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Follow the Trend Let it be Your Friend

  • #41
  • Feb 2, 2014 4:43am Feb 2, 2014 4:43am
Quoting stevepatt
GBP/USD {image} {image} {image}
GBP/USD
Attached Image (click to enlarge)
Click to Enlarge Name: 2nd Feb 14 GBP:USD W1 Chart.png Size: 102 KB
  • #42
  • Edited 8:02am Feb 9, 2014 7:22am | Edited 8:02am
Does anyone else feel like they are bouncing off the walls when it comes to trading?

I'm at a point with my trading where I'm aware of my failings

I've been all around the houses with different indicators different time frames ect.

This week I dropped al indicators completely and not looking below H4.

​What I'm doing is very similar to what Winston is doing on his thread http://www.forexfactory.com/showthread.php?t=469234

Look for engulfing candles on W1, look for value on D1 and PA for entry on H4


.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 9th Feb 14 AUD:USD W1 Chart.png Size: 87 KB
Click to Enlarge Name: 9th Feb 14 AUD:USD D1 Chart.png Size: 88 KB
Click to Enlarge Name: 9th Feb 14 AUD:USD H4 Chart.png Size: 78 KB
  • #43
  • Feb 9, 2014 7:41am Feb 9, 2014 7:41am
Quoting stevepatt
Does anyone else feel like they are bouncing off the walls when it comes to trading? I'm at a point with my trading where I'm aware of my failings I've been all around the houses with different indicators different time frames ect. This week I dropped al indicators completely and not looking below H4. ​What I'm doing is very similar to what Winston is doing on his thread http://www.forexfactory.com/showthread.php?t=469234 Look for engulfing candles on W1, look for value on D1 and PA for entry on H4 . {image} {image} {image}
I think indicators allow you to do quick filtering. i.e. select pairs that are trending well with a glance. After that, once you get your list of pairs you will need to do more careful analysis without indicators by drawing in the levels, trendlines etc. and seeing if they are worth trading. Once you get through that filter, you then take the pairs you are left with and go to the trading time frame where you just have a clean chart with some levels where you have decided to look for set-ups. In that way you are focused and wouldn't get distracted throughout the week/day.

My indi-filter chart:
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 79 KB

Analysis Chart:
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot2.png Size: 71 KB

Trading Time Frame Chart:
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot3.png Size: 41 KB

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot4.png Size: 62 KB
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  • #44
  • Feb 9, 2014 8:04am Feb 9, 2014 8:04am
Quoting shellsnail
{quote} I think indicators allow you to do quick filtering. i.e. select pairs that are trending well with a glance. After that, once you get your list of pairs you will need to do more careful analysis without indicators by drawing in the levels, trendlines etc. and seeing if they are worth trading. Once you get through that filter, you then take the pairs you are left with and go to the trading time frame where you just have a clean chart with some levels where you have decided to look for set-ups. In that way you are focused and wouldn't get distracted...
Hi Shellsnail,

Thanks for sharing your thoughts on this.
  • #45
  • Feb 9, 2014 12:53pm Feb 9, 2014 12:53pm
Quoting stevepatt
Does anyone else feel like they are bouncing off the walls when it comes to trading? I'm at a point with my trading where I'm aware of my failings I've been all around the houses with different indicators different time frames ect. This week I dropped al indicators completely and not looking below H4. ​What I'm doing is very similar to what Winston is doing on his thread http://www.forexfactory.com/showthread.php?t=469234 Look for engulfing candles on W1, look for value on D1 and PA for entry on H4 . {image} {image} {image}

The following GBP/USD charts show what I'm lolling for.

The bearish setup highlighted was after a strong bullish move.

If I had been looking at this setup with MAs on my chart, the chances are, I would never have considered it for trading.

With no indicators on my chart I'm not distracted from pure PA.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 9th Feb 14 GBP:USD W1 Chart.png Size: 79 KB
Click to Enlarge Name: 9th Feb 14 GBP:USD D1 Chart.png Size: 80 KB
Click to Enlarge Name: 9th Feb 14 GBP:USD H4 Chart.png Size: 85 KB
  • #46
  • Feb 9, 2014 4:41pm Feb 9, 2014 4:41pm
Hey Steve,
Just getting started studying the charts for this week. This is my take on GU. The overall weekly is in an uptrend. The last weekly candle spiked down and found support and closed a pinbar suggesting further upside but it's basically stuck in the middle of a range. A messy range at that. The look of the weekly PA here is enough to keep my out of this pair until PA breaks above/below the range.

In the daily chart I point out a bull candle that broke above the previous range and essentially led to the current range.

The H4 chart is a mess too. The s/r or s/d levels are not clear to me. I tried to draw a couple in but honestly nothing here gets me excited. I'm gonna keep an eye on it thought just to see how things play out this week.

Attached Image (click to enlarge)
Click to Enlarge Name: gbpusdweeklypattreply2914.png Size: 60 KB
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusddailypattreply2914.png Size: 51 KB
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusdh4pattreply2914.png Size: 65 KB
  • #47
  • Feb 10, 2014 10:48am Feb 10, 2014 10:48am
Quoting Winston Reed
Hey Steve, Just getting started studying the charts for this week. This is my take on GU. The overall weekly is in an uptrend. The last weekly candle spiked down and found support and closed a pinbar suggesting further upside but it's basically stuck in the middle of a range. A messy range at that. The look of the weekly PA here is enough to keep my out of this pair until PA breaks above/below the range. In the daily chart I point out a bull candle that broke above the previous range and essentially led to the current range. The H4 chart is a mess...

Hi Winston,

I agree with you on this one, the PA wasn't clear cut, on H4, when it came back to test the support area. That would have been the time to trade this long like you say it's now a matter waiting and watching.
  • #48
  • Feb 11, 2014 1:17pm Feb 11, 2014 1:17pm
AUD/USD
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 11th Feb 14 AUD:USD D1 Chart.png Size: 84 KB
Click to Enlarge Name: 11th Feb 14 AUD:USD H4 Chart.png Size: 87 KB
  • #49
  • Feb 11, 2014 1:18pm Feb 11, 2014 1:18pm
USD/CAD
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 11th Feb 14 USD:CAD D1 Chart.png Size: 85 KB
Click to Enlarge Name: 11th Feb 14 USD:CAD H4 Chart.png Size: 86 KB
  • #50
  • Mar 4, 2014 2:18pm Mar 4, 2014 2:18pm
Three trades I took today
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 4th Mar 14 EUR:USD D1 Chart.png Size: 176 KB
Click to Enlarge Name: 4th Mar 14 USD:JPY D1 Chart.png Size: 97 KB
Click to Enlarge Name: 4th Mar 14 GBP:USD D1 Chart.png Size: 96 KB
  • #51
  • Mar 6, 2014 10:59am Mar 6, 2014 10:59am
Quoting stevepatt
Three trades I took today {image} {image} {image}

Update.

Get your entry right and you will get MOVEMENT and MOMENTUM in the direction you are trading. STAY IN THE TRADE

Get your entry wrong and you won't get MOVEMENT and MOMENTUM in the direction of your trade. GET THE HELL OUT
Attached Image(s) (click to enlarge)
Click to Enlarge Name: USD D1 Chart.png Size: 88 KB
Click to Enlarge Name: 6th mar 14 USD:JPY D1 Chart.png Size: 112 KB
Click to Enlarge Name: 6th mar 14 GBP:USD D1 Chart.png Size: 101 KB
Click to Enlarge Name: 6th mar 14 USD:CAD D1 Chart.png Size: 106 KB
  • #52
  • Mar 12, 2014 3:50pm Mar 12, 2014 3:50pm
[quote=stevepatt;7324496]{quote} Update. Get your entry right and you will get MOVEMENT and MOMENTUM in the direction you are trading. STAY IN THE TRADE Get your entry wrong and you won't get MOVEMENT and MOMENTUM in the direction of your trade. GET THE HELL OUT {image} {image} {image} {image}[/quote

Got taken out of the EUR/USD trade (-1R) the GBP/USD trade (-1R) the USD/CAD BE 0R

The USD/JPY trade is still running, I've just added a second position when the market retraced to a structure level
Attached Image (click to enlarge)
Click to Enlarge Name: 12th Mar 14 USD:JPY D1 Chart.png Size: 122 KB
  • #53
  • Mar 13, 2014 12:37am Mar 13, 2014 12:37am
Trade 6 AUD'USD

Trade 7 GBP/USD
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 12th Mar 14 AUD:USD D1 Chart.png Size: 115 KB
Click to Enlarge Name: 12th Mar 14 GBP:USD D1Chart.png Size: 103 KB
  • #54
  • Mar 13, 2014 4:18pm Mar 13, 2014 4:18pm
[quote=stevepatt;7336208]
Quoting stevepatt
{quote} Update. Get your entry right and you will get MOVEMENT and MOMENTUM in the direction you are trading. STAY IN THE TRADE Get your entry wrong and you won't get MOVEMENT and MOMENTUM in the direction of your trade. GET THE HELL OUT {image} {image} {image} {image}[/quote Got taken out of the EUR/USD trade (-1R) the GBP/USD trade (-1R) the USD/CAD BE 0R The USD/JPY trade is still running, I've just added a second position when the market retraced to a structure level {image}

USD/JPY Trades out for a grand profit of 0.18R the first trade went as high as 5.5R got out with 1.18R second trade took me out for (-1R)

Trade 6 AUD/USD still running currently 0.25R it's been as high as 1R

Trade 7 GBP/USD out for 0.1R after reaching 1R

What have you learned from this??

Take profit when it's there don't expect the market to respect levels you have diligently drawn in and do what you expect it to.

Trade PA as you see it on the chart, nice bearish engulfing candle on the 11th March. hmmm
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 13th Mar 14 USD:JPY D1 Chart.png Size: 118 KB
Click to Enlarge Name: 13th Mar 14 GBP:USD D1 Chart.png Size: 104 KB
  • #55
  • Mar 16, 2014 4:40am Mar 16, 2014 4:40am
NOTE TO SELF
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 16th Mar 14 USD:JPY D1 Chart.png Size: 99 KB
Click to Enlarge Name: 16th Mar 14 USD:JPY H4 Chart.png Size: 97 KB
  • #56
  • Last Post: Mar 17, 2014 12:44pm Mar 17, 2014 12:44pm
Trade 8 USD/CHF

Trade 9 USD/JPY
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 17th Mar 14 USD:CHF D1 Chart.png Size: 108 KB
Click to Enlarge Name: 17th mar 14 USD:JPY D1 Chart.png Size: 106 KB
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