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Trend Trading All Pairs

  • #7,741
  • Aug 20, 2010 5:40am Aug 20, 2010 5:40am
GBPUSD breaking down and retest the support ...seems like it will continue downward.
Attached Image (click to enlarge)
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  • #7,742
  • Aug 20, 2010 5:53am Aug 20, 2010 5:53am
Quoting Custos
yes, but you personally I think you don't look back enough. I always try to have a lot of data points to see if it's really strong. That one was historically not such a strong level, but happened at the end of london and at 50% level and was a semi-strong level, so I gave it a shot.

cheers
ok i see .... i'll map out these charts over this weekend as i couldnt do it otherwise.
  • #7,743
  • Aug 20, 2010 9:56am Aug 20, 2010 9:56am
awesome gbp/jpy m15 level. 50% fib and really strong level historically. Let's see how it works out.
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Click to Enlarge Name: 20.8.2010 gbpjpy m15.gif Size: 46 KB
  • #7,744
  • Aug 20, 2010 9:57am Aug 20, 2010 9:57am
Quoting MktScape
GBPUSD breaking down and retest the support ...seems like it will continue downward.
yep I am also downbiased
  • #7,745
  • Aug 20, 2010 11:19am Aug 20, 2010 11:19am
Quoting Custos
awesome gbp/jpy m15 level. 50% fib and really strong level historically. Let's see how it works out.

  • #7,746
  • Aug 20, 2010 11:30am Aug 20, 2010 11:30am
Quoting Custos
awesome gbp/jpy m15 level. 50% fib and really strong level historically. Let's see how it works out.
Looks good to me.... I have placed my limit order there.

GBP USD is kind of stalled right now i think it will start moving from MOnday.
  • #7,747
  • Aug 20, 2010 11:41am Aug 20, 2010 11:41am
How about shorting this one at the yellow line.
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Click to Enlarge Name: EURUSD.PNG Size: 37 KB
  • #7,748
  • Aug 20, 2010 12:26pm Aug 20, 2010 12:26pm
Quoting MktScape
How about shorting this one at the yellow line.
good idea
  • #7,749
  • Aug 21, 2010 1:21am Aug 21, 2010 1:21am
SL on H4 was hit when it broke out to the upside last Friday.
I shorted again at the trendline on D1.

Let's see




Quoting MktScape
Good luck
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  • #7,750
  • Aug 21, 2010 2:07am Aug 21, 2010 2:07am
Quoting AndreasF
SL on H4 was hit when it broke out to the upside last Friday.
I shorted again at the trendline on D1.

Let's see
okay, I believe you fall into the trap of revenge trading. Please don't start this habit. A loss is a loss and should be accepted as such until another high probability scenario comes along.

Look at my chart. it's usd/cad h4. Now I tell you what is wrong with that setup: trendline is broken to the upside on h4, no fib really coinciding and the horizontal level is far from being strong. the pink shows when it respected the line. the blue shows when it DIDN'T respect that line. You are trading against two impulse moves up. (impulse move typically means price wants to head in that direction for now).

Again, maybe it works out maybe not. But you are in for the long-term, thus you should only look for trades that will work out most of the time. This one is not one of them in my opinion.

hope you don't get demotivated by that critique, just want you to not take any setup. Find the ones that have the highest probability.

cheers
Attached Image (click to enlarge)
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  • #7,751
  • Aug 21, 2010 3:59am Aug 21, 2010 3:59am
Thanks a lot, Custos.

Your explaination is very logical and as always very helpful.
It helped a lot to see things clearer.

Cheers

Quoting Custos
okay, I believe you fall into the trap of revenge trading. Please don't start this habit. A loss is a loss and should be accepted as such until another high probability scenario comes along.

Look at my chart. it's usd/cad h4. Now I tell you what is wrong with that setup: trendline is broken to the upside on h4, no fib really coinciding and the horizontal level is far from being strong. the pink shows when it respected the line. the blue shows when it DIDN'T respect that line. You are trading against two impulse moves up. (impulse move typically...
  • #7,752
  • Aug 21, 2010 1:41pm Aug 21, 2010 1:41pm
Hi People,

Please take a look at some of the setups that I am going to be monitoring come Monday morning. What do you think? All of them are pretty much based off of a Fib retracement in conjunction with previous support and or resistance.

The Pairs and Time frame should be visible from the chart.

What are you guys thoughts on these?

Thanks

PR
Attached Image(s) (click to enlarge)
Click to Enlarge Name: AUDJPY.jpg Size: 73 KB
Click to Enlarge Name: AUDUSD.jpg Size: 85 KB
Click to Enlarge Name: EURUSD.jpg Size: 78 KB
Click to Enlarge Name: GBPUSD.jpg Size: 84 KB
Click to Enlarge Name: NZDUSD.jpg Size: 92 KB
Click to Enlarge Name: USDCAD.jpg Size: 94 KB
  • #7,753
  • Aug 21, 2010 1:43pm Aug 21, 2010 1:43pm
Hi Custos,
Reviewing the charts and marking the levels as many as i could ..... here is the first one which looks pretty good for a downward continuation ... how about entering on a breakbelow the swing low of 0.81704?
Attached Image(s) (click to enlarge)
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  • #7,754
  • Aug 21, 2010 1:56pm Aug 21, 2010 1:56pm
Quoting PipRiderFX
Hi People,

Please take a look at some of the setups that I am going to be monitoring come Monday morning. What do you think? All of them are pretty much based off of a Fib retracement in conjunction with previous support and or resistance.

The Pairs and Time frame should be visible from the chart.

What are you guys thoughts on these?

Thanks

PR
Hi PipRiderFX,
For EURUSD ....I think due to the resistance as highlighted in yellow the price may not reach the 50% fib ...so personally i feel like shorting in this zone. I am reviewing the charts one by one and will post my views.

Custos can always correct if he feels otherwise.

Thanks
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD-H1.jpg Size: 117 KB
  • #7,755
  • Aug 21, 2010 2:50pm Aug 21, 2010 2:50pm
Quoting PipRiderFX
Hi People,

Please take a look at some of the setups that I am going to be monitoring come Monday morning. What do you think? All of them are pretty much based off of a Fib retracement in conjunction with previous support and or resistance.

The Pairs and Time frame should be visible from the chart.

What are you guys thoughts on these?

Thanks

PR
For AUDJPY setup ... price has already reacted to a weekly level .... since i am not the trade therefore i would wait for a BPC below the marked yellow line .... if price continues upwards the the above hourly zone highlighted would be a good short location.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: AUDJPY-H1.jpg Size: 101 KB
Click to Enlarge Name: AUDJPY-H1-.jpg Size: 127 KB
  • #7,756
  • Aug 21, 2010 7:16pm Aug 21, 2010 7:16pm
AUDCHF, Weekly, 2010 August 21

Market price is now at EMA100. If it will break do you really think we've higher probabilities for a further downside movement if monthly chart looks like #7757?
Attached Image (click to enlarge)
Click to Enlarge Name: AUDCHF, Weekly, 2010 August 21.jpg Size: 287 KB
  • #7,757
  • Aug 21, 2010 7:17pm Aug 21, 2010 7:17pm
AUDCHF, Monthly, 2010 August 21
Attached Image (click to enlarge)
Click to Enlarge Name: AUDCHF, Monthly, 2010 August 21.jpg Size: 283 KB
  • #7,758
  • Edited 4:44am Aug 22, 2010 4:30am | Edited 4:44am
Quoting PipRiderFX
Hi People,

Please take a look at some of the setups that I am going to be monitoring come Monday morning. What do you think? All of them are pretty much based off of a Fib retracement in conjunction with previous support and or resistance.

The Pairs and Time frame should be visible from the chart.

What are you guys thoughts on these?

Thanks

PR
aud/jpy - good level
aud/usd - that level has some problems. First of all, the last swing down barely took out the one before, and I also think that level is not a really strong one.
eur/usd - I would revise that level up to 1.28. Your level is also very strong, but 1.28 is in my opinion strong due to the fact that 1.28 is a round number and if you draw a fib from the top of the consolidation down you see that this is coinciding with 50% fib
gbp/usd - that level is okay, but not an A++ level
nzd/usd - good level
usd/cad - not a good level, has been breached too many times in the past

but a good start on getting good levels, you just gotta become more picky. You are on the best way...
  • #7,759
  • Aug 22, 2010 4:38am Aug 22, 2010 4:38am
Quoting MktScape
Hi Custos,
Reviewing the charts and marking the levels as many as i could ..... here is the first one which looks pretty good for a downward continuation ... how about entering on a breakbelow the swing low of 0.81704?
yeah but that would require a large stop loss
  • #7,760
  • Aug 22, 2010 4:40am Aug 22, 2010 4:40am
Quoting MktScape
Hi PipRiderFX,
For EURUSD ....I think due to the resistance as highlighted in yellow the price may not reach the 50% fib ...so personally i feel like shorting in this zone. I am reviewing the charts one by one and will post my views.

Custos can always correct if he feels otherwise.

Thanks
I agree, it might not come up there, but let's say I am more comfortable shorting a bit higher.
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