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Trend Trading All Pairs

  • #8,281
  • Oct 11, 2010 12:49pm Oct 11, 2010 12:49pm
With EP at 1.6089? That leaves only a few pips to 80% ATR. I intended leaving it. Keith
  • #8,282
  • Oct 11, 2010 2:44pm Oct 11, 2010 2:44pm
Quoting Keithmaxkb
With EP at 1.6089? That leaves only a few pips to 80% ATR. I intended leaving it. Keith
yes, for today Day Candle, but Japan and Australia soon opens.
It looks like set up might be still valid.
  • #8,283
  • Oct 11, 2010 3:35pm Oct 11, 2010 3:35pm
Good point. 3 plus hours to go. We can wait and see what the ATR is then. Keith
  • #8,284
  • Oct 11, 2010 3:45pm Oct 11, 2010 3:45pm
closed my eurusd position today, +540 pips
Attached Image (click to enlarge)
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  • #8,285
  • Oct 11, 2010 3:54pm Oct 11, 2010 3:54pm
hi Custos, thx for the welcome.
I'm a fan of the millipede thread, too. due to limited time my lowest timeframe entries are 4h and most of the time I trade on daily. I'm looking forward to share analysis and trades
Regards
  • #8,286
  • Oct 11, 2010 4:04pm Oct 11, 2010 4:04pm
took a long on gbpusd this morning, the trade did not develop too well

on daily tf price has gone through the trendline but hesitates now around the level of previous high
I'm speculating on a break of that resistance, while my sl will sustain a bounce off the tl
Attached Image(s) (click to enlarge)
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  • #8,287
  • Oct 11, 2010 5:05pm Oct 11, 2010 5:05pm
Hi NightMove,

I have a quick question.

Do you wait for a 123 reversal and a counter trendline break with an additional BPC or is one or the other enough to get you into a trade or is it 2 out of three? I am trying to work out if all of those things need to happen or you are quite happy with only one or two signals?

Also is there any order that you should see them in?

Thanks
  • #8,288
  • Oct 12, 2010 3:23am Oct 12, 2010 3:23am
Quoting ashes
took a long on gbpusd this morning, the trade did not develop too well

on daily tf price has gone through the trendline but hesitates now around the level of previous high
I'm speculating on a break of that resistance, while my sl will sustain a bounce off the tl
how did you come up with that trendline that you show on your chart as being broken. Can't really figure out why you have drawn a trendline there.

But I am also thinking that gbpusd should be long.

cheers
  • #8,289
  • Oct 12, 2010 4:01am Oct 12, 2010 4:01am
I connected the highs, that's how the trendline came to existence. by how the price has been moving around it, the tl seems to be confirmed

my gbpusd has been stopped out

4h eurusd, usdchf, gbpusd, usdjpy, audusd show a possible beginning of a new cycle. I'm going to be careful with my entires.
  • #8,290
  • Oct 12, 2010 6:37am Oct 12, 2010 6:37am
Quoting PipRiderFX
Hi NightMove,

I have a quick question.

Do you wait for a 123 reversal and a counter trendline break with an additional BPC or is one or the other enough to get you into a trade or is it 2 out of three? I am trying to work out if all of those things need to happen or you are quite happy with only one or two signals?

Also is there any order that you should see them in?

Thanks
Hi Piprider,
I usually wait for the BPC after the break of the counter trend line. The 1-2-3 and the bpc are basically the same thing the only difference is the 1-2-3 does not have to break through a trenline. Sometimes I will take it right at the bounce of S/R but its riskier that way so to be safe I wait for it to happen after the break of the trend line, then it is called the bpc ( Break out, pullback, and continuation).


--NM

--NM
  • #8,291
  • Oct 12, 2010 6:40am Oct 12, 2010 6:40am
Quoting ashes
closed my eurusd position today, +540 pips
Nice trade ashes,

I was in that trade for awhile and took home just over 300 pips.

--NM
  • #8,292
  • Oct 12, 2010 6:45am Oct 12, 2010 6:45am
Quoting shiko
Thanks NM, I agree totally. I noticed that my losses of my winners usually have psychological nature. I am very aggressive by nature and when I am on my toes I am very patient, but if something is off, I start jumping when price action says stay away and I do start guessing.
I decided to stand back for now and bring more structure into my trading, more patience. This method actually has structure and require patience.
I have one more question. Are you entering when pull back and then break out happens as per method with all your position or you...
If I enter a trade I go in with what ever lot size I have decided for the whole trade. I do not add to the position. I usually start scaling it down as price reaches my targets if I am using targets. So after price moves and a target gets hit I may scale down half the lot size and let the rest run or I am scale a smaller size. But I never add, I know some people use the martingale system but I dont like adding risk when the PA is getting closer to a turning point.

--NM
  • #8,293
  • Oct 12, 2010 7:11am Oct 12, 2010 7:11am
Hi all,

Had a nice run on EJ from about 24 hours ago, shorted when it broke the 114.22 low which I saw as being the P part of BPC. Closed 1.2 and letting the rest ride for now ... any input as to final exit? Usually I trail a 50 pip stop but maybe using 50 ma is better?

Also in UCad short ... got stopped out once, back in ... developing.....

Blue line in pic is daily open.
(I deleted former message and am trying again .. for some reason, can't get my BPC letters to appear in the right place on the chart!!)
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******************* I'd rather make money than be right.
  • #8,294
  • Oct 12, 2010 8:50am Oct 12, 2010 8:50am
Now short GU as well and a pending short order for EU.
******************* I'd rather make money than be right.
  • #8,295
  • Oct 12, 2010 10:42am Oct 12, 2010 10:42am
EUR/CHF and EUR/CAD.

enough said. check the daily, h4, h1.

you know what to do.
  • #8,296
  • Oct 12, 2010 10:51am Oct 12, 2010 10:51am
Quoting Mortician.
EUR/CHF and EUR/CAD.

enough said. check the daily, h4, h1.

you know what to do.

Ummm.....o...k.....

A chart of one of them would be nice....
******************* I'd rather make money than be right.
  • #8,297
  • Oct 12, 2010 11:05am Oct 12, 2010 11:05am
Quoting 4xStar
Ummm.....o...k.....

A chart of one of them would be nice....
Ok, i will oblige.

FOR eur/AUD
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  • #8,298
  • Oct 12, 2010 11:08am Oct 12, 2010 11:08am
Quoting 4xStar
Ummm.....o...k.....

A chart of one of them would be nice....
fOR EUR/CHF, daily/h4.
Attached Image(s) (click to enlarge)
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  • #8,299
  • Oct 12, 2010 11:35am Oct 12, 2010 11:35am
Ah, very nice thanks .. that's how we learn

Quoting Mortician.
fOR EUR/CHF, daily/h4.
******************* I'd rather make money than be right.
  • #8,300
  • Edited 12:34pm Oct 12, 2010 12:32pm | Edited 12:34pm
Quoting NightMoves
Hi Piprider,
I usually wait for the BPC after the break of the counter trend line. The 1-2-3 and the bpc are basically the same thing the only difference is the 1-2-3 does not have to break through a trenline. Sometimes I will take it right at the bounce of S/R but its riskier that way so to be safe I wait for it to happen after the break of the trend line, then it is called the bpc ( Break out, pullback, and continuation).


--NM

--NM
Hi NM,

Thanks for the description. So would you take the trade if the 1-2-3 also broke the counter trend line?

If I understand correctly, the counter trendline break is the most important aspect?

Maybe you could demonstrate by example... if you take a look at the EUR/AUD on the daily the price retraced back up to the 50% level. At this level on the 4 hr you get the 1-2-3.... then you get the break of the counter trend line. Would you wait for the trend line break and then a BPC or would you be happy to take the break of the counter trend line now that the 1-2-3 has already taken place?

Thanks

p.s. If you take a look at Mortician's charts above what I describe is demonstrated very clearly.
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