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Trend Trading All Pairs

  • #7,681
  • Aug 15, 2010 6:51am Aug 15, 2010 6:51am
Quoting AndreasF
Thanks, Custos.
Looks we have many nice setups at week opening.

What do you think about shorting GBPNZD on D1?
It touched supply zone and the weekly is in a downtrend....
sorry, I don't have that pair with my broker, thus cannot comment on it, but looks okay for me on first sight.
  • #7,682
  • Aug 15, 2010 1:39pm Aug 15, 2010 1:39pm
Amazing I think I have found the thread with people that trade more or less identically to me!

There are many pages to this thread so I have not read them all yet however from what I have read you guys trade with the trend, waiting for pull backs to key support and resistance levels which are located around other fibs, trend lines etc do I have it about right?

I am so excited to have found this I must sound really geeky!

I also trade this way, in fact I learnt the methods from Hectors course a good while back. Has everyone else here seen the same course by Hector? How is it working for you guys?

It seems that you have altered the setups slightly... you don't trade the 1-2-3 reversals around the levels instead you go for a straight touch? Is that right? Is it possible to describe your entry criteria anymore? and maybe let me know why you decided to move to this, since I find the 1-2-3's work well most of the time.

Also have you made any other changes that I can learn from?

Thanks guys for your help and I hope its ok for me to become a fellow contributor to this thread :-)
  • #7,683
  • Aug 15, 2010 2:04pm Aug 15, 2010 2:04pm
Quoting PipRiderFX
Amazing I think I have found the thread with people that trade more or less identically to me!

There are many pages to this thread so I have not read them all yet however from what I have read you guys trade with the trend, waiting for pull backs to key support and resistance levels which are located around other fibs, trend lines etc do I have it about right?
yep, that is still the main focus here, but sometimes I also like to range trade or counter-trend trade.
Quoting PipRiderFX
I am so excited to have found this I must sound really geeky!
haha, glad you are excited

Quoting PipRiderFX
I also trade this way, in fact I learnt the methods from Hectors course a good while back. Has everyone else here seen the same course by Hector? How is it working for you guys?
yep, a really long time ago I also did that course, actually he got me into dropping all my indicators.

Yeah, I guess his original method is still working out well, but I moved on to touch trades.
Quoting PipRiderFX
It seems that you have altered the setups slightly... you don't trade the 1-2-3 reversals around the levels instead you go for a straight touch? Is that right? Is it possible to describe your entry criteria anymore? and maybe let me know why you decided to move to this, since I find the 1-2-3's work well most of the time.
well, several reasons. but biggest reason is the low R:R compared to touch trades. 1-2-3 have a R:R of 1:1 to 3:1 I guess, whereas with touch trades it mostly starts with an R:R of 5:1 or much more.
Second reason, 1-2-3's tend to fake-out sometimes, at least I have experienced that quite often price triggered my entry only to reverse back (maybe I was doing them wrong ).
Third reason, time-efficiency. I just mark up the levels and put in limit orders, for 1-2-3's I have to wait for the trendline break and hopefully am around the computer to get the right entry and stop.
But nonetheless, his method is still very valid and has a very good positive expectancy, I just like my touch trades more.

Entry criteria: find obvious horizontal levels in conjunction with fibs & trendlines and maybe round numbers. I've found that it's best to enter before or after london as the levels tend to hold better in the other sessions, but that's a personal thing. Other than that, go to that thread: http://www.forexfactory.com/showthread.php?t=86429

That is the basic methodology and rules I follow.

Quoting PipRiderFX
Also have you made any other changes that I can learn from?

Thanks guys for your help and I hope its ok for me to become a fellow contributor to this thread :-)
well, some slight changes, but important is still S/R levels, finding out if the market is ranging or trending and preferably trade in direction of the trend.

But anyways, also good old hector setups are welcome, anything that goes with trend trading.

You are very welcome as a new contributor on this thread!
  • #7,684
  • Aug 15, 2010 2:21pm Aug 15, 2010 2:21pm
Evening guys!
First time poster in this thread. Some great info here!
Here's my plan for the the next week or two.
I trade support and resistance, trend lines and occasionally fib levels but most importantly fundamentals

Hope you have a great week and many green pips

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  • #7,685
  • Aug 15, 2010 2:29pm Aug 15, 2010 2:29pm
Quoting fosking
Evening guys!
First time poster in this thread. Some great info here!
Here's my plan for the the next week or two.
I trade support and resistance, trend lines and occasionally fib levels but most importantly fundamentals

Hope you have a great week and many green pips

Attachment
yep, agree on that. your levels look pretty good. Your first target is in my opinion a bit too high, the better support is at 1.2450. Just my opinion.

Oh and if you could next time write besides the time-frame also the name of the pair it would be awesome. Otherwise it's a pain in the a.. to search which pair you mean.

cheers
And also welcome to the thread!

(by the way for the readers, that is the eur/usd h4 chart he talks about)
  • #7,686
  • Aug 15, 2010 2:35pm Aug 15, 2010 2:35pm
Quoting Custos
yep, agree on that. your levels look pretty good. Your first target is in my opinion a bit too high, the better support is at 1.2450. Just my opinion.

Oh and if you could next time write besides the time-frame also the name of the pair it would be awesome. Otherwise it's a pain in the a.. to search which pair you mean.

cheers
And also welcome to the thread!
Thank you,
The pair is EUR/USD on 4hr time frame.
I meant to put both the TF and pair in the title but just put the TF sorry.

  • #7,687
  • Aug 15, 2010 2:40pm Aug 15, 2010 2:40pm
Quoting Custos
Hi,
weekend is always thinking time for me . So I was thinking, if we can use the TT's for precision entries to get the best price in retraces, why can't we use them for breakouts.

I attached a pic of the idea. Find a strong level, then look at the session (should be london session). Enter a couple of pips above the level with stop a couple of pips below the level. In theory price should not come back below the level at least in the current session. Of course one could just wait for price to retrace back, but when will that happen again? In...
Custos,
A few follow-up questions/comments:
1- For a breakout to occur shouldn't the level be weak or should it be strong?
2- Since professionals fade the breakouts there entering on the breakout itself would potentially means getting stopped out more often ...what do you think?
3- I was thinking that in those cases where price doesn't come back exactly to the previous level (i mean it does pullback but very shallow) there why
not enter at the breakout of that level in this way we would have more background info on the strength of the up move ?
4- What do you think about picking consolidation based breakouts in the trend direction? This consolidation can occur on a shorter time-frame as well.

ciao

PS: sorry i was out of scene for last week or so ....going crazy with office & home ...working to get back on track ...but i did missed some good action last week.
  • #7,688
  • Aug 15, 2010 2:49pm Aug 15, 2010 2:49pm
Short term h4 & daily trend is up therefore how about going long at the identified level?
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  • #7,689
  • Aug 15, 2010 2:57pm Aug 15, 2010 2:57pm
Quoting MktScape
Custos,
A few follow-up questions/comments:
1- For a breakout to occur shouldn't the level be weak or should it be strong?
maybe I used a wrong word here. I mean an obvious level, preferably one that has been touched a lot of times lately.
Quoting MktScape
2- Since professionals fade the breakouts there entering on the breakout itself would potentially means getting stopped out more often ...what do you think?
well, that is the question, if we have london session (liquidity) and an obvious, weak level, the break could be hard and price never come back. And for getting stopped out. Well, we don't wanna enter at the level, but beyond the level. If we enter beyond the level, it is more likely that the thrust was an actual breach and not just a fade off the level. Also I think once the level is flipped price will have a hard time coming back through the level if it decides to retrace.
Quoting MktScape
3- I was thinking that in those cases where price doesn't come back exactly to the previous level (i mean it does pullback but very shallow) there why
not enter at the breakout of that level in this way we would have more background info on the strength of the up move ?
not exactly sure what you mean here. Yeah, I came up with the breakout idea to diversify strategies and to get into the trades which don't retrace.

Quoting MktScape
4- What do you think about picking consolidation based breakouts in the trend direction? This consolidation can occur on a shorter time-frame as well.
yeah, but you have to see if a strong level is nearby, cause it might just break through consolidation and then touch a strong level and retrace all the way back and stop you out.
Furthermore, you gotta be sure that the level is broken, thus I would mark all wicks which are at consolidation level, and enter below the lowest (for breakout to the downside), so you can be fairly certain that this will really break. Also session is so important, Only do that during london, preferably the first 2 or 3 hours.


Quoting MktScape
ciao

PS: sorry i was out of scene for last week or so ....going crazy with office & home ...working to get back on track ...but i did missed some good action last week.
no problem man, glad you are back!

but this is just an idea, not tested at all!
  • #7,690
  • Aug 15, 2010 3:06pm Aug 15, 2010 3:06pm
Quoting MktScape
Short term h4 & daily trend is up therefore how about going long at the identified level?
It is a very good level, lots of touches and so on. But the much higher probability trade in my opinion is at the 50% retrace & fib level at around 0.8775.

But it might not go there, so let's see what happens.
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  • #7,691
  • Aug 15, 2010 3:16pm Aug 15, 2010 3:16pm
AU may hold this line...
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  • #7,692
  • Aug 15, 2010 3:22pm Aug 15, 2010 3:22pm
Quoting dfptommyj
AU may hold this line...
hm, it may, but do you see the big down momentum bar? it was the largest in the last 10 bars, meaning AU approached that level with lots and lots of sellers on the back. Very likely that it continues this week like that.

Just a cautious note. But you are right, that line could hold.
  • #7,693
  • Aug 16, 2010 3:41am Aug 16, 2010 3:41am
Well, EURCHF got slapped hard during london opening.
I'm long right now at 1.3312.

Cheers
Andreas
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  • #7,694
  • Aug 16, 2010 9:45am Aug 16, 2010 9:45am
Hi Custos,

Thanks for the detailed reply. Thanks for the link I will take a look into that thread. So does that thread contain the strategy you trade or just your entry criteria?

Would you mind if I ask how long you have been trading your current way? If you are going for 5:1 do you still maintain a reasonable hit ratio? or do you rely on a few winners to make you profitable?

Is it basically an entry as soon as you touch the line? so you have an order on the line more or less? Finally how do you determine your profit targets?

Sorry for all of the questions I am just very intirgued by your approach.

Thanks
  • #7,695
  • Aug 16, 2010 9:50am Aug 16, 2010 9:50am
I was going through the threads and came upon this one... It is called trend trading...

For what reason is Andreas counter trending the EURCHF????

Beats me...
  • #7,696
  • Aug 16, 2010 10:15am Aug 16, 2010 10:15am
Basically I do mostly touch trades -and do them both ways

Quoting EasyTrader
I was going through the threads and came upon this one... It is called trend trading...

For what reason is Andreas counter trending the EURCHF????

Beats me...
  • #7,697
  • Aug 16, 2010 11:52am Aug 16, 2010 11:52am
Quoting PipRiderFX
Hi Custos,

Thanks for the detailed reply. Thanks for the link I will take a look into that thread. So does that thread contain the strategy you trade or just your entry criteria?
It contains the entire strategy, but you will see that there is barely somebody writing something new on that thread.

Quoting PipRiderFX
Would you mind if I ask how long you have been trading your current way? If you are going for 5:1 do you still maintain a reasonable hit ratio? or do you rely on a few winners to make you profitable?
have been trading that way for about half a year (wished I had found it sooner). yep, hit ratio is still very reasonable. What you need to do is move stop to b/e kind of fast, so if price reverses back you will not have a loss. Also I will sometimes take part of the position off, if I feel the setup might not work out. This 5:1 is not static, it is something I shoot for but I am prepared to close the trade earlier. And it doesn't hurt to have some big winners to make the performance better.

Quoting PipRiderFX
Is it basically an entry as soon as you touch the line? so you have an order on the line more or less? Finally how do you determine your profit targets?

Sorry for all of the questions I am just very intirgued by your approach.

Thanks
yes, a limit order right at the line or range. Target should be next obvious resistance. However, I wanna build my millipedes, thus I won't have targets in the near future. Just taking off half once I am uncertain about direction.
If you wanna read about millipedes, go to this thread: http://www.forexfactory.com/showthread.php?p=3950019

cheers, hope that helps you.
  • #7,698
  • Aug 16, 2010 11:59am Aug 16, 2010 11:59am
Quoting EasyTrader
I was going through the threads and came upon this one... It is called trend trading...

For what reason is Andreas counter trending the EURCHF????

Beats me...
oh well, nobody has to limit him or herself to one style. If you see an opportunity coming up then why shouldn't you trade against the trend. But of course the more profitable trades are with the trend.
  • #7,699
  • Aug 16, 2010 12:03pm Aug 16, 2010 12:03pm
Quoting AndreasF
Well, EURCHF got slapped hard during london opening.
I'm long right now at 1.3312.

Cheers
Andreas
man, you got a lot of buys there. I hope you don't average in into losing trades, thats never a good idea. Especially in the beginning of your trading career. It's a bad habit to throw good money after bad money.

But, I know you have to make that mistake yourself to realize it, so just take it as a suggestion.

cheers
  • #7,700
  • Aug 16, 2010 12:32pm Aug 16, 2010 12:32pm
Quoting EasyTrader
I was going through the threads and came upon this one... It is called trend trading...

For what reason is Andreas counter trending the EURCHF????

Beats me...
Every trend trade is against a different trend, and is timeframe dependent; unless you are one of the few who lines up weekly/daily/4hr/1hr/15min/3min/10-sec trends...lol
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