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Flag trading the trend

  • #4,621
  • Jun 10, 2011 3:36pm Jun 10, 2011 3:36pm
Quoting willf
Not much to discuss really. It's quite easy once you know what to look for. Here's a trade I took today on EURUSD 4H.

This week has been slower. Market seems a bit jumpy but up 173 pips for the week so pretty good considering I couldn't trade for two days because of other commitments.

I also took the Euro short on an hourly Elliott Wave set up. I think these flag trades could work very well with EW analysis. I'm curious as to what triggers your trade? Did you wait for the retest of the break of that low fractal? When did you decide that the retest was complete? Do you use any oscillator or indicator?

Thanks,

Richard
  • #4,622
  • Jun 10, 2011 4:43pm Jun 10, 2011 4:43pm
Quoting Richard7
I also took the Euro short on an hourly Elliott Wave set up. I think these flag trades could work very well with EW analysis. I'm curious as to what triggers your trade? Did you wait for the retest of the break of that low fractal? When did you decide that the retest was complete? Do you use any oscillator or indicator?

Thanks,

Richard
I don't wait for a retest usually. To be honest most of my trades are on existing trends. But when we see a trend change it's often usual to see a retest and then a sharp move away.

My decision to take the trade was based on the large bearish bar closing lower than the proceeding bullish bars that created the pull back. It was in the direction of the (new) trend.

I don't use any indicators or oscillators. The only thing I do make use of is the support and resistance indicator but this could be done by hand.

Most of the time I am looking for trades on existing trends. Wait for a pull back (not too deep) and then wait for a breakout bar in the direction of the existing trend.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.gif Size: 21 KB
  • #4,623
  • Jun 10, 2011 5:04pm Jun 10, 2011 5:04pm
I think another giveaway for the possible trend change was the head and shoulders.
Damn The Torpedoes, Full Speed Ahead!
  • #4,624
  • Jun 10, 2011 5:27pm Jun 10, 2011 5:27pm
May I ask was this valid 123 setup ? ( end of chart )

If not why?
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot - 11.6.2011 , 0_24_10.png Size: 27 KB
  • #4,625
  • Jun 10, 2011 7:01pm Jun 10, 2011 7:01pm
Quoting doman
May I ask was this valid 123 setup ? ( end of chart )

If not why?
++++++++++++++
Hi Doman. Kinda hard to tell as the colors don't contrast. Best I can tell is:
#1. the set up bar & entry bar are too small. Before entering a trade we want to see some momentum.

#2. Looks like the direction of the trade is about to encounter major support, so edgy place for an entry here.

Hope that helps. If you haven't already viewed the videos, sign up for a free vimeo account, PM me your vimeo email address, and I will get you access to 7 hours of videos.
Darryl
  • #4,626
  • Jun 11, 2011 9:09am Jun 11, 2011 9:09am
[quote=diamonddbw;4682717]++++++++++++++
Hope that helps. If you haven't already viewed the videos, sign up for a free vimeo account, PM me your vimeo email address, and I will get you access to 7 hours of videos.

As a newbie to flag trading I am not allowed to PM. Is there any other way I can see them?

I have been using an order script called EasyMoney which has been working nicely for placing fixed % risk demo trades
  • #4,627
  • Jun 11, 2011 3:54pm Jun 11, 2011 3:54pm
Quoting diamonddbw
++++++++++++++
Hi Doman. Kinda hard to tell as the colors don't contrast. Best I can tell is:
#1. the set up bar & entry bar are too small. Before entering a trade we want to see some momentum.

#2. Looks like the direction of the trade is about to encounter major support, so edgy place for an entry here.

Hope that helps. If you haven't already viewed the videos, sign up for a free vimeo account, PM me your vimeo email address, and I will get you access to 7 hours of videos.
Darryl
Where can i sign up for the vimeo, i would love to see the videos.
  • #4,628
  • Jun 11, 2011 7:31pm Jun 11, 2011 7:31pm
Hi Wilf,
I like your support/resistance indicator. Is it possible I could get a copy of it? Or were they manually drawn?
Thanks
  • #4,629
  • Jun 12, 2011 1:18am Jun 12, 2011 1:18am
Quoting Finsia
Hi Wilf,
I like your support/resistance indicator. Is it possible I could get a copy of it? Or were they manually drawn?
Thanks
Indicator attached. It's not always 100% accurate because it works using fractals but it's ok for a quick visual reference.
Attached File(s)
File Type: mq4 Support_and_Resistance.mq4   2 KB | 660 downloads
  • #4,630
  • Jun 12, 2011 10:19am Jun 12, 2011 10:19am
Thanks Wilf,
I am going to use them for Peak and trough analysis.
  • #4,631
  • Jun 13, 2011 1:30pm Jun 13, 2011 1:30pm
[quote=gingernuts;4683236]
Quoting diamonddbw
++++++++++++++
Hope that helps. If you haven't already viewed the videos, sign up for a free vimeo account, PM me your vimeo email address, and I will get you access to 7 hours of videos.

As a newbie to flag trading I am not allowed to PM. Is there any other way I can see them?

I have been using an order script called EasyMoney which has been working nicely for placing fixed % risk demo trades
++++++++++++++++++++++++++++++++

I will need the email you use to sign up for a free vimeo account. If you do a few more posts you will be permitted to PM.
  • #4,632
  • Jun 13, 2011 1:31pm Jun 13, 2011 1:31pm
Quoting BigRatt
Where can i sign up for the vimeo, i would love to see the videos.
++++++++++++++++++++++++++++++++

I will need the email you use to sign up for a free vimeo account. If you do a few more posts you will be permitted to PM.
  • #4,633
  • Jun 13, 2011 1:37pm Jun 13, 2011 1:37pm
[quote=diamonddbw;4687461]
Quoting gingernuts
++++++++++++++++++++++++++++++++

I will need the email you use to sign up for a free vimeo account. If you do a few more posts you will be permitted to PM.
Thanks for replying I will PM you as soon as poss.
  • #4,634
  • Jun 14, 2011 11:11pm Jun 14, 2011 11:11pm
What is the money management for this system?
  • #4,635
  • Jun 15, 2011 2:37am Jun 15, 2011 2:37am
Hey Slov,
if you're starting out with this system i would recommend trading as small a size as possible. Then when you're up to a good level of consistency you can increase your position size appropriately, perhaps to 1% per trade. Remember, if you can make 2% per week that's 8% per month which is a 96% return (non compounded).

hope this helps.

Pure
Enter Signature
  • #4,636
  • Jun 15, 2011 1:34pm Jun 15, 2011 1:34pm
ttomorrow we find out if step daughter has cancer then i will resume posting
  • #4,637
  • Jun 15, 2011 2:20pm Jun 15, 2011 2:20pm
Hope for the best for your daugther, Div...

Peace...
  • #4,638
  • Jun 15, 2011 2:27pm Jun 15, 2011 2:27pm
Our prayers and thoughts are with you and your family. Ray
  • #4,639
  • Jun 15, 2011 2:50pm Jun 15, 2011 2:50pm
Quoting Divergence
ttomorrow we find out if step daughter has cancer then i will resume posting
Wishing the best for you and your family.

After two years of learning and practicing (and losing) I have finally found a strategy that consistently works and I have you to thank for that. Such generosity should not go unappreciated and if anyone deserves some good karma right now, it's you.
  • #4,640
  • Jun 15, 2011 2:51pm Jun 15, 2011 2:51pm
will pray for you and your family
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