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Trend Trading With Support and Resistance

  • #121
  • Nov 4, 2010 6:37am Nov 4, 2010 6:37am
TRADING


As most of you are aware the markets move in waves,cycles,swings ,whatever you want to call them it does not matter.


We use these swings to trade a trend and to trade with the trend ,we use major swings corrections for trading a trend and minor swing corrections for trading with the trend both have advantages and disadvantages.

How you view the waves,swings,cycles is up to you it does not matter ,some people like to use a clean chart with no indicators ,personally i prefer to use some indicators to aid me in viewing the swings but i will always validate each swing using price.

As for entries i mainly use the 2b , 123 or contracting triangle continuation patterns,some traders like to use candlestick analysis the main thing is to use an entry method that is consistent.

As for timeframes if i trade the daily trend ,i will confirm the swings on the 4 hour and take entries from the 60 minute.

I do sometimes trade a single wave ,(eg the daily price is rising but its not a daily trend ) and i will still confirm the swing on the 4hour with entries on the 60 minute.

The same applies to any combination of timeframes you choose with a factor of 4-5 this allows us to view the internal structure of each wave.


nicholas

www.123-trend-trading.com
  • #122
  • Nov 4, 2010 6:50am Nov 4, 2010 6:50am
An up wave is a series of price bars making higher highs and higher lows.

A down wave is a series of price bars making lower lows and lower highs.


An up wave is made from a series of smaller waves making higher highs and higher lows.

A down wave is made from a series of smaller waves making lower highs and lower lows.

A trend is a series of waves linking together either going up or down.


nicholas


www.123-trend-trading.com
  • #123
  • Nov 8, 2010 12:56am Nov 8, 2010 12:56am
EURUSD

4 hour Downtrend /reversal confirmation/trend divergence check/support check
60 minute confirmation of trend and retracement using fractal wave technique.
15 minute 2b continuation pattern entry/stop using fractal wave technique.



EURJPY

4 hour Downtrend/reversal confirmation/trend divergence check/support check
60 minute confirmation of trend and retracement using fractal wave technique.
15 minute contracting triangle pattern entry/stop using fractal wave technique.


nicholas

www.123-trend-trading.com
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: eurusd08-11-10_2.gif Size: 17 KB
  • #124
  • Nov 8, 2010 1:36am Nov 8, 2010 1:36am
EURJPY

4 hour downtrend /reversal confirmation/wave divergence and support check
60 minute downtrend fractal wave confirmation/minor retracement
15 minute minor retracement confirmation
5 minute 123 entry/stop

nicholas

www.123-trend-trading.com
Attached Image (click to enlarge)
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  • #125
  • Edited 1:59am Nov 8, 2010 1:53am | Edited 1:59am
GBPJY


60 minute downtrend /reversal confirmation/wave divergence check/support check
15 minute confirmation of fractal trend and retracement

5 minute 2b continuation entry pattern and stop.


nicholas

www.123-trend-trading.com
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy08-11-10_eurosession.gif Size: 19 KB
  • #126
  • Nov 8, 2010 2:35am Nov 8, 2010 2:35am
Possible Daily trend continuation set ups

EJ,GJ,EU,GU.

keep an eye on these pairs for possible daily trend continuations over the next few days.

Daily trend ,60 minute entry(look for 123,2b,contracting triangle ,(candlestick analysis ,although i do not recommend it on my course) or any other continuation pattern you know and understand completely.


We do not give forecasts but follow price action as and when it indicates a set up and it is validated through price action.

nicholas

www.123-trend-trading.com
  • #127
  • Edited Nov 9, 2010 12:30am Nov 8, 2010 11:47pm | Edited Nov 9, 2010 12:30am
Yesterday US session


EURJPY

Downtrend with 123 continuation pattern, reaching very close to an important support level.

EURUSD

A lot of change this morning in the charts and we are now seeing the eurusd daily chart breaching the previous higher low from the recent daily uptrend ,not a confirmed reversal as we need a trend down to confirm the recent up trend over at least for now.

GBPUSD

Not enough reasons to do anything with cable yet as its still stubbornly refuses to break the 4 hour uptrend with this new downtrend and a resumption of the daily uptrend is still a possibility but as i said we do not make predictions ,we look for a set up then validate the trade set up using price action, validate the trade means checking support and resistance ,wave divergence etc etc and finally the entry signal.

nicholas

www.123-trend-trading.com
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy08-11-10_ussession.gif Size: 18 KB
  • #128
  • Edited 11:42pm Apr 25, 2011 8:37am | Edited 11:42pm
SEE THE UPDATE ON THE FIRST POST


A couple of set ups here ,entry is on the break of the levels i post by at least one pip.


EURJPY -TRADE ACTIVATED AT 118.609-STOP AT120.025+SPREAD+2PIPS

60 minute downtrend forming on a break of 118.619
stop added after the break

GBPJPY -TRADE ACTIVATED AT 134.757 - STOP AT 135.93+SPREAD+2PIPS

60 minute downtrend forming on a break of 134.767
stops added after the break

nicholas
  • #129
  • Edited Apr 27, 2011 1:20am Apr 26, 2011 1:45am | Edited Apr 27, 2011 1:20am
EURJPY -TRADE ACTIVATED AT 118.609-STOP AT120.025+SPREAD+2PIPS - STOPPED OUT (-145)

60 minute downtrend forming on a break of 118.619
stop added after the break

GBPJPY -TRADE ACTIVATED AT 134.757 - STOP AT 135.93+SPREAD+2PIPS - CLOSED (+30)

60 minute downtrend forming on a break of 134.767
stops added after the break





EURUSD- TRADE ACTIVATED AT 1.46484 STOP AT 1.44901

240 timeframe break of 1.46474 ,takes us into a new daily trend wave

GBPUSD

240 timeframe break of 1.65982 , takes us into a new daily trend wave

AUDUSD

240 timeframe - break of 1.07739, takes us into a new daily trend wave - TRADE ACTIVATED AT 1.07749 STOP AT1.60751
240 timeframe - break of 1.06761, takes us into a new corrective daily wave


nicholas
  • #130
  • Edited Apr 28, 2011 11:22am Apr 27, 2011 12:42pm | Edited Apr 28, 2011 11:22am
EURJPY -TRADE ACTIVATED AT 118.609-STOP AT120.025+SPREAD+2PIPS - STOPPED OUT (-145)

60 minute downtrend forming on a break of 118.619
stop added after the break

GBPJPY -TRADE ACTIVATED AT 134.757 - STOP AT 135.93+SPREAD+2PIPS - CLOSED (+30)

60 minute downtrend forming on a break of 134.767
stops added after the break





EURUSD- TRADE ACTIVATED AT 1.46484 STOP AT 1.44901 (+260 STILL ACTIVE)

240 timeframe break of 1.46474 ,takes us into a new daily trend wave

GBPUSD - ACTIVATED AT 1.65992 STOP AT 1.642263 (+150 STILLACTIVE)

240 timeframe break of 1.65982 , takes us into a new daily trend wave

AUDUSD

240 timeframe - break of 1.07739, takes us into a new daily trend wave - TRADE ACTIVATED AT 1.07749 STOP AT1.60751 (+170 ACTIVE)

240 timeframe - break of 1.06761, takes us into a new corrective daily wave(NO ACTIVATION TRADE CANCELLED)

nicholas


SUB TOTAL

-145
+30
+260
+150
+170


610-145= 465 PIPS PROFIT SO FAR
  • #131
  • Apr 28, 2011 1:00am Apr 28, 2011 1:00am

check it out 465 pips profit in one day

  • #132
  • Edited Apr 29, 2011 9:00am Apr 28, 2011 11:34am | Edited Apr 29, 2011 9:00am
USDCHF - TRADE SET UP CANCELLED DUE TO CHANGE IN MARKET CONDITION

SELL BELOW 0.86876
Making all time new lows, the only way is down

USDCHF -
SELL BELOW 0.86686
Intermediate wave trend continuation
Making all time new lows, the only way is down


EURUSD- TRADE CANCELLED

BUY AGAIN ABOVE 1.48809
Intermediate wave trend continuation
Important resistance coming up 250 or so pips away

GBPUSD - TRADE CANCELLED

BUY ABOVE 1.67448
Intermediate wave trend continuation
Important resistrance coming up be aware around 300 pips away

EURJPY - TRADE CANCELLED

BUY ABOVE 121.822
Minor wave trend continuation

Next resistance some 600 pips away

All stops posted after trades are activated, be aware trades may not be activated,should anything change i will update.


Previous trades still open as updated in previous post.

There where some counter trend correction trades today but i will not post them here ,not for the faint hearted but still produced over 100pips.


nicholas
  • #133
  • May 4, 2011 10:55pm May 4, 2011 10:55pm
EURUSD - CLOSED (+160)
GBPUSD - CLOSED (+70)
AUDUSD - CLOSED (+150
USDCHF - ACTIVE (+100)





nicholas
  • #134
  • Jul 16, 2012 4:20am Jul 16, 2012 4:20am
After a very successful year trading, i will be here more often to concentrate on this thread.

I have a new website which is in the early stages of construction but you can follow along and get some great tips on trading forex.

I believe the method i trade which in itself is really just following the markets actions instead of trying to tell the future is the best in the world.

Join me here on my new website and start your journey to profitable trading.

nicholas
  • #135
  • Jul 17, 2012 6:07am Jul 17, 2012 6:07am
Nice, I look forward to it.

  • #136
  • Jul 29, 2012 2:53am Jul 29, 2012 2:53am
Quoting nicholas
After a very successful year trading, i will be here more often to concentrate on this thread.

I have a new website which is in the early stages of construction but you can follow along and get some great tips on trading forex.

I believe the method i trade which in itself is really just following the markets actions instead of trying to tell the future is the best in the world.

Join me here on my new website and start your journey to profitable trading.

nicholas
is there any way for us to contact you nick, cheers
  • #137
  • Jul 29, 2012 3:04am Jul 29, 2012 3:04am
Quoting nicholas
After a very successful year trading, i will be here more often to concentrate on this thread.

I have a new website which is in the early stages of construction but you can follow along and get some great tips on trading forex.

I believe the method i trade which in itself is really just following the markets actions instead of trying to tell the future is the best in the world.

Join me here on my new website and start your journey to profitable trading.

nicholas
whats the timescale on your new website nick. cheers
  • #138
  • Aug 25, 2012 3:46pm Aug 25, 2012 3:46pm
Quoting j_trader1900
whats the timescale on your new website nick. cheers

the website is up and running , i am posting daily , hopefully it should grow larger over the coming weeks, months.

You can contact me at from the website


thanks
  • #139
  • Sep 6, 2012 7:19am Sep 6, 2012 7:19am
Quoting nicholas
the website is up and running , i am posting daily , hopefully it should grow larger over the coming weeks, months.

You can contact me at from the website


thanks
I cannot seem to access your web site.
It just says "There is no excerpt because this is a protected post."

Do I need a password to view 'free forex training' or is that an error?

  • #140
  • Sep 7, 2012 1:09am Sep 7, 2012 1:09am
Quoting zola
I cannot seem to access your web site.
It just says "There is no excerpt because this is a protected post."

Do I need a password to view 'free forex training' or is that an error?


Hi zola, i am making some changes the site at the moment , hopefully monday i will take the password off , once i have finished the updates.



thank you
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