostly for me a fib + strong S/R level with a trendline sometimes.

hope that answers your questions. And don't hesitate to ask further questions. Exactly these questions keep the thread going somehow.
Quoting Pipalicious
Hi guys n gals,

Long time i aint been here.

seems to have slowed down a bit...where is everyone else? entropy, nightmoves,...?

Ive been practising a fair bit with touch trades and not so much bpc's.

But ive got a few questions guys n gals if ok...

- When taking TT's do you only take them ON round numbers or do you also take them in the vicinity of RN's? say...1,3512 for example...

- When TT'ing (lol) do you folks look for a minimum of confluence? sometimes im seeing awesome trades with no trenline confluence even though we are...
  • #6,684
  • May 31, 2010 1:13am May 31, 2010 1:13am
I just surf some pages on this topic and saw that many charts of Hector , look like you are trading with hector 3SMA system right ?
  • #6,685
  • May 31, 2010 1:19am May 31, 2010 1:19am
Quoting HoangTuan
I just surf some pages on this topic and saw that many charts of Hector , look like you are trading with hector 3SMA system right ?
Hi HoangTuan,

yes we do trade Hector style and our own variations of it to match our various personalities, along with S/R style (referred too as touch trades) again depending on personality, setup and perspective...

Trade safe...
  • #6,686
  • May 31, 2010 1:41am May 31, 2010 1:41am
Quoting Paulette
Hi HoangTuan,

yes we do trade Hector style and our own variations of it to match our various personalities, along with S/R style (referred too as touch trades) again depending on personality, setup and perspective...

Trade safe...
Yeah , I'm learning from him too . Demoing using INTRADAY SYSTEM ( base on S/R ) on learnforexlive.com of Hector . I haven't known about this topic before , hope we can post live trade and discuss about great trading ways base on S/R to improve our trading skills.
Good trading
Regards
  • #6,687
  • May 31, 2010 1:52am May 31, 2010 1:52am
Hello ,
My first trade here , it look very good entry for me
Please comment about it , so I can improve my trading skill
Regards
Attached Image (click to enlarge)
Click to Enlarge Name: Entry.JPG Size: 108 KB
  • #6,688
  • May 31, 2010 2:11am May 31, 2010 2:11am
Quoting HoangTuan
Hello ,
My first trade here , it look very good entry for me
Please comment about it , so I can improve my trading skill
Regards
hi hoangtuan,
good that you join the team. Overall good analysis. Now I have 2 suggestions for you.
1. Concerning stop loss: in your chart you put your stop loss below your resistance area, not above it. That might become a problem long-term. Cause price may just shoot up to test resistance and go back down again. In that case you would have lost your money only to see price reverse into your direction. So my suggestion, put your stoploss above the resistance level.
2. I want my setups to occur as close to the S/R level as possible. The doji you refer to is just near the setup, not totally dead-on at the resistance level. In my opinion it is low probability (although it might work out). The closer such doji's happen to an S/R level the better.

Anyways, those are only suggestions. It is actually up to you to test out the market and which strategies work for you. For example for me, I like to use nothing else than a trend bias and touches of S/R levels. My strategy doesn't involve bpc's or candlestick formations anymore. But those things you have to find out by constantly testing out new strategies and which fit best to your personality.
Anyways, really good analysis on your part. I like that!

cheers
  • #6,689
  • May 31, 2010 2:25am May 31, 2010 2:25am
Quoting Custos
hi hoangtuan,
good that you join the team. Overall good analysis. Now I have 2 suggestions for you.
1. Concerning stop loss: in your chart you put your stop loss below your resistance area, not above it. That might become a problem long-term. Cause price may just shoot up to test resistance and go back down again. In that case you would have lost your money only to see price reverse into your direction. So my suggestion, put your stoploss above the resistance level.
2. I want my setups to occur as close to the S/R level as possible. The doji you...
Hello Custos,
I like your analysis too , your trades should have high accuracy with this
Your strategy is very simple but I can be sure that it will work very well with right psychology and money management .
Nice to meet you and happy to discuss about trading around S/R level with you.
Regards !
Good trading
  • #6,690
  • May 31, 2010 2:46am May 31, 2010 2:46am
Quoting HoangTuan
Hello Custos,
I like your analysis too , your trades should have high accuracy with this
Your strategy is very simple but I can be sure that it will work very well with right psychology and money management .
Nice to meet you and happy to discuss about trading around S/R level with you.
Regards !
Good trading
it really all comes down to psychology. Finding a strat that works is not enough in my opinion. It needs to work and fit your psychology. For example I like to be in the market at all times and I am impatient but very disciplined. Now you have to kind of define your psychology structure and build a successful strategy around that. That's the only way to go from a losing or mediocre trader to an outstandingly profitable trader, cause then trading is not anymore an analytical (work), but an intuitive thing (fun).
And that requires you to do a lot of thinking and testing out different things. The path is long...
  • #6,691
  • May 31, 2010 3:36am May 31, 2010 3:36am
Quoting Custos
it really all comes down to psychology. Finding a strat that works is not enough in my opinion. It needs to work and fit your psychology. For example I like to be in the market at all times and I am impatient but very disciplined. Now you have to kind of define your psychology structure and build a successful strategy around that. That's the only way to go from a losing or mediocre trader to an outstandingly profitable trader, cause then trading is not anymore an analytical (work), but an intuitive thing (fun).
And that requires you to do a lot...
Yeah ,
I agree with you .
In my opinion , the hardest part of forex trading is Psychology Controlling . Since we have controlled our psychology well , I can be sure that we will be profitable soon with most of strategy ( simple or advanced ) . So before mastering trading forex , I will try to master myself first
Regards !
Good trading to all !
  • #6,692
  • May 31, 2010 4:52am May 31, 2010 4:52am
Quoting HoangTuan
Yeah ,
I agree with you .
In my opinion , the hardest part of forex trading is Psychology Controlling . Since we have controlled our psychology well , I can be sure that we will be profitable soon with most of strategy ( simple or advanced ) . So before mastering trading forex , I will try to master myself first
Regards !
Good trading to all !
Wise words dude

Thats the "key" to all this trading stuff.

In fact! thats the key to everything in life.

keep going. You are with a good group here
  • #6,693
  • May 31, 2010 5:20am May 31, 2010 5:20am
Quoting Pipalicious
Wise words dude

Thats the "key" to all this trading stuff.

In fact! thats the key to everything in life.

keep going. You are with a good group here
Yes , that's right . With me it's key of everything in life too .
I'm 17 years old now . I will do my best to be profitable before 20 , I have left school to do my own business ( winsocks.net ) , I known that I will lose many things if I left school ....but I want to be successful before my parents was old and left me......I want to bring a good life for all people around me ( parents , family....)....
Again ! Thank you for your kind words and sorry for my bad english
Regards !
  • #6,694
  • May 31, 2010 5:21am May 31, 2010 5:21am
Hey Custos!

Nice to hear from you mate! I see you are still Hustling all these pips ey? lol!


Im starting to really appeal to TT trades and not so much BPC. Reason is drawdown + fakeouts (ive noticed considerably) + momentum which sometimes misses the bpc all together.

So im focusing and training with Touch trades a heck of a lot.

Hears my thoughts so far with regards to stop placement (chart attached). Im still trying it out but so far seems good and very "tight".

1.- I mark the LAST swing high/low (before the breakout) to the pip. This is the blue line.

2.- I then mark the extreme of the closest wicks that "break" the blue line. This is the red line.

Ive noticed that sometimes price makes a last high before the breakout but as it breaks through it will go back down a few pips (not always) below the last high. does this make sense? lol....

So in essence im creating a "barrier" whereby it allows me to adjust my *dynamic* stop placement and size accordingly to every trade situation.

Hope this makes sense.

For example in the chart the barrier i marked is around 5 - 6 pips.

So in this trade my entry would be at the blue line (limit long 90.669).
And my stop below the red line at a "rounded up number".
Which in this case means to me 10 pips (stop 90.569).

Im still testing but so far so good. It allows me to adjust to each sepparate situation whereby sometimes the "barrier" could be 20 - 30 pips or more...


For MAIN targets im sticking to the trigger chart / setup chart concept like hector does. However, since its a touch trade im dropping down to the trigger chart (in this case the 15min) and setting my 50% exit at the closest s/r and also moving stop to breakeven.

in this example i would of exited 50% at aprox 90.84 and the moved stop to BE.

Also notice how it closed me out of the trade as price came back down.

How do you see this so far Custos?

I know you rock theses TT'ies lol.

cheers

pip.

PS: With regards to trendlines i also agree with you. I prefer to interpret trends like Danuk does aswell. HH-HL etc...
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 1h_setup.png Size: 41 KB
Click to Enlarge Name: 15m_trigger.png Size: 39 KB
  • #6,695
  • May 31, 2010 5:34am May 31, 2010 5:34am
Looks good to me. Important is to test all this. Without testing you will never know if it is profitable or not. Then once you have reached good confidence in your strat, you can trade it with full lots without any stress and emotions.

cheers

Quoting Pipalicious
Hey Custos!

Nice to hear from you mate! I see you are still Hustling all these pips ey? lol!


Im starting to really appeal to TT trades and not so much BPC. Reason is drawdown + fakeouts (ive noticed considerably) + momentum which sometimes misses the bpc all together.

So im focusing and training with Touch trades a heck of a lot.

Hears my thoughts so far with regards to stop placement (chart attached). Im still trying it out but so far seems good and very "tight".

1.- I mark the LAST swing high/low (before the breakout) to the pip. This...
  • #6,696
  • May 31, 2010 7:33am May 31, 2010 7:33am
Quoting dlanor nahc
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
Quoting dlanor nahc
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
Hi, Thanks for your suggestion .... actually i've tired a few strategies to be able to connect from my office but the firewall there blocks almost everything .....However since i have my account with FXCM therefore I'll try their Fxtrading desk and see if it connect and i can monitor my trades on H4.


Ciao
  • #6,697
  • May 31, 2010 7:46am May 31, 2010 7:46am
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.
Hi Coolshades,
Sorry for the late reply .... i am attaching an example of price action (last up move) where i've observed that it goes well with the touch trade entry methodology.
Attached Image (click to enlarge)
Click to Enlarge Name: EURCAD-H4.jpg Size: 140 KB
  • #6,698
  • May 31, 2010 7:53am May 31, 2010 7:53am
Short with 2 from 1.24 average and long for 1 at 1.228. The EA will be looking to exit all at the long entry or below. The long will close shortly based on the stoch turning on H1. It's a sell currently on H4.

http://pcinternational.co.uk/wp-cont...05/eurusd5.gif

Do not focus on making money; focus on protecting what you have.
  • #6,699
  • May 31, 2010 7:56am May 31, 2010 7:56am
Quoting randomperson
For example, if you want to focus on primarily trading the hourly time-frame, mark key levels from higher timeframes and lower timeframes. When you know what pivot price is moving towards and on what timeframe.
Hi randomeperson,
Thanks for bringing up the good points .... what is you approach for marking key levels from higher TFs ....if I have mark key levels on higher TF i go with a 4 time higher TF?
  • #6,700
  • Edited 9:00am May 31, 2010 8:06am | Edited 9:00am
Quoting Custos
hi hoangtuan,
good that you join the team. Overall good analysis. Now I have 2 suggestions for you.
1. Concerning stop loss: in your chart you put your stop loss below your resistance area, not above it. That might become a problem long-term. Cause price may just shoot up to test resistance and go back down again. In that case you would have lost your money only to see price reverse into your direction. So my suggestion, put your stoploss above the resistance level.
2. I want my setups to occur as close to the S/R level as possible. The doji...
Hi Custos,
When i saw 'hoangtuan' chart ...two points came to my mind based on my accumulated experience ...he sold a bit early and S/L is too close.

most likely .... pirce will take a hit at the resitance level and stop out ... my preferred S/L would be about 50 pips away from the resistance level to prevent being stopped out by a pin bar .... but i am practicing to achieve consistency.
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