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Flag trading the trend

  • #841
  • Mar 8, 2011 6:59pm Mar 8, 2011 6:59pm
Quoting Divergence
in my experience if action doesnt happen at beginning of asian session then there probably wont happen. i dont like sitting in front of computer for hrs on ebd 5-8 trades a month in this session is plenty 10 - 14 in us session put them to gether it comes out to 18-22 trades a month which is plenty and very nice money
So it's the Sydney open until 1/2 hour after Tokyo? Do I have my times right?
  • #842
  • Mar 8, 2011 7:14pm Mar 8, 2011 7:14pm
asian starts around 7 pm est sydney about 3 pm
  • #843
  • Mar 8, 2011 7:19pm Mar 8, 2011 7:19pm
Attached Image (click to enlarge)
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Attached Image (click to enlarge)
Click to Enlarge Name: usdjpy divergence.gif Size: 14 KB


I've got the flag/retracement set-ups down OK, but still shaky on the 123/divergence stuff. These two charts are from tonight's Asian session. Are the entry set-ups correct - then just blew up on their own PA, or am I missing something? Thanks.
  • #844
  • Mar 8, 2011 7:21pm Mar 8, 2011 7:21pm
Quoting Divergence
in my experience if action doesnt happen at beginning of asian session then there probably wont happen. i dont like sitting in front of computer for hrs on end 5-8 trades a month in this session is plenty 10 - 14 in us session put them to gether it comes out to 18-22 trades a month which is plenty and very nice money

Div

You are a great guy,
in those words are a lot of wisdom, if the volume in trading isnt there in the asian session, than its better to move on to tomorrow

This strategy, once it is clear is a very good system
once you know that it has to take out the high or low and then retrace, which it does all on its own and was something that used to bother me, as we all want the price to keep going, but now i understand the movement, even though I had read it many times before.

I will try and continue to post trades and we can all get better


I agree it is important to stay in the high volume trading time frames

FXWest
  • #845
  • Mar 8, 2011 7:48pm Mar 8, 2011 7:48pm
Divergence.....I've copied and loaded onto my desktop 1-Retracement Finder1.mq4 (4.2 KB). Unfortunately, I'm unable to apply your instruction post #113. Nothing I attempt to do succeeds. I've got smoothed moving average 10 running, but that's it. I've printed chart on chart of yours, re reading them avidly. You're an asset I don't want to lose! Help please?
  • #846
  • Mar 8, 2011 8:58pm Mar 8, 2011 8:58pm
Quoting Kia Ora
Divergence.....I've copied and loaded onto my desktop 1-Retracement Finder1.mq4 (4.2 KB). Unfortunately, I'm unable to apply your instruction post #113. Nothing I attempt to do succeeds. I've got smoothed moving average 10 running, but that's it. I've printed chart on chart of yours, re reading them avidly. You're an asset I don't want to lose! Help please?

Hi Kia

Have you uploaded the indicator into the folder, then you need to restart the platform. I'm not much of a cpu guy but try that .
hope it works
  • #847
  • Mar 8, 2011 9:57pm Mar 8, 2011 9:57pm
Quoting Kia Ora
Divergence.....I've copied and loaded onto my desktop 1-Retracement Finder1.mq4 (4.2 KB). Unfortunately, I'm unable to apply your instruction post #113. Nothing I attempt to do succeeds. I've got smoothed moving average 10 running, but that's it. I've printed chart on chart of yours, re reading them avidly. You're an asset I don't want to lose! Help please?
Hi Kia. You need to compile into a .ex4 file as that .mq4 file is just the source code.

Once you have copied it into your experts/indicators folder you need to do the following:

1. Click the MetaEditor icon button - it's the yellow one next to the New Order script on your toolbar...this will open the code MT4 code editing software
2. On the Navigator on right hand side open the Indicators folder
3. Open 1-RetracementFinder file
4. Hit F5 - this compiles the code, If you have done things right it will say 0 errors 0 warnings in the Description window
5. Close MetaEditor

The indicator should now be in the list of custom indicators...regards Occam
  • #848
  • Edited 10:26pm Mar 8, 2011 10:20pm | Edited 10:26pm
Quoting watermarkk
Attachment

Attachment

I've got the flag/retracement set-ups down OK, but still shaky on the 123/divergence stuff. These two charts are from tonight's Asian session. Are the entry set-ups correct - then just blew up on their own PA, or am I missing something? Thanks.
It looks OK from the number labels, but take a step back and see what you are doing in both charts - you are arbitrarily expecting an immediate downmove. This is not the way 1-2-3 setups work, as you can see in your charts, often a second higher top is formed, or a top range is formed.

Once price is at a top, often a testing period between buyers and sellers happens. The 1-2-3 is best if AFTER some consolidation period it becomes clear that further upmoves are unlikely.

I would ( as in the case yesterday with EURUSD ) switch to 1h and 15 min candles and typical candle patterns around whole numbers, support and resistance numbers etc. Then take the breakdown on the 5min chart.

But Div or other experienced traders will help you. In the beginning, only trend pullback trades are safer, you are then trading WITH the trend, and not anticipating a trend reversal.

Just my 2 cents, hope it helps.


__________
michael
Be like water.
  • #849
  • Mar 8, 2011 10:48pm Mar 8, 2011 10:48pm
It's great to beg for assistance, and have it provided. Very much appreciated. All I've got to do now is to provide the -50 & +50 lines? Complexity solved with your help.
  • #850
  • Mar 8, 2011 11:02pm Mar 8, 2011 11:02pm
Quoting Kia Ora
It's great to beg for assistance, and have it provided. Very much appreciated. All I've got to do now is to provide the -50 & +50 lines? Complexity solved with your help.
Kia

I knew someone more knowledgeable would come to the rescue. As long as it works out. The lines are under levels ,click add enter 50 then click again for -50

love NZ what part
  • #851
  • Mar 8, 2011 11:18pm Mar 8, 2011 11:18pm
Known as The King Country, Otorohanga. I'm 8 klm out from the 3000 population town. Cows all around me, magic!
  • #852
  • Mar 8, 2011 11:51pm Mar 8, 2011 11:51pm
Quoting Kia Ora
Known as The King Country, Otorohanga. I'm 8 klm out from the 3000 population town. Cows all around me, magic!
West coast mountains , just like Alberta . I liked the Bay of Islands area. All beautiful SHAME about Christchurch
  • #853
  • Mar 9, 2011 12:54am Mar 9, 2011 12:54am
My 1st post here. Have been stalking this post for awhile now. I think I understand, however not sure where I went wrong, or did I just pick the wrong 1 in 30.

So I'm watching this E/U 123 reversal set up. In the middle of this I see what looks like a flag trade set up.
• Breach of recent 5 min swing
• Retrace 6 bars to set up a trendline break
• Entered @ 1 pip above Trigger Bar (on Red Vertical Line)*
*This was one pip above the trigger bar wick. Should it have been the "Real Body"?

Entry, Stop & Targets marked in Yellow.

Trade was up 10 @ one point, which was still 6 away from my target. Closed it out when it broke 1.3892 for a 5 pip loss.

If anyone has any thoughts I'd like to hear.

Thanks,
Darryl

"We were all born with the 'Inalienable Right to Remain Stupid'"
~ Me
Attached Image (click to enlarge)
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  • #854
  • Mar 9, 2011 1:03am Mar 9, 2011 1:03am
Quoting diamonddbw
My 1st post here. Have been stalking this post for awhile now. I think I understand, however not sure where I went wrong, or did I just pick the wrong 1 in 30.

So I'm watching this E/U 123 reversal set up. In the middle of this I see what looks like a flag trade set up.
• Breach of recent 5 min swing
• Retrace 6 bars to set up a trendline break
• Entered @ 1 pip above Trigger Bar (on Red Vertical Line)*...
123 set ups follow divergence. I don't see any divergence on the RSI or any other indicator.
  • #855
  • Mar 9, 2011 1:03am Mar 9, 2011 1:03am
Quoting diamonddbw
My 1st post here. Have been stalking this post for awhile now. I think I understand, however not sure where I went wrong, or did I just pick the wrong 1 in 30.

So I'm watching this E/U 123 reversal set up. In the middle of this I see what looks like a flag trade set up.
• Breach of recent 5 min swing
• Retrace 6 bars to set up a trendline break
• Entered @ 1 pip above Trigger Bar (on Red Vertical Line)*...
you're trading against the trend
  • #856
  • Mar 9, 2011 1:07am Mar 9, 2011 1:07am
Quoting diamonddbw
My 1st post here. Have been stalking this post for awhile now. I think I understand, however not sure where I went wrong, or did I just pick the wrong 1 in 30.

So I'm watching this E/U 123 reversal set up. In the middle of this I see what looks like a flag trade set up.
• Breach of recent 5 min swing
• Retrace 6 bars to set up a trendline break
• Entered @ 1 pip above Trigger Bar (on Red Vertical Line)*...
Also, the resistance for a change of the down trend is much higher. Zoom out your chart and you will see. Also, look at some of the charts over the past day that Divergence has posted with support and resistance.
  • #857
  • Mar 9, 2011 1:13am Mar 9, 2011 1:13am
Quoting vince
you're trading against the trend
++++++++++++++++++++++++++++++++


HH & HL on 5m. #'s 2 & 3.
  • #858
  • Mar 9, 2011 1:14am Mar 9, 2011 1:14am
Quoting Rcwso
Also, the resistance for a change of the down trend is much higher. Zoom out your chart and you will see. Also, look at some of the charts over the past day that Divergence has posted with support and resistance.
++++++++++++++++++++++++++++++++


I see. Thanks
  • #859
  • Mar 9, 2011 1:15am Mar 9, 2011 1:15am
Quoting diamonddbw
My 1st post here. Have been stalking this post for awhile now. I think I understand, however not sure where I went wrong, or did I just pick the wrong 1 in 30.
Diamond, 123s are only used at the possible end of a trend, which may have been possible at 1.3862, but it did not take shape. So the trend is still down and recent price action is just a retracement (from 1.3862 up to 1.3923). Looking for a 123 reversal while price is starting to move down again is not the right place to look for it. Look for the standard trend following trades...IMHO.
  • #860
  • Mar 9, 2011 1:16am Mar 9, 2011 1:16am
Quoting diamonddbw
++++++++++++++++++++++++++++++++


HH & HL on 5m. #'s 2 & 3.
I used to have the same question, but zoom out and see the bigger picture...
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