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Trend Trading All Pairs

  • #7,501
  • Jul 30, 2010 12:27am Jul 30, 2010 12:27am
Quoting sloanman
I am trend trading across 32 pairs using a combination of an MA cross, RSI and Stochastics. I only use daily charts and open or close trades at the close of the daily candle.

In my case my broker's day ends at 5:00 PM EST. You can probably guess why that is an issue. A period of low liquidity from 5 to 7PM EST (between New York and Tokyo) causes the spreads to be the highest of the day at that time.

My question is this:...
Hi, first of all I would get gmt charts, where candles close at gmt time. Cause as you probably know, london is the major market in this game and they operate in gmt, thus it makes sense to look at the close of gmt charts.

Secondly, are spreads really widening that much during that time? I don't know since I normally sleep, but I would assume that you get max a 3 to 5 pip higher spread during that time. If you scalp, then the spread is of course too high, but if you shoot for longer-term profits then I wouldn't worry about such an insignificant increase. But you could of course also go with the tokyo/sidney session, if your strategy requires you to have a tight spread, nothing wrong with that. Most of the time the market will do nothing before asia starts.

Yeah, don't place a trade late on friday, you don't know where price can gap to. Well, if you place the trade on sunday you have your spread issue again, not much liquidity in the market, but then you would have to wait for london, since this is the only one providing real liquidity on monday and thus lowering the spread. (just my opinion)

hope that helps.
  • #7,502
  • Jul 30, 2010 12:30am Jul 30, 2010 12:30am
Quoting PiP_JuNkIe
Hey guys and gals - - stumbled upon this thread today and have been browsing around a bit.

I've been studying up on Hector's systems and seriously considering purchasing his course....however,

I'm very interested in this TOUCH TRADE idea that it seems Custos has developed....is there a particular spot in this thread where it is laid out and explained in detail? or is this something you have written down somewhere that I could access too?

thanks for the help
Hi,
I am not so smart to develop something as simple by myself, I also read it somewhere else and then kind of customized it for my purposes.

Here is the thread you should read concerning touch trades:
http://www.forexfactory.com/showthread.php?t=86429

cheers
  • #7,503
  • Jul 30, 2010 12:32am Jul 30, 2010 12:32am
Quoting AndreasF
Hi

I'm not sure on what page the TT are explained in this thread.
However you might find attached Sam Seiden .pdf helpful where he explains such trades in details.

Cheers
Andreas
thanks, that is also a good paper
  • #7,504
  • Jul 30, 2010 7:27am Jul 30, 2010 7:27am
Quoting Custos
Hi,
I am not so smart to develop something as simple by myself, I also read it somewhere else and then kind of customized it for my purposes.

Here is the thread you should read concerning touch trades:
http://www.forexfactory.com/showthread.php?t=86429

cheers
well ... you are smart enough to customize it and then guide newbies to perfect the strategy .
  • #7,505
  • Jul 30, 2010 8:01am Jul 30, 2010 8:01am
Quoting AndreasF
Hi

I'm not sure on what page the TT are explained in this thread.
However you might find attached Sam Seiden .pdf helpful where he explains such trades in details.

Cheers
Andreas
Thanks.
  • #7,506
  • Jul 30, 2010 8:25am Jul 30, 2010 8:25am
Quoting PiP_JuNkIe
Hey guys and gals - - stumbled upon this thread today and have been browsing around a bit.

I've been studying up on Hector's systems and seriously considering purchasing his course....however,

I'm very interested in this TOUCH TRADE idea that it seems Custos has developed....is there a particular spot in this thread where it is laid out and explained in detail? or is this something you have written down somewhere that I could access too?

thanks for the help
I don't know who hector is personally but I would strongly advise not purchasing any trading courses. I doubt you could find anyone who has become a profitable trader by purchasing a course. There is a wealth of free, good information on trading. My advice to you is to stick to price, and avoid indicators. Nothing leads price. You cannot predict where the market will go.
Touch trade is just another method of entry. Some people prefer entering a trade based on confirmation such as a candle pattern, momentum shift, whatever. Some prefer touch trades. The common ground here is that both scenarios look at support and resistance; i.e. pivots. Determining s/r can often have a lot of subjectivity. Do a search and find some pure s/r-based threads to give you an idea. Or just open some charts and start drawing horizontal lines at highs/lows and watch how price reacts to them. Take notes, study your findings, adjust, etc...
Just my two cents.
  • #7,507
  • Jul 30, 2010 8:33am Jul 30, 2010 8:33am
Quoting sloanman
I am trend trading across 32 pairs using a combination of an MA cross, RSI and Stochastics. I only use daily charts and open or close trades at the close of the daily candle.

In my case my broker's day ends at 5:00 PM EST. You can probably guess why that is an issue. A period of low liquidity from 5 to 7PM EST (between New York and Tokyo) causes the spreads to be the highest of the day at that time.

My question is this:...
Personally I don't trade that many pairs because my stuff can get a bit complicated when I break it down. However, it sounds like your broker is a piece of garbage. Usually when people are at crappy brokers it is due to being under leveraged or per bad advice. Stay away from those chop-shop mt4 brokers if you can. You can even open an account with Interactive Brokers for 10k I think, and they have some of the best spreads/liquidity out there.
I do not trade between 5-7 because there is rarely any volatility/volume, and any move worth taking. If price stops at 5pm at a pivot, I will leave the computer and come back around 7 and look for an entry. It's simply not worth hanging around during that time.
  • #7,508
  • Jul 30, 2010 8:37am Jul 30, 2010 8:37am
Agree in full, no need to spend money on purchasing such courses.
In this thread you will find many great charts showing you how it works.
Custos and othes did an excellent job.

You also might google for videos fom Sam Seiden -I can not post the link here since these videos are at another FX forum.


Cheers
Andreas

Quoting randomperson
I don't know who hector is personally but I would strongly advise not purchasing any trading courses. I doubt you could find anyone who has become a profitable trader by purchasing a course. There is a wealth of free, good information on trading. My advice to you is to stick to price, and avoid indicators. Nothing leads price. You cannot predict where the market will go.
Touch trade is just another method of entry. Some people prefer entering a trade based on confirmation such as a candle pattern, momentum shift, whatever. Some prefer touch trades....
  • #7,509
  • Jul 30, 2010 9:18am Jul 30, 2010 9:18am
Quoting randomperson
I don't know who hector is personally but I would strongly advise not purchasing any trading courses....
I agree with randomperson and Andreas, no need to buy a course. I was also one of those course buyers, but honestly, all it taught me was that price & price action is everything.
There are so many good threads in this forum on S/R levels, price action and so on. Just don't waste time on indicators, they don't work and will never work. So if you do some searches here in this forum, you will get all the info you will ever need.

Of course one could argue that in a course the information is presented in a more organized way, but in the end you still gonna read forums and still gonna read the posts of experienced people and try to find what works for you through trial and error.

So, read lots of threads based on price and please forget all the rest which deal with indicators.

cheers
  • #7,510
  • Jul 30, 2010 9:24am Jul 30, 2010 9:24am
Quoting Custos
here a nice opportunity on gbp/cad h1
here an update on gbp/cad. Those damn institutions have been kicking me out of my trade, I would have preferred to see a break to the upside, but still got almost 200 pips out of the trade.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpcad h1 30.7.2010.gif Size: 33 KB
  • #7,511
  • Jul 30, 2010 9:46am Jul 30, 2010 9:46am
I was speaking of the importance of the session a couple of days ago. Well, I did some testing, not scientific or anything, would need a lot more trades to get a real analysis.

What we need to realize is that london is so forceful and strong, that it really tends to break levels. It's actually quite simple, but didn't think of that before for some reason. (Maybe because I wanted to trade during london).

My conclusion, touch trading for h1 and higher should be done from around end of london to around beginning of london. So second part of ny and asian session are mostly okay for that. The london session itself is good for momentum trading strategies but really bad for touch trading.

Hope that helps

cheers
  • #7,512
  • Jul 30, 2010 9:57am Jul 30, 2010 9:57am
gbp/jpy setting up a daily pinbar at a support level. let's see if it wants to go higher next week.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy d1 30.7.2010.gif Size: 39 KB
  • #7,513
  • Jul 30, 2010 9:59am Jul 30, 2010 9:59am
haha, and what is up with gbp/chf, that one has some pretty crazy momentum, but can't decide on direction it seems (from a daily chart perspective)
  • #7,514
  • Jul 30, 2010 10:06am Jul 30, 2010 10:06am
Quoting Custos
gbp/jpy setting up a daily pinbar at a support level. let's see if it wants to go higher next week.
similar picture on usd/jpy daily. sitting at a support level with a big pinbar. Kind of made a double or even triple bottom. I also would expect an upmove there.
Attached Image (click to enlarge)
Click to Enlarge Name: usdjpy d1 30.7.2010.gif Size: 40 KB
  • #7,515
  • Jul 30, 2010 11:43am Jul 30, 2010 11:43am
Quoting Custos
similar picture on usd/jpy daily. sitting at a support level with a big pinbar. Kind of made a double or even triple bottom. I also would expect an upmove there.
pretty solid hammer .... does appear to be heading upward.
  • #7,516
  • Jul 30, 2010 12:05pm Jul 30, 2010 12:05pm
Quoting Custos
I was speaking of the importance of the session a couple of days ago. Well, I did some testing, not scientific or anything, would need a lot more trades to get a real analysis.

What we need to realize is that london is so forceful and strong, that it really tends to break levels. It's actually quite simple, but didn't think of that before for some reason. (Maybe because I wanted to trade during london).

My conclusion, touch trading for h1 and higher should be done from around end of london to around beginning of london. So second part of ny...
Hmm ... interesting observation .... London session starts at 3:00 AM therefore i cant be up at that time so i am kind of unaffected by the momentum.
  • #7,517
  • Jul 30, 2010 4:25pm Jul 30, 2010 4:25pm
Quoting Custos
similar picture on usd/jpy daily. sitting at a support level with a big pinbar. Kind of made a double or even triple bottom. I also would expect an upmove there.
okay, forget that usd/jpy daily pinbar, turned out to close lower, now not sure what usd/jpy is up to.
  • #7,518
  • Jul 30, 2010 4:55pm Jul 30, 2010 4:55pm
Quoting NightMoves
Remember earlier that I was saying that round numbers play an important role on this system as they are used for targets, stop losses...etc my grid is set up to show only those numbers here is indicator for that if you want the grid indicator let me know and I will post it with a screen shot showing the settings.
The post in this thread (posting #24) purportedly contained an attached downloadable MT4 indicator by the name of Grid.ex4.

However, all attempts to DL it have been fruitless resulting in a PHP file, which of course will not work in MT4 as an indicator.

Does anybody here reading this thread know of a source for that indicator or one like it?

Thanks in advance,
Rich
  • #7,519
  • Jul 30, 2010 5:03pm Jul 30, 2010 5:03pm
Quoting Abinadi
The post in this thread (posting #24) purportedly contained an attached downloadable MT4 indicator by the name of Grid.ex4.

However, all attempts to DL it have been fruitless resulting in a PHP file, which of course will not work in MT4 as an indicator.

Does anybody here reading this thread know of a source for that indicator or one like it?

Thanks in advance,
Rich
not sure what you talk about. I tried it just now, can perfectly download that indicator from that post.

cheers
  • #7,520
  • Jul 30, 2010 5:23pm Jul 30, 2010 5:23pm
Quoting Custos
not sure what you talk about. I tried it just now, can perfectly download that indicator from that post.

cheers
Well, I have tried the DL on five different browsers and in each case it downloads a file named

attachment.php

Now I have had years of experience with MT4 and I can tell you that a file like that is not going to work as an indicator.

So I appreciate your effort and your posting but I still do not have an answer.

Anybody else got an idea?

Rich
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