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Flag trading the trend

  • #4,701
  • Jun 21, 2011 7:39am Jun 21, 2011 7:39am
win
gbp/usd today 12.15 gmt

http://img684.imageshack.us/img684/9721/gbpusdtoday.png
By radofx at 2011-06-21
  • #4,702
  • Jun 21, 2011 7:55am Jun 21, 2011 7:55am
Quoting Sarythsaya
Successfully traded the new setup last night. Plenty of entries within a relatively short period.

The only problem as I see it is that I am not able to digress anymore into endless permutations of systems with varying degrees of complexity to satisfy my desire for new toys and mental stimulation. Something simple that works - and due to the current setup even allowing for 2B fake-outs - it appears quite straight forward to get the success rate of the entry above 60%.

I am going to have to go and find another hobby it seems.

Thanks a lot...
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Very good tongue-in-cheek comment. Monty Python would be proud!

I do agree with you to the max. The only other thing needed with this method is a good understanding of s/r and market conditions.
  • #4,703
  • Jun 21, 2011 8:05am Jun 21, 2011 8:05am
Quoting Tailgun
The stop must be below the last swing low. With a maximum distance of 15 pips (spread included), this prevents trades from being placed when SUBs occur on an ongoing trend too far from the last HL/LH.

That is my understanding.
++++++++++++++++++++++++++++++++
To the best of my understanding this correct.
  • #4,704
  • Jun 21, 2011 8:26am Jun 21, 2011 8:26am
I currently see absolutely nothing of interest. Pairs are no where near their daily ranges, and stuck in consolidation. Price of admission today is zero.

The euro is probably going to be my first choice. Overall it's creeping upward. As of now I'm seeing no momentum. Divergence & King Joel must be on holiday.
  • #4,705
  • Jun 21, 2011 8:30am Jun 21, 2011 8:30am
Quoting diamonddbw
I currently see absolutely nothing of interest. Pairs are no where near their daily ranges, and stuck in consolidation. Price of admission today is zero.
I agree completely. I thought AU was going to give a go earlier but it faded. Everything is flat and in consolidation and I only intend to stick around long enough for high impact USD news at the top of the hour to see if that shakes anything up.
  • #4,706
  • Jun 21, 2011 9:28am Jun 21, 2011 9:28am
Took a shot at EU long after 123 return to trend (kinda sorta )

Price was not in hurry to go anywhere. I stuck around because of the 123 & the 1.4363 level looking a little like support. Also the euro tends to move, this time in the NY session, in the same direction that it's been moving through the London Session.

My risk size was one-fifth normal. Due to lack of momentum, and the length of time in this trade, I took 1/2 off @ +10 and moved stop to BE. 5 min later, my stop was hit.
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  • #4,707
  • Jun 21, 2011 11:01am Jun 21, 2011 11:01am
though there was a s u b market was in a 26 range cor whole session market never got into treading mode
  • #4,708
  • Jun 21, 2011 11:45am Jun 21, 2011 11:45am
Quoting Divergence
though there was a s u b market was in a 26 range cor whole session market never got into treading mode
++++++++++++++++++++++++++++++++
PU indeed.
  • #4,709
  • Jun 21, 2011 1:25pm Jun 21, 2011 1:25pm
that's why nobody wants to play today:

A scheduled “No Confidence” vote in the Greek government threatens substantial volatility and widened spreads for the Euro/US Dollar pair, warning traders to reduce positions and leverage ahead of difficult market conditions.
The vote is scheduled to begin at 21:00 GMT (17:00 New York Time) and last approximately for 30 minutes, coming at the time of worst intraday liquidity and widest spreads for the Euro/US Dollar pair.
  • #4,710
  • Jun 22, 2011 12:53am Jun 22, 2011 12:53am
Quoting Tailgun
The stop must be below the last swing low. With a maximum distance of 15 pips (spread included), this prevents trades from being placed when SUBs occur on an ongoing trend too far from the last HL/LH.

That is my understanding.
for simplicity/safety sake: stop is fixed at 15 pips but must be below (for long)/above (for short) last swing.
  • #4,711
  • Jun 22, 2011 3:44am Jun 22, 2011 3:44am
I finally got sound on VLC.

Great video and thank you all for your help for us beginner traders particularly
  • #4,712
  • Jun 22, 2011 5:27am Jun 22, 2011 5:27am
Hi there Div

Watched your yet again very educative last video. The concept of MTF is a winning approach.
My problem right now is how to avoid head fakes. How do you avoid entering on SUB that turn out to be bad trades? can you shed light on this please?

Thanks much

fun
  • #4,713
  • Jun 22, 2011 8:28am Jun 22, 2011 8:28am
Another great day to go to bar (pub).

The only smart trade today would have been to short the pound after the MPC meeting vote, and hang on.
  • #4,714
  • Jun 22, 2011 8:30am Jun 22, 2011 8:30am
I was beginning to wonder if it is always like this! Got a winning trade at FF Open but NY Open has been rubbish.
  • #4,715
  • Jun 22, 2011 8:35am Jun 22, 2011 8:35am
Quoting diamonddbw
Another great day to go to bar (pub).

The only smart trade today would have been to short the pound after the MPC meeting vote, and hang on.
Agreed. What a series of days this week with narrow daily ranges! However, I did get the bearish SUB off 8:31 GU (12:31 GMT) for 15 pips.
  • #4,716
  • Edited 8:52am Jun 22, 2011 8:41am | Edited 8:52am
EUR/USD long, price is struggling.

Hit target.
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  • #4,717
  • Jun 22, 2011 8:43am Jun 22, 2011 8:43am
Incidentally, I don't know if anyone cares about these things, but UCHF is currently triggering a perfect bearish flag SUB on the Daily chart. The sub is about 70 pips and swissy has been in a long downtrend on the Daily.
  • #4,718
  • Jun 22, 2011 8:50am Jun 22, 2011 8:50am
Hey Div, do we still look at 5m chart, from time to time or just focusing on m15+m1?
  • #4,719
  • Jun 22, 2011 8:57am Jun 22, 2011 8:57am
storm last night took cable missed 2 winning setups already
  • #4,720
  • Jun 22, 2011 9:38am Jun 22, 2011 9:38am
nailed this last setup
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