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Trend Trading All Pairs

  • #8,221
  • Oct 10, 2010 8:30pm Oct 10, 2010 8:30pm
Quoting shiko
I actually started thinking of taking complete Hector's course.
I have been trading for 2 years live only and have made big progress, but I am not happy with it as my trading is too discretionary and whenever I am off I start trading badly losing my previous winners. I think having more systematic approach along price action/ s/r/ trend lines might be helpful for my development as a tarder.
NightMoves, what do you think? Does it worth it?
I actually like this style very much.
Trading is all about finding the S/R levels and watching what price does there. There is no way to predict what the market is going to do, it respect a trend line and it could blast right through it.

The way I trade is only trading in the direction of the main trend and I use FIBS, Round numbers, and previous high and lows and breakout points as S/R. The longer time frames are the ones I use to look for the stronger S/R levels.

I have no idea what his new course covers. I know he changed it for some reason. If you trade the trend and wait for the price to do as you want it to do you should be on your way, dont try to guess what it will do because that really never works. Its best to react to it rather than predict it, I have seen S/R levels get blown through like they were not there, so its best to wait for price to get to one of those levels and use your trend lines and reversal patterns to confirm the trade is going to work out.

--NM
  • #8,222
  • Edited 8:53pm Oct 10, 2010 8:39pm | Edited 8:53pm
Quoting Keithmaxkb
NightMoves,
Just registered for this valuable thread, but I have been looking at it for a few days. I see you have price numbers on your fib.I know there is a simple way to do this, but I have not used this for many months. Please can you refresh my memory.

Thanks for starting this thread. Keith
HI Keith,
If you bring up the fibo properties just type the levels like this picture the second picture shows how to setup the extensions for targets:

--NM

EDIT: I added the picture for Fibo extensions
Attached Images
  • #8,223
  • Oct 10, 2010 8:50pm Oct 10, 2010 8:50pm
Quoting 4xStar
Hello NightMoves & everyone,

Hmm .. this could be the thread I've been looking for. I enjoy trading in company during the week but I've been having a problem with threads where there is constant 'calling' of direction: up, no....down, no...up, no....

I find myself entering a trade according to MY criteria (which is very compatible with NT's methodology) but then in certain threads, traders (including some very good ones) start calling for the pair to go opposite to my trade because of ... fundamentals, patterns, candles, or a host of other...
Hi 4Xstar,
Thanks for the vouch, I have been trading this method for quite a while now, and it is about as reliable as any method I have seen. It does work and it works very well.

Like I was saying before, trying to call a direction and waiting for a direction is two different things and really one should let the market tell you what it is going to do. And if it does not do what you want it too then no trade. You can tell the market what to do but it wont listen....Hahaha

So many traders think they can predict it and really it cant be done safely...sure once in a while a guess is right but more times than not it isnt correct, so just wait for the market to tell you what its going to do and react to it after you get confirmation that it is going to do exactly as you want it to do, wait for the setups around the key levels, wait for the TL break and wait for the bpc (yep lots of waiting) and then enter the trade.

--NM
  • #8,224
  • Oct 10, 2010 9:23pm Oct 10, 2010 9:23pm
long loony @ 1.01039
  • #8,225
  • Oct 10, 2010 9:29pm Oct 10, 2010 9:29pm
Quoting redsword11
long loony @ 1.01039
Hi Red,
The looney to me seems kind of a mess on all time frames, I am not sure what your seeing there? Unless it is a shorter time frame trade??

--NM
  • #8,226
  • Oct 10, 2010 9:37pm Oct 10, 2010 9:37pm
Quoting NightMoves
Hi Red,
The looney to me seems kind of a mess on all time frames, I am not sure what your seeing there? Unless it is a shorter time frame trade??

--NM


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  • #8,227
  • Oct 10, 2010 9:45pm Oct 10, 2010 9:45pm
Quoting redsword11
Attachment
Interesting... are you in the trade?

--NM
  • #8,228
  • Oct 10, 2010 9:48pm Oct 10, 2010 9:48pm
Quoting NightMoves
Interesting... are you in the trade?

--NM


took loony long instead of cadjpy south as loony is @ a low where stop placement is easier and spread is smaller - just using cadjpy as an indicator rather than shorting it on this occassion
  • #8,229
  • Edited 10:14pm Oct 10, 2010 10:12pm | Edited 10:14pm
The USDJPY looks promising on the hourly chart but on the H4 chart looks like it has some retracement to do...so I guess I will wait for it and see what its plans are.

--NM
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  • #8,230
  • Oct 10, 2010 11:20pm Oct 10, 2010 11:20pm
Quoting NightMoves
The USDJPY looks promising on the hourly chart but on the H4 chart looks like it has some retracement to do...so I guess I will wait for it and see what its plans are.

--NM
Could you give more explanation .. why on the 4 hr does it need more retracement as opposed to the hourly?
******************* I'd rather make money than be right.
  • #8,231
  • Oct 10, 2010 11:54pm Oct 10, 2010 11:54pm
Quoting 4xStar
Could you give more explanation .. why on the 4 hr does it need more retracement as opposed to the hourly?
The way I look at it, Fibo on the 4H chart is meant for hourly, notice they are both the same.

The way I see it is 4H Fibo is at 23.6 and 1H Fibo 61.8. Nevertheless too close to support for my taste.
  • #8,232
  • Oct 11, 2010 12:57am Oct 11, 2010 12:57am
NM Thanks for that. It works for me now. I like the steadfast attitude wait until that last continuation. Keith
  • #8,233
  • Oct 11, 2010 1:53am Oct 11, 2010 1:53am
Planning to short the GY soon
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  • #8,234
  • Oct 11, 2010 2:50am Oct 11, 2010 2:50am
Quoting 4xStar
Could you give more explanation .. why on the 4 hr does it need more retracement as opposed to the hourly?
what he meant is that there is a larger swing on h4, which should retrace back up. The impulse move on h4 seems to be overdone a bit, that's why a further retracement back up could be possible.
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  • #8,235
  • Oct 11, 2010 2:54am Oct 11, 2010 2:54am
Quoting Wahnone
Planning to short the GY soon
We will have to wait and see...
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  • #8,236
  • Oct 11, 2010 2:58am Oct 11, 2010 2:58am
here is a good setup in my opinion. EUR/JPY
First chart: Weekly - price just clashing onto the downtrendline
Second Chart: H4 - price broke it's first retracement trendline to the downside indicating a bounce off of the weekly downtrendline.
Third Chart: M15 - that is already the trigger chart (didn't want to load up this post with too many charts so I didn't attach the setup chart)

There has already been a bpc, which one could have entered.
cheers
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurjpy w1 11.10.2010.gif Size: 26 KB
Click to Enlarge Name: eurjpy h4 11.10.2010.gif Size: 26 KB
Click to Enlarge Name: eurjpy m15 11.10.2010.gif Size: 26 KB
  • #8,237
  • Oct 11, 2010 3:36am Oct 11, 2010 3:36am
Quoting Custos
here is a good setup in my opinion. EUR/JPY
First chart: Weekly - price just clashing onto the downtrendline
Second Chart: H4 - price broke it's first retracement trendline to the downside indicating a bounce off of the weekly downtrendline.
Third Chart: M15 - that is already the trigger chart (didn't want to load up this post with too many charts so I didn't attach the setup chart)

There has already been a bpc, which one could have entered.
cheers
okay, I got stopped out on that one. But I still think that this is a good opportunity, so waiting for another entry now.

cheers
  • #8,238
  • Oct 11, 2010 3:40am Oct 11, 2010 3:40am
Quoting redsword11
long loony @ 1.01039

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  • #8,239
  • Oct 11, 2010 3:43am Oct 11, 2010 3:43am
Quoting redsword11
Attachment
interesting, I am actually short-biased on usd/cad, because of the long-term trend. Hope it works out for you though.
  • #8,240
  • Oct 11, 2010 3:46am Oct 11, 2010 3:46am
Quoting Custos
interesting, I am actually short-biased on usd/cad, because of the long-term trend. Hope it works out for you though.


doubt very much my BE will survive - closed some of it so got something atleast
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