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Flag trading the trend

  • #2,961
  • Apr 10, 2011 3:16pm Apr 10, 2011 3:16pm
Quoting shr1k
So that's a no to my question?
I really don't understand why you think this will take months to learn?
Um I guess I will just find out my self I am going to watch this on a few pairs.
Everyone has their own learning curve and some have no experience at all. The reason I said "CAN take months" is because of your join date and I have no clue what experience you have in trading.
My experience show's me there are plenty of new and plenty of moronic people out there who don't know up from down.
One can't assume the "trend" is the same for everyone and the trend can look extremely different depending on the zoom of your chart and the volatility of the market. A prime example of this trend was on Friday. Some people were looking for short trades and others were looking for long trades.
Yes this is a simple system and yes it can be traded on any pair thank you Divergence for showing and leading us the way.
  • #2,962
  • Apr 10, 2011 3:33pm Apr 10, 2011 3:33pm
hmmmm my join date? whats that mean?
  • #2,963
  • Apr 10, 2011 3:52pm Apr 10, 2011 3:52pm
Quoting Divergence
hmmmm my join date? whats that mean?
No no, I was replying to shr1k, not you.
  • #2,964
  • Apr 10, 2011 4:01pm Apr 10, 2011 4:01pm
Thanks for all the info Divergence,I've been reading through this thread for days, looking at charts, back the the thread, back to charts, trying to spot the trends, flags and triggers and I think it's finally sinking in.

I needed to try something different aside from MA crosses where I was getting whipsawed all the time.
  • #2,965
  • Apr 10, 2011 4:18pm Apr 10, 2011 4:18pm
You know I realized that about my join date after I thought about your reply.
I am a long time lurker around here and have been trading FX a few years. I keep it in the black I watch and trade about 12 pairs with my own strat on the daily charts. I am looking for a simple way to make a few trades a day on shorter charts thats my interest in this flag trading strat.
I did ask some basic questions about spread on this strat its been awhile since I thought about spread on a trade. When your target is 300 pips and might take a few days to hit a pip or 2 one way or the other dont play into my thoughts on RR, probability and win rate. It does on the 5 min chart when a pip or 2 is 20% of the trade.
  • #2,966
  • Apr 10, 2011 5:09pm Apr 10, 2011 5:09pm
lets see if i have this right...
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  • #2,967
  • Apr 10, 2011 5:45pm Apr 10, 2011 5:45pm
Quoting gimmie3pips
lets see if i have this right...
On your chart it appears you have an EMA of 8 based on Close, this is incorrect

It should be a SMA of 10 based on Median (HL/2)

Apart from that you look to have it correct

Regards
John
  • #2,968
  • Apr 10, 2011 6:35pm Apr 10, 2011 6:35pm
jmw, yeh I was messing around with the settings, not sure how to get the hl/2 setting in this fxcm software. I can set it to 10, median but thats all.

anyway, this thread has been a huge help to me. here's an example of what probably would have happened to me before.

trend is down, rsi under 50 ma cross, going short at 19:00.
as you see, what really happened was right after the cross, price went up instead of down, would have taken out the stop just over 61 and then it proceeds to go sideways. I cant tell you how many times I got caught in that scenario, but now i know better and would have stayed out of this trade.
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  • #2,969
  • Apr 10, 2011 6:39pm Apr 10, 2011 6:39pm
Long the EU

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  • #2,970
  • Apr 10, 2011 6:43pm Apr 10, 2011 6:43pm
EU Long 4.10.. SL to BE if we break and hold the resistance @ 4482

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  • #2,971
  • Apr 10, 2011 6:51pm Apr 10, 2011 6:51pm
Nice start to the week, 12.5 pips. I do think i followed all the rules.

Thanks Div
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  • #2,972
  • Edited 7:13pm Apr 10, 2011 6:59pm | Edited 7:13pm
nice job, i'm just messing around in demo mode right now, making sure i have this down. theres one setting up on the USD/JPY 5min chart right now


errr...was but i think that just crapped out

more newb trader reinforcement: just because you think you know, with 100% accuracy where the price is going, wait for the candle close to confirm ..or else
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  • #2,973
  • Apr 10, 2011 7:11pm Apr 10, 2011 7:11pm
We filed the gap.. was hoping 4471 area would hold.. As we see it did not.. Scratch this trade for 1.60

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  • #2,974
  • Edited 7:31pm Apr 10, 2011 7:21pm | Edited 7:31pm
there was no trade on eurusd firstly ask yourself this question are we trending? answer overall yes are we need a support level to buy the answer is no was there a setup yes did it triger no inside bar never took it out and that bar was to far from 10 sma so the whole setup squashed till it pullback. you entry shows next candle on the moving average but it aint the same as mine so you have a different method just checked you are probably using a 10 ema applied to close
  • #2,975
  • Apr 10, 2011 7:41pm Apr 10, 2011 7:41pm
since theres a lull in action wondering if you guys want to meet in the webinar room
  • #2,976
  • Apr 10, 2011 7:42pm Apr 10, 2011 7:42pm
YES.
  • #2,977
  • Apr 10, 2011 7:44pm Apr 10, 2011 7:44pm
Quoting Divergence
since theres a lull in action wondering if you guys want to meet in the webinar room
Sure, do you have the link and name? Or are you simply talking the chat room?
  • #2,978
  • Apr 10, 2011 7:45pm Apr 10, 2011 7:45pm
AnyMeeting.com/tradingthetrend1 every one is welcome
  • #2,979
  • Apr 10, 2011 7:51pm Apr 10, 2011 7:51pm
Quoting Divergence
there was no trade on eurusd firstly ask yourself this question are we trending? answer overall yes are we need a support level to buy the answer is no was there a setup yes did it triger no inside bar never took it out and that bar was to far from 10 sma so the whole setup squashed till it pullback. you entry shows next candle on the moving average but it aint the same as mine so you have a different method just checked you are probably using a 10 ema applied to close
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Here's what I was looking at. it would appear we are in a uptrend based on chart #1 and #2 above..So I guess yes to the first question...Support level = I had a bounce of the 4452 area pivot ( although not right down on it....Area only ) ..

"no inside bar never took it out and that bar was to far from 10 sma so the whole setup squashed till it pullback"... This one Im a little fuzzy on. Must have missed something along the way. I thought we could allow 2 bars after the set up bar before pulling the entry?? correct??

My 10 ema is set to Median HL/2.. This is correct ?? Your thoughts

Thanks Div
  • #2,980
  • Apr 10, 2011 8:10pm Apr 10, 2011 8:10pm
Quoting TraderinSD
Attachment

Attachment

Here's what I was looking at. it would appear we are in a uptrend based on chart #1 and #2 above..So I guess yes to the first question...Support level = I had a bounce of the 4452 area pivot ( although not right down on it....Area only ) ..

"no inside bar never took it out and that bar was to far from 10 sma so the whole setup squashed till it pullback"... This one Im a little fuzzy on. Must have missed something along the way. I thought we could allow 2 bars after the set up bar before...
Divergence just discussed this on the webinar page. He said he would not take it because it was not near a support or resistance area. It was in the middle and he did not like it. He waits for it to be near support or resistance and then pullback.

Also, he said the 10 MA is a SIMPLE MA. Not a EMA. He showed his indicators. Also described in the PDFs I posted/created a couple of weeks back.
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