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Trend Trading Chart Thread

  • #1,981
  • Aug 12, 2010 2:52am Aug 12, 2010 2:52am
Quoting coolshades
same boat. are you using low of pin as stop? or something else?

hope it yields is gazillion pips to buy a planet.
I am in on that as well (happy to buy the moon i think ) my sl is @ 8500.
Also in eurchf long from 4h charts @ 3600.
  • #1,982
  • Aug 12, 2010 4:59am Aug 12, 2010 4:59am
Hi Guys & Girls,

I have been reading this thread for the past week and trying to get to grips with the system (it seems like a good logical system).

I am struggling with a few things at this second though and was hoping you guys could clarify a few points?

1: Lets say you draw a trendling but for price to reach the 50% retracement it would have to breach the trendline, would you still consider this a trade or would you instead discount this opportunity as the trendline had been breached even though all other factors were there?

2: Would you consider a second or thrid trade off of the same 50% retracement line? For example price took off, you made some profit and then got taken out and then price came back to the same 50% line (assuming a new high had not been made that is)

3: I have a ttached an image to illustrate my next question but it is with regards to the Fibs and where to draw them. If you see the chart below there are two options, the first is from the longer term low to the high which would mean price is now bouncing off of the 50%... or does it need to be only the most recent swing?

I look forward to your comments.

Thanks
Attached Image (click to enlarge)
Click to Enlarge Name: FF1.jpg Size: 296 KB
  • #1,983
  • Aug 12, 2010 5:29am Aug 12, 2010 5:29am
Hi,

Here is a chart that I am currently looking at and will consider trading a bounce off of.

Does this look like a valid trade to you guys? Am I getting this right?

Also do you all still trade the 4hrs? or have you all switched to the Daily as per the March update?

I also saw a few references to trading the 15 minutes? Is that trading the same system 50% retracements?

Please let me know your thoughts.

Thanks
Attached Image (click to enlarge)
Click to Enlarge Name: FF2.jpg Size: 134 KB
  • #1,984
  • Aug 12, 2010 5:34am Aug 12, 2010 5:34am
was that off the h4 pin bar?

Quoting bez3000
I am in on that as well (happy to buy the moon i think ) my sl is @ 8500.
Also in eurchf long from 4h charts @ 3600.
  • #1,985
  • Aug 12, 2010 6:34am Aug 12, 2010 6:34am
Hi Dan,
U/J long on the pin.
Not really our style here, but looks good.
first target for me 86.250
CP
  • #1,986
  • Aug 12, 2010 7:28am Aug 12, 2010 7:28am
Quoting coolshades
was that off the h4 pin bar?
UJ daily pin, eurchf TL touch with trend failed so not a good trade.
  • #1,987
  • Aug 12, 2010 7:30am Aug 12, 2010 7:30am
Quoting PipRiderFX
Hi,

Here is a chart that I am currently looking at and will consider trading a bounce off of.

Does this look like a valid trade to you guys? Am I getting this right?

Also do you all still trade the 4hrs? or have you all switched to the Daily as per the March update?

I also saw a few references to trading the 15 minutes? Is that trading the same system 50% retracements?

Please let me know your thoughts.

Thanks
No the 15m system is found http://www.forexfactory.com/showthread.php?t=243846
and is seperate from this system.
My gu chart looks the same as your and i have entered long at the 50% fib on the TL.
  • #1,988
  • Aug 12, 2010 8:13am Aug 12, 2010 8:13am
I am curently trading:

uj long of daily pin
gu long of 50% and TL touch
ea long of 1.4300 strong S&R level on 4h chart
usdchf short of 4h pin @ 1.0620 area.
Lets see what happens.
  • #1,989
  • Aug 12, 2010 8:27am Aug 12, 2010 8:27am
am only in on usdjpy daily pin and usdcad weekly pin.

Quoting bez3000
I am curently trading:

uj long of daily pin
gu long of 50% and TL touch
ea long of 1.4300 strong S&R level on 4h chart
usdchf short of 4h pin @ 1.0620 area.
Lets see what happens.
  • #1,990
  • Aug 12, 2010 8:33am Aug 12, 2010 8:33am
Quoting coolshades
am only in on usdjpy daily pin and usdcad weekly pin.
Think i am probably over trading, its something i think i will have to look at.
  • #1,991
  • Aug 12, 2010 11:51am Aug 12, 2010 11:51am
Quoting bez3000
I am curently trading:

uj long of daily pin
gu long of 50% and TL touch
ea long of 1.4300 strong S&R level on 4h chart
usdchf short of 4h pin @ 1.0620 area.
Lets see what happens.

hi Bez


i was just thinking whether you entered to early on GU? personally am waiting for price to bounce off 50% level and TL which in this case it has, and then start to show signs of moving back up and the enter just above the physiological e.g 5600 level

would that be a safer bet?

sorry if i sound like i am bashing the way you trade am just a newbie looking for comments from the more experienced traders like yourself

thanks
sohail
Attached Image (click to enlarge)
Click to Enlarge Name: gu.gif Size: 34 KB
  • #1,992
  • Aug 12, 2010 1:27pm Aug 12, 2010 1:27pm
I also have not entered this trade yet. I am waiting for a meaningful bounce, a leaning "W" type setup to confirm.

By the way there are setups also occuring on the EUR/USD, AUD/USD and NZD/USD as we speak although I am thinking it is probably worth waiting until after the NZD retail sales release before entering on the NZD/USD trade.

What do you guys think?
  • #1,993
  • Aug 12, 2010 1:31pm Aug 12, 2010 1:31pm
i am entering ONLY on pa, either an engulfing bar or pin on trend levels. i took an idiotic trade on euro as a touch trade at 3000 yesterday, was carried away a bit. lucklily, my impulse trades have reduced a lot over the last few months.

Quoting Sohail786
hi Bez


i was just thinking whether you entered to early on GU? personally am waiting for price to bounce off 50% level and TL which in this case it has, and then start to show signs of moving back up and the enter just above the physiological e.g 5600 level

would that be a safer bet?

sorry if i sound like i am bashing the way you trade am just a newbie looking for comments from the more experienced traders like yourself

thanks
sohail
  • #1,994
  • Aug 12, 2010 1:48pm Aug 12, 2010 1:48pm
Quoting Sohail786
hi Bez


i was just thinking whether you entered to early on GU? personally am waiting for price to bounce off 50% level and TL which in this case it has, and then start to show signs of moving back up and the enter just above the physiological e.g 5600 level

would that be a safer bet?

sorry if i sound like i am bashing the way you trade am just a newbie looking for comments from the more experienced traders like yourself

thanks
sohail
You are correct i did enter early on this one and i tend to wait for PA when i am not as impatient. But after saying that when it looks good it looks good! At 50% Fib and S&R/Double bottom and TL touch i thought it looked a good trade so entered at 5600 SL 5500 if 5500 gets taken out that will be the TL and S&R level broken so might signal shorts. I think if it had only had the 50%fib and TL or S&R and TL i like to think i would have waited for a PA signal (but who knows).
So yes i should have waited but looked to good to miss and got impatient, something i am working on.
  • #1,995
  • Aug 12, 2010 1:50pm Aug 12, 2010 1:50pm
Quoting coolshades
i took an idiotic trade on euro as a touch trade at 3000 yesterday, was carried away a bit. lucklily, my impulse trades have reduced a lot over the last few months.
I took the same idiotic trade on euro as a touch @ 3000 man i am gutted.
  • #1,996
  • Aug 12, 2010 2:35pm Aug 12, 2010 2:35pm
Quoting bez3000
I took the same idiotic trade on euro as a touch @ 3000 man i am gutted.
Why was it an idiotic trade? Surely you had reason to trade at that level... so long as it wasn't a guess then just because you took a loss does not make it idiotic. It just makes it a loss. Losses happen.

I didn't see any warning to suggest that the Euro was going to plummet 500 pips this week so don't feel bad.
  • #1,997
  • Aug 12, 2010 3:52pm Aug 12, 2010 3:52pm
Actually it's me who called it idiotic and that's because I don't do touch trades

Quoting DanUK
Why was it an idiotic trade? Surely you had reason to trade at that level... so long as it wasn't a guess then just because you took a loss does not make it idiotic. It just makes it a loss. Losses happen.

I didn't see any warning to suggest that the Euro was going to plummet 500 pips this week so don't feel bad.
  • #1,998
  • Aug 12, 2010 4:06pm Aug 12, 2010 4:06pm
i have a pending short at 4500 with tp of 3500 and more. there was a bearish pin two days back, but yest was a bullish bar. however today again there has been a bearish engulfing bar, so on the strength of these two....
  • #1,999
  • Aug 12, 2010 4:09pm Aug 12, 2010 4:09pm
hmm cant see anything on euro.. on aud, lets see a h4 close above 9000 fr me.

Quoting PipRiderFX
I also have not entered this trade yet. I am waiting for a meaningful bounce, a leaning "W" type setup to confirm.

By the way there are setups also occuring on the EUR/USD, AUD/USD and NZD/USD as we speak although I am thinking it is probably worth waiting until after the NZD retail sales release before entering on the NZD/USD trade.

What do you guys think?
  • #2,000
  • Aug 12, 2010 5:17pm Aug 12, 2010 5:17pm
G/U I have 50 fibo at 1.5540 and day piv at 1.5520
That is some down trend.
On the week chart outside bar Bearish Engulfing.
I will wait for pa on this.
CP
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