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Flag trading the trend

  • #4,481
  • May 20, 2011 6:29am May 20, 2011 6:29am
Quoting The Cableguy
I welcome all views, but am expecting the main answer to be just the time of day for the trade (both around 12:00/13:00 GMT)...
Hi, i think three peaks up = dangerous to take a long. last upswing = complete 5-wave pattern, abc correction supposed at least.
Attached Image
:-anything
  • #4,482
  • May 20, 2011 6:36am May 20, 2011 6:36am
Quoting tritom
Yes but I will make a separate thread for it. If some people decide to use it, there will be questions, suggestions, fixes, updates etc. I don't want to clutter this thread with tech stuff, it's a wonder it stayed so clean of garbage after 300 pages, wow! I think many contributors, including Divergence himself, are purists who would never use an EA. But this EA won't trade for you. It's just a tool. I have made it for myself because I hate juggling with the mouse clicking the fields in order window, clicking in terminal window if I want to close...


Ah nice a trademanager with one click execution , that could be helpful
  • #4,483
  • May 20, 2011 7:44am May 20, 2011 7:44am
Quoting The Cableguy
Ok, this comes from someone who has been trading this successfully for a few weeks now, but i have been hit a few times now by trades failing, that i'm certain worked fine a couple of weeks ago and i also can't really explain as to why the failure. I welcome all views, but am expecting the main answer to be just the time of day for the trade (both around 12:00/13:00 GMT)
If so, i will happily leave the computer in future after say 10:00am...

There really isn't any divergence to cause the problem, it may look like it at first, but when you line...
The first thing is to check your settings on your RSI. It should be set at 8. I realize that it is not a main indicator to say yes or no but it does help some people. I am not sure that would have made a difference.

I agree with tritom about the three peaks. But also look after the 3rd peak you have a pretty solid 123 pattern. That 123 would have kept me from getting back in long at that time. The 123 formed before your SUB going long and I would have been looking for a short. And in reality it forms 2 123 patterns in row. Therefore, I would have been out and looking short in reality. Not my time of day for that particular day.

What I have noticed is the need to pay attention to a 123 vs a pullback. sometimes it seems as if a 123 forms as part of a pullback. But when the 123 forms and actually crosses the SMA instead of staying below it, that seems to be more valid as a 123 vs a pullback/flag.

Not sure if that helps but I would not have traded that based on the 123s. H
  • #4,484
  • May 20, 2011 7:58am May 20, 2011 7:58am
Rcwso,

Thankyou for your reply. Interesting and noted. My only argument would be with the 123 before the sub. It has two candles within a pip apart as a low. I thought this was invalid? Although i can see that there was a larger one formed after the trigger.
I don't mind making a bad trade and losing money if i can learn from it! Call it paying for lessons, but its typical i left a EJ short for this trade when you can see which way that would have turned out!

I do remember being uncomfortable watching the Euro dropping while i was long cable, i was rather thinking that cable was holding up while the euro had just printed a swing low and hence it may well retrace, alas it wasn't to be!

Interesting to learn through trial and error about 123 and retracements, as a result of a couple of bad trades in a row, i didn't have the b&lls to hold a Euro long from the 123 at 12:35/13:00...
Certainly starting to look like return to uptrend rather than a simple retrace...
GoFundMe -stage-4-glioma-brain-cancer-fighter (link in my profile)
  • #4,485
  • May 20, 2011 8:15am May 20, 2011 8:15am
Quoting The Cableguy
Rcwso,

Thankyou for your reply. Interesting and noted. My only argument would be with the 123 before the sub. It has two candles within a pip apart as a low. I thought this was invalid? Although i can see that there was a larger one formed after the trigger.
I don't mind making a bad trade and losing money if i can learn from it! Call it paying for lessons, but its typical i left a EJ short for this trade when you can see which way that would have turned out!

I do remember being uncomfortable watching the Euro dropping while i was long...
I am still there learning what to do as well. Hindsight would be nice to take trades off of. I do like that 123 and am not sure if I would have stuck it out as long as it took to run away. Either way, I am not sure I would have counted that as a flag. 123 and 3 peaks makes it a no go for me.

I just took a 123 on the EU that happened about 40 minutes ago. I have waited and waited with it and I took some pips off the table. It was taking too long so I jumped out with a few but the second I jump, it went up some more. Not sure if it will get all the way to a full winner or not but I took what I could. Now I need to practice my other learning point of being patient and simply walking away for a short period of time to let something else develop, or not.
  • #4,486
  • May 20, 2011 8:24am May 20, 2011 8:24am
Quoting jmw1970
Hi All

just uploading an "all in one" flag trading indicator

if you decide to use it, please review the attached pdf before asking questions, it should explain most points

Regards
John
Hi John,
I've read the pdf but the indy won't attach to the chart.
I've tried dragging it and double clicking but nothing.

Any ideas?
  • #4,487
  • May 21, 2011 6:36am May 21, 2011 6:36am
Quoting The Cableguy
Ok, this comes from someone who has been trading this successfully for a few weeks now, but i have been hit a few times now by trades failing, that i'm certain worked fine a couple of weeks ago and i also can't really explain as to why the failure. I welcome all views, but am expecting the main answer to be just the time of day for the trade (both around 12:00/13:00 GMT)
If so, i will happily leave the computer in future after say 10:00am...

There really isn't any divergence to cause the problem, it may look like it at first, but when you line...
hi. The long pattern was broken by lower hi's, therefore, be aware that the market may short. That contributed to your failed trade.
all the best,
gray.
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  • #4,488
  • May 22, 2011 9:42am May 22, 2011 9:42am
Hello,

i am new here.

May i ask is this valid FLAG?
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  • #4,489
  • May 22, 2011 12:30pm May 22, 2011 12:30pm
Quoting doman
Hello,

i am new here.

May i ask is this valid FLAG?
I wouldn't say a flag,but it is a valid pullback
  • #4,490
  • May 22, 2011 12:39pm May 22, 2011 12:39pm
Quoting Tedge UK
I wouldn't say a flag,but it is a valid pullback
Dom,this is what you should be looking for albeit 4hr
Attached Image (click to enlarge)
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  • #4,491
  • May 22, 2011 1:19pm May 22, 2011 1:19pm
Quoting tritom
Hi diamond, rc, and all flaggers! The entry+management EA seems to be ready for release. I have tested it extensively on demo accounts (IBFX, FXDD, Oanda, FinFx, MBT) and live accounts (ATC, Roboforex) on 4 pairs. I just need to make a PDF and I hope to post it in platform tech thread this Sunday. I will post a link to it here.

Good trading to all, take care ;-)
++++++++++++++++

Good going tritom. Your name will go down in the record book with the likes of "Brainiac" & "R2-D2". May the Force be with you!
  • #4,492
  • May 22, 2011 1:58pm May 22, 2011 1:58pm
Quoting diamonddbw
++++++++++++++++

Good going tritom. Your name will go down in the record book with the likes of "Brainiac" & "R2-D2". May the Force be with you!
wow thx darryl for such overwhelming flattery, only the time schedule still doesn't fit (proof I'm not a bot lol) ..it's matter of days, however. Adding a feature of auto-readjusting TP if the order gets slipped to pertain 1:1R, and a tiny on-chart help what keys are legit in either mode etc. Have to test it as markets open. And (finally) start to write the PDF.
:-anything
  • #4,493
  • May 22, 2011 3:37pm May 22, 2011 3:37pm
Quoting Tedge UK
Dom,this is what you should be looking for albeit 4hr
Thank you very much ....


One would say It was 123 ( your chart ) but it is all about to recognize these two patterns, isnt it?
  • #4,494
  • May 22, 2011 3:53pm May 22, 2011 3:53pm
Quoting doman
Thank you very much ....


One would say It was 123 ( your chart ) but it is all about to recognize these two patterns, isnt it?
Dom,have you read the thread,please dont take this the wrong way but this trade on the 4hr is a classic flag (pull back) NOT a 123.
  • #4,495
  • May 22, 2011 5:22pm May 22, 2011 5:22pm
Quoting tritom
wow thx darryl for such overwhelming flattery, only the time schedule still doesn't fit (proof I'm not a bot lol) ..it's matter of days, however. Adding a feature of auto-readjusting TP if the order gets slipped to pertain 1:1R, and a tiny on-chart help what keys are legit in either mode etc. Have to test it as markets open. And (finally) start to write the PDF.
Can't wait! You've been tempting us with this EA since forever.
  • #4,496
  • May 23, 2011 6:28am May 23, 2011 6:28am
test
  • #4,497
  • May 23, 2011 8:49am May 23, 2011 8:49am
Anyone get caught up in the EU false short 20 minutes ago?

I stayed out because it was just prior to DJ open.
  • #4,498
  • May 23, 2011 8:56am May 23, 2011 8:56am
Quoting diamonddbw
Anyone get caught up in the EU false short 20 minutes ago?

I stayed out because it was just prior to DJ open.
Oh yeah, I got burned. And to top it off I miscalculated lot size (it occasionally happens) and lost 4% instead of 3.
  • #4,499
  • May 23, 2011 9:02am May 23, 2011 9:02am
Quoting diamonddbw
Anyone get caught up in the EU false short 20 minutes ago?

I stayed out because it was just prior to DJ open.

LOL, yep, was short. Fortunately up on the day so not too bad just something to learn from.

~Pure
Enter Signature
  • #4,500
  • May 23, 2011 9:04am May 23, 2011 9:04am
btw, what is "DJ open"?
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