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Flag trading the trend

  • #3,081
  • Apr 11, 2011 8:42pm Apr 11, 2011 8:42pm
took a few quick scalps off the aud/usd 5 min.
I expected it to be a bit better but i managed about 20 pips, which is pretty good for me considering i've been in quite a few bad trades since i started a month ago.

in the second pic you can see why you need to keep track of your s/r levels. when i went to a higher tf I found that there was good support at 1.0456. I wasnt aware of it when i jumped in the trade in a short position at 1.0463. I did managed to get out of it with pretty much a break even (+4.4 pips)
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  • #3,082
  • Apr 11, 2011 8:57pm Apr 11, 2011 8:57pm
Took this short after support turned resistance. +14
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  • #3,083
  • Apr 11, 2011 9:37pm Apr 11, 2011 9:37pm
Quoting brettM
Looks like I stopped trading too early. Did anyone get this divergence trade on GU looks like it was a nice set up pattern off resistance...
What is your RSI setting? I certainly did not see divergence on that one with my setting.

I have it set to the CLOSE of the bar.

Can someone confirm the RSI setting?
  • #3,084
  • Apr 11, 2011 9:41pm Apr 11, 2011 9:41pm
Quoting Rcwso
What is your RSI setting? I certainly did not see divergence on that one with my setting.

I have it set to the CLOSE of the bar.

Can someone confirm the RSI setting?
I have it set to 8 and the close...im using oanda mt4 charts if that makes a difference not sure...
  • #3,085
  • Apr 11, 2011 9:51pm Apr 11, 2011 9:51pm
Hey Flaggers,

It is my observation that the EuroDollar is now in downtrend. It broke through the 1.4420 support level, then came back to test it (twice), now established as resistance. Gentlemen, get ready to hang out your "shorts".

Happy Pipping,
Jon
  • #3,086
  • Apr 11, 2011 9:59pm Apr 11, 2011 9:59pm
Quoting jmf0805
Hey Flaggers,

It is my observation that the EuroDollar is now in downtrend. It broke through the 1.4420 support level, then came back to test it (twice), now established as resistance. Gentlemen, get ready to hang out your "shorts".

Happy Pipping,
Jon
What about the divergence that formed after it broke through and tested teh 1.4420 area? Any thoughts?
  • #3,087
  • Apr 11, 2011 10:16pm Apr 11, 2011 10:16pm
Quoting jmf0805
Hey Flaggers,

It is my observation that the EuroDollar is now in downtrend. It broke through the 1.4420 support level, then came back to test it (twice), now established as resistance. Gentlemen, get ready to hang out your "shorts".

Happy Pipping,
Jon
++++++++++++++++++++++++++++++++

EU is starting to look a little "bearish". Looks to me like the true test would be to go and stay, below 1.4385 or lower. But that's just my opinion man..
  • #3,088
  • Apr 11, 2011 10:19pm Apr 11, 2011 10:19pm
Quoting diamonddbw
++++++++++++++++++++++++++++++++

EU is starting to look a little "bearish". Looks to me like the true test would be to go and stay, below 1.4385 or lower. But that's just my opinion man..
I took a test trade off of the 0200 bar and it hit my TP. Any thoughts on if this was a bad set-up/entry or trade overall?

My thoughts:
Went through support
tested again and went down

Thoughts?

Also thoughts on the GU at 0210? Looked like a good short to me as well.

I do understand this is not a normal trading time. Just looking for set-ups when I can do to my schedule.
  • #3,089
  • Apr 11, 2011 10:28pm Apr 11, 2011 10:28pm
This is my trade time also I am taking anything I see thats at least 10 pips so far so good.
  • #3,090
  • Apr 11, 2011 10:30pm Apr 11, 2011 10:30pm
Hi to all,
I get into this trade (demo only) +15 only with retracement finder + sma 10 not able to find out the divergence + 123 setup. Please comment.
Attached Image (click to enlarge)
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  • #3,091
  • Apr 11, 2011 10:36pm Apr 11, 2011 10:36pm
Euro is at major support right now. Dollar at resistance
  • #3,092
  • Edited 11:07pm Apr 11, 2011 11:05pm | Edited 11:07pm
Quoting godwin2002
Hi to all,
I get into this trade (demo only) +15 only with retracement finder + sma 10 not able to find out the divergence + 123 setup. Please comment.
++++++++++++++++++++++++++++++++

Not sure. Probably need to see the whole chart. However at the this time, trend is still considered up. That may change today, but not yet.

Just noticed this is the aud/usd so the trend is down. What's key here, though, is the time of the day.
  • #3,093
  • Apr 11, 2011 11:31pm Apr 11, 2011 11:31pm
Took the 123 off of support at 1.4380 for a winner. Two winners tonight. I'm out. Not much risked but two good trades. Outside the normal time frames but volume was fairly high and it worked for my time.

Good night. Be back in the morning to see what happens.
  • #3,094
  • Apr 12, 2011 12:40am Apr 12, 2011 12:40am
Quoting Rcwso
Took the 123 off of support at 1.4380 for a winner. Two winners tonight. I'm out. Not much risked but two good trades. Outside the normal time frames but volume was fairly high and it worked for my time.

Good night. Be back in the morning to see what happens.
++++++++++++++++++++++++++++++++

Just like rc, take the money and run...
  • #3,095
  • Apr 12, 2011 2:58am Apr 12, 2011 2:58am
seems to be a neat little flag forming now...
edit: maybe not
  • #3,096
  • Apr 12, 2011 3:13am Apr 12, 2011 3:13am
Quoting doublePip
seems to be a neat little flag forming now...
edit: maybe not
++++++++++++++++++++++++++++++++

Lot of news on the way. Catching up on my cuticles..
  • #3,097
  • Apr 12, 2011 3:56am Apr 12, 2011 3:56am
First trade of the day. Took it because it broke through the last HL and pull backed. I like going with the main trend which is up at the moment. Ray
Attached Image (click to enlarge)
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  • #3,098
  • Apr 12, 2011 3:59am Apr 12, 2011 3:59am
Quoting 1234
First trade of the day. Took it because it broke through the last HL and pull backed. I like going with the main trend which is up at the moment. Ray
on my chart retracementfinder/cci was below 50 on that bar so no entry for me
  • #3,099
  • Apr 12, 2011 4:02am Apr 12, 2011 4:02am
Quoting 1234
First trade of the day. Took it because it broke through the last HL and pull backed. I like going with the main trend which is up at the moment. Ray
++++++++++++++++++++++++++++++++

Good timing. EU hit 1.4380 earlier. For me lower than that would mark a change in trend. What's your view?
  • #3,100
  • Apr 12, 2011 4:05am Apr 12, 2011 4:05am
Quoting 1234
First trade of the day. Took it because it broke through the last HL and pull backed. I like going with the main trend which is up at the moment. Ray
good trade that Ray, nicely off the 20.

On the setup bar though my cci was only at 43 so i didnt get a signal, just goes to show how brokers can vary.
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