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Trend Trading System

every now and then a trader comes along who is not relying solely on a stupid pattern.... great to see a solid logical approach

BRENT DAILY is getting interesting - Friday short on the spike up would of been nice!
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tradewith60
Hi fartist,
bothering you with more questions:
1) what timeframes do you trade?
2) would you expect your method to work on lower TFs, say 4h or 60min?
3) what is you actual entry signal once price gets into the value zone?
4) how do you determine your stop loss

cheers
sorilli
Quoting fartist
{quote} You can find those charts on Oanda's MT4
Dear fartist, Thank you
Quoting 60minuteman
every now and then a trader comes along who is not relying solely on a stupid pattern.... great to see a solid logical approach BRENT DAILY is getting interesting - Friday short on the spike up would of been nice! {image}
Great to see you around 60!

As for Brent, do note it's coming into the weekly support area.

Thus i'd be careful of shorting into it as price could potentially rebound strongly in that zone.

No doubt it meets my requirements for a short.

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Whether you can or you can't, you are both right.
  • Post #25
  • Quote
  • Edited 4:19am Aug 13, 2014 4:01am | Edited 4:19am
Quoting sorilli
Hi fartist, bothering you with more questions: 1) what timeframes do you trade? 2) would you expect your method to work on lower TFs, say 4h or 60min? 3) what is you actual entry signal once price gets into the value zone? 4) how do you determine your stop loss cheers sorilli
I trade the 4hour, daily, weekly and daily weekly monthly, basically 2 combination of timeframes.

I expect this approach to work on the lower timeframes but you need to take into account, time of day as some instruments are more volatile during certain periods and some commodities are opened only during NY sessions.

It doesn't affect me much as i'm trading the higher timeframes.

As for entry, i always use limit orders.

Cheers!
Whether you can or you can't, you are both right.
Quoting fartist
{quote} Great to see you around 60! As for Brent, do note it's coming into the weekly support area. Thus i'd be careful of shorting into it as price could potentially rebound strongly in that zone. No doubt it meets my requirements for a short. {image}
yep... we are right at a key monthly level here, but it's not the stopper... if we see a strong daily close up from here I might reconsider, but weak buying followed by more closes down on daily and we will go to the real monthly stopper marked below :nerd:

nb.. right now price is moving short through monthly SR levels so most likely will need a monthly level to stop it..

BRENT MONTHLY / MONTHLY LEVELS
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tradewith60
Quoting 60minuteman
{quote} yep... we are right at a key monthly level here, but it's not the stopper... if we see a strong daily close up from here I might reconsider, but weak buying followed by more closes down on daily and we will go to the real monthly stopper marked below :nerd: nb.. right now price is moving short through monthly SR levels so most likely will need a monthly level to stop it.. BRENT MONTHLY / MONTHLY LEVELS {image}
Yes i agree.

I will always be careful when there's a monthly level ahead as one of the most watched levels in the markets.
Whether you can or you can't, you are both right.
Quoting fartist
{quote} I trade the 4hour, daily, weekly and daily weekly monthly, basically 2 combination of timeframes. I expect this approach to work on the lower timeframes but you need to take into account, time of day as some instruments are more volatile during certain periods and some commodities are opened only during NY open sessions. It doesn't affect me much as i'm trading the higher timeframes. As for entry, i always use limit orders. Cheers!
thanks for the quick answer!
Regarding your entry: there is a rather wide space between the MA's, where exactly do you place your limit order?
How do you combine 2 TF's? Do you look at the same entry criteria in both TF's?
And last: do you place the SL n pips below the swing point in the value zone?

hope I'm not bothering you too much with all those questions.

cheers
  • Post #29
  • Quote
  • Edited 5:05am Aug 13, 2014 4:35am | Edited 5:05am
Quoting sorilli
{quote} thanks for the quick answer! Regarding your entry: there is a rather wide space between the MA's, where exactly do you place your limit order? How do you combine 2 TF's? Do you look at the same entry criteria in both TF's? And last: do you place the SL n pips below the swing point in the value zone? hope I'm not bothering you too much with all those questions. cheers
1) I like to watch price repeatedly respecting my value zone. Then it's just a matter of placing an order inside it.

It depends on you, if you want a better price and a tighter SL you may missed the trade. If you want a poorer price and wider SL you prob get the trade with larger SL.

If a 50EMA has been tested, chances are i will queue at the 50EMA.

2) My SL is 2 ATR of my entry timeframe.
Whether you can or you can't, you are both right.
GBPUSD watching closely..

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Whether you can or you can't, you are both right.
Nice, I will also be following closely to this thread. Nice ideas and comments.
Quoting fartist
GBPUSD watching closely.. {image}
Hi Fartist,
Weekly & Monthly is above 50 EMA, So we can buy in which price entry ?

bye
ajentha
Hi Fartist

I'm liking this thread, very similar to my 'Price action' method, (not really mine, just what I use) I'll be following with interest,
I've spent the last two or three years messing about with all sorts of indicators and theories, as time goes by I find less junk on the charts ends up with more cash in the bank.

Thanks for sharing!



ps love your name.
Hi Fartist,

I have place the screenshot for USDCAD, 50 EMA has above in Daily/Weekly/Monthly.
1) Can I buy?
2) Which price point?
3) if no, Please explain

Monthly:
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Weekly:
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Click to Enlarge Name: USDCAD_W_14_08_2014 , 6_35_02 AM.png Size: 26 KB

Daily:
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bye
ajentha
Hi Fartist,
I have place the screenshot for AUDNZD, in this cross pare 50 EMA has below in Weekly/Monthly.
1) Can I Sell?


Monthly:
Attached Image (click to enlarge)
Click to Enlarge Name: AUDNZD_M_ - 14_08_2014 , 8_36_49 AM.png Size: 42 KB

Weekly:
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Click to Enlarge Name: AUDNZD_W_ - 14_08_2014 , 8_33_05 AM.png Size: 33 KB

Daily:
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bye
ajentha
Hi Ajentha,

In both cases you need to ask yourself where is the support & resistance that you can identify to place your trades on the daily chart?

If you find a strong level, then you can consider trading from it.

If you do not see any, then move on.

Cheers!
Whether you can or you can't, you are both right.
Also another thing to note is that you want to see the bigger picture.

Know where you are in the context of the bigger picture.

If you spot a sell setup on the daily chart, but know at the same time you are in a weekly support area, chances are you may want to pass the trade.

Because the weekly support area is an area whereby big institutions could suddenly come in and push price up aggressively given the "wholesale" status of it.

Vice versa for shorts.

Thus always know where you are in the grand scheme of things.
Whether you can or you can't, you are both right.
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Whether you can or you can't, you are both right.
Hello fartist,

I'm following your tread with interest.

Just wondering if it wouldn't be better to wait and see if G/U is closing above 1.6700 for a long?
Or retest of 1.6700 from below, in which case maybe take a short?

Best Regards,
Hugo
Quoting Hugo55
Hello fartist, I'm following your tread with interest. Just wondering if it wouldn't be better to wait and see if G/U is closing above 1.6700 for a long? Or retest of 1.6700 from below, in which case maybe take a short? Best Regards, Hugo
Hi Hugo,

Here are my thoughts on waiting for "confirmation" before placing trades.

I've traded pinbars engulfing patterns and waited confirmation before putting on a trade. And here are some issues i encountered

1) Even if you get a great looking confirmation candle, the trade may still hit your SL and chances are your SL is still within the zone you want to long

2) By waiting for confirmation, you never get to long at the WICKS of a candle

3) At times, you get such a big bullish candle that it requires you to have a ridiculous SL should you choose to place it at the low of the candle

4) At times, you never get a confirmation candle to your liking and may end up watching price moving away from the zone you identified

All these "confirmation" candle is a psychological comfort if you ask me. I personally wait for no confirmation candles.

Cheers!
Whether you can or you can't, you are both right.
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