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Trend Trading All Pairs

  • #8,881
  • Nov 4, 2010 1:20pm Nov 4, 2010 1:20pm
Hehe, nice to come home
half position closed for 120 pips and the rest is still running. Now it is free trade. Can start hunt for more opportunities.
  • #8,882
  • Nov 4, 2010 1:21pm Nov 4, 2010 1:21pm
Kinda covered all small losers and then some with even half position closed.
  • #8,883
  • Nov 4, 2010 1:30pm Nov 4, 2010 1:30pm
Quoting redsword11
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pivot
  • #8,884
  • Nov 4, 2010 2:03pm Nov 4, 2010 2:03pm
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  • #8,885
  • Nov 4, 2010 2:22pm Nov 4, 2010 2:22pm
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possible H&S resolving
  • #8,886
  • Nov 4, 2010 2:31pm Nov 4, 2010 2:31pm
Quoting Custos
I will personally also take this setup for a short, if I see a good candle.

But you should be very much aware that this pair looks terrible on the weekly and monthly chart. It kind of goes down, now two upsings. Overall it's down, but just kind of ranging around.

So, it's not A+ by no means, because the trend is just so vague with that pair, but I have a slight down bias, that's why I will also trade it. Good overall identification of the levels.
One thing I would suggest you, for the horizontal levels on those high time-frames, try to make them...

I had this one on my screen too. But slightly different trend line.
Actually if 4 H closes the way it looks now, it would be exactly DanUk setup.

The only thing that worries me about this trade is support on daily at around 83.80. It can serve as jumping point for price to go against us. Just too close. If everything stay same, entry on 4H candle is at about 83.95-73.93.
stop is small within 50 pips probably.
  • #8,887
  • Nov 4, 2010 2:36pm Nov 4, 2010 2:36pm
Quoting Custos
if you asked me a couple of months ago, I would have been exactly like you. Trying to catch my pips and run. But it is just inefficient.
Well, it was just when I analysed my past trades and saw that many of them would have survived for hundreds or thousands of pips. Also was reading more about long-term trading.
I gave it a go and found that it is so much more relaxing and rewarding to let the trend do the work.
Once you got some trades that run a 500 to 1000 pips you will have a nice feeling that will let you stay with the longterm approach. At...
Custos, I know you are an original trader on this thread. The first generation so to speak.
I wonder, how long have you been trading?
For me it is taking step by step. i started letting my trades running more and more since last spring, but only after joining this thread I am really letting them run.
  • #8,888
  • Nov 4, 2010 2:38pm Nov 4, 2010 2:38pm
Quoting shiko
I had this one on my screen too. But slightly different trend line.
Actually if 4 H closes the way it looks now, it would be exactly DanUk setup.

The only thing that worries me about this trade is support on daily at around 83.80. It can serve as jumping point for price to go against us. Just too close. If everything stay same, entry on 4H candle is at about 83.95-73.93.
stop is small within 50 pips probably.
hm, which platform do you use? The candle I see is not a pinbar yet. You need a platform like interactive brokers mt4 to get gmt closes on candles. Gmt is used by most traders. And h4 & daily candles can look different if you don't use that time-zone.

And again, I think you are watching too closely. For S/R levels, just stick to the weekly. You will see that the S/R level is around 84.00.
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  • #8,889
  • Nov 4, 2010 2:40pm Nov 4, 2010 2:40pm
I personally think that still taking partial profit has sense. At same pip count we risk. Cause if to calculate how many trades just go BE and we get nothing if we do not take partial profit it can be a lot of pips. Actually hundreds pips.
It would be nice to have some statistics. I know that all trades I was taking for 3-4 weeks went to BE finally. Not a single trade made more than 140 pips before hitting BE stop, until this USD/CHF trade. so, had not I took partial profits, I would be flat or down on my account.
Profit is on one hand is for taking on the other hand they must be left running. there must be some balance between both.
Multipede guy's thread also was helpful in regard to let profits run, but I do not like his approach of having too many losing trades. I am sure his entries are not A grade. and the reason is he can afford it.
  • #8,890
  • Nov 4, 2010 2:53pm Nov 4, 2010 2:53pm
Quoting shiko
Custos, I know you are an original trader on this thread. The first generation so to speak.
I wonder, how long have you been trading?
For me it is taking step by step. i started letting my trades running more and more since last spring, but only after joining this thread I am really letting them run.
well, now it's my 5th year. So I am not a veteran yet, but hopefully also not a newbie anymore
  • #8,891
  • Nov 4, 2010 2:58pm Nov 4, 2010 2:58pm
Quoting Custos
hm, which platform do you use? The candle I see is not a pinbar yet. You need a platform like interactive brokers mt4 to get gmt closes on candles. Gmt is used by most traders. And h4 & daily candles can look different if you don't use that time-zone.

And again, I think you are watching too closely. For S/R levels, just stick to the weekly. You will see that the S/R level is around 84.00.
It looked like pin bar for one moment. this4H candle is not finished yet. i mean hypothetically. If we have pin bar on 4H and then say next bar breaks this pin bar low by say 5-10 pips. it is now around 83.97-83.93 entry. This daily tops at 83.80 do worry me. I understand you mean that it is not 83.80 but 84.00 area is resistance now, not support so , we do not need to worry about this 83.80 daily tops. am I right?>
  • #8,892
  • Nov 4, 2010 3:00pm Nov 4, 2010 3:00pm
Quoting Custos
well, now it's my 5th year. So I am not a veteran yet, but hopefully also not a newbie anymore
so, who am I ?
I am only 2 years at this game
BTW, if to consider that MA degree takes 5 years, you are MFXsc now
  • #8,893
  • Nov 4, 2010 3:01pm Nov 4, 2010 3:01pm
Quoting shiko
I personally think that still taking partial profit has sense. At same pip count we risk. Cause if to calculate how many trades just go BE and we get nothing if we do not take partial profit it can be a lot of pips. Actually hundreds pips.
It would be nice to have some statistics. I know that all trades I was taking for 3-4 weeks went to BE finally. Not a single trade made more than 140 pips before hitting BE stop, until this USD/CHF trade. so, had not I took partial profits, I would be flat or down on my account.
Profit is on one hand is for taking...
There is really no right and wrong answer, it depends on your personality and that you make profits over the long-term.
I read somewhere a good quote which actually made me not take partials anymore: "I don't take partial losses, so why should I take partial profits?"
I think it was in the silent service method thread, not sure.

Yeah, the millipede guy is entering too often for my taste. I rather enter in high probability situations only and put bigger positions on than he does. I think overall I would have less losses in the long run with that approach.
  • #8,894
  • Nov 4, 2010 3:05pm Nov 4, 2010 3:05pm
Quoting shiko
so, who am I ?
I am only 2 years at this game
BTW, if to consider that MA degree takes 5 years, you are MFXsc now
yeah, and it is amazing that each year I am still learning new stuff. Maybe it's a maturity process coupled with experience that makes one become aware of new aspects.
hehe, with my passion for trading, I will for sure become a phd or professor in trading in a few years haha.

But you are already on a good way. Am sure you gonna figure that game out faster than me
  • #8,895
  • Nov 4, 2010 3:09pm Nov 4, 2010 3:09pm
Quoting shiko
It looked like pin bar for one moment. this4H candle is not finished yet. i mean hypothetically. If we have pin bar on 4H and then say next bar breaks this pin bar low by say 5-10 pips. it is now around 83.97-83.93 entry. This daily tops at 83.80 do worry me. I understand you mean that it is not 83.80 but 84.00 area is resistance now, not support so , we do not need to worry about this 83.80 daily tops. am I right?>
I really would not worry. Reason is, that those daily tops are insignificant compared to the big S/R level from the weekly.
Furthermore, it's a numbers game, you can't get every trade right. Just enter every trade according to plan and you gonna do just fine in the longterm.

Cause very often cutting down the losers also means that you cut on profitable trades. You would need to do a statistical analysis if it's wise to not enter, when there is a small support area below.
  • #8,896
  • Nov 4, 2010 3:24pm Nov 4, 2010 3:24pm
Quoting Custos
There is really no right and wrong answer, it depends on your personality and that you make profits over the long-term.
I read somewhere a good quote which actually made me not take partials anymore: "I don't take partial losses, so why should I take partial profits?"
I think it was in the silent service method thread, not sure.

Yeah, the millipede guy is entering too often for my taste. I rather enter in high probability situations only and put bigger positions on than he does. I think overall I would have less losses in the long run with that...
Yes, it is from Silent service method. Clockwork cited someone.
I was thinking about it myself but I really do tend to take partial losses. Not partial. I simply used to trade on lower time frames and No Brainer method, so, i have a good gut feeling when trade goes really bad.Like this week my long Aud/Usd. right direction wrong timing. I was hanging at 10-20 pips under water with stop of 50 pips. The moment I got this housing data, that was it. I closed trade right away at 30 pips. I have many similar cases.
For me it is important to bring something and it helps me psychologically to stay in trade. Now, the rest can run. However, I have been thinkining, ok, let it run, but how do we know when we close it. There must be some signal that says, the trend is reversing, take money from the table. It is not good to give too much back. say you are 500-600 pips in profit. stop still at BE. and then price reverces and start moving against you. when to say, ok, let's take the money.
Is it after trend stopped making higher highs/ higher lows and visa versa on say 4H or daily chart?
  • #8,897
  • Nov 4, 2010 3:28pm Nov 4, 2010 3:28pm
Quoting Custos
yeah, and it is amazing that each year I am still learning new stuff. Maybe it's a maturity process coupled with experience that makes one become aware of new aspects.
hehe, with my passion for trading, I will for sure become a phd or professor in trading in a few years haha.

But you are already on a good way. Am sure you gonna figure that game out faster than me
You know, I think myself that i am progressing very quickly. I have had no mentor, trading myself. I still trade same money I deposited in the very beginning. I did lost half in the beginning first 6 months but since then it stopped and I am slowly growing. not enough though. Main problem was not letting profits run. Only having higher win rates and risk control kept me afloat.
First mentorship i am having here from you, Mortician and NightMoves and it shows.
Right now, I feel I am on right path thanks to you guys.
  • #8,898
  • Nov 4, 2010 3:29pm Nov 4, 2010 3:29pm
Quoting shiko
Yes, it is from Silent service method. Clockwork cited someone.
I was thinking about it myself but I really do tend to take partial losses. Not partial. I simply used to trade on lower time frames and No Brainer method, so, i have a good gut feeling when trade goes really bad.Like this week my long Aud/Usd. right direction wrong timing....
yep, you almost got it. it depends where you identified the trend in the first place. If on the daily, then look at the daily for trend reversal signs (breach of trendline, stops making higher highs,... anything you can think of that means a trend pause or reversal). If you identified the trend on the weekly, I would wait till the weekly shows signs of trend reversals.
However, don't use the h4 for trend identification. It's a too low time-frame for trend identification in my opinion.
  • #8,899
  • Nov 4, 2010 3:30pm Nov 4, 2010 3:30pm
Quoting Custos
I really would not worry. Reason is, that those daily tops are insignificant compared to the big S/R level from the weekly.
Furthermore, it's a numbers game, you can't get every trade right. Just enter every trade according to plan and you gonna do just fine in the longterm.

Cause very often cutting down the losers also means that you cut on profitable trades. You would need to do a statistical analysis if it's wise to not enter, when there is a small support area below.
yes, by not taking set up we can miss some really big move. We never know which one will be a runner.
  • #8,900
  • Nov 4, 2010 3:31pm Nov 4, 2010 3:31pm
Quoting shiko
You know, I think myself that i am progressing very quickly. I have had no mentor, trading myself. I still trade same money I deposited in the very beginning. I did lost half in the beginning first 6 months but since then it stopped and I am slowly growing. not enough though. Main problem was not letting profits run. Only having higher win rates and risk control kept me afloat.
First mentorship i am having here from you, Mortician and NightMoves and it shows.
Right now, I feel I am on right path thanks to you guys.
good that you find success . Yeah trading is a marathon, not a sprint. So take it easy and slowly
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