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Trend Trading All Pairs

  • #10,241
  • Feb 3, 2011 11:45pm Feb 3, 2011 11:45pm
Quoting Custos
It's when momentum starts to drop that I close my position. Any time-frame.

It's hard to understand. By momentum you mean something like we have all red or green candles and then opposite color starts appearing more and more?
  • #10,242
  • Feb 4, 2011 2:59am Feb 4, 2011 2:59am
Quoting NightMoves
I thought I would post a trade I took earlier this morning, I have not posted any trades in a while, this trade was based off the daily chart with entry on the 4hr trigger chart. It missed the target I was looking for but I took it anyway. So far 145 pips to the good.

--NM
Hi NM

nice to see you again.

what was the stratergy behind this trade, it doesn't look like a 3sma trade?

Andy
  • #10,243
  • Feb 4, 2011 4:33am Feb 4, 2011 4:33am
Quoting shiko
It's hard to understand. By momentum you mean something like we have all red or green candles and then opposite color starts appearing more and more?
like wicks for example.
  • #10,244
  • Feb 4, 2011 8:59am Feb 4, 2011 8:59am
Quoting mayorowo
The room is so silent....Here is a setup am watching out for on the completion of hourly candle

Cheers
Update on USDCHF....

Cheers....
Attached Image (click to enlarge)
Click to Enlarge Name: usdchf update 04022011.gif Size: 23 KB
  • #10,245
  • Feb 4, 2011 12:49pm Feb 4, 2011 12:49pm
Quoting Andy_G
Hi NM

nice to see you again.

what was the stratergy behind this trade, it doesn't look like a 3sma trade?

Andy
It is not the 3sma method, even though, he uses the completion of the 1,2,3 pattern as a trigger for entry.

I think i understand what he did. First, he looked at the daily chart for double tops. Then, he superimpose the RSI indicator on the daily chart looking for solid divergence. After a good divergence rears it head, he then switch to the 4hour timeframe looking for a telltale signs of reversal, that is, the vaunted 1,2,3 formation on 4hr time frame. Then, at the completion of that 1,2,3 formation, he entered. I have attached a chart below.

MAYOROWO does the same thing. s/he sometimes go with a strong candle move like hammer/inverted hammer or something like a engulfing bar instead of waiting for the completion of the 1,2,3 formation.

Is it effective? On the daily time frames?....try it out and see. i dont like indicators though.
Anyways, chart attached
Attached Image(s) (click to enlarge)
Click to Enlarge Name: ScreenHunter_01 Feb. 04 15.36.gif Size: 17 KB
Click to Enlarge Name: ScreenHunter_02 Feb. 04 15.42.gif Size: 21 KB
  • #10,246
  • Feb 4, 2011 7:28pm Feb 4, 2011 7:28pm
That is close to what I did, however I did not use any indicators. I did looked at the daily and then used the 4 hour as my trigger chart. Looking for the reversal pattern on the 4H time frame.

I do not always draw the trend lines when I take a trade, after a while you just get used to seeing the reversals and kind of know where they are going to develop (or expect them to develop) and when I see them then I use the 123 or BPC for an entry.

So the entry rules are still the same. Look for the trend, find the S/R levels and wait and see what happens at those levels and then make a decision to enter or scrap it.

--NM
  • #10,247
  • Feb 4, 2011 7:31pm Feb 4, 2011 7:31pm
Quoting Custos
it goes by currency, not currency pair.

euro is strong
aud is weak

so eur/aud should be a good combination to trade.
Yep Custos is correct, it goes by currencies, then just look at the strong vs the weak currencies and pull up the charts and see if there is anything that looks good.

--NM
  • #10,248
  • Feb 4, 2011 7:44pm Feb 4, 2011 7:44pm
Quoting dddd
It is not the 3sma method, even though, he uses the completion of the 1,2,3 pattern as a trigger for entry.

I think i understand what he did. First, he looked at the daily chart for double tops. Then, he superimpose the RSI indicator on the daily chart looking for solid divergence. After a good divergence rears it head, he then switch to the 4hour timeframe looking for a telltale signs of reversal, that is, the vaunted 1,2,3 formation on 4hr time frame. Then, at the completion of that 1,2,3 formation, he entered. I have attached a chart below....
Even though I do not use indicators I decided too pull up the MACD, RSI,and the Stochastic on the daily chart, all 3 of the indicators are also showing that a turn around could be drawing close by the divergence, as the price was making higher highs but the indicators were not able to make the trip.

--NM
Attached Image (click to enlarge)
Click to Enlarge Name: Divergence.png Size: 42 KB
  • #10,249
  • Edited 8:34pm Feb 4, 2011 8:16pm | Edited 8:34pm
Here is a chart of the daily I have marked the S/R levels I was hoping the change would happen at it missed somewhat but it was close enough for me to take the entry.

--NM

Eidt: Added target area chart...
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EU Daily SR Levels.png Size: 33 KB
Click to Enlarge Name: Target area.png Size: 31 KB
  • #10,250
  • Feb 4, 2011 10:22pm Feb 4, 2011 10:22pm
Quoting NightMoves
Even though I do not use indicators I decided too pull up the MACD, RSI,and the Stochastic on the daily chart, all 3 of the indicators are also showing that a turn around could be drawing close by the divergence, as the price was making higher highs but the indicators were not able to make the trip.

--NM
I see that too. It was most pronounced on the STOCh. ANYWAYS, indicator is what mayorowo uses...personally, i dislike them.




Quoting NightMoves
Here is a chart of the daily I have marked the S/R levels I was hoping the change would happen at it missed somewhat but it was close enough for me to take the entry.

--NM

Eidt: Added target area chart...
i see.

it eur/usd may yet reach that target line.
Attached Image (click to enlarge)
Click to Enlarge Name: ScreenHunter_01 Feb. 05 01.21.gif Size: 18 KB
  • #10,251
  • Feb 5, 2011 5:37am Feb 5, 2011 5:37am
Quoting dddd
I see that too. It was most pronounced on the STOCh. ANYWAYS, indicator is what mayorowo uses...personally, i dislike them.






i see.

it eur/usd may yet reach that target line.
It might reach the target, you never know in this market what will happen. Indicators are ok if you like them, personally I dont use them but many people do and seem to do ok with them. I have found they give a lot of mixed signals and I guess thats one of the reasons I dont use them, I would rather wait for the market to do something then react to it if you know what I mean.

--NM
  • #10,252
  • Feb 7, 2011 1:55am Feb 7, 2011 1:55am
Quoting dddd
I see that too. It was most pronounced on the STOCh. ANYWAYS, indicator is what mayorowo uses...personally, i dislike them.






i see.

it eur/usd may yet reach that target line.
Guys, basically i trade support and resistance with a solid confluence, the RSI is not for entry but i use it get a clear divergence which has been helping me to detect a solid support and resistance. Over the time 40 percent of support and resistance don’t move more than 110 pips before they reverse while others move more than 250pips.

Trading with confidence is what we need, to me confluence is all i need to pull any trigger e.g S/R with any of these fib,round numbers,divergence etc.

Thanks
  • #10,253
  • Feb 7, 2011 3:11am Feb 7, 2011 3:11am
EURGBP's trend was down last week. I think EURGBP is still in down trend in this week. ADX, RSI, WPR, and STOCH show the powering of this trend.
  • #10,254
  • Feb 7, 2011 11:07am Feb 7, 2011 11:07am
Quoting kironakapita
EURGBP's trend was down last week. I think EURGBP is still in down trend in this week. ADX, RSI, WPR, and STOCH show the powering of this trend.
yeah, and my neighbour's cat was today walking across the street, which means eur/gbp is definitely down. Also I stood up today with my left foot, another good indication that eur/gbp is down.

I know, very dry humor (if you can call it humor at all)
  • #10,255
  • Edited 10:41pm Feb 7, 2011 10:24pm | Edited 10:41pm
I expect a nice move to the upside for this week with the Eur/Cad pair. Tell me what you think. Overall, I expect the market to continue down for another leg, but cant resist the pips. Let me know what you guys think.

I made a mistake. The weekly pivot is at 3601, not 3593 which is even better.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurcad.4hr.2.8.11..JPG Size: 235 KB
Click to Enlarge Name: eurcad.1hr.2.8.11.JPG Size: 243 KB
  • #10,256
  • Feb 7, 2011 11:05pm Feb 7, 2011 11:05pm
Similar to my Eur/Cad analysis, i expect the Eur/Aud to follow suit.
just not as many pips. Does any one agree or disagree?

Buy Eur/Aud above resistance with confirmation, and target Monthly central pivot point as well as convergence with downward trend line on 4 hr time frame.

Any input would be greatly appreciated.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: euraud.1hr.2.8.11.JPG Size: 209 KB
Click to Enlarge Name: euraud.4hr.2.8.11.JPG Size: 230 KB
  • #10,257
  • Feb 8, 2011 7:16am Feb 8, 2011 7:16am
Quoting mayorowo
Update on USDCHF....

Cheers....
Good day my people,

Here is the update on USDCHF,I just added another long position.

Thanks
Attached Image (click to enlarge)
Click to Enlarge Name: usdchf update 08022011.gif Size: 23 KB
  • #10,258
  • Feb 8, 2011 1:31pm Feb 8, 2011 1:31pm
Target hit for 150 pips. I am expecting a resumption of downtrend. I am waiting for a few signals to converge before shorting. But mainly, I need to see trend line to break.
Attached Image (click to enlarge)
Click to Enlarge Name: eurcad.1hr.2.9.11.JPG Size: 238 KB
  • #10,259
  • Feb 8, 2011 2:14pm Feb 8, 2011 2:14pm
Quoting Custos
yeah, and my neighbour's cat was today walking across the street, which means eur/gbp is definitely down. Also I stood up today with my left foot, another good indication that eur/gbp is down.

I know, very dry humor (if you can call it humor at all)

hahahahahahhaa,

I am laughing soo hard it hurts.
  • #10,260
  • Feb 9, 2011 2:57am Feb 9, 2011 2:57am
As a follow up to yesterday's +150 pip trade, I think it is a good time to sell eur/cad.
Sell:3565
TP: 3420 (confluence with monthly pivot point, and intersection between uptrend line and ML of pitchfork.
SL:3630.(I have to use wider stop to cover spread.)
1:2 risk/reward.

Posted are 4 hour and 1 hour charts.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurcad.4hr.2.9.11..JPG Size: 227 KB
Click to Enlarge Name: eurcad.1hr.2.9.11.2JPG.JPG Size: 236 KB
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