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Flag trading the trend

  • #3,901
  • Apr 24, 2011 4:10pm Apr 24, 2011 4:10pm
To those who observe the holiday, Happy Easter! Remember, it's Bank Holiday all over the world, spend time with your loved ones and relax guys.
  • #3,902
  • Apr 25, 2011 3:34am Apr 25, 2011 3:34am
hi, guys.

very nice thread.

are you using any kind of script to put the pending orders? or are you putting them manually

thx a lot.
  • #3,903
  • Edited 6:20am Apr 25, 2011 5:50am | Edited 6:20am
Morning guys,

well after a rough start I think I finally got the hang of this and things have been going much better. I forced myself to stop rushing when i think I have a setup and I go over the rules one by one to confirm everything before I enter a trade.

I have a spreadsheet for my daily profit target (thanks Shr1k) which right now is 2%, I'm going to compound my gains each week and keep my risk at 2% per trade based on account equity, so the higher my balance the more my risk but always maintaining 2% risk.

I started tracking my progress with my micro account last week. I only have a few days in on that so far but I'm just about on target for the week. I started with (dont laugh) $150 in my account and i'm currently sitting at $157.11 after 3 days.

I just wanted to thank everyone, especially Divergence for all of his work in helping us learn this system. I'll keep watching the thread and update my progress every once in awhile.
  • #3,904
  • Apr 25, 2011 7:26am Apr 25, 2011 7:26am
I'm not laughing........
Quoting gimmie3pips
Morning guys,

well after a rough start I think I finally got the hang of this and things have been going much better. I forced myself to stop rushing when i think I have a setup and I go over the rules one by one to confirm everything before I enter a trade.

I have a spreadsheet for my daily profit target (thanks Shr1k) which right now is 2%, I'm going to compound my gains each week and keep my risk at 2% per trade based on account equity, so the higher my balance the more my risk but always maintaining 2% risk.

I started tracking my progress...
  • #3,905
  • Apr 25, 2011 8:08am Apr 25, 2011 8:08am
Quoting gimmie3pips
Morning guys,

well after a rough start I think I finally got the hang of this and things have been going much better. I forced myself to stop rushing when i think I have a setup and I go over the rules one by one to confirm everything before I enter a trade.

I have a spreadsheet for my daily profit target (thanks Shr1k) which right now is 2%, I'm going to compound my gains each week and keep my risk at 2% per trade based on account equity, so the higher my balance the more my risk but always maintaining 2% risk.

I started tracking my...
Nothing to laugh about there! They are excellent returns, if you can do that consistently you will easily be clearing 20% per month which is great!

Now I just want to join you :-)

So would you say that the most important thing is sticking to the rules?

Do you trade divergence as well?
  • #3,906
  • Apr 25, 2011 8:37am Apr 25, 2011 8:37am
Don't know if I'm just pointing out the obvious but have you guys noticed that the flag trend trade is a 123 trend continuation trade?
Attached Image (click to enlarge)
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  • #3,907
  • Apr 25, 2011 8:42am Apr 25, 2011 8:42am
becareful today all banks closed except us very strange movements dont know if i will attempt anything today
  • #3,908
  • Apr 25, 2011 9:05am Apr 25, 2011 9:05am
Thank You Mr. Div.
Quoting Divergence
becareful today all banks closed except us very strange movements dont know if i will attempt anything today
  • #3,909
  • Apr 25, 2011 9:32am Apr 25, 2011 9:32am
Quoting PipRiderFX
Nothing to laugh about there! They are excellent returns, if you can do that consistently you will easily be clearing 20% per month which is great!

Now I just want to join you :-)

So would you say that the most important thing is sticking to the rules?

Do you trade divergence as well?
yes by all means stick to the rules that divergence has laid out. If you rush and bypass one your whole trade can be invalid and you'll end up on the losing side most of the time.

Hopefully I can keep these gains going, at least by following the system I have stacked the odds in my favor as much as possible.

I dont trade divergence or 123's right now..i need a lot more practice with that however, I am getting better at spotting them, just not enough to the point that i'm confident in trading them.
  • #3,910
  • Apr 25, 2011 11:11am Apr 25, 2011 11:11am
Hi Divergence,

Greate system you have there :-)

Is this how should setup be for short?
Attached Image (click to enlarge)
Click to Enlarge Name: eur-usd-m5.jpg Size: 110 KB
  • #3,911
  • Apr 25, 2011 11:16am Apr 25, 2011 11:16am
Quoting alex82
Hi Divergence,

Greate system you have there :-)

Is this how should setup be for short?
I don't think so, there is no short setup bar in your picture. I think you should read the rules again.
Search the pdf file created by rcwso in this thread.
Good luck
  • #3,912
  • Apr 25, 2011 11:19am Apr 25, 2011 11:19am
Quoting patuan84
I don't think so, there is no short setup bar in your picture. I think you should read the rules again.
Search the pdf file created by rcwso in this thread.
Good luck
Thanks bro ;-)
  • #3,913
  • Apr 25, 2011 11:54am Apr 25, 2011 11:54am
Hi Everyone,

I am just looking at the charts preparing for tonight and wanted to confirm a few things. Please note I am only using multiple pairs to assist me in learning the patterns I only plan on trading the EURUSD.


EURUSD is still in Long mode although it is coming to a previous level of resistance which became support and may now act as resistance again. So If I get a short signal from here would it be valid? Or would I be waiting for the major trend to reassert itself?

AUDUSD seems to have broken my most recent HL which now puts me in short mode, although it did bounce off of the second to last major HL so would I still be in Long mode because of this or would I be ok to take short setups if price bounces off the previous support which is now looking like resistance?

GBPUSD is not in a downtrend since the support ledge price was sat on all of thursday and friday has now been broken is that reading correct?

EURJPY is moving down but the trend is a little unclear.

I look forward to you comments.
  • #3,914
  • Edited 12:45pm Apr 25, 2011 12:35pm | Edited 12:45pm
zoom out and get some s/r lines on ur chart, this will help paint whether the setups are nice looking or not. turning a resis line into support would make for a good long, turning a support line into resis would make for a nice short. patience is the only thing developing on these charts--always remeber #1--find the trend......and only take counter-trend when have a 123(preferably with div)
  • #3,915
  • Apr 25, 2011 1:23pm Apr 25, 2011 1:23pm
Quoting diamonddbw
Hi Flag Traders. Still on the road. Enjoying every minute.

Just stopped for coffee and free wi-fi so thought I would take this time to wish everyone a wonderful day. Happy Easter to those of you that observe this holiday.

Tolerance, used out of respect for others, is always a good thing. This thread is a great model of how we all work together for the mutual benefit of the group. A perfect case for "Lead by Example".

Good Hunting All!
+++++++++++++++++++++++++++++
"With a pure heart, The path is Clear" ~ DW

Thanks for the great wishes diamonddbw, i wish all traders here in this thread many happy pips to come. I'm just starting to get the hang of it, and i think i can become profitable for the first time on the Fx market lol. Happy Easter once more to everyone
  • #3,916
  • Apr 25, 2011 3:01pm Apr 25, 2011 3:01pm
Here was a set-up for today but the RSI was a slightly over extended.
Attached Image (click to enlarge)
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  • #3,917
  • Apr 25, 2011 4:38pm Apr 25, 2011 4:38pm
Hi,

Is anyone trading the Asian session?

Is the chat room going to be open? How do I access it?

Thanks
  • #3,918
  • Apr 25, 2011 4:40pm Apr 25, 2011 4:40pm
http://chat.efnet.org:9090/

enter a nickname and put #flagtrading as the channel
not sure if there are people there during asian, usually quite a few during ny session
  • #3,919
  • Apr 25, 2011 6:10pm Apr 25, 2011 6:10pm
Just missed the EURJPY. Was that a valid short?
  • #3,920
  • Apr 25, 2011 6:13pm Apr 25, 2011 6:13pm
Trend looked down to me... pull back was to a previous support which had become resistance... and there was divergence as well to indicate the pull back was weakening...

I think I should have taken that... but it was 11:55 would that have made a difference?
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