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Trend Trading All Pairs

  • #9,561
  • Dec 16, 2010 3:07am Dec 16, 2010 3:07am
Quoting Custos
why entry at 1.2940? can you show me a chart why you selected that level for entry?

This is the chart, does not it looks obvious to you?
  • #9,562
  • Dec 16, 2010 3:08am Dec 16, 2010 3:08am
Quoting shiko
This is the chart, does not it looks obvious to you?
1.294 is not even on the chart you posted. So not sure why you selected that as your entry.
  • #9,563
  • Dec 16, 2010 3:11am Dec 16, 2010 3:11am
Price tries to take out 1.3207 level few times on 4H. it failed. then it is bullish candle encompassing 2 previous 4H candles. Price testing 1.3242. falls back , news, it tries again, falls back and then moves to 1.3240 again. Formation look like what happens all the time in this case. so, I set stop order at 1.2940 when price is under but stats moving higher. stop 7 pips under previous low and 1.3300 is obvious target with my goal 10 pips under. sorry for wrong pricing I put wrong prices at my original post
  • #9,564
  • Dec 16, 2010 3:12am Dec 16, 2010 3:12am
Quoting Custos
1.294 is not even on the chart you posted. So not sure why you selected that as your entry.
sorry, wrong numbers.
entry 1.3240, stop 1.3200, take profit 1.3290. probably not enough coffee taken., it is still night here
  • #9,565
  • Dec 16, 2010 3:15am Dec 16, 2010 3:15am
Custos, btw, can we follow our trades on Blackberry and similar devices? I mean can we log into MT4 and other platforms on Blackberry?
  • #9,566
  • Dec 16, 2010 3:16am Dec 16, 2010 3:16am
Quoting shiko
sorry, wrong numbers.
entry 1.3240, stop 1.3200, take profit 1.3290. probably not enough coffee taken., it is still night here
oh okay, that makes more sense now. I just want you to be aware that you are trading against a retracement trendline.
Attached Image (click to enlarge)
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  • #9,567
  • Dec 16, 2010 3:21am Dec 16, 2010 3:21am
Quoting shiko
Custos, btw, can we follow our trades on Blackberry and similar devices? I mean can we log into MT4 and other platforms on Blackberry?
really no idea. I have an iphone, and as you know mt4 doesn't work on apple products.
What I can suggest you is to try a kind of remote accessing program, which can access your computer with the phone. At least that's how I do it with my iphone.
  • #9,568
  • Dec 16, 2010 3:22am Dec 16, 2010 3:22am
Quoting Custos
oh okay, that makes more sense now. I just want you to be aware that you are trading against a retracement trendline.

yeah, I know, I am more of looking at horizontal levels in this case and I see this formation forming. it is called bottom of the bucket if it is successfully ends where I think it will.
I actually started watching trend lines only when I joined this thread. always traded from horizontal levels before.
  • #9,569
  • Dec 16, 2010 3:23am Dec 16, 2010 3:23am
btw, my target if I am right about momentum should be just around retracement line level.
  • #9,570
  • Dec 16, 2010 3:25am Dec 16, 2010 3:25am
Quoting Custos
really no idea. I have an iphone, and as you know mt4 doesn't work on apple products.
What I can suggest you is to try a kind of remote accessing program, which can access your computer with the phone. At least that's how I do it with my iphone.
I see, you leave PC on with MT4 or whatever platform running and have this remote access program. so you can check on your trades. I hate to let trades run unattended. will go to Rogers this weekend. I hope they have something in this case.
  • #9,571
  • Dec 16, 2010 3:26am Dec 16, 2010 3:26am
Quoting shiko
btw, my target if I am right about momentum should be just around retracement line level.
hope it works out for you!
  • #9,572
  • Dec 16, 2010 3:29am Dec 16, 2010 3:29am
Quoting shiko
I see, you leave PC on with MT4 or whatever platform running and have this remote access program. so you can check on your trades. I hate to let trades run unattended. will go to Rogers this weekend. I hope they have something in this case.
yeah, I know what you mean. That's part of the reason why I am going with longer time-frames, cause I don't wanna look at the charts all day long. I think as long as we have a good edge, we don't need to stare at the charts all day long.

In fact I check my charts these days maybe 15 to 30 min a day max.
  • #9,573
  • Dec 16, 2010 3:31am Dec 16, 2010 3:31am
Custos, check this. It happens many many times. I mean this kind of set ups.
here is the previous one.

Attached Image (click to enlarge)
Click to Enlarge Name: eurusd 4h.gif Size: 75 KB
  • #9,574
  • Dec 16, 2010 3:34am Dec 16, 2010 3:34am
Quoting shiko
Custos, check this. It happens many many times. I mean this kind of set ups.
here is the previous one.

Attachment
looks cool, so from what I understand this is more a counter-trend strategy then? since both setups seem to happen against the trend.
  • #9,575
  • Dec 16, 2010 3:34am Dec 16, 2010 3:34am
Quoting Custos
yeah, I know what you mean. That's part of the reason why I am going with longer time-frames, cause I don't wanna look at the charts all day long. I think as long as we have a good edge, we don't need to stare at the charts all day long.

In fact I check my charts these days maybe 15 to 30 min a day max.

But I am sure you were watching charts much longer before. I am only slightly more than 2 years at this. Need to watch, but I am sure watching it less and less.
Moved from 15 min 1H to 4H-daily now. I do not even watch lower than 4H TF.
I check daily chart during Asian session, go to bed., get up around Europe open and start watching all pairs for set ups on minimum 4H.
  • #9,576
  • Dec 16, 2010 3:36am Dec 16, 2010 3:36am
Quoting Custos
looks cool, so from what I understand this is more a counter-trend strategy then? since both setups seem to happen against the trend.

No, it is going in both directions. If this forms along the trend so much better. You check 4H charts you will see a lot of this stuff and watch how price reacts later when it comes into their range. Because it is against the trend I am looking for small gain and only very small size.
  • #9,577
  • Dec 16, 2010 3:38am Dec 16, 2010 3:38am
I am waiting for 2011 to resume trading normal sizes. I am also gun shy this time especially if I am positiove. I am 3% down from the year top, but not going to push things.
  • #9,578
  • Dec 16, 2010 3:39am Dec 16, 2010 3:39am
price is hitting daily pivot.
  • #9,579
  • Dec 16, 2010 3:39am Dec 16, 2010 3:39am
Quoting shiko
But I am sure you were watching charts much longer before. I am only slightly more than 2 years at this. Need to watch, but I am sure watching it less and less.
Moved from 15 min 1H to 4H-daily now. I do not even watch lower than 4H TF.
I check daily chart during Asian session, go to bed., get up around Europe open and start watching all pairs for set ups on minimum 4H.
yeah, before I also traded 5 min to 15 min charts. But it gets tiresome, also affected a bit social life, since I had too much "trading adrenaline" in me and always wanted to check the charts.
But honestly, I don't want that trading adrenaline anymore, profits are enough for me, and preferably without me having to do a lot.
But as I said, this type of calmity in trading requires a strong foundation and absolute knowledge that I have an edge. Otherwise I would still be trading on "adrenaline".
  • #9,580
  • Dec 16, 2010 3:46am Dec 16, 2010 3:46am
Quoting Custos
yeah, before I also traded 5 min to 15 min charts. But it gets tiresome, also affected a bit social life, since I had too much "trading adrenaline" in me and always wanted to check the charts.
But honestly, I don't want that trading adrenaline anymore, profits are enough for me, and preferably without me having to do a lot.
But as I said, this type of calmity in trading requires a strong foundation and absolute knowledge that I have an edge. Otherwise I would still be trading on "adrenaline".
It also requires experience. I think I am still in learning mode. I am currently incorporating James16 based price action method into my arsenal and moving to higher time frames. I think within 1 year I will be watching market less than now. used to be probably 15 hours daily for about 2 years. Then it was around 8 hours and now it is probably 5-6 hours daily.
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