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Flag trading the trend

  • #4,421
  • May 18, 2011 7:57am May 18, 2011 7:57am
Any takers on the EU Flag short that just happened?
  • #4,422
  • May 18, 2011 8:03am May 18, 2011 8:03am
Quoting diamonddbw
Any takers on the EU Flag short that just happened?
not me too many retraces down already when the trend changes then yes will look for a 123 set-up

jth
  • #4,423
  • May 18, 2011 8:11am May 18, 2011 8:11am
Quoting diamonddbw
Any takers on the EU Flag short that just happened?
Yes, for a winner. No complaints here. Great looking flag in my opinion. I took a dumb trade earlier for a small loss but this trade got me all that money back and some.

Hope you took some pips as well, diamond.
  • #4,424
  • May 18, 2011 8:20am May 18, 2011 8:20am
Quoting jth
not me too many retraces down already when the trend changes then yes will look for a 123 set-up

jth
++++++++++++++++++++

The rather straight move down was somewhat of a concern to me also.

I saw the Resis level @ 1.4237ish as well as a descending trendline in the same area. Then a break of support @ 1.4220ish. Also it's getting late in the session and the euro has moved less than 100 pips with the 5 day range being over 180. The nature of the euro, imho, is that it does continue to move in it's daily direction until around the London fix and then some. Is there risk here? Of course.

By the results in your previous listed in your previous post I'd say the factors you use for your personal trading are working quite well for you so keep up the good work.
  • #4,425
  • May 18, 2011 8:24am May 18, 2011 8:24am
Yes, I took the same one, but I am still having trouble understanding the break even. This trade hit the TP mark but many times it comes a few pips from the TP mark and turns around. How is everyone managing the trades with BE?
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  • #4,426
  • May 18, 2011 8:25am May 18, 2011 8:25am
Quoting Rcwso
Yes, for a winner. No complaints here. Great looking flag in my opinion. I took a dumb trade earlier for a small loss but this trade got me all that money back and some.

Hope you took some pips as well, diamond.
++++++++++++++++++++++++++++++++
Hi RC. I might of bagged a few while no one was looking.

jth mentioned how helpful an EA would be. Have you heard from tritom yet? I still do not have regular internet.
D
  • #4,427
  • May 18, 2011 8:30am May 18, 2011 8:30am
Quoting thefallguy
Yes, I took the same one, but I am still having trouble understanding the break even. This trade hit the TP mark but many times it comes a few pips from the TP mark and turns around. How is everyone managing the trades with BE?
+++++++++++++++++++++++++

Personally I just base the BE's on price action. I had trades open in 2 different accounts and based on price action, I did move the stop on one to BE. It got stopped out. The other one had a slightly different entry and it survived the cut. So I guess the answer is not fixed in stone. Sorry Dude!
  • #4,428
  • May 18, 2011 8:31am May 18, 2011 8:31am
Quoting diamonddbw
++++++++++++++++++++++++++++++++
Hi RC. I might of bagged a few while no one was looking.

jth mentioned how helpful an EA would be. Have you heard from tritom yet? I still do not have regular internet.
D
a semi auto ea that i start when i see a set-up and trades only once till i restart it again.
jth
  • #4,429
  • May 18, 2011 8:42am May 18, 2011 8:42am
Quoting jth
a semi auto ea that i start when i see a set-up and trades only once till i restart it again.
jth
++++++++++++++++++++++

Hi jth. I didn't realize you already had it. I can see where it can really save alot of hassle hitting the mark. I rarely get the exact fill I'm trying for which does cost me at times. Do you still set your stop & limit manually?
  • #4,430
  • May 18, 2011 8:46am May 18, 2011 8:46am
Quoting thefallguy
Yes, I took the same one, but I am still having trouble understanding the break even. This trade hit the TP mark but many times it comes a few pips from the TP mark and turns around. How is everyone managing the trades with BE?
Good catching that flag trade. I am just starting the US session. For me if I am aiming for 10 pips and it does not TP within two candles I quickly just take what I can get. Small profit, BE or loss.

For longer tp 20pips etc. with the EUR I give the trade a lot more time to TP. I move stop to BE when getting to 5 pips of target and I watch the GBP. If the GBP keeps moving in the same direction I tend to leave it. If the GBP moves quickly in the other direction I tend to close the trade before BE.

I think this part maybe part of the art of trading and personal preference.

To be honest, I have not made enough of these trades to see if it makes a difference. Ray
  • #4,431
  • May 18, 2011 8:51am May 18, 2011 8:51am
Quoting diamonddbw
++++++++++++++++++++++

Hi jth. I didn't realize you already had it. I can see where it can really save alot of hassle hitting the mark. I rarely get the exact fill I'm trying for which does cost me at times. Do you still set your stop & limit manually?
no i don't have the semi ea it's just my idea and wish to have one.
Manually yes but not the sl. With the potential semi ea (if someone could make it) that would be done by the ea taking all that hassle out of your hands. just start the ea and if the trade is right it will take it and set it all going. if the trade is not right it would cancel the setup. You would just have to start it when you see a setup again and then the ea will do the rest.

JTH
  • #4,432
  • May 18, 2011 8:54am May 18, 2011 8:54am
Div mentions early in the thread how he handles this.

he has the tp, with the be mark x pips before it, once it gets there he moves the sl to be.

if the price continually goes back towards the tp but bounces again before reaching he exits as close to the tp as possible (around the move to b/e mark)

Quoting thefallguy
Yes, I took the same one, but I am still having trouble understanding the break even. This trade hit the TP mark but many times it comes a few pips from the TP mark and turns around. How is everyone managing the trades with BE?
  • #4,433
  • May 18, 2011 8:55am May 18, 2011 8:55am
potential reverse trend on the eu waiting for the 123 setup
jth
  • #4,434
  • May 18, 2011 9:01am May 18, 2011 9:01am
darn it it didn't retrace enough
jth
  • #4,435
  • May 18, 2011 9:06am May 18, 2011 9:06am
but i am in on the gu
jth
  • #4,436
  • May 18, 2011 9:06am May 18, 2011 9:06am
Euro has a bit of a barrier that's keeping me on the sidelines. The gray descending trendline begins early in the A/S. Price did have a problem getting past it.
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  • #4,437
  • May 18, 2011 9:23am May 18, 2011 9:23am
I was just wondering what pairs everybody is trading now?

I trade the normal EU, EJ and GU but I was looking to add some other not so correlated pairs to the mix and was wondering what the success was like on the others.

I am particularly interested in what you all have to say about UJ and UC, EC or EG

Thank you
  • #4,438
  • May 18, 2011 9:46am May 18, 2011 9:46am
what about aud/usd?
  • #4,439
  • May 18, 2011 9:47am May 18, 2011 9:47am
+18 pips on the gu sweet
jth
  • #4,440
  • May 18, 2011 9:50am May 18, 2011 9:50am
i missed 4 other setups on other pairs and they all were wins, this is why i wish i had the semi ea

jth
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