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Trend Trading All Pairs

  • #6,901
  • Edited 1:47pm Jun 15, 2010 1:13pm | Edited 1:47pm
Quoting Custos
well, I don't write those down. But I guess it is important, maybe I should start one day
If you get a change read this book: Market Masters by Jake Bernstein. This book has interview with some of the most successful traders and how the go about their business and psyhological make-up.

and by the way ... just wanted to thank you for the hint on widening the SL and utilizing the up thrusts to enter rather than getting stopped out.... i finally rode a couple of good trades without getting stopped out in the beginning.
  • #6,902
  • Edited 9:41pm Jun 15, 2010 5:24pm | Edited 9:41pm
This one is making a Cup with a Handle formation ....coming off monthly support ...now making higher lows ...broke through the resistance zone and now retesting it on low volume activity (which is supposed to be bullish).

Lets see how this one unfolds. Anyone else watching it.
Attached Image (click to enlarge)
Click to Enlarge Name: EURCAD-H1.jpg Size: 132 KB
  • #6,903
  • Jun 15, 2010 8:26pm Jun 15, 2010 8:26pm
Here is a upcoming potential short sell setup. Right now there are two levels where price the level at 50% fib appears to be a minor one...however if price passes through it then the next zone one at 61.8% is quite strong as it is coinciding with 61.8% Fib, RN, S/R (this resistance level is from the weekly and monthly TFs).

This one is interesting.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPY-H4.jpg Size: 132 KB
  • #6,904
  • Jun 16, 2010 2:14am Jun 16, 2010 2:14am
Quoting MktScape
Here is a upcoming potential short sell setup. Right now there are two levels where price the level at 50% fib appears to be a minor one...however if price passes through it then the next zone one at 61.8% is quite strong as it is coinciding with 61.8% Fib, RN, S/R (this resistance level is from the weekly and monthly TFs).

This one is interesting.

Thanks for the chart....watching it here too...its a nice setup
  • #6,905
  • Jun 16, 2010 4:22am Jun 16, 2010 4:22am
Quoting MktScape
If you get a change read this book: Market Masters by Jake Bernstein. This book has interview with some of the most successful traders and how the go about their business and psyhological make-up.

and by the way ... just wanted to thank you for the hint on widening the SL and utilizing the up thrusts to enter rather than getting stopped out.... i finally rode a couple of good trades without getting stopped out in the beginning.
thanks for the hint.

and good that you find some success
  • #6,906
  • Jun 16, 2010 4:23am Jun 16, 2010 4:23am
Quoting MktScape
This one is making a Cup with a Handle formation ....coming off monthly support ...now making higher lows ...broke through the resistance zone and now retesting it on low volume activity (which is supposed to be bullish).

Lets see how this one unfolds. Anyone else watching it.
yeah, looks good. Just pay attention, cause eur/cad higher time-frames are in a downtrend.
  • #6,907
  • Jun 16, 2010 4:24am Jun 16, 2010 4:24am
Quoting MktScape
Here is a upcoming potential short sell setup. Right now there are two levels where price the level at 50% fib appears to be a minor one...however if price passes through it then the next zone one at 61.8% is quite strong as it is coinciding with 61.8% Fib, RN, S/R (this resistance level is from the weekly and monthly TFs).

This one is interesting.
yep, good level, definitely will see a reaction
  • #6,908
  • Jun 16, 2010 6:07am Jun 16, 2010 6:07am
Hi Gentlemen

I have been reading through some of these posts and in particular many of the initial pages as that is where alot of questions are answered. Thanks to NightMoves for his help and willingness to participate in this public environment. This method of trading resonates with me and is a system I wish to fully comprehend and trade with. To introduce myself, I am from South Africa and hope to eventually become a fulltime trader. We will see how that goes I hve also enjoyed learning about the Jacko system which I think is similar to this one.

I have had a look at the charts and cannot see a clear opportunity on any pair based on this method... can someone here maybe point me to one they have identified so that I can begin participating and following the setup?

Looing forward to interacting with you all!
  • #6,909
  • Jun 16, 2010 6:26am Jun 16, 2010 6:26am
Quoting CharlesSA
Hi Gentlemen

I have been reading through some of these posts and in particular many of the initial pages as that is where alot of questions are answered. Thanks to NightMoves for his help and willingness to participate in this public environment. This method of trading resonates with me and is a system I wish to fully comprehend and trade with. To introduce myself, I am from South Africa and hope to eventually become a fulltime trader. We will see how that goes I hve also enjoyed learning about the Jacko system which I think is similar to this...
here is an example concerning the intial strat of the thread.
Attached is eur/chf d1 (setup) and h4 (trigger) chart.

In the setup you can see confluence factors: S/R level, + 38.2% fib + RN 1.4

In the trigger chart you can see the counter-trendline, price broke through it, is right now testing it from below. Now you should wait for that bar to close as a pullback bar. After that you are set for an entry.
Potential entry, stop and first take profit is marked up. Second profit target is usually 80% of extension of the swing.
So, that was the analysis of that chart from my side.

Now, this thread is not only based on this strategy. There are quite a few different strats which have been discussed in this thread.
I myself use a different strategy nowadays, which has been discussed extensively in the last couple of posts. But I still can provide you with some guidance concerning the initial strat, just post examples and I try to comment on them.

cheers
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurchf d1 16.6.2010.gif Size: 33 KB
Click to Enlarge Name: eurchf h4 16.6.2010.gif Size: 38 KB
  • #6,910
  • Jun 16, 2010 6:56am Jun 16, 2010 6:56am
Quoting Custos

Now, this thread is not only based on this strategy. There are quite a few different strats which have been discussed in this thread.
I myself use a different strategy nowadays, which has been discussed extensively in the last couple of posts. But I still can provide you with some guidance concerning the initial strat, just post examples and I try to comment on them.

cheers
Thank you Custos, I sincerely appreciate the quick response. From your example I can see the setup...just shows you that without your (live) example I would not have noticed it yet.

Can you possibly tell me the post numbers where your newer strat is discussed? I wish to filter some of the other posts that may distract.

Thanks again!
  • #6,911
  • Jun 16, 2010 7:09am Jun 16, 2010 7:09am
Quoting CharlesSA
Thank you Custos, I sincerely appreciate the quick response. From your example I can see the setup...just shows you that without your (live) example I would not have noticed it yet.

Can you possibly tell me the post numbers where your newer strat is discussed? I wish to filter some of the other posts that may distract.

Thanks again!

well, I think it starts anywhere at page 440, anyways, if you click on my name you can see my posts only.
  • #6,912
  • Jun 16, 2010 7:17am Jun 16, 2010 7:17am
Quoting CharlesSA
Thank you Custos, I sincerely appreciate the quick response. From your example I can see the setup...just shows you that without your (live) example I would not have noticed it yet.
Also, it becomes easier in time, identifying those setups. Just try to identify them as much as possible. Sooner or later you will become proficient.
  • #6,913
  • Jun 16, 2010 7:35am Jun 16, 2010 7:35am
Quoting Custos
yeah, looks good. Just pay attention, cause eur/cad higher time-frames are in a downtrend.
Yeah ...i realized this later that on H4 there was a pretty strong inverted hammer ....few hours prior to i entered the trade ....which i think took the steam out of the upward momentum. I just closed this one for now .....for a small loss.

There is CAD related news due in a few hours ...will look at it again.
  • #6,914
  • Jun 16, 2010 7:53am Jun 16, 2010 7:53am
Hey Custos

That EUR/CHF is already playing out. Nicely spotted.


I am going to try to get as much screen time as possible and breath and sleep this method so that I can become proficient at spotting these opportunities. Hopefully soon I will be able to contribute to this thread
  • #6,915
  • Jun 16, 2010 9:25am Jun 16, 2010 9:25am
Hi All

due to an unfortunate accident I have been out of circulation, now kicking strongly.

MktScape - am with you on the pshyc bank and the importance of keeping that tank full.

Custos - Interesting to see how the line of thinking has evolved. you keep the challenges going - I like that.

SL - interesting I am also using a wider SL now days, it is less controlling and give you a few more options, i.e. wait on the retest of the S/R to get out at minimum damage, if any. As you entry should be very close to such levels, the retest will allow you to get out "gently". No specific #pips, it is based on S/R levels and set accordingly.

I have my own version of long term strat, "CONFLUENCE" - it yields good pips in trending markets. I think the trick is to make it your own / take ownership of your strat, also joined Jacko's group now. hence my own version - I prefer the Fib50 to any of the others with strong confluence. Also, those weekly and monthly levels are key, dont ignore those.

Range trading - Custos I have put your post 6836 aside, am going to test it on GBP/USD or GBP/JPY for a few weeks and see what it yields.

As for trading pairs - I still have the full 20 (as per NM's recommendation) to scan and test but found that I mostly trade eur/usd, gbp/usd, gbp/jpy, eur/jpy, eur/cad, aud/usd, I do keep usd/jpy open as and indicator chart - just to define strength.

Work at trading consistently, keep it in mind all the time (live / sleep / eat pips), the more you desire to succeed at anything in life, the more you will manifest your desire.

am thinking that covers most of my comments on the few days postings I missed...

Trade safe
  • #6,916
  • Jun 16, 2010 9:41am Jun 16, 2010 9:41am
Quoting Paulette
Hi All

due to an unfortunate accident I have been out of circulation, now kicking strongly....
good post, totally agree on the points you made. hope everything is going well
  • #6,917
  • Jun 16, 2010 9:54am Jun 16, 2010 9:54am
Quoting Custos
good post, totally agree on the points you made. hope everything is going well
yeah all is okay now, other than a broken foot still in healing process. Was a close shave, but gave lots of clarity and perspective.

Question: have you tried gj / gu, I see you posted a eaud chart for range trade or was it just co-incidence?
  • #6,918
  • Jun 16, 2010 10:07am Jun 16, 2010 10:07am
Quoting Paulette
yeah all is okay now, other than a broken foot still in healing process. Was a close shave, but gave lots of clarity and perspective.

Question: have you tried gj / gu, I see you posted a eaud chart for range trade or was it just co-incidence?
I am still experimenting around which pairs to use. As mentioned, the range trading method gives way too many signals a day, so I need to cut down my pairs.

My current pairs are eur/usd, gbp/usd and eur/aud for range trading.
I tried g/j, but I didn't get such good results at least not consistent results.

Now I am thinking about two things:
1. a static (fixed) selection of pairs to trade during a trading day.
2. a dynamic selection of pairs to trade during a trading day.

for the first I would really just use three pre-defined pairs to trade. The benefit is it cuts down on analysis since I would only analyze those pairs.

for the second I would trade all pairs, but only three at a time. That would mean that I analyse them all and only pick the three best ones at one time. Criteria would be the spread/ATR and how nicely defined and obvious the S/R level is for the moment. So my selection of pairs might vary every hour or so.

anyways, getting off topic here
  • #6,919
  • Jun 16, 2010 10:33am Jun 16, 2010 10:33am
Quoting Paulette
Hi All

due to an unfortunate accident I have been out of circulation, now kicking strongly.

MktScape - am with you on the pshyc bank and the importance of keeping that tank full.

Custos - Interesting to see how the line of thinking has evolved. you keep the challenges going - I like that.

SL - interesting I am also using a wider SL now days, it is less controlling and give you a few more options, i.e. wait on the retest of the S/R to get out at minimum damage, if any. As you entry should be very close to such levels, the retest...

Good to hear from you .... i was wondering what happned after your trip with the kiddies. I hope you are felling better now.
  • #6,920
  • Jun 16, 2010 11:12pm Jun 16, 2010 11:12pm
Quoting Custos
I am still experimenting around which pairs to use. As mentioned, the range trading method gives way too many signals a day, so I need to cut down my pairs.

My current pairs are eur/usd, gbp/usd and eur/aud for range trading.
I tried g/j, but I didn't get such good results at least not consistent results.

Now I am thinking about two things:
1. a static (fixed) selection of pairs to trade during a trading day.
2. a dynamic selection of pairs to trade during a trading day.

for the first I would really just use three pre-defined pairs to...
I think it would be a good idea to stick with fewer pairs for the range trading methodology. How many pairs you are working with for the trend based touch trades?
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