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Trading is as simple as ABCD

  • #3,701
  • Feb 5, 2015 8:06am Feb 5, 2015 8:06am
We backed the wrong GBP pair there.
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  • #3,702
  • Feb 5, 2015 8:18am Feb 5, 2015 8:18am
Quoting henryloving
Post news trade, CAD strength acroos the borad and like the pinbar a few bars back so I am in EURCAD but failed, please comment {image} {image}
Hi Henry

Can't see a lot wrong with that trade was in it myself pre-news because of the CAD strength and managed to extract myself at BE just before the news...

No that was a solid setup with strong AB's in front of the pullback, another time it would of gone...

I will just say I tend to post trade the news say 30 mins afterwards when the initial foray has subsided but apart from that no problem just didn't work this time, nothings guaranteed I'm afraid but a good effort.

Keep posting
Feel the Fear and do it anyway!!!
  • #3,703
  • Feb 5, 2015 8:20am Feb 5, 2015 8:20am
Quoting captainforex
We backed the wrong GBP pair there. {image}

Yea I know thats the problem isn't it?? They all setup together but don't all go, luck of the draw I reckon.. Better luck next time..
Feel the Fear and do it anyway!!!
  • #3,704
  • Feb 5, 2015 8:39am Feb 5, 2015 8:39am
Just took this breakout trade as it broke 1.4675 expecting it to fly but as usual with my breakout entries its gone nowhere will let it retest then if it doesn't go will close it out... To join the ranks as another one of my infamous breakout failures..
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Feel the Fear and do it anyway!!!
  • #3,705
  • Feb 5, 2015 9:16am Feb 5, 2015 9:16am
Wasn't going anywhere so had to concede my 10 pip stop in the end, will I never learn about breakout trades???? Just don't work for me. You see as far as I'm concerned I'm buying the top of a wave when I should of course be buying the bottom of the wave.....

Oh well lets move on CAD strength returning to TTindy so lets see what happening there..
Attached Image
Feel the Fear and do it anyway!!!
  • #3,706
  • Feb 5, 2015 9:26am Feb 5, 2015 9:26am
Top trender GBPCAD at BE but will it break that daily/weekly pivot????

Got 2 choices I guess...
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Feel the Fear and do it anyway!!!
  • #3,707
  • Feb 5, 2015 9:34am Feb 5, 2015 9:34am
Nope not this time , not really surprising bit of a risky one hence I go to BE quickly when approaching stiff support levels like that. Of course the good news is that if it does break through it will drop through nicely so will give it another go if it pulls away far enough.....

As I typed it gave me another go so lets see what happens this time??
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Feel the Fear and do it anyway!!!
  • #3,708
  • Feb 5, 2015 9:34am Feb 5, 2015 9:34am
Quoting clivepackham
Wasn't going anywhere so had to concede my 10 pip stop in the end, will I never learn about breakout trades???? Just don't work for me. You see as far as I'm concerned I'm buying the top of a wave when I should of course be buying the bottom of the wave..... Oh well lets move on CAD strength returning to TTindy so lets see what happening there.. {image}
Boss
You are a very naughty boy making comments like this, go to the back of the room and repeat I will never say it again 100 times
  • #3,709
  • Feb 5, 2015 9:39am Feb 5, 2015 9:39am
Quoting OAPDave
{quote} Boss You are a very naughty boy making comments like this, go to the back of the room and repeat I will never say it again 100 times

Ha Ha ...Hi Dave good to see you're still lurking..

Do I gather from your comments you're a breakout man????

As for my punishment I will go to the back of the room and I will write a thousand times..

Breakouts are a complete waste of time......

However pullback entries in lieu of a possible breakout trade are awesome.....
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Feel the Fear and do it anyway!!!
  • #3,710
  • Feb 5, 2015 9:47am Feb 5, 2015 9:47am
Quoting clivepackham
{quote} Ha Ha ...Hi Dave good to see you're still lurking.. Do I gather from your comments you're a breakout man???? As for my punishment I will go to the back of the room and I will write a thousand times.. Breakouts are a complete waste of time...... However pullback entries in lieu of a possible breakout trade are awesome..... {image}
Boss
I am a Clive fan but chose the PRICE I want to do battle with, take your GBP/JPY trade TODAYS range 210pips bloody hell man I would not want to buy that at that time of day and after that range, yes sure it can go up a bit more but how many daily bars close on their high or low
  • #3,711
  • Feb 5, 2015 9:51am Feb 5, 2015 9:51am
Price goes where it goes Dave stop trying to workout where its going and just trade what you see, simple as that...

Just banked 23.8 pips on GBPCAD and back in again now so will hold this on 100lwma and see what I get...
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Feel the Fear and do it anyway!!!
  • #3,712
  • Feb 5, 2015 10:02am Feb 5, 2015 10:02am
Quoting OAPDave
{quote} Boss I am a Clive fan but chose the PRICE I want to do battle with, take your GBP/JPY trade TODAYS range 210pips bloody hell man I would not want to buy that at that time of day and after that range, yes sure it can go up a bit more but how many daily bars close on their high or low

Hear what you're saying my friend and theres plenty of merit in it too, ADR's are worth taking note of for sure just as weekly/daily pivots are too but they all have to be broken sometime or another.

The other thing I find is that there is always some reason not to trade, either ADR or support or BRN or something or other, which is why I just stick to a strong trender, if somethings trending strongly on 1 minute then the moneys there one way or another and thats the determining factor in my head.

Martin another very succesful trader , in fact the only one that I actually know makes money trading says the same thing, theres always a reason not to trade, we've gotta start finding reasons to trade....

Don't get me wrong Dave I don't trade straight into heavy support or resistance but wait for a pullback away from it so that I can get my trade to BE as it approaches the problem. Also on ADR same thing check strong trend is still there eg strong AB move then wait for pullback and give it a go...If theres price action to back up that the ADR is slowing price down then don't trade it...

The biggest reason I trade 1 minute charts is to get my risk off the table as soon as I can just in case it doesn't go my way...
Feel the Fear and do it anyway!!!
  • #3,713
  • Feb 5, 2015 4:14pm Feb 5, 2015 4:14pm
Clive just an observation

abc at start of the downtrend on gbpcad

price crosses the 100lwma to the lower side then pulls back....if 100lwma then changes colour and alert given why not go for a breakout trade of the 100lwma on the c to d

price basically in 1ma so an alert of 1 crossing 100 would be good.

i would be tempted to take the trade and trail stops on the swing highs.

just a thought boss.

evening dave
  • #3,714
  • Feb 5, 2015 4:57pm Feb 5, 2015 4:57pm
Hi devontrader
I am fine hope you are doing well, to repeat what I have said many many times I mostly trade the Gbp/Usd and just believe that to get a normal ( if their is anything normal in this game) daily range, you just have to make higher highs or lower lows so that will give you a trend, don't need 1min 5min 15min or any timeframe, surely if something moves 100+pips in a day at some point it will show a trend on a 1 min chart. I do not use ANY indicators now, once totally believed in Pivots but saw all the discussions on were do you take OHLC from, do you reset at the start of each new trading session, seen all the stuff about overbought oversold ie on what timeframe what setting on rsi , stoc macd or indeed anything else, how many types of m/avgs what length etc etc just got so fed up with it all, its just so subjective. I settled on Daily Range it either makes 75 one day or 125 another or what ever, its set in stone, I am a very happy guy if I can take 25pips profit a day, I look at it as my wages and I am happy with that, do not want to get into the trap again of getting into moves with 100 profit, then saying all the usual stuff do I run it, do I take, been their got the tee shirt, to me its simple I want to get on the winning side so if its making higher highs the buyers are winning, opposite for sells, do admit to also looking at wkly and monthly ranges too.
Just to add I do believe THEY do STOP HUNT as well, could go on and on but will give it a rest now.
  • #3,715
  • Feb 6, 2015 1:35am Feb 6, 2015 1:35am
Quoting henryloving
Post news trade, CAD strength acroos the borad and like the pinbar a few bars back so I am in EURCAD but failed, please comment {image} {image}
Henry hindsight is a wonderful thing and who knows maybe it was just one of those things, not all trades will work. But what it does do is give you the chance to have another look at your charts and be super critical. Not to change the strategy but to see if you'll be more selective. I'm not saying I would have done any differently so this is not a dump on you.

OK bigger pic, there was definite support for some time for eurcad where there was a double bottom on your 1 min chart, see the 1hr chart 1.4230 ish. It did fall later when the move up failed, so most likely just one of those things.

However other eur pairs were headed (from your 1 min charts) up so it was only against CAD that it was weak. GBPCAD was below its ma, made lh's but bouncing off a base, its ma was flat and not in the TT top 8.

So EURCAD had a nice chart but 7th of top 8, other eur pairs headed up so you were banking on cad strength. Was there enough of that showing on other crosses? Would it have been better to look for something on gbp with TT top 4 spots filled?

Like I said hindsight is a wonderful thing, all you can do is look at this stuff and decide if you'll amend choice of pairs to trade or not. Keep a track of losing trades, what other pairs are doing and see if you pick up a pattern.
Attached Image (click to enlarge)
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  • #3,716
  • Feb 6, 2015 1:45am Feb 6, 2015 1:45am
Quoting Vantage
So EURCAD had a nice chart but 7th of top 8, other eur pairs headed up so you were banking on cad strength. Was there enough of that showing on other crosses? Would it have been better to look for something on gbp with TT top 4 spots filled? Like I said hindsight is a wonderful thing, all you can do is look at this stuff and decide if you'll amend choice of pairs to trade or not. Keep a track of losing trades, what other pairs are doing and see if you pick up a pattern. {image}
Henry now have a look at Clives post 3705 above, TT with 6 of 8 slots showing CAD strength and some nice pips made selling gbpcad. Thats strength across the board and a completely different look to how your TT was when you sold. Now perhaps if you had EURCAD and GBPCAD 1 and 2 on TT when you traded, then a different issue but it was 7 and not on.
  • #3,717
  • Feb 6, 2015 4:14am Feb 6, 2015 4:14am
Quoting clivepackham
Price goes where it goes Dave stop trying to workout where its going and just trade what you see, simple as that... Just banked 23.8 pips on GBPCAD and back in again now so will hold this on 100lwma and see what I get... {image}
Clive ...
Wudya please tell us a bit about your Money Management
i worshipped... Momentum
  • #3,718
  • Feb 6, 2015 4:23am Feb 6, 2015 4:23am
Good morning. Testing the waters
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Low Risk Low Stress High Reward High Probability Trades
  • #3,719
  • Feb 6, 2015 4:31am Feb 6, 2015 4:31am
Quoting 919gilead
Good morning. Testing the waters {image}

Out with 5 pips as I was very cautious with Stox already @ extreme OS but it is a sell, and price has pulled back to the MA Channel and will be watching when it comes down :nerd:
Low Risk Low Stress High Reward High Probability Trades
  • #3,720
  • Feb 6, 2015 4:54am Feb 6, 2015 4:54am
EJ short Not on the top trender but good setup and dropping nicely
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