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Daily Trendline Trading

  • #61
  • Sep 11, 2011 10:12am Sep 11, 2011 10:12am
Quoting szpower
HI Bkg,

Your trade are amazing.

May i ask a few questions, thanks!

1)
Do you trade when the price touch the trendline immediately or wait for something else to double check then enter?

2)
What would be the SL you set for each trade, i see you talked 200 pips in serveral post ahead

3)
You just trade with dialy chart, right?

4)
If i dont' missunderstand, once a trade is activated, you will keep it open util the daily close. Then if the candle close below the trendline (for long case), you would take it as a loss and close...
Hey szpower I will answer your questions best I can.

1) I do take the trade on the touch of the trenline. We will have much more success if on a downtrend you take trades that touch the top trendline and on an uptrend take trades when they touch the bottom trendline.

2) My s/l is when the candle closes on the opposite side of my t/l or 200 pips.

3) You can use t/l on any timeframe chart but I only trade daily.

4) Your understanding of this is correct.Once prices closes below or above my t/l I take my loss and enter in the opposite direction.

I am looking forward to another great week of trading!!
Please ask questions and share your experiences with us all!
  • #62
  • Sep 11, 2011 6:14pm Sep 11, 2011 6:14pm
Hi Bkg,

Thanks so much!
You should have another great week of tradings, more and more!

Best Regards


Quoting bkg102665
Hey szpower I will answer your questions best I can.

1) I do take the trade on the touch of the trenline. We will have much more success if on a downtrend you take trades that touch the top trendline and on an uptrend take trades when they touch the bottom trendline.

2) My s/l is when the candle closes on the opposite side of my t/l or 200 pips.

3) You can use t/l on any timeframe chart but I only trade daily.

4) Your understanding of this is correct.Once prices closes below or above my t/l I take my loss and enter in the opposite direction....
Be a friend, My skype id: helloworldsh
  • #63
  • Sep 11, 2011 6:49pm Sep 11, 2011 6:49pm
Hi Bro,

My entry just now.

Entry: 1.2740

TP1: 1.2640, close half here

SL: 1.2780


Reason:
1) Down trendline

2) Horizontal resistance

3) Price action, evening star


Appreciating your thoughts on my entry, this way, i could learn and improve! Thanks!
Attached Image
Be a friend, My skype id: helloworldsh
  • #64
  • Sep 11, 2011 7:20pm Sep 11, 2011 7:20pm
Quoting szpower
Hi Bro,

My entry just now.

Entry: 1.2740

TP1: 1.2640, close half here

SL: 1.2780


Reason:
1) Down trendline

2) Horizontal resistance

3) Price action, evening star


Appreciating your thoughts on my entry, this way, i could learn and improve! Thanks!
I have not been following that pair but looks like a text book entry to me.You may find it has much more room to run down but trade your feelings on this not mine. Find a bottom trend line on this pair and see if it makes it down there. Good luck on your trade.
Please ask questions and share your experiences with us all!
  • #65
  • Sep 12, 2011 5:34am Sep 12, 2011 5:34am
Hi Bkg Bro,

Thanks for your teaching. I now know better to set the target more wide, this way,i will have more profit.

AUDNZD, this trade is fine, i just close the first half with 100 PIPS, let the second half free run

I just enter another trade, short NZDCAD

Entry: 0.8180

SL: 40

TP1: 200

TP2: free run

Reason:

1) Price Action: bearish engulf

2) Down Trendline broke out, and retest. Of course, might be not a broken. Just a dip maybe. I dont know right now, looks a bit aggressive
Attached Image (click to enlarge)
Click to Enlarge Name: nzdcad_9_12_18.png Size: 6 KB
Be a friend, My skype id: helloworldsh
  • #66
  • Sep 12, 2011 6:58am Sep 12, 2011 6:58am
Another one,


Entry: 1.5851

SL: 40

TP1: 200

Reason: retest of the trendline broken already.

Looks like i am a bit hurry again for this pair.
The horizontal resistancewould be higher than 1.5861, better to short higher than 1.5861

Anyway, i am still learning. Should learn more from each failure.
Attached Image
Be a friend, My skype id: helloworldsh
  • #67
  • Sep 12, 2011 7:08am Sep 12, 2011 7:08am
Quoting szpower
Another one,


Entry: 1.5851

SL: 40

TP1: 200

Reason: retest of the trendline broken already.

Looks like i am a bit hurry again for this pair.
The horizontal resistancewould be higher than 1.5861, better to short higher than 1.5861

Anyway, i am still learning. Should learn more from each failure.
Do not over trade. On the daily charts you have to look at a longer period of time. This pair is trading sideways as you can see my t/l are horizontal.
Attached Image (click to enlarge)
Click to Enlarge Name: 91211gbpcad.gif Size: 30 KB
Please ask questions and share your experiences with us all!
  • #68
  • Sep 12, 2011 7:24am Sep 12, 2011 7:24am
Quoting bkg102665
Do not over trade. On the daily charts you have to look at a longer period of time. This pair is trading sideways as you can see my t/l are horizontal.

Thanks Bro!

May i ask a question, what is the period parameter of the MA you used? Thanks!

Actually, the GBPCAD kills my entry just now. I reopen two more. Of course, i do this before your post, or else, i should not have opened. I dont want to over trade.

Thanks Bro!

Best Regards
Be a friend, My skype id: helloworldsh
  • #69
  • Sep 12, 2011 7:31am Sep 12, 2011 7:31am
Quoting szpower
Thanks Bro!

May i ask a question, what is the period parameter of the MA you used? Thanks!

Actually, the GBPCAD kills my entry just now. I reopen two more. Of course, i do this before your post, or else, i should not have opened. I dont want to over trade.

Thanks Bro!

Best Regards
My red is a 10sma which really serves no purpose, I just have it there as somewhat of a reminder which way price is going. My yellow is a 200sma which I love . When my 200sma lines up on a trend line like you can see in this trade I entered last night I really like it. The 200 is highly respected.
Attached Image (click to enlarge)
Click to Enlarge Name: 91211gbpchf.gif Size: 29 KB
Please ask questions and share your experiences with us all!
  • #70
  • Sep 12, 2011 7:38am Sep 12, 2011 7:38am
Hi Bro,

Thanks, i mean the 200SMA, i will add it to my figure. Thanks!


I have a AUDCHF short, also open last saturday. Closed half at 120 pips, now free run.

BTW, the reopened GBPCAD short now give me 50 pips, my target would be far away.

Thanks bro!

I really like your logic to short GBPCHF! Thanks BRO.

200SMA + up trendline of the channel


Best Regards
Be a friend, My skype id: helloworldsh
  • #71
  • Sep 12, 2011 8:12am Sep 12, 2011 8:12am
Hi Bro, I just closed my last half of AUDCHF.

Actually, i know really little how to hold the position. If you dont mind, will you please shed some light for how to hold a winning position and how to exit? Thanks!

My reopended GBPCAD give me 100+ pips now. I hope i can learn how to hold it! Thanks BRO!

Best Regards
Be a friend, My skype id: helloworldsh
  • #72
  • Sep 12, 2011 8:58am Sep 12, 2011 8:58am
Close the NZDCAD at break even, this one is really ranging.


My reopened GBPCAD now give 130 pips, my tp1 will be at 1.5670.
Be a friend, My skype id: helloworldsh
  • #73
  • Sep 12, 2011 9:28am Sep 12, 2011 9:28am
Quoting szpower
Close the NZDCAD at break even, this one is really ranging.


My reopened GBPCAD now give 130 pips, my tp1 will be at 1.5670.
I want you to understand that when I get in these trades I am usually expecting to hold them for several days not a few hours. My ideal take profit would be the opposite trendline. Once I am up +100 pips I move my s/l to +5 and then I am looking for +500 pips t/p. It seems to me you are entering off of a daily t/l but then maybe looking at a 15m chart and I do not think this style trading will allow you to do that.
Please ask questions and share your experiences with us all!
  • #74
  • Sep 12, 2011 9:35am Sep 12, 2011 9:35am
Short EURCAD

Entry: 1.3603

SL: 40

TP1: 1.3390


Reason: broken trendline, and retest
Attached Image (click to enlarge)
Click to Enlarge Name: eurcad_9_12_22.png Size: 7 KB
Be a friend, My skype id: helloworldsh
  • #75
  • Sep 12, 2011 9:40am Sep 12, 2011 9:40am
Thanks Bro!

Your profit method is great!

I will follow!

Strategy:
1) Hold for several days not a few hours

2) Ideal profit would be the opposite trendline

3) Once up +100 pips, move S/L to +5 and looking for +500 pips t/p

Great! I will follow!

Actually, i have no idea how to close at all. Just by gut feeling, so i miss many and many good profit opportunity


Now my GBPCAD, SL at +5 pips, the first target is at 1.5670, i.e.the next trendline. The second half part i will try to hold to 500 +pips!

Thanks Bro!
Thanks BRO!

Quoting bkg102665
I want you to understand that when I get in these trades I am usually expecting to hold them for several days not a few hours. My ideal take profit would be the opposite trendline. Once I am up +100 pips I move my s/l to +5 and then I am looking for +500 pips t/p. It seems to me you are entering off of a daily t/l but then maybe looking at a 15m chart and I do not think this style trading will allow you to do that.
Be a friend, My skype id: helloworldsh
  • #76
  • Sep 12, 2011 9:59am Sep 12, 2011 9:59am
You have talked about some different trades you have taken. I will be watching your eur/cad, nzd/cad, aud/nzd trades to see how they would have played out as the week progresses. I want to see how many pips you could have made had you stayed in these trades.
Please ask questions and share your experiences with us all!
  • #77
  • Sep 12, 2011 10:05am Sep 12, 2011 10:05am
Hi Bkg Bro,

Today, learn so much from you! Really appreciating your help!


It is midnight now in china, time to go bed!

Wish you good trading everyday!

Best Regards
Be a friend, My skype id: helloworldsh
  • #78
  • Sep 12, 2011 10:09am Sep 12, 2011 10:09am
Hi Bro,

Now just GBP/CAD, EUR/CAD opened,

GBP/CAD SL +5 pips, with 150 pips now floating

EURCAD just there, dont know whether it will be killed.

THanks Bro!

I will get your help from now on!

Best Regards


Quoting bkg102665
You have talked about some different trades you have taken. I will be watching your eur/cad, nzd/cad, aud/nzd trades to see how they would have played out as the week progresses. I want to see how many pips you could have made had you stayed in these trades.
Be a friend, My skype id: helloworldsh
  • #79
  • Sep 13, 2011 6:28am Sep 13, 2011 6:28am
SHort EURGBP

Entry: 0.8641

SL: 40

TP: 0.8520

Reason:

1. Horizontal resistance 0.8641, 0.8653


2. Horizontal and TL resistance convergence would be around 0.8681

If it kill my position, i will try to reopen above 0.8681 considering the price action there


Also, BKG bro, if it wont disturb you too much, please give me your comments, i will learn from you. Thanks!
Attached Image (click to enlarge)
Click to Enlarge Name: EURGBP_9_13_19.png Size: 9 KB
Be a friend, My skype id: helloworldsh
  • #80
  • Sep 13, 2011 9:58am Sep 13, 2011 9:58am
Quoting szpower
SHort EURGBP

Entry: 0.8641

SL: 40

TP: 0.8520

Reason:

1. Horizontal resistance 0.8641, 0.8653


2. Horizontal and TL resistance convergence would be around 0.8681

If it kill my position, i will try to reopen above 0.8681 considering the price action there


Also, BKG bro, if it wont disturb you too much, please give me your comments, i will learn from you. Thanks!
Trade looks ok but I probably would have waited for an entry around 8680-8700 area. Based on your entry your s/l may get hit. Hopefully you will be ok. A retest of the broken t/l would be a much better entry imho. Thanks
Please ask questions and share your experiences with us all!
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