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Trend Trading All Pairs

  • #6,841
  • Jun 11, 2010 10:16am Jun 11, 2010 10:16am
well, there have been quite a few discussions about volume in forex.
Let's say normally you don't have good volume info about the forex market, that's why I never used it. However, as mktspace mentioned, it can apparently be used in the fxmarket.
Let's say I am still not very convinced that volume gives me an extra edge here. But I am also constantly learning, so maybe in a few months you will see me use volume only, haha. Also, I know volume is not an indicator, but it certainly looks like one. And I had such bad experiences with indicators that I don't want to go back that path.

So, I think there are some people who use volume quite successfully in the fxmarket, but I am just not one of them

hope that answers your question

cheers

Quoting Soendoros
Thank you Custos for sharing. I appreciate it.
I learn a lot from reading your postings.
But I have a question, do you look at the volume before entering a position. I learn in stock trading that the volume is important.


Soendoro Soetanto
  • #6,842
  • Jun 11, 2010 10:18am Jun 11, 2010 10:18am
I have a setup here, i think its a good one....what do you guys think
Attached Image (click to enlarge)
Click to Enlarge Name: gbpchf 4hr.gif Size: 50 KB
  • #6,843
  • Jun 11, 2010 10:19am Jun 11, 2010 10:19am
no problem, I am also just trying to figure out how to best slice up this "cake" and eat it.
Quoting mayorowo
Custo, Thanks for the range trading strategy...Am really studing to understand it...I believe you can share light on it
  • #6,844
  • Jun 11, 2010 10:25am Jun 11, 2010 10:25am
Quoting Custos
no problem, I am also just trying to figure out how to best slice up this "cake" and eat it.

Cant wait long for my for own share of the cake....lol
  • #6,845
  • Jun 11, 2010 10:28am Jun 11, 2010 10:28am
Quoting mayorowo
I have a setup here, i think its a good one....what do you guys think
Attached is gbp/chf h4 and weekly.
I think it's a really good setup. However, I would already have entered at the arrow in the first chart, since that was the original resistance price was bouncing off of. But your entry is also fine. You have the whole market behind you. As you see price also bounced off the weekly resistance and overall gbp/chf is in a downtrend. Lots of things stacked up here. So I would go for it.

cheers
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbpchf h4 11.6.2010.gif Size: 25 KB
Click to Enlarge Name: gbpchf w1 11.6.2010.gif Size: 19 KB
  • #6,846
  • Jun 11, 2010 10:49am Jun 11, 2010 10:49am
Check this out guys....i think it might make sense;
1love
Attached Image (click to enlarge)
Click to Enlarge Name: nzdjpy 4hr.gif Size: 25 KB
  • #6,847
  • Jun 11, 2010 11:02am Jun 11, 2010 11:02am
Quoting mayorowo
Check this out guys....i think it might make sense;
1love
hm, that setup I don't like as much (assuming this is a trending setup).

1. your trendline is a bit off, you should really draw the trendlines from the lows.
2. check out the weekly. Just ranging around and we just bounced off of support.
3. The last low was higher than the one before on the daily, meaning that the trend at least stopped for now.

well, for all that reasons, I would not be so fond of going short at that area.

cheers
Attached Image (click to enlarge)
Click to Enlarge Name: nzdjpy w1 11.6.2010.gif Size: 21 KB
  • #6,848
  • Jun 11, 2010 11:06am Jun 11, 2010 11:06am
Quoting Custos
hm, that setup I don't like as much (assuming this is a trending setup).

1. your trendline is a bit off, you should really draw the trendlines from the lows.
2. check out the weekly. Just ranging around and we just bounced off of support.
3. The last low was higher than the one before on the daily, meaning that the trend at least stopped for now.

well, for all that reasons, I would not be so fond of going short at that area.

cheers
nice contribution custo......
  • #6,849
  • Edited 3:50pm Jun 12, 2010 3:11pm | Edited 3:50pm
Since morning i have been working with FxTester and focusing on one strategy using H1 chart.
I deleted the 23 & 38% fib working only with 50%, 61.8 & 78.6.
Buying/Selling on pullbacks to 50% Ret. matching with S/R & RNs on the same TF.
SL is about 50-75 pips depending on the level.

So far its working great.

I'll keep working with it and will get back as to how the practice session went.


Ciao
  • #6,850
  • Jun 13, 2010 3:33am Jun 13, 2010 3:33am
Quoting MktScape
matching with S/R & RNs on the same TF.
Hi MktScape

Please can you let this dummie know what RNs mean I have the others figured

Thank
  • #6,851
  • Jun 13, 2010 3:47am Jun 13, 2010 3:47am
Use this Sunday to take a rest for trade again tomorrow, and try to not think any chart
  • #6,852
  • Jun 13, 2010 4:32am Jun 13, 2010 4:32am
Quoting CharlesSA
Hi MktScape

Please can you let this dummie know what RNs mean I have the others figured

Thank
RN = round number (every 50 pips is a round number)
  • #6,853
  • Jun 13, 2010 4:38am Jun 13, 2010 4:38am
Quoting Custos
RN = round number (every 50 pips is a round number)

Ahh, thanks Custos. Should have clicked
  • #6,854
  • Jun 13, 2010 4:42am Jun 13, 2010 4:42am
Quoting errich fx
Use this Sunday to take a rest for trade again tomorrow, and try to not think any chart
sorry, but I totally have to disagree. You should take each and every spare-minute to think about trading (concepts, methods and so on).
Think about that: You gonna become good at something by constantly taking breaks? Or by constantly getting up on your feet and working on your performance again and again and again.
I mean constructive breaks are good, like in sports, but this is not a sport.
Trading is more like running a company. And I must say, I've never seen a successful business owner who takes breaks on weekends, especially in the beginning... The more you think about trading, the more your brain will figure out things for you. Half-hearted people never made it in this world, and will definitely not make it in trading.
Just some food for thought.
  • #6,855
  • Jun 13, 2010 4:51am Jun 13, 2010 4:51am
cool, let me know how it goes
Quoting MktScape
Since morning i have been working with FxTester and focusing on one strategy using H1 chart.
I deleted the 23 & 38% fib working only with 50%, 61.8 & 78.6.
Buying/Selling on pullbacks to 50% Ret. matching with S/R & RNs on the same TF.
SL is about 50-75 pips depending on the level.

So far its working great.

I'll keep working with it and will get back as to how the practice session went.


Ciao
  • #6,856
  • Jun 13, 2010 9:18am Jun 13, 2010 9:18am
Quoting Custos
cad/jpy h4 is also a good setup in my opinion. weekly is in a slow but steady uptrend, and now h4 is now slowly but steadily getting up.

would appreciate any comments
Nice chart. I would say that pair is in a bit of indecisiveness right now, with the predominant trend still being down (on your TF). if 89.54 goes i'd say shorts are done.

For newbies here...I think a good discussion would be 'entry method' on a trade. Although the exit is always more complicated, the entry method in conjunction determines accuracy, which in turn affects your exit r:r ideal scenario. When I was new to trading, I was always indecisive on this front. This thread seems to provide some alternatives to think about, such as the method the thread creator provided. Custos (I believe?) does 1st touch entries on pivots, albeit I'm not sure if his stop is various pivots or deep on one. I do touch/scale-in entries on the 2nd test depending on the pivot type, as I like momentum to slow down.
In many ways it is pick your poison. You need high accuracy with a low r:r model - i.e. a wide stop to allow for pivot bending, or you need high r:r with a low accuracy model, which has a need for tight stops and entries of perfection. And if able...middle-of-the-road trading model. You also have to self-evaluate your psych. when trading. Low accuracy models are very testing, especially for the newbie trader. Can you withstand 20 losses in a row without breaking discipline and changing your model? Or vice versa...can you deal with losses that wipe away a whole 1-3 wins?

Anyways...just some things to think about when creating your trading technique.
  • #6,857
  • Jun 13, 2010 9:38am Jun 13, 2010 9:38am
well, said, couldn't agree more.

cheers
Quoting randomperson
Nice chart....
  • #6,858
  • Jun 13, 2010 10:38am Jun 13, 2010 10:38am
Quoting Custos
sorry, but I totally have to disagree. You should take each and every spare-minute to think about trading (concepts, methods and so on).
Think about that: You gonna become good at something by constantly taking breaks? Or by constantly getting up on your feet and working on your performance again and again and again.
I mean constructive breaks are good, like in sports, but this is not a sport.
Trading is more like running a company. And I must say, I've never seen a successful business owner who takes breaks on weekends, especially in the beginning......
  • #6,859
  • Jun 13, 2010 11:03am Jun 13, 2010 11:03am
Quoting MktScape
I agree with Custo point....
  • #6,860
  • Jun 13, 2010 11:40am Jun 13, 2010 11:40am
Quoting randomperson
Nice chart....
From my experience so far, i think having a tight SL isn't very practicable, at least with the TF and strategy we are working with. As we cant guess as to how the price will react to these levels. I have observed that at these S/R levels there are upthrusts (almost always) with big spikes which are actually 'Shakeouts' because the smart money knows where the majority of the SL are and they dont mind taking them out for their own benefit.

I am personally in favour of higher accuracy and lower risk reward entry method. Getting stopped out 10 times in a row is not my cup of tea. It could be quite frustrating to be stopped out at a well defined s/r level only to see price going back in the intended trade direction.

With respect to you following comment "I do touch/scale-in entries on the 2nd test depending on the pivot type, as I like momentum to slow down"

Can you pls elaborate further on this .... with a chart if possible. To me it seems like you would wait for the price to react at the specified level and then enter on a second touch of that level ...?
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