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Trend Trading All Pairs

  • #8,841
  • Nov 4, 2010 4:27am Nov 4, 2010 4:27am
Quoting Custos
honestly, I am doing all my trading from one screen. But I always have a sound alarm if price approaches an area of interest, so I don't miss any moves. If you really only trade from weekly S/R levels you barely miss a move and if your lowest trading time-frame is h4, you have always 4 hours to go through the charts which are currently at such an S/R level.
More often than not that just takes 5 min every 4 hours to look, if a pinbar or similar things have formed at key areas.

I was browsing through 1H-15 min... Watching 4H for "big picture".
I am changing this.
  • #8,842
  • Nov 4, 2010 4:35am Nov 4, 2010 4:35am
Quoting shiko
I think this is one of the things to watch, am I right?
weekly should be used to see big picture. Daily for set up and say 4H for trigger.
Attachment
hm, I am staying away from eur/gbp for now. As you pointed out, we are triangulating. As you can see, I have drawn my triangle a different way, which is also viable in my opinion.
Now we have conflicting S/R levels. On the one hand eur/gbp is up recently, on the other hand it could just test the triangle from below. I am personally waiting until eur/gbp breaks out of one of the S/R levels.
Attached Image (click to enlarge)
Click to Enlarge Name: eurgbp w1 4.11.2010.gif Size: 25 KB
  • #8,843
  • Nov 4, 2010 4:37am Nov 4, 2010 4:37am
Quoting shiko
I was browsing through 1H-15 min... Watching 4H for "big picture".
I am changing this.
haha, it is really difficult to profit if you trade very low time-frames. I believe most really successful traders don't trade intraday, but try to ride out a trend.

Just my opinion.
  • #8,844
  • Nov 4, 2010 4:37am Nov 4, 2010 4:37am
Quoting Custos
honestly, I am doing all my trading from one screen. But I always have a sound alarm if price approaches an area of interest, so I don't miss any moves. If you really only trade from weekly S/R levels you barely miss a move and if your lowest trading time-frame is h4, you have always 4 hours to go through the charts which are currently at such an S/R level.
More often than not that just takes 5 min every 4 hours to look, if a pinbar or similar things have formed at key areas.

I agree with that analogy Custo,it has been helping so much
  • #8,845
  • Nov 4, 2010 4:43am Nov 4, 2010 4:43am
Quoting shiko
I think this is one of the things to watch, am I right?
weekly should be used to see big picture. Daily for set up and say 4H for trigger.
Attachment
by the way, yes, weekly is to see the big picture.

but daily and h4 are almost the same. Obviously pinbars on daily are higher probability than h4, but both time-frames can be used for trading.

And I use the daily also for seeing the current trend. (If there is no trend on the daily I go to the weekly and monthly to see the overall trend)
  • #8,846
  • Nov 4, 2010 4:43am Nov 4, 2010 4:43am
Quoting Custos
haha, it is really difficult to profit if you trade very low time-frames. I believe most really successful traders don't trade intraday, but try to ride out a trend.

Just my opinion.

This thread and you guys practically opened my eyes to the truth. I think it is possible to make money on lower time frames. i am positive, but it is very stressful. Why to make life harder when it is possible to make it easier with smarter approach. Trading higher time frames put us on the level with smart money.
It's like a hawk watching from a high unlike some poor rabbit whose sees only immediate environment. It is also very helpful to see other letting trades run calmly. i had never been able letting trades run prior to taking part in this thread. The methods traded here also are quite helpful to this.
  • #8,847
  • Nov 4, 2010 4:50am Nov 4, 2010 4:50am
Quoting Custos
hm, I am staying away from eur/gbp for now. As you pointed out, we are triangulating. As you can see, I have drawn my triangle a different way, which is also viable in my opinion.
Now we have conflicting S/R levels. On the one hand eur/gbp is up recently, on the other hand it could just test the triangle from below. I am personally waiting until eur/gbp breaks out of one of the S/R levels.

It is like triangle within triangle actually. but if the upper line of my triangle gets broken it is a good indicator. but for the moment yes. I see what you mean.
I was actually showing this picture to see the upper line. if it is broken we can start looking to go long.
BTw, I understand you are in many trades at the same time. How much are you risking per trade? 0.5% 1%? 2%.
  • #8,848
  • Nov 4, 2010 4:57am Nov 4, 2010 4:57am
Quoting shiko
This thread and you guys practically opened my eyes to the truth. I think it is possible to make money on lower time frames. i am positive, but it is very stressful. Why to make life harder when it is possible to make it easier with smarter approach. Trading higher time frames put us on the level with smart money.
It's like a hawk watching from a high unlike some poor rabbit whose sees only immediate environment. It is also very helpful to see other letting trades run calmly. i had never been able letting trades run prior to taking part in this...
I think the major problems especially with newer traders are two things:

 

  1. they require immediate gratification (daily / weekly profits)
  2. they have a very small account

Those two things make people first of all go to lower time-frames and overtrade by trading as much as possible to build up that account, which in turn will kill that account.
I think there is a reason why funds and hedge funds always compare only yearly performance, cause the money is made in the longer term. Also if you don't stress yourself to make a lot of money to quit your job tomorrow, you will eventually come to your desired monetary goal through the compounding effect of yearly profits, if you have a good edge (which we have here in my opinion).

  • #8,849
  • Nov 4, 2010 5:00am Nov 4, 2010 5:00am
Quoting shiko
It is like triangle within triangle actually. but if the upper line of my triangle gets broken it is a good indicator. but for the moment yes. I see what you mean.
I was actually showing this picture to see the upper line. if it is broken we can start looking to go long.
BTw, I understand you are in many trades at the same time. How much are you risking per trade? 0.5% 1%? 2%.
If I enter on h4 then 0.5%, and if I enter on daily then 1%. Just because the probabilities favor the daily. But over time if you always add positions at key areas, you get quite an increase in your account, if the trend stay stable.
  • #8,850
  • Nov 4, 2010 5:12am Nov 4, 2010 5:12am
Quoting Custos
I think the major problems especially with newer traders are two things:

 

  1. they require immediate gratification (daily / weekly profits)
  2. they have a very small account

Those two things make people first of all go to lower time-frames and overtrade by trading as much as possible to build up that account, which in turn will kill that account.
I think there is a reason why funds and hedge funds always compare only yearly performance, cause the money is made in the longer term. Also if you don't stress yourself to make a lot of money...

I actually trade to learn skills and to offer my services to trade OPM when i am ready.
To trade own money one needs some reasonable starting capital. I think at least $20-30 000 minimum. It is too low actually. Otherwise, it is time better spend learning valuable skills.
I learned very quickly within my first 6 months of trading that risk must be controlled. It did not take much time and a lot of losses.

But coming from lower to higher time frames has taken more time. I started from No Brainer trades which gave me a lot, thank you Steve and now I am moving onto the next level.

I wonder, in case of USD/CHF would you move stop to BE now? I am not taking any profit yet as my first target is not achieved but i am thinking if it is ok now to move stop to BE.
  • #8,851
  • Nov 4, 2010 5:14am Nov 4, 2010 5:14am
Quoting Custos
If I enter on h4 then 0.5%, and if I enter on daily then 1%. Just because the probabilities favor the daily. But over time if you always add positions at key areas, you get quite an increase in your account, if the trend stay stable.
This is reasonable risk and good money management. I am risking 2 % on this trade, but have a rule, until I get this trade to BE or/ and partly closed and safe, i am not taking other trades.
  • #8,852
  • Nov 4, 2010 5:14am Nov 4, 2010 5:14am
Quoting shiko
I actually trade to learn skills and to offer my services to trade OPM when i am ready.
To trade own money one needs some reasonable starting capital. I think at least $20-30 000 minimum. It is too low actually. Otherwise, it is time better spend learning valuable skills.
I learned...
yes, I moved my stop already to be. So let's see what the market will do
  • #8,853
  • Nov 4, 2010 5:35am Nov 4, 2010 5:35am
Quoting Custos
yes, I moved my stop already to be. So let's see what the market will do
ok, so did I
amazing, I was about 90 pips up I have not closed anything yet.
My first target is about 0.9630. I think it is necessary for long term success to do trade this way.
  • #8,854
  • Nov 4, 2010 5:57am Nov 4, 2010 5:57am
Quoting shiko
ok, so did I
amazing, I was about 90 pips up I have not closed anything yet.
My first target is about 0.9630. I think it is necessary for long term success to do trade this way.
haha, once you had your first 1000 pip trade you will find that 90 pips is really small.
  • #8,855
  • Nov 4, 2010 6:09am Nov 4, 2010 6:09am
How long did it take you to get that 1000 pips trade?
My plan is to close half position at the number of pips I am risking and let the rest run. to have 1000 pips trade even with half position is really good.
  • #8,856
  • Nov 4, 2010 6:09am Nov 4, 2010 6:09am
I have bad feeling about this trade though. I think it will be another BE.
  • #8,857
  • Nov 4, 2010 6:13am Nov 4, 2010 6:13am
I actually decided to move my stop few pips above BE. I intended to enter at .9747. but entered at 0.9740. so, I will be risking 7 pips loss. Not big deal, I have been hit right to the pip before many times to see price go in my direction again. Last high before drop was 0.9736. so,, 10 pips away form this would be reasonable.
  • #8,858
  • Nov 4, 2010 6:34am Nov 4, 2010 6:34am
Quoting shiko
How long did it take you to get that 1000 pips trade?
My plan is to close half position at the number of pips I am risking and let the rest run. to have 1000 pips trade even with half position is really good.
didn't really take a long time. From the moment I decided to not take profits anymore I had very soon my first 1000 pip trade.
  • #8,859
  • Nov 4, 2010 6:44am Nov 4, 2010 6:44am
Quoting Custos
didn't really take a long time. From the moment I decided to not take profits anymore I had very soon my first 1000 pip trade.

from what i see had I started this 2 months earlier i would have had my 1000 pips by now. I already told how I entered 2 long positions on E/U exactly where it mattered. One at 1.2685 and another at 1.2800. I practically nailed that reversal to the pip. I also shorted GBP/JPY from
still have nightmares then , when you think backward it looks awkward that i closed positions for about 30-40 pips and was happy like I made a trade of my life. You know, everything looks different in perspective.
Even now 2 dudes are fighting in my head. One yells, Dude, take it, it is about 2% in 1 day. Wiser dude disagrees. For now wiser dude is winning. It reminds me how they fought when i was learning to cut losses. Hopefully the wise one will win again.
I have my plan and I will follow it through.
  • #8,860
  • Nov 4, 2010 6:51am Nov 4, 2010 6:51am
Quoting shiko
from what i see had I started this 2 months earlier i would have had my 1000 pips...
haha, I have these fights still sometimes, but it gets better and better with every trade that outperforms my initial expectations
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