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Trend Trading All Pairs

  • #6,941
  • Jun 17, 2010 9:32am Jun 17, 2010 9:32am
Quoting CharlesSA
Thanks for bringing it to my attention... I use the opportunity to then draw the fibs, spot RN's etc while I am getting used to this technique. Do you mind posting a sample chart where one's entry position would be so that I can get a better understanding while watching it unfold?

Thanks



EDIT:

Is the below chart correct as far as entry and SL? This is the only way I will truly learn
please, if you post a chart, make sure to say which pair it is and which time-frame. I can't help you if I don't know those two.
  • #6,942
  • Jun 17, 2010 9:33am Jun 17, 2010 9:33am
Quoting CharlesSA
If you don't mind me asking, the USD/CHF pair which has been on a strong uptrend for some months now took a major dip today. The drop is a bit short of a 50% retracement and just pierced the 1.1150 area. Looks like it has met some resistance at 1.11330 area.

Could this be a potential worthwhile trade to go long with?
yes, as you said "major dip". Major dips are never good. Wait for momentum to slow down. As paulette mentioned. you want fast PA in direction of the trend and slow PA when retracing.
  • #6,943
  • Jun 17, 2010 9:37am Jun 17, 2010 9:37am
Quoting mayorowo
Guys i think one can get set to short this pair attach...please your
advices are welcome ...is it wot waiting for?

Thanks
hm, I would have drawn my trendline like this on gbp/jpy daily chart. From the start of the retrace up. Not just somewhere in the middle of the retrace.

But again, nothing is right and wrong here. Just mentioning how I would have done it.

cheers
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy d1 17.6.2010.gif Size: 37 KB
  • #6,944
  • Jun 17, 2010 9:38am Jun 17, 2010 9:38am
Quoting Custos
please, if you post a chart, make sure to say which pair it is and which time-frame. I can't help you if I don't know those two.
Sorry Custos, that was the AUD/USD pair on 4HR timeframe.

Thanks!
  • #6,945
  • Edited 11:00am Jun 17, 2010 9:45am | Edited 11:00am
Quoting CharlesSA
Sorry Custos, that was the AUD/USD pair on 4HR timeframe.

Thanks!
okay, well, there is no entry and stop yet. AUD/USD h4 made a new high which means you need to readjust your trendline.
The arrow shows the new high. Now you need to wait for a break and pullback to the trendline. From there you can determine entry and stop.
Attached Image (click to enlarge)
Click to Enlarge Name: audusd h4 17.6.2010.gif Size: 47 KB
  • #6,946
  • Jun 17, 2010 9:53am Jun 17, 2010 9:53am
Quoting Custos
okay, well, there is no entry and stop yet. AUD/USD h4 made a new high which means you need to readjust your trendline.
The arrow shows the new high. Now you need to weak for a break and pullback to the trendline. From there you can determine entry and stop.
Noted, thank you.
  • #6,947
  • Edited 11:21am Jun 17, 2010 11:08am | Edited 11:21am
By the way, just reading a really interesting book about trading performance. The book is called enhancing trader performance by brett steenbarger. It shows what it takes to become an expert in trading.
Basically it says that it is most important to be able to simulate the market, or replay the market and train as much as you can to be able to "get" the markets, to be able to execute automatically without thinking.
Pretty interesting stuff, he compares it a lot with atheltics, chess players, doctors and so on. And he emphasizes the importance of trading the hell out of yourself until you get your trading muscles growing and physically tired.
So guys, get yourself a simulation software and trade as much as you can and as intensely as you can

Just thought it's nice to share some psychological stuff

cheers
  • #6,948
  • Jun 17, 2010 11:09am Jun 17, 2010 11:09am
This upcoming G20 summit in downtown toronto has screwed my work schedule big time. Due to the anticipated protests and potential problems with huge volume of people heading toward downtown our office has decided to disburse employees during the next whole week.

I have taken off for whole next week. But for now i have to catch-up with the additional work to do to offset the next week off.
  • #6,949
  • Jun 17, 2010 11:13am Jun 17, 2010 11:13am
Quoting Custos
By the way, just reading a really interesting book about trading performance. The book is called enhancing trader performance by brett steenbarger. Basically it shows what it takes to become an expert in trading.
Basically it says that it is the most important to be able to simulate the market, or replay the market and train as much as you can to be able to "get" the markets, to be able to execute automatically without thinking.
Pretty interesting stuff, he compares it a lot with atheltics, chess players, doctors and so on. And he emphasizes the...
Good one . I agree on the importance of practicing a lot on simulated trading ..... last weeked i spent two days practicing the strategy we follow on H1 TF and it really gave me a better perspective.

I'll read it during next week time off.

Ciao.
  • #6,950
  • Jun 17, 2010 11:53am Jun 17, 2010 11:53am
Quoting Custos
By the way, just reading a really interesting book ..
Just as a tidbit, I would take what Steenberger says with a grain of salt. He makes his money as a lecturer/theorist, not trading. He is a very mediocre trader. Best to not get into too much philosophy and neglect the actual trading.
  • #6,951
  • Jun 17, 2010 12:07pm Jun 17, 2010 12:07pm
Quoting randomperson
Just as a tidbit, I would take what Steenberger says with a grain of salt. He makes his money as a lecturer/theorist, not trading. He is a very mediocre trader. Best to not get into too much philosophy and neglect the actual trading.
hmm, you have a point....but one must read all readable to under the psychology of the market to the fullest.....


  • #6,952
  • Jun 17, 2010 12:46pm Jun 17, 2010 12:46pm
Quoting randomperson
Just as a tidbit, I would take what Steenberger says with a grain of salt. He makes his money as a lecturer/theorist, not trading. He is a very mediocre trader. Best to not get into too much philosophy and neglect the actual trading.
Hello,
I really dont know the trading record of Steenberger .... but i did a search on Amazon and this book got 4.5 stars by 28 readers i also browsed throught some other forums on how they liked it there and looks like its worth giving a shot .... I mean we may not agree to everything Mr steenbarger is saying but if one can pick some good ideas which may help in long term

THanks
  • #6,953
  • Jun 17, 2010 1:38pm Jun 17, 2010 1:38pm
Quoting randomperson
Just as a tidbit, I would take what Steenberger says with a grain of salt. He makes his money as a lecturer/theorist, not trading. He is a very mediocre trader. Best to not get into too much philosophy and neglect the actual trading.
appreciated. Of course everything has to be taken with a grain of salt, especially in trading as we are constantly becoming victim of false promises and scams. I am simply saying that he has some in my opinion good ideas - taken from other performance fields - and applied it to the trading arena. And those ideas have to be evaluated by yourself, if you can agree with them or not. Nothing I post here should be viewed as trading "law". Just posting some stuff I think has value, at least for me.
  • #6,954
  • Jun 17, 2010 7:00pm Jun 17, 2010 7:00pm
EURGBP holding at 240m resistance right now. If it breaks above, it has daily resistance right above. Don't see too much else that is interesting. Still in a USDJPY short from yesterday, and added today.
EURUSD still strong, flipping that pivot I posted earlier.
Sorry no charts at the moment on this comp, but should be easy to see.
  • #6,955
  • Jun 17, 2010 9:15pm Jun 17, 2010 9:15pm
Quoting randomperson
EURGBP holding at 240m resistance right now. If it breaks above, it has daily resistance right above. Don't see too much else that is interesting. Still in a USDJPY short from yesterday, and added today.
EURUSD still strong, flipping that pivot I posted earlier.
Sorry no charts at the moment on this comp, but should be easy to see.
I have those pairs on my radar too. On EUR-USD .... i was wondering where would you place the SL ....the last swing high has a long spike ...now if we place the SL above the spike then the size of Sl would over 150 pips. I am thinking of placing the stop loss at 1.2600 ....however curious to understand as to who would this be handled by yourself.

Other than the above pairs i dont see an interesting setup right now.
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD-H4.jpg Size: 159 KB
  • #6,956
  • Jun 17, 2010 11:13pm Jun 17, 2010 11:13pm
Hi Guys,
This one has broken down the sideways consolidation support line and retesting it .... look like it will continue to move down.
Attached Image (click to enlarge)
Click to Enlarge Name: USDJPY-H1.jpg Size: 88 KB
  • #6,957
  • Jun 18, 2010 1:41am Jun 18, 2010 1:41am
Quoting MktScape
Hi Guys,
This one has broken down the sideways consolidation support line and retesting it .... look like it will continue to move down.
I hardly ever trade this pair, it is either moving like a jet plane or not at all... I prefer the other crosses, this one is just my strength indicator for now, while I practice perfecting the others on my simulator.
  • #6,958
  • Jun 18, 2010 1:48am Jun 18, 2010 1:48am
[quote=randomperson;3810948]

Still in a USDJPY short from yesterday, and added today.
EURUSD still strong, flipping that pivot I posted earlier.
Will 1.2410 hold? will she drop us some downside action today - it is a waiting game, lets see
  • #6,959
  • Jun 18, 2010 2:57am Jun 18, 2010 2:57am
PAIR: GBP/USD on Daily TF

While looking through the charts this morning, I came across this setup. Is there any significance to this as a potential sell opportunity?

The retracement has reached 50% fib and is close to RN 1.4900. However, PA is still within the trendline channels. The seems to be nearby SR levels but I am not too sure where to draw these just yet. Fundamentals point to the USD being weak though. Any opinions?
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD.jpg Size: 323 KB
  • #6,960
  • Jun 18, 2010 3:15am Jun 18, 2010 3:15am
Found this news item for GBP/USD: http://www.commoditycharts.com/comme...d=156456#story
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