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Trend Trading All Pairs

  • #7,601
  • Aug 3, 2010 10:10am Aug 3, 2010 10:10am
Quoting Custos
hm, yes, that's a good "guideline". I say guideline here, because I would say trend change is always a grey area. Sometimes it's easier to recognise a trend-change than other times. So, yes, a good guideline.
Anyways, everything in trading should just be a guideline, those hard rules almost always have lots of exceptions.

Yeah, the second rule / guideline is also important I think, it comes down to historical significance again. We need to see how people reacted in the past to "predict" how they could act in the future.

good rules mktscape...
As I like visual clues therefore I am tempted to add at least one 30 period MA and if price is holding above it then the trend bias should be in the direction of the MA.
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  • #7,602
  • Aug 3, 2010 10:17am Aug 3, 2010 10:17am
Quoting MktScape
As I like visual clues therefore I am tempted to add at least one 30 period MA and if price is holding above it then the trend bias should be in the direction of the MA.
yep, MA's are one of the "good" indicators. If it helps you, then go for it
  • #7,603
  • Aug 4, 2010 3:17am Aug 4, 2010 3:17am
short eur/gbp h4. why? bounce off of a resistance level. And london started.
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  • #7,604
  • Aug 4, 2010 3:50am Aug 4, 2010 3:50am
Hi Custos

Thanks for the alert.
EG is now again at the same level where I sold it on Monday

Cheers
Andreas

Quoting Custos
short eur/gbp h4. why? bounce off of a resistance level. And london started.
  • #7,605
  • Aug 4, 2010 3:58am Aug 4, 2010 3:58am
Quoting Custos
short eur/gbp h4. why? bounce off of a resistance level. And london started.
oh well, stopped out, can't win them all
  • #7,606
  • Aug 4, 2010 4:01am Aug 4, 2010 4:01am
Quoting AndreasF
Hi Custos

Thanks for the alert.
EG is now again at the same level where I sold it on Monday

Cheers
Andreas
I would be careful now shorting the eur/gbp, that was a strong upmove on the hourly.
  • #7,607
  • Aug 4, 2010 4:25am Aug 4, 2010 4:25am
Thanks, Custos

I will watch it close


Quoting Custos
I would be careful now shorting the eur/gbp, that was a strong upmove on the hourly.
  • #7,608
  • Aug 4, 2010 9:57am Aug 4, 2010 9:57am
Entered long on audusd at 0.9176, however, got stopped out during the same hour. I guess that the news from US along with a too tight stop made this a losing trade.

BTW, I have closed my gbpcad trade at break even, since nothing was happening there. Good that I did since the cad also seem to have reacted to the news.
  • #7,609
  • Aug 4, 2010 10:03am Aug 4, 2010 10:03am
Hi Annis

what was the reason you went long on AU?
You bought after a long rally and direct into a supply zone on D1 -that is risky.

Cheers
Andreas


Quoting annis
Entered long on audusd at 0.9176, however, got stopped out during the same hour. I guess that the news from US along with a too tight stop made this a losing trade.

BTW, I have closed my gbpcad trade at break even, since nothing was happening there. Good that I did since the cad also seem to have reacted to the news.
  • #7,610
  • Aug 4, 2010 10:07am Aug 4, 2010 10:07am
Quoting annis
Entered long on audusd at 0.9176, however, got stopped out during the same hour. I guess that the news from US along with a too tight stop made this a losing trade.

BTW, I have closed my gbpcad trade at break even, since nothing was happening there. Good that I did since the cad also seem to have reacted to the news.
This trade (aud/usd) was not a loss because of a tight stop or because of the news. It was a loss because you bought into resistance.
Again, I recommend you zooming out before you enter any trade. Find all major S/R levels and trend-lines. And as you see, you bought right into resistance, that was the reason for the loss. You have to get your analysis tighter. Begin with monthly and go down to whatever time-frame is your lowest time-frame and mark up everything important on the chart.
Anyways, just my suggestion.
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  • #7,611
  • Aug 4, 2010 10:24am Aug 4, 2010 10:24am
Quoting AndreasF
Hi Annis

what was the reason you went long on AU?
You bought after a long rally and direct into a supply zone on D1 -that is risky.

Cheers
Andreas
yep, I also see a strong resistance level there, would actually have been good for a short entry.

well spotted
  • #7,612
  • Aug 4, 2010 10:36am Aug 4, 2010 10:36am
AU broke down from around 0.9172.
Should price revisit this level I will risk a short scalp trade on M5


Quoting Custos
yep, I also see a strong resistance level there, would actually have been good for a short entry.

well spotted
  • #7,613
  • Aug 4, 2010 11:01am Aug 4, 2010 11:01am
Quoting AndreasF
AU broke down from around 0.9172.
Should price revisit this level I will risk a short scalp trade on M5
yeah, it is good for a scalp, cause I still think au is up long-term. So sooner or later it will continue the upmove. But just my opinion.
  • #7,614
  • Aug 4, 2010 11:11am Aug 4, 2010 11:11am
Quoting Abinadi
Usually trade without an entered stop. Hate to be swept up by the hedge funds. Planned for breathing room on this one is the top of my S/R zone of 1.6400B + spread + small FF (fudge factor).

Catastrophic/mental stop (for an unattended trade) is 1.6565, but I really am not in trading to lose to stops. Just pick my entries very selectively. And if it goes against me, that's OK because I have confidence in my direction. I give it room to breathe so it is free to threaten me all it wants.

I monitored this one very close for the first hour (in...
GBPCAD short trade now closed for a very tidy 173p profit. In at 1.6350 out at 1.6177. Nice way to wake up this morning.
  • #7,615
  • Aug 4, 2010 11:13am Aug 4, 2010 11:13am
Quoting Abinadi
GBPCAD short trade now closed for a very tidy 173p profit. In at 1.6350 out at 1.6177. Nice way to wake up this morning.
well done, man!
  • #7,616
  • Aug 4, 2010 11:53am Aug 4, 2010 11:53am
Hi Custos

USDCAD is visiting its demand level on D1 for the 2nd time.
Would you take the trade?

Please advice

Thanks
Andreas
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  • #7,617
  • Aug 4, 2010 12:04pm Aug 4, 2010 12:04pm
Quoting AndreasF
Hi Custos

USDCAD is visiting its demand level on D1 for the 2nd time.
Would you take the trade?

Please advice

Thanks
Andreas
yeah, I think it's okay to take that one, but be aware that we are in a massive downtrend, you are trading the pullback here.
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  • #7,618
  • Edited 12:29pm Aug 4, 2010 12:11pm | Edited 12:29pm
Thanks, Custos
Next thing I have to learn is how to draw trendlines in such a clear and transparent way like you do

Cheers
Andreas

Quoting Custos
yeah, I think it's okay to take that one, but be aware that we are in a massive downtrend, you are trading the pullback here.
  • #7,619
  • Aug 4, 2010 2:38pm Aug 4, 2010 2:38pm
Quoting AndreasF
Hi Annis

what was the reason you went long on AU?
You bought after a long rally and direct into a supply zone on D1 -that is risky.

Cheers
Andreas
Thanks for replying, both Andreas and Custos. I definitely see your point when zooming out more and looking more extensively on the longer time frames. Any thoughts on the graph below (besides that this is what I should have done prior to entering any trade)? I've mimicked your way of highlighting, Custos, think that works well.
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  • #7,620
  • Aug 4, 2010 11:30pm Aug 4, 2010 11:30pm
Quoting annis
Thanks for replying, both Andreas and Custos. I definitely see your point when zooming out more and looking more extensively on the longer time frames. Any thoughts on the graph below (besides that this is what I should have done prior to entering any trade)? I've mimicked your way of highlighting, Custos, think that works well.
yep, that looks in my opinion. well done
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