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Flag trading the trend

  • #4,521
  • May 23, 2011 10:23am May 23, 2011 10:23am
Quoting tbjohnton
that 123 you drew, was way too small for my liking, remember we're only looking for the "angelina jolie" trades. here is the 123 that i was referring to
++++++++++++++++

TB, I agree 100% with your opinion of a "Classic" 123 set up. However if you watch the videos of Div going over 123's, as they apply to the Flag trade, you will see a different approach. In fact on some of his charts he will actually call a 123 in a situation where the #3 goes beyond the #1 by less than 1 full pip.

I had to wrap my brain around the 123 as it applies to what we're doing here too.
  • #4,522
  • May 23, 2011 10:37am May 23, 2011 10:37am
Quoting tbjohnton
that 123 you drew, was way too small for my liking, remember we're only looking for the "angelina jolie" trades. here is the 123 that i was referring to
++++++++++

What I'm seeing on your chart is a classic 123 which was perfect. The only thing different I would do here is to change to #2 to #1 & #3 to #2. Then the sub & entry bar would be have been very close to satisfying the classic 123 trade.
  • #4,523
  • May 23, 2011 10:43am May 23, 2011 10:43am
oh yea, the 123 long was the "lovely lady of the day", i only posted the 123 the other way to show why a short wasnt advisable at that time, the failure to make a LL triggered the thought of looking for a pattern to take a long--thanks again for all you did in making the videos available to those of us that were unable to attend the webinars live and also to review them
  • #4,524
  • May 23, 2011 10:46am May 23, 2011 10:46am
Quoting tbjohnton
oh yea, the 123 long was the "lovely lady of the day", i only posted the 123 the other way to show why a short wasnt advisable at that time, the failure to make a LL triggered the thought of looking for a pattern to take a long--thanks again for all you did in making the videos available to those of us that were unable to attend the webinars live and also to review them
++++++++++

You're welcome. And thank you for reminding me to not be quite so "Micro" in my views.
  • #4,525
  • May 23, 2011 11:04am May 23, 2011 11:04am
I've only been back to trading full-time (and the flag strategy) for about three weeks now after a hiatus going back to November last year. I can recall a couple veteran traders I know telling me they hate Mondays and only put half-sized trades on at this time.

For those who have been trading this awhile, what is your opinion on the volatility (or lack thereof) on Mondays, as it relates to flag trading and 123s? Is it worth putting in the hours on Monday morning or is it always kinda crappy?
  • #4,526
  • May 23, 2011 11:10am May 23, 2011 11:10am
Mondays and Fridays are quite iffy for me. It's like people are still hangover from the weekend and on Friday, people want to have an early start for their hangovers. Tues, Wed, and Thurs full strength.
  • #4,527
  • May 23, 2011 12:44pm May 23, 2011 12:44pm
Quoting Tailgun
I've only been back to trading full-time (and the flag strategy) for about three weeks now after a hiatus going back to November last year. I can recall a couple veteran traders I know telling me they hate Mondays and only put half-sized trades on at this time.

For those who have been trading this awhile, what is your opinion on the volatility (or lack thereof) on Mondays, as it relates to flag trading and 123s? Is it worth putting in the hours on Monday morning or is it always kinda crappy?
For me if I try not to pre judge any market. I get beat up pretty good when I do. I have trade management rules, ( much like Div's ) , that help me in markets that have no follow through. I'm ok with scratching a trade ( break even plus a pip ), when the market comes back on me. I do agree with position size if trading multiples but trade management rules will help there too.

At the end of the day, for me, am I taking the proper signal, am I managing the trade according to plan.

As previously mentioned, I prefer the 123's to be a bit larger and well defined... Like the long that set up today counter trend.. Higher lows, trend had been down , in place, for a while, etc, etc.
  • #4,528
  • May 23, 2011 6:57pm May 23, 2011 6:57pm
Anyone like the EJ for a 123?
  • #4,529
  • May 23, 2011 7:35pm May 23, 2011 7:35pm
There was a whole heap of set ups around 5pm CET
  • #4,530
  • May 24, 2011 1:32am May 24, 2011 1:32am
Quoting diamonddbw
+++++++++++

It did look to me like a classic set up. Trend was down, LL & LH. The only thing that kept me out was the stocks opening just a minute or 2 after price dropped 1.3 pips (on my charts) below the sub.


I'm a bit late replying to this one, but i actually posted this to my thread yesterday after the event. For me the last LH was taken out and therefore it was now counter-trend looking for a long...
Interesting how everyone interprets things slightly differently, as per my last post of last week on cable, i made a complete f*ck up and subsequently lost my bottle for a bit... it wasn't even a big position or anything, just that i trusted what i thought was correct and was proved wrong... That's the market for you i guess!

http://i464.photobucket.com/albums/r...ark72/temp.png
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  • #4,531
  • May 24, 2011 7:14am May 24, 2011 7:14am
Is this legit one? :-) 1 min chart
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  • #4,532
  • May 24, 2011 7:56am May 24, 2011 7:56am
Hi Doman

couple of points:-

a) although this method can be traded on any chart timeframe we mainly concentrate on the 5m one in the thread

b) you have not shown one of the key factors in determining a valid setup-bar, namely the CCI

Regards
John

Quoting doman
Is this legit one? :-) 1 min chart
  • #4,533
  • May 24, 2011 8:23am May 24, 2011 8:23am
Quoting jmw1970
Hi Doman

couple of points:-

a) although this method can be traded on any chart timeframe we mainly concentrate on the 5m one in the thread

b) you have not shown one of the key factors in determining a valid setup-bar, namely the CCI

Regards
John
Hello John,
thank you for your reply

yeaa I know what is this treath about it was only if I am looking on chart correctly

CCI was under -50

sorry for my broken english
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  • #4,534
  • May 24, 2011 9:18am May 24, 2011 9:18am
Did anybody else just take the EURUSD long? I just hit my TP mark. I was a little concerned about going to the well to many times but it worked out in the end.
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  • #4,535
  • May 25, 2011 8:26am May 25, 2011 8:26am
Would be nice to hear from our leader... perhaps an update to current trading?
It appears difficult at the moment to get a clear trend... just when you think its a nailed on trade, it whipsaws and occasionally breaks a point you feel shouldn't be the case if the trend was correct only to see it non confirm later...

Mr D. Are you finding things more difficult right now or would you say the markets are behaving as per normal?
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  • #4,536
  • May 25, 2011 8:50am May 25, 2011 8:50am
This week has been.. brutal. I can only guess the consolidation on the daily charts is contributing to the malaise on the smaller. At least today I have found no signals, which means I have not taken any losses. That is a step up from yesterday and Monday.
  • #4,537
  • May 25, 2011 12:55pm May 25, 2011 12:55pm
Quoting Tailgun
This week has been.. brutal. I can only guess the consolidation on the daily charts is contributing to the malaise on the smaller. At least today I have found no signals, which means I have not taken any losses. That is a step up from yesterday and Monday.

hi tailgun

how is poor tymen doing? keeps coming up with new stuff on regular bases?
nothing sarcastic towards u
peace
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  • #4,538
  • May 25, 2011 3:03pm May 25, 2011 3:03pm
Quoting patient pip
hi tailgun

how is poor tymen doing? keeps coming up with new stuff on regular bases?
nothing sarcastic towards u
peace
I haven't been around that group since last year, before I took a break from forex. I learned a lot about reading bollinger bands from Tymen but unfortunately nothing that ever led me to a successful trading strategy.

I have better hopes for this, though the last three days have been the worst so far for me.
  • #4,539
  • May 25, 2011 3:13pm May 25, 2011 3:13pm
Hi All

for those struggling like me to find good setups and are having to look at multiple pairs (especially in the last few days).....

a simple indicator for those who have multiple charts open that are tiled and wish to see easily which is the active chart (very useful when using "hotkeys" in MT4)

By default the indicator will "gray" out all the inactive charts (although the chart can still be seen), leaving the active chart in your standard color set.

The logic can be reversed by changing the xb_When.Active parameter to true, this will then "highlight" the active chart.

Regards
John
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  • #4,540
  • May 25, 2011 3:36pm May 25, 2011 3:36pm
Quoting Tailgun
I haven't been around that group since last year, before I took a break from forex. I learned a lot about reading bollinger bands from Tymen but unfortunately nothing that ever led me to a successful trading strategy.

I have better hopes for this, though the last three days have been the worst so far for me.

majority of us search. at least we can admit it.

motto: the light at the end of tunnel shouldn't b questioned. good trading to all :-)
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