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Trend Trading All Pairs

  • #7,121
  • Jun 29, 2010 10:26am Jun 29, 2010 10:26am
Quoting Paulette
Hey MktScape

life has been a challenge - fortunately market was kind and gave me time to recoup! Today was my first day of "range trades" with trend - so far so good.

Thanks to you and Custos I did not give up on this "range" thing - I got my head around it.

Trade safe
P
I am glad that you are finding sucess in range trading as well. I mean, on the way to become a professional trader, i felt that one need to master at least the two major scenarios market could through at the trader i.e. trend and ranges. I am myself working on it and hopfully would get there in due time ......

Ciao
  • #7,122
  • Jun 29, 2010 10:40am Jun 29, 2010 10:40am
Quoting MktScape
I am glad that you are finding sucess in range trading as well. I mean, on the way to become a professional trader, i felt that one need to master at least the two major scenarios market could through at the trader i.e. trend and ranges. I am myself working on it and hopfully would get there in due time ......

Ciao
You will MktScape - just keep chipping away at the block... Would be nice if my real account could be anything like my FT projects!

in good time all in good time.

I am now trading full time and it is a good feeling. This accident just proved to me that the step came at the right time.

Ciao
  • #7,123
  • Jun 29, 2010 10:52am Jun 29, 2010 10:52am
Quoting Bancho
EU: broke yesterday late at night the up 4H channel... making a slight pullback/consolidation to break down again over night....
Now, it just stopped in a Support level + round number + bottom of the channel down.. (maybe good for a touch reverse entry with a tight SL and quickly taking out some of the position in profits and set SL at BE?)
I did see the potential opportunity in real time, but It looked like stopping a train in that time.
yeah, the touch of the 1.215 level would be a long. Don't set your SL's too tight, I did the same mistake before. Widen your stop and let price show you if it wants to go down further or not.
Quoting Bancho
GU:It made top on a clear Daily/4H major resistance yesterday and today was retracing and bounced off the Support at 1.5015... maybe was also good for another touch entry long, but same than before when price was going short so I wasn't sure if the entry was ok....
well, see my recent post on gu.
Quoting Bancho
UJ: yesterday faked out the triangle breakout, but today after Tokyo open, It broke for real... broke also a nice Daily Support, that acted later as Resistance to the pip (maybe another touch entry missed, but I am not confident enough by now on them, and mainly where to set my SL for them).... The overnight break hadn't any kind of a pullback..... how do you deal with this?.. I think that I read that sometimes you don't wait for the BPC, am I right?
without a bpc you would not be in. I know, new traders always wanna be in every move, but get that out of your system. You can't be in every move, it is just impossible. Be happy if you are in 50% of the moves.
Quoting Bancho
EJ: same story than before.. It broke over night without looking back...
this time the Yearly low held a little as support but it finally broke down now...
I went short on ej at the level 108.5. Again don't try to be in every move, you will lose if you try to be everywhere at once. Pick your trades, become selective. There are so many opportunities out there.

cheers
  • #7,124
  • Jun 29, 2010 10:59am Jun 29, 2010 10:59am
Quoting Paulette
Hi Bancho

just my perspective - I always used to back test in my non-trading hours, even explained to MktScape how to manually - until I tried the simulation software....
Thank you very much for sharing your experience..
  • #7,125
  • Jun 29, 2010 11:09am Jun 29, 2010 11:09am
Quoting Paulette
You will MktScape - just keep chipping away at the block... Would be nice if my real account could be anything like my FT projects!

in good time all in good time.

I am now trading full time and it is a good feeling. This accident just proved to me that the step came at the right time.

Ciao
Honestly ... i have come across the trader stories where accidents would lead them to start trading full time. Thats why i like trading even better becuase you can do it even in your bed .... which other job offer such flexibility.
  • #7,126
  • Jun 29, 2010 11:14am Jun 29, 2010 11:14am
Quoting Custos
I went short on ej at the level 108.5. Again don't try to be in every move, you will lose if you try to be everywhere at once. Pick your trades, become selective. There are so many opportunities out there.
Thanks for your feedback

I know being in every move is not possible at all, not even recommended...lol

It was only that I though I was read in some posts here that some people didn't wait to the BPC, if not jumped on board on the very break of the move trailing quickly the SL to BE to protect them and to take the move if there is no pullback at all...

May I ask you why you chose the 108.5 to enter short on EJ?
  • #7,127
  • Jun 29, 2010 11:47am Jun 29, 2010 11:47am
Quoting Bancho

MktScape, thanks for your welcome.....
I don't really know if demoing is gonna help me at the beginning or not, because first time I traded in my life, I did it on demo, and everything started to go perfect with some time, but when I started real after some time... ufff.. a whole different world... and things started to became a lot tougher that they were before ... so maybe I will try to trade for peanuts, the smallest lot size I could instead going demo.....

Thanks
Hi,
yes, you can do the micro account route as well untill you get good and then move to next level. I was kind of thinking on the same lines earlier however later i realized that it was better for myself to start with the demo first until i can hammer out the intricacies of the method and then move to real money. However when I trade with Demo I treat it as real money and dont take uncessary risks and use the same leverage that I would use on a real account and small account size.

Cheers
  • #7,128
  • Jun 29, 2010 12:28pm Jun 29, 2010 12:28pm
Quoting Bancho
Thanks for your feedback

I know being in every move is not possible at all, not even recommended...lol

It was only that I though I was read in some posts here that some people didn't wait to the BPC, if not jumped on board on the very break of the move trailing quickly the SL to BE to protect them and to take the move if there is no pullback at all...

May I ask you why you chose the 108.5 to enter short on EJ?
look at the h4 chart, it's a horizontal level.
  • #7,129
  • Jun 29, 2010 12:34pm Jun 29, 2010 12:34pm
Quoting MktScape
Hi,
yes, you can do the micro account route as well untill you get good and then move to next level. I was kind of thinking on the same lines earlier however later i realized that it was better for myself to start with the demo first until i can hammer out the intricacies of the method and then move to real money. However when I trade with Demo I treat it as real money and dont take uncessary risks and use the same leverage that I would use on a real account and small account size.
...
I started with micro account as well. Everything went well for 2 months and suddenly everything going to drain. After that, I trade demo for a couple of months. Becoming a bit more confident and I fund my micro account once more. Been trading for almost half a year on this micro account. Most probably going to fund some more money next week and start trading for real (not full time though - enough money to pay some bills etc.
  • #7,130
  • Jun 29, 2010 12:44pm Jun 29, 2010 12:44pm
Custos ...BTW i forgot to congratulate on completing your 1000 posts....
  • #7,131
  • Jun 29, 2010 12:52pm Jun 29, 2010 12:52pm
on laptop here, just posting a chart as a quick example on why you should always leave a position on (marked up charts not on this comp).

Personally I always 'challenge' the market to take me out with my last positions. Occasionally a big runner occurs, and that is what pays the bills. To those having trouble with exits, try to put some logic behind them. If you are counter-trending, you first must fight a battle against the areas the other side controls. Only once you break those can you ride the position further. If you are trading with the trend, the assumption is that the other side will break. If they put up a fight, there is generally sufficient evidence that shows this and it gives you an opportunity to scale-out.
Attached Image
  • #7,132
  • Jun 29, 2010 1:09pm Jun 29, 2010 1:09pm
Quoting MktScape
Custos ...BTW i forgot to congratulate on completing your 1000 posts....
haha, thanks, let's make a party
  • #7,133
  • Jun 29, 2010 1:10pm Jun 29, 2010 1:10pm
Quoting randomperson
on laptop here, just posting a chart as a quick example on why you should always leave a position on (marked up charts not on this comp).

Personally I always 'challenge' the market to take me out with my last positions....
very good post
  • #7,134
  • Jun 29, 2010 2:27pm Jun 29, 2010 2:27pm
another good long for my taste, the red dotted lines are my first target / stop loss.
Attached is eur/aud h1 chart. Price broke through the green level and retested it from above. . Hope that it works out.
Attached Image (click to enlarge)
Click to Enlarge Name: euraud h1 29.6.2010.gif Size: 22 KB
  • #7,135
  • Jun 29, 2010 3:13pm Jun 29, 2010 3:13pm
custos: pulled up a quick chart of that pair and took an immediate short - gimme your $$

edit: note to self...dont trade when on vacation
Attached Image (click to enlarge)
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  • #7,136
  • Jun 29, 2010 3:32pm Jun 29, 2010 3:32pm
Quoting randomperson
custos: pulled up a quick chart of that pair and took an immediate short - gimme your $$

edit: note to self...dont trade when on vacation
Thats the beauty of trading .... you can make money even when on vacations.
  • #7,137
  • Jun 29, 2010 4:49pm Jun 29, 2010 4:49pm
good evening guys...

I was taking a look to the possible charts to look at for tomorrow, and What the hell!!, I think that the best thing I can do is to post them here and get some feedback (positive or negative) about them, to start improving little by little....

EU: It is retracing/consolidating a little on the bottom of the 4h range + Suport level + Fibo level from the past 4H trend up... it can be ok for continuation short if it breaks a possible range or for a reverse trade...

GU: It is bottoming on the major 4H/Daily resistance + top of 4H up channel... on weekly and daily it is still scoring LH/LL's, so it can be ok as well for both sides, continuation breaking the resistence, or reverse deal, breaking the aceleration TL and trying to go to the bottom of the cahnnel...

UJ/EJ: Pretty much the same setup in both... they have broken strong down, so maybe waiting for a little bit of a pullback or for some range consolidation to try another swing down...
USDJPY has another support at 88.00 but EURJPY has broken his lower low at 108.05

EA:It is breaking a resistance level at 4330, and scoring a HH after previous HL, so maybe ok to be involve in a long entry when it pullbacks to retest the former resistance....

GA: huge move up today after some consolidation in the 1H charts...
It has a resistance Daily Level at 7760 more or less...
Maybe ok, for another thrust up or for a reverse trade off the resistance after a little bit of a pullback or consolidation.. Maybe a LOB?

AU: Making HL/HH in the daily, now retracing and testing the 50% Fibo and a support daily level... It can be ok for waiting for a pullback and another thrust down, or a consolidation on lows and price breaking any direction.. bouncing of that supports or breaking through...

UCAD: Making HH/HL on the 4H charts, the daily quite ranging sideways, but maybe it is ok for a pullback and another swing up, or some rnage time and thrust up (I wouldn't consider short here due to it is not hitting any confluence IMH)

AJ: Breaking down a kind of Flat/channel up on the daily, so... Waiting for pullback to the break levels, or some consolidation range and continuation..
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: uj4h.JPG Size: 69 KB
Click to Enlarge Name: ej4h.JPG Size: 103 KB
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  • #7,138
  • Jun 29, 2010 4:51pm Jun 29, 2010 4:51pm
I exceeded the attachments limits..lol...

Any comment is very appreciated...

See you tomorrow,

Bancho
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  • #7,139
  • Jun 29, 2010 11:34pm Jun 29, 2010 11:34pm
Quoting Bancho
good evening guys...

I was taking a look to the possible charts to look at for tomorrow, and What the hell!!, I think that the best thing I can do is to post them here and get some feedback (positive or negative) about them, to start improving little by little....
the charts look good. However, I think it's more useful if you post a setup and get commented on that one. Right now you just post possible outcomes, but I think it's more important to get feedback on setups you wanna enter into.
Then you can see if your analysis was correct or not.

cheers
  • #7,140
  • Jun 30, 2010 12:16am Jun 30, 2010 12:16am
went short on aud/jpy a couple of minutes ago.

attached is aud/jpy h4 chart. cheers
Attached Image (click to enlarge)
Click to Enlarge Name: audjpy h4 30.6.2010.gif Size: 26 KB
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