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  • #2,681
  • Jun 29, 2010 2:49am Jun 29, 2010 2:49am
I'm also looking at GBP vs AUd/CAd and NZD following on from what I said yesterday about GBP strength. I want some retracements to get into the uptrend as not getting burned again and entering blindly into the trend.
  • #2,682
  • Jun 29, 2010 2:52am Jun 29, 2010 2:52am
Quoting lovejoy80
Cos the thing with that strategy was that you have to look at the chart the whole time i.e. every bar and react very quickly. Thus I wouldn't be able to trade any other method i.e. my current trading style. I want something that is very simple and you don't need to look at every 5min or 15 min bar close. I've also seen some decent london, frankfurt, newyork open breakout trading methods too so looking at them all when I get time and will come up with something and post here.
When I first started, I was using the london and NY breakouts. But I never liked the system. It was straightforward, buy/sell at x pips above/below the box, take profit, stop loss etc, but there was no feeling for the market involved. And it worked by numbers. You had to do it everyday, day by day, or else you would have lost the edge. I didn't toy with it for a long time, just a couple of weeks or so then I lost interest. Maybe you can have a crack at it if it suits you.
  • #2,683
  • Jun 29, 2010 2:57am Jun 29, 2010 2:57am
Gold hit the TL and didn't break hard like I wanted it too so took a v.small net profit. Will, watch carefully and have a pending short below the TL just in case it does suddenly break hard otherwise I'll be looking for a re-entry back towards the 4HR PPZ.
  • #2,684
  • Jun 29, 2010 3:56am Jun 29, 2010 3:56am
lj, what do you think of a short at this at 1700?
Attached Image (click to enlarge)
Click to Enlarge Name: gbpnzd_daily_june2010.png Size: 27 KB
  • #2,685
  • Jun 29, 2010 4:28am Jun 29, 2010 4:28am
Quoting coolshades
lj, what do you think of a short at this at 1700?
A confluenced area for sure plus 150MA looks like it will be around the TL then too.

have a look at G/NZD too @ 2.1750-2.1800
  • #2,686
  • Jun 29, 2010 5:56am Jun 29, 2010 5:56am
LJ, that chart was GBPNZD or were you referring to another chart?

Quoting lovejoy80
A confluenced area for sure plus 150MA looks like it will be around the TL then too.

have a look at G/NZD too @ 2.1750-2.1800
  • #2,687
  • Jun 29, 2010 6:09am Jun 29, 2010 6:09am
Quoting coolshades
LJ, that chart was GBPNZD or were you referring to another chart?
lol...ignore me, I think wha tI did was look at my G/NZD then scrol through the other GBP/xxx pairs then got back to G/NZd without realising it was G?NZD and thought ooohhh that looks nice too lol!

Here is my chart by the way, slightly different to yours but same area.

The only concern I would have is that the GBP is very strong at the moment (gutted I missed some easy pips on GBP) and it's gonna take something to reverse it suddenly. Risk appetite being back on would be one thing that could cause a change in direction as NZD, CAD and AUD being commodity currencies should get bought harder than GBP (plus positive interest rate differential) or maybe we'll get poor GBP data at some point / better than expected NZD data - it's worth keeping an eye on data releases as you can see what would provide us with a catalyst for a chance in opinion / view on the pair in question as the daily up moves have been strong. Just my view, of course you could just trade your charts and keep it simple lol.
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  • #2,688
  • Jun 29, 2010 6:19am Jun 29, 2010 6:19am
yes, i will be watching what happens on the h4 chart. if the h4 closes strongly above 1750, then i will take a long on my speculative account.

whereas if h4 closes below 1750, then it will be short.

Quoting lovejoy80
lol...ignore me, I think wha tI did was look at my G/NZD then scrol through the other GBP/xxx pairs then got back to G/NZd without realising it was G?NZD and thought ooohhh that looks nice too lol!

Here is my chart by the way, slightly different to yours but same area.

The only concern I would have is that the GBP is very strong at the moment (gutted I missed some easy pips on GBP) and it's gonna take something to reverse it suddenly. Risk appetite being back on would be one thing that could cause a change in direction as NZD, CAD and AUD being...
  • #2,689
  • Jun 29, 2010 6:20am Jun 29, 2010 6:20am
similar opp on gcad to go long on break and close above 5900.
Quoting lovejoy80
lol...ignore me, I think wha tI did was look at my G/NZD then scrol through the other GBP/xxx pairs then got back to G/NZd without realising it was G?NZD and thought ooohhh that looks nice too lol!

Here is my chart by the way, slightly different to yours but same area.

The only concern I would have is that the GBP is very strong at the moment (gutted I missed some easy pips on GBP) and it's gonna take something to reverse it suddenly. Risk appetite being back on would be one thing that could cause a change in direction as NZD, CAD and AUD being...
  • #2,690
  • Jun 29, 2010 7:28am Jun 29, 2010 7:28am
The big question for me this afternoon is what is the US session gonna do to YM...we are sitting on 9970 support. I've taken a long on AJ and GJ (0.5% positions each).

I took profit on EU shorts and gold short earlier but my pending gold order just got triggered @ 1232.00 (below the TL).

Could have taken an oil short on break and pullback to TL but missed my entry point.
  • #2,691
  • Jun 29, 2010 7:30am Jun 29, 2010 7:30am
Quoting coolshades
similar opp on gcad to go long on break and close above 5900.
I missed the optimum entry @ 1.5600 on break of the range.
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  • #2,692
  • Jun 29, 2010 8:02am Jun 29, 2010 8:02am
GBP is incredible man... EU is standing still, nothing moving it up while GU is moving higher and higher.

Got in EU at 1.2210, while GU was at 1.5050. EU is 0, GU is +50p...
  • #2,693
  • Jun 29, 2010 8:47am Jun 29, 2010 8:47am
Dow tanking but not really much movement in currencies apart from EUR
  • #2,694
  • Jun 29, 2010 9:44am Jun 29, 2010 9:44am
Confidence figures caused a stir didn't they. AU, AJ, EU, EJ UC and CJ are all at PPZ areas now as well as YM. time to load up.
  • #2,695
  • Jun 29, 2010 9:54am Jun 29, 2010 9:54am
Quoting lovejoy80
Confidence figures caused a stir didn't they. AU, AJ, EU, EJ UC and CJ are all at PPZ areas now as well as YM. time to load up.
Blindly Long ?
  • #2,696
  • Jun 29, 2010 10:34am Jun 29, 2010 10:34am
Quoting ogeid
Blindly Long ?
No, touch trades based on the pairs in question being at strong daily PPZ levels and YM at a daily PPZ level too so expected a bounce which we got and some 1HR pins to go with it. Taken some profit and moved rest to BE and trading the 1HR EU pin.
Attached Image(s) (click to enlarge)
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  • #2,697
  • Edited 11:10am Jun 29, 2010 10:46am | Edited 11:10am
Quoting neutro
When I first started, I was using the london and NY breakouts. But I never liked the system. It was straightforward, buy/sell at x pips above/below the box, take profit, stop loss etc, but there was no feeling for the market involved. And it worked by numbers. You had to do it everyday, day by day, or else you would have lost the edge. I didn't toy with it for a long time, just a couple of weeks or so then I lost interest. Maybe you can have a crack at it if it suits you.
I'm looking for something very straightforward which is a mechanical system with no (or very little) discretion that plays the trend on the 1min-15min time frame but not something that uses loads of indicators.

I'm currently looking at these two threads. the first of which is a frankfurt / newyork breakout on 1min timeframe. There are no hard and fast rules though, you just look for an impulse bar on this timeframe (or lower) and the trade it with a tiny SL. (Using EU by the way). I would think days like today it was pretty obvious at NY open that we were gonna get some momentum down.

http://www.forexfactory.com/showthread.php?t=156106

http://www.forexfactory.com/showthread.php?t=215432

Trouble is though it is slightly discretionary though you could make it mechanical and there is no EA. I wouldnt necessarily want to trade by EA but being able to backtest the statistics would help as backtesting a 1min chart manually is very very time consuming! lol.

The other thread I've read is this and all related posts by the author. By the sounds of it he uses MA's and probably some sort of stochastic to play the trend on the 1min time frame on GU. I've used MA systems in the past and they actually catcha trend pretty well....it's just staying out in the ranging times that is key.

But this is the kind of direction I'm going with it.
  • #2,698
  • Jun 29, 2010 11:02am Jun 29, 2010 11:02am
[quote=lovejoy80;3838259]I'm looking for something very straightforward which is a mechanical system with no (or very little) discretion that plays the trend on the 1min-15min time frame but not something that uses loads of indicators.

Hi LJ,

I am a regular viewer of your thread and have learn't a lot from your Journal.

For shorter time frame you can also try this thread (Jankone 5 Minute Thread). Make sure to read all Ryan's post. It may not be on Jankone's thread, but you can go to his profile and review his charts in detail.

http://www.forexfactory.com/showthread.php?t=163972


Alifari
The purpose of knowledge is action, not knowledge
  • #2,699
  • Jun 29, 2010 11:55am Jun 29, 2010 11:55am
Quoting lovejoy80
No, touch trades based on the pairs in question being at strong daily PPZ levels and YM at a daily PPZ level too so expected a bounce which we got and some 1HR pins to go with it. Taken some profit and moved rest to BE and trading the 1HR EU pin.
Worked out ok so far. Only took small positions as the move down on Dow hjas been strong. Was considering going long YM and oil too.

This was the EU pin that I got in too.
Attached Image (click to enlarge)
Click to Enlarge Name: eu.gif Size: 15 KB
  • #2,700
  • Jun 29, 2010 11:57am Jun 29, 2010 11:57am
[quote=alifari;3838297]
Quoting lovejoy80
I'm looking for something very straightforward which is a mechanical system with no (or very little) discretion that plays the trend on the 1min-15min time frame but not something that uses loads of indicators.

Hi LJ,

I am a regular viewer of your thread and have learn't a lot from your Journal.

For shorter time frame you can also try this thread (Jankone 5 Minute Thread). Make sure to read all Ryan's post. It may not be on Jankone's thread, but you can go to his profile and review his charts in detail.

http://www.forexfactory.com/showthread.php?t=163972...

Thanks, I'm pretty familiar with Jankone thread and followed it for a while. The method involves a lot of chart watching and is definitely discretionary as a lot of people on there have different methods. I've read RyanMCD posts before but it might be a time to read again.
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