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Trend Trading All Pairs

  • #7,421
  • Jul 25, 2010 4:56am Jul 25, 2010 4:56am
Quoting MktScape
This pair has been acting quite bullish ...broke through the 1st resistance without coming back to retest it and now pushing through the second resistance level Will anyone consider entering long at this stage or wait for a pullback to the second level or has some other plan in mind?
I am considering a long at 0.8850
  • #7,422
  • Jul 25, 2010 4:57am Jul 25, 2010 4:57am
Quoting MktScape
I was watching Sam Sieden's video and thought to share some info on Gaps. Attached charts are not mine i just annotated them a bit. Novice gaps are to be faded and professional gaps to be entered in pullback.
also agree, nice charts and interesting info.
  • #7,423
  • Jul 25, 2010 5:00am Jul 25, 2010 5:00am
Quoting Jliuuu
Hi MktScape, very nice graphs there and thanks for the info on gaps!

AUDCHF and AUDUSD - These pairs have great potential for drops
NZDJPY - I'm not too sure about this as the range seem to be quite large, thus lowering the R:R

These are the AUD graphs from what I see and they both have 2 potential zones to reverse.
on your aud/usd the upper level you marked is not that good in my opinion. Look at your weekly chart. That is the area (0.9325 - 0.9400) price will likely go to and thus just through your resistance level.
  • #7,424
  • Jul 25, 2010 6:58am Jul 25, 2010 6:58am
Quoting Custos
on your aud/usd the upper level you marked is not that good in my opinion. Look at your weekly chart. That is the area (0.9325 - 0.9400) price will likely go to and thus just through your resistance level.
Thanks once again, missed the weekly level as I wanted to narrow the range too much
"Instead of hoping he must fear; instead of fearing he must hope."
  • #7,425
  • Jul 25, 2010 11:05am Jul 25, 2010 11:05am
Quoting Custos
I am considering a long at 0.8850
How about short at the level above (if price reaches there first), it appears a good pivot.
Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSD-H4.jpg Size: 112 KB
  • #7,426
  • Jul 25, 2010 11:20am Jul 25, 2010 11:20am
Quoting MktScape
How about short at the level above (if price reaches there first), it appears a good pivot.
this should be the level I think, but don't let me talk you out of your level. If you identified it as a good level, then stick to it. But I like my level better.
Attached Image (click to enlarge)
Click to Enlarge Name: audusd d1 25.7.2010.gif Size: 30 KB
  • #7,427
  • Edited 2:23pm Jul 25, 2010 2:12pm | Edited 2:23pm
Quoting Custos
this should be the level I think, but don't let me talk you out of your level. If you identified it as a good level, then stick to it. But I like my level better.
hmm ...i'll leave it like that for now and compare later as to how it worked out. Here is another setup.

How about shorting at the yellow level 1.3100(RN) + weekly resistance ... have this one radar?
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD.jpg Size: 98 KB
  • #7,428
  • Jul 25, 2010 2:27pm Jul 25, 2010 2:27pm
Quoting MktScape
hmm ...i'll leave it like that for now and compare later as to how it worked out. Here is another setup.

How about shorting at the yellow level 1.3100(RN) + weekly resistance ... have this one radar?
yep, that I have also marked as a good level.
  • #7,429
  • Jul 25, 2010 2:39pm Jul 25, 2010 2:39pm
Quoting Custos
yep, that I have also marked as a good level.
great ....

Your EURGBP bounce well for a long ... now how about a short in the red zone?
Attached Image (click to enlarge)
Click to Enlarge Name: EURGBP.jpg Size: 88 KB
  • #7,430
  • Jul 25, 2010 2:44pm Jul 25, 2010 2:44pm
Quoting MktScape
great ....

Your EURGBP bounce well for a long ... now how about a short in the red zone?
hehe, you get good at this. That is exactly my plan of attack, cause as mentioned before, overall trend is down. Gonna be a great entry to go with the trend again.
  • #7,431
  • Jul 25, 2010 2:57pm Jul 25, 2010 2:57pm
Quoting Custos
hehe, you get good at this. That is exactly my plan of attack, cause as mentioned before, overall trend is down. Gonna be a great entry to go with the trend again.
cool .... glad we are on the same page ..... now once the market opens ... i'll start stuffing advance orders in my VPS ....

I am looking at EURJPY, its stuck under a massive resistance level and appears to be consolidating .... i think its a wait and see game on this one .... what do you think.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EURJPY-monthly.jpg Size: 69 KB
Click to Enlarge Name: EURJPY-Weekly.jpg Size: 71 KB
  • #7,432
  • Jul 25, 2010 3:07pm Jul 25, 2010 3:07pm
Quoting MktScape
cool .... glad we are on the same page ..... now once the market opens ... i'll start stuffing advance orders in my VPS ....

I am looking at EURJPY, its stuck under a massive resistance level and appears to be consolidating .... i think its a wait and see game on this one .... what do you think.
Yeah, I see it the same way. I think price really wants to go above that resistance level now. They already tested it so often on the daily chart, seems like they wanna push it upwards.

Now I marked up two levels which could act as resistance. The lower level however is not very strong, doesn't really coincide with some big supply/demand level. The higher one is much better in that regard.
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy d1 25.7.2010.gif Size: 29 KB
  • #7,433
  • Jul 25, 2010 3:10pm Jul 25, 2010 3:10pm
Quoting MktScape
cool .... glad we are on the same page ..... now once the market opens ... i'll start stuffing advance orders in my VPS ....

I am looking at EURJPY, its stuck under a massive resistance level and appears to be consolidating .... i think its a wait and see game on this one .... what do you think.
okay, I see now your were talking from a monthly perspective, yeah, that could still take quite a while to get anywhere from this level, but I still think it will push through to one of my levels and then turn down again below monthly support/resistance.

But that's just a guess.
  • #7,434
  • Jul 25, 2010 3:30pm Jul 25, 2010 3:30pm
Quoting Custos
Yeah, I see it the same way. I think price really wants to go above that resistance level now. They already tested it so often on the daily chart, seems like they wanna push it upwards.

Now I marked up two levels which could act as resistance. The lower level however is not very strong, doesn't really coincide with some big supply/demand level. The higher one is much better in that regard.
Agree .... i do believe that price wants to break through the resistance based on the following clues:
1- The second last monthly price bar is a narrow range down bar followed by a up bar indicative of less down side potential

2- Price is hitting the resistance level quite many times ...thus weakening it.

3- Will it start a new upward trend .... may be not as there has been no conclusive exhaustion bar(s) as yet ...such as a long tail pin or bullish reversal outside bar.

Let see how it pans out.
  • #7,435
  • Edited 4:01pm Jul 25, 2010 3:50pm | Edited 4:01pm
Looks like this one is planing to go up at least to resistance above.
Attached Image (click to enlarge)
Click to Enlarge Name: EURAUD-monthly.jpg Size: 98 KB
  • #7,436
  • Jul 25, 2010 3:54pm Jul 25, 2010 3:54pm
Quoting MktScape
Looks like this one is planing to go up at least to resistance above.
well, if we talk price action here, then I would say that the market is undecided, 1st bar showing major indecision by going up and down and then ending up in the middle, 2nd bar being a pin bar suggesting upward momentum and the 3rd bar (bar forming) is right now a reversal bar suggesting downward bias. So, lots of indecision going on right now.

by the way, my 3rd bar looks a bit different than yours, mine has a wick to the upside (that's why I say reversal bar)
  • #7,437
  • Jul 25, 2010 4:01pm Jul 25, 2010 4:01pm
Quoting Custos
well, if we talk price action here, then I would say that the market is undecided, 1st bar showing major indecision by going up and down and then ending up in the middle, 2nd bar being a pin bar suggesting upward momentum and the 3rd bar (bar forming) is right now a reversal bar suggesting downward bias. So, lots of indecision going on right now.

by the way, my 3rd bar looks a bit different than yours, mine has a wick to the upside (that's why I say reversal bar)
what about short term?

How about entering long at the retest of level 1.44500?
Attached Image (click to enlarge)
Click to Enlarge Name: EURAUD-H4-.jpg Size: 121 KB
  • #7,438
  • Jul 25, 2010 4:07pm Jul 25, 2010 4:07pm
Quoting MktScape
what about short term?

How about entering long at the retest of level 1.44500?
yep, short-term I would say up.
  • #7,439
  • Jul 25, 2010 4:20pm Jul 25, 2010 4:20pm
ok ... here is another one.

On monthly .... the last time price came down to this level there were exhaustion bars which started new upward trend ... however this time ... it doesn't look healthy. On monthly it looks like price gapped down and made a measly narrow range upbar nearing the resistance level, which indicates a downward potential.

On H4 i have identified the supply zone and the stop loss at the swing high.

What do you think?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: USDJPY-Monthly.jpg Size: 84 KB
Click to Enlarge Name: USDJPY-H4.jpg Size: 118 KB
  • #7,440
  • Jul 26, 2010 12:04am Jul 26, 2010 12:04am
Here's one I got. NZDUSD H4, though it's entering the supply zone the second time. If this resistance fails, there may other opportunities to short higher up on the larger time frames (0.7400+, 0.7452+).

Just a question on risk management, if I normally plan 1-2% risk per trade, but with several x/USD pairs (EURUSD, AUDUSD, NZDUSD, GBPUSD) all short and USDJPY long, its seems so co-related. What would be a good way to manage this?
Attached Image (click to enlarge)
Click to Enlarge Name: NZDUSD H4.jpg Size: 101 KB
"Instead of hoping he must fear; instead of fearing he must hope."
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