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  • #7,541
  • Aug 2, 2010 3:14am Aug 2, 2010 3:14am
It seems to me that eurgbp on the daily chart can be ready for another move to the downside. If the breakout is confirmed, I intend to go short.

Have to wait and see.
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  • #7,542
  • Aug 2, 2010 3:20am Aug 2, 2010 3:20am
But the session timing goes with all trading techniques, not only for the touch trades we do here. Any technique you come across will normally work better in one session than another. And also that is sometimes pair specific. Well, except if you trade off the daily, then the session doesn't matter.

For example, the trading technique I described last week is essentially a momentum strategy. If you trade that one below the daily time-frame, it will work best at the start of london, since we want momentum.

Anyways, I really suggest you to always consider which session could be best for each strategy. I didn't pay attention to that for a long time (unfortunately), but I think it can save you a lot of money.
  • #7,543
  • Aug 2, 2010 3:32am Aug 2, 2010 3:32am
Yes, we really should avoid touch trades on shorter TF during London.
Lesson learnt

BTW: the GJ trade looks nice

Cheers
Andreas
  • #7,544
  • Aug 2, 2010 3:40am Aug 2, 2010 3:40am
Quoting AndreasF
Yes, we really should avoid touch trades on shorter TF during London.
Lesson learnt

BTW: the GJ trade looks nice

Cheers
Andreas
yep, if you are in it, be sure to take some off at the close of the daily candle, at least that's how I will do it.

cheers
  • #7,545
  • Aug 2, 2010 4:05am Aug 2, 2010 4:05am
Yes, I also have not planned on holding this trade for a long time.
As long as GU is at a supply level GJ probably will have a hard time to move much higher?

Cheers
Andreas

Quoting Custos
yep, if you are in it, be sure to take some off at the close of the daily candle, at least that's how I will do it.

cheers
  • #7,546
  • Aug 2, 2010 4:45am Aug 2, 2010 4:45am
Quoting AndreasF
Yes, I also have not planned on holding this trade for a long time.
As long as GU is at a supply level GJ probably will have a hard time to move much higher?

Cheers
Andreas
good reasoning. But I think it is best to not assume anything. As you saw I went short on ej and long gj, which are highly correlated. If I had to choose among those two setups, I for sure would have chosen the unprofitable one .
Thus I don't assume anything, if I see a buy on my charts I buy, if a sell then I sell, no matter how the other pairs look like.

Otherwise, if you try to get confirmation from every correlated pair, you will end up not trading at all or overanalyzing.

Keep it simple, that's the message. Trading is already difficult enough.

But again, this is just my belief right now, don't call me on that in half a year, cause I might have changed my opinion by then


EDIT: and I forgot to mention, don't close out the whole position on the gj, leave a runner on. You gotta learn to hold positions, even if they are small.
  • #7,547
  • Aug 2, 2010 4:50am Aug 2, 2010 4:50am
Thanks, Custos
Agree in full and will work on it -excellent advice

Cheers
Andreas


Quoting Custos
good reasoning. But I think it is best to not assume anything. As you saw I went short on ej and long gj, which are highly correlated. If I had to choose among those two setups, I for sure would have chosen the unprofitable one .
Thus I don't assume anything, if I see a buy on my charts I buy, if a sell then I sell, no matter how the other pairs look like.

Otherwise, if you try to get confirmation from every correlated pair, you will end up not trading at all or overanalyzing.

Keep it simple, that's the message. Trading is already difficult...
  • #7,548
  • Aug 2, 2010 5:08am Aug 2, 2010 5:08am
would have been a good touch trade: usd/jpy h1

but again, I don't trade london, and it will be likely that later usd/jpy will just break through.

cheers
Attached Image (click to enlarge)
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  • #7,549
  • Edited 5:48am Aug 2, 2010 5:34am | Edited 5:48am
Quoting Custos
hehe, already wondered where everybody went

well,
1. not sure what you mean with pullback there. it should go to a major S/R level (my pink areas), then will probably sit there for a while. Then we wanna see price breaking the minor S/R level (my blue lines) created by price sitting there.
2. yes, that's basically it. Again I would just search for the minor S/R level to break.

makes more sense?
Hi Custos
Here is the chart to illustrate my point 1
the main chart is Daily and the enlarge portions are H4.
cheers
Attached Image (click to enlarge)
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  • #7,550
  • Aug 2, 2010 5:49am Aug 2, 2010 5:49am
Quoting A 5
Hi Custos
Here is the chart to illustrate my point 1
the main chart is Daily and the enlarge portions are H4.
cheers
If I understand correclty, I think you mean the same as me. For me that pullback on the lower tf, is just a range being created, or a smaller S/R level on the daily. I see it as level creation.

cheers
  • #7,551
  • Aug 2, 2010 7:19am Aug 2, 2010 7:19am
Hi All ,

I am interested in touch trades by custos and after reading the treads , still don't understand . can you help by posting a few simple charts .

Thanks
  • #7,552
  • Aug 2, 2010 9:53am Aug 2, 2010 9:53am
Welcome, Sunny

Please have a look at attached chart from Sam Seiden.
The explaination provided in this chart should help you to understand the method better.

Please drop a line if you need more info.

Cheers
Andreas


Quoting sunny17
Hi All ,

I am interested in touch trades by custos and after reading the treads , still don't understand . can you help by posting a few simple charts .

Thanks
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  • #7,553
  • Aug 2, 2010 9:57am Aug 2, 2010 9:57am
Quoting AndreasF
It looks like GBPUSD has an opportunity for a touch trade on D1.
With an Supply level sitting on top I will risk a 1% trade

Cheers
Andreas
blew right through it, london momentum, very dangerous
  • #7,554
  • Aug 2, 2010 9:58am Aug 2, 2010 9:58am
Quoting annis
It seems to me that eurgbp on the daily chart can be ready for another move to the downside. If the breakout is confirmed, I intend to go short.

Have to wait and see.
sorry, I missed your post. Yes, eurgbp is a sell for me too, already short with two positions.
  • #7,555
  • Aug 2, 2010 10:01am Aug 2, 2010 10:01am
Quoting sunny17
Hi All ,

I am interested in touch trades by custos and after reading the treads , still don't understand . can you help by posting a few simple charts .

Thanks
instead of reinventing the wheel I will refer you to this thread: http://www.forexfactory.com/showthread.php?t=86429

All you need to know about touch trades is in this thread. Also, as Andreas pointed out, Sam Seiden is another good resource.

Hope that helps.
  • #7,556
  • Aug 2, 2010 10:14am Aug 2, 2010 10:14am
Yes, I sold way too earlier.
From what I see best time for reversals/exhaustions seem to be during New York lunch?

Cheers
Andreas

Quoting Custos
blew right through it, london momentum, very dangerous
  • #7,557
  • Aug 2, 2010 10:21am Aug 2, 2010 10:21am
Quoting AndreasF
Yes, I sold way too earlier.
From what I see best time for reversals/exhaustions seem to be during New York lunch?

Cheers
Andreas
hm, let's say that's the starting point for reversals, but I think they can come later as well.
  • #7,558
  • Aug 2, 2010 10:29am Aug 2, 2010 10:29am
Thanks all for prompt reply . can please post some touch trade charts while I try to understand the threads you all suggested .

Thanks
  • #7,559
  • Aug 2, 2010 10:54am Aug 2, 2010 10:54am
you gotta love these. eur/gbp m15

Trendline coming down, trendline leading up, nice horizontal level and a nice strong move away from the level.
Attached Image (click to enlarge)
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  • #7,560
  • Aug 2, 2010 11:05am Aug 2, 2010 11:05am
I missed this one completely
Nice entry!

Cheers
Andreas

Quoting Custos
you gotta love these. eur/gbp m15

Trendline coming down, trendline leading up, nice horizontal level and a nice strong move away from the level.
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