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Trend Trading All Pairs

  • #8,341
  • Oct 13, 2010 12:06pm Oct 13, 2010 12:06pm
Possibility on the gbp/jpy, 1 hr chart. Daily sma's are messed up but 4 hr and 1 hr look ok, let me know what you think........
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  • #8,342
  • Oct 13, 2010 12:07pm Oct 13, 2010 12:07pm
Quoting 4xStar
Another way to look at it: GU at top of its downtrend channel. If trend is changing it is no longer countertrend, but in any case, it could make another trip to channel bottom before resuming uptrend ... time will tell ....

this is all i have to say about GBP/USD
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  • #8,343
  • Oct 13, 2010 12:13pm Oct 13, 2010 12:13pm
Quoting NaughtyPip
Possibility on the gbp/jpy, 1 hr chart. Daily sma's are messed up but 4 hr and 1 hr look ok, let me know what you think........
This is all i have to say about gbp/jpy: a break of those red lines will be golden.
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  • #8,344
  • Oct 13, 2010 12:25pm Oct 13, 2010 12:25pm
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  • #8,345
  • Oct 13, 2010 12:41pm Oct 13, 2010 12:41pm
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eu, 5min tech
  • #8,346
  • Oct 13, 2010 12:50pm Oct 13, 2010 12:50pm
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  • #8,347
  • Oct 13, 2010 2:36pm Oct 13, 2010 2:36pm
Quoting redsword11
Attachment


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as suggested by price, break north



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Red
  • #8,348
  • Oct 13, 2010 6:38pm Oct 13, 2010 6:38pm
Quoting shiko
NightMoves, thank you for advice.
I also understand now that some trades do not worth to mess with due to proximity of previous high. We never know will it be broken or not. But we know that during trend price moves towards that previous high/ low with high probability. So, the further it is the better the trade might be.
I shorted GBP/AUD at 1.6053. Closed half of my trade at about 25 pips and then another 25% closed same place cause it stuck there and moved stop to BE. It finally hit my first target of 40 pips but then moved and hit my BE stop...
Shiko,
One thing for sure is you have to give the market room to move, sometimes it will come right back to your entry point and then the next thing the trade is going against you, and the hardest part of trading is watching a what looks like a good trade go bad, however if the setup was good enough to enter on then it it will more than likely go in your direction, keep one thing in mind "Never move your stop unless it is in the direction of profits".

I would rather take a small loss than move my stop in hopes the market turn around only to see my stop get hit too. So taking a small loss is part of trading and every has done it.

Another hard thing to over come is closing out a trade too early trying to save some pips, one way to over come this and custos has mentioned this many times as well...move your stop to BE and then dont worry about it, if 25 or 30 pips is good enough for now, then move to BE and scale down your position a little until you get used to it, then at least the trade is a winner and stress free

--NM.
  • #8,349
  • Oct 13, 2010 6:43pm Oct 13, 2010 6:43pm
Quoting NightMoves
Shiko,
One thing for sure is you have to give the market room to move, sometimes it will come right back to your entry point and then the next thing the trade is going against you, and the hardest part of trading is watching a what looks like a good trade go bad, however if the setup was good enough to enter on then it it will more than likely go in your direction, keep one thing in mind "Never move your stop unless it is in the direction of profits".

I would rather take a small loss than move my stop in hopes the market turn around only...
NightMoves, tahnk you.
I am trying to do just this. I understand math behind risk to reward so, having stop of 40-50 pips and taking partial at 20-30 doe snot sound good.
It only happens with me when trade stalls.

BTW, GBP/USD came to life. I set retracement line but was not watching. It is broken. Looks like it is coming for another retest of that resistance.
  • #8,350
  • Oct 13, 2010 6:49pm Oct 13, 2010 6:49pm
Quoting shiko
NightMoves, tahnk you.
I am trying to do just this. I understand math behind risk to reward so, having stop of 40-50 pips and taking partial at 20-30 doe snot sound good.
It only happens with me when trade stalls.

BTW, GBP/USD came to life. I set retracement line but was not watching. It is broken. Looks like it is coming for another retest of that resistance.

I know what your saying, using this method the stop losses are usually pretty small that is one of the good things about turning to a time frame smaller than the setup so you can see the price action better so you can set the stops with more accuracy. If your stop loss is 20 pips and your target is only 50 pips then really you dont want to take the trade imo, just not reward for the risk.

--NM
  • #8,351
  • Oct 13, 2010 7:02pm Oct 13, 2010 7:02pm
Quoting NightMoves
I know what your saying, using this method the stop losses are usually pretty small that is one of the good things about turning to a time frame smaller than the setup so you can see the price action better so you can set the stops with more accuracy. If your stop loss is 20 pips and your target is only 50 pips then really you dont want to take the trade imo, just not reward for the risk.

--NM


If stop 20 and target 50? It looks like ok risk to reward. almost 1:3. I mean if stop is 40-50 pips and taking partial at 20-30 has no sense. I think first target should be at least equal to the risk. so far, I see no deep enough retracements to have bigger risk to reward. all pairs are at some point of strong s/r and after breaking retracement lines there is not much pips to previous impulse highs. Feew weeks ago this was better.
  • #8,352
  • Oct 13, 2010 7:07pm Oct 13, 2010 7:07pm
also stop too small can be hit just by noise. I remember trying trading with small stops like 10-20 pips. Aitions were killed despite of choosing right direction. I think stop should be set according to each pair ATR.
One pair say 30 is a good stop, another is 50. I usually set stop 10-15 pips above the top of pull back.
  • #8,353
  • Oct 13, 2010 8:21pm Oct 13, 2010 8:21pm
Anyone sees Aud/ USD breaking parity for the first time since first attempt?
Aud/Cad dropped like a stone after hitting that number.
  • #8,354
  • Oct 14, 2010 1:55am Oct 14, 2010 1:55am
GBP/CAD looks like a good bet if there will be bpc. Risk to reward is good for intraday trade. Retracement to previous low to almost 50.00 Fib, all the conditions are ripe. Waiting for the trigger and also important that after retracement break down pull back does not go above 1.6000. I think it might make this invalid as pattern of lower highs would be broken.

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  • #8,355
  • Oct 14, 2010 1:56am Oct 14, 2010 1:56am
Hehe, the pair must have heard me, gotta be silent
  • #8,356
  • Oct 14, 2010 3:47am Oct 14, 2010 3:47am
daily long gbpusd since 13 oct daily candle close @1,5894, sl set to be

4h eurusd and audusd long positions sl to be and running
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  • #8,357
  • Oct 14, 2010 4:16am Oct 14, 2010 4:16am
Quoting ashes
daily long gbpusd since 13 oct daily candle close @1,5894, sl set to be

4h eurusd and audusd long positions sl to be and running
Nice....

Spotted any new setups?
  • #8,358
  • Oct 14, 2010 4:28am Oct 14, 2010 4:28am
now I am looking for short term retracement have a look at this chart

http://img836.imageshack.us/img836/8885/eurog.gif

happy pipping
  • #8,359
  • Oct 14, 2010 5:14am Oct 14, 2010 5:14am
Gbp/jpy
eur/gbp
gbp/chf
gbp/cad
  • #8,360
  • Oct 14, 2010 5:31am Oct 14, 2010 5:31am
Quoting shiko
If stop 20 and target 50? It looks like ok risk to reward. almost 1:3. I mean if stop is 40-50 pips and taking partial at 20-30 has no sense. I think first target should be at least equal to the risk. so far, I see no deep enough retracements to have bigger risk to reward. all pairs are at some point of strong s/r and after breaking retracement lines there is not much pips to previous impulse highs. Feew weeks ago this was better.
well, maybe you could try just letting the position run. Then you will find that a 1:3 R:R is quite small. If you shoot for 1:10 or 1:100, you have much less stress in trading. But that is just my opinion.
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