Trading is as simple as ABCD

Thank you Clive. You comfirmed my opinion.
On my picture all marked by arrows entry made by EA. But this two last entries was lost.




So this ea must be swithed off and on manually. Sad....
I don't understand how i could use pending orders for this HORSE ALPARI SPREADS AND STOPS LEVEL!!!!!!!!

I always look back at my charts after the New York session ends to see what has happened today and to see if I can identify winning trades so that we might catch them going forward tomorrow. I am very happy with our entry method and identifying strong trenders via the TTindy, but as we all know I feel we are missing a trick when it comes to holding to get some bigger winners than just our little orphans.

Theres a very interesting new thread by a guy called fartist about Trend trading and he makes some very good points about how many times you will lose trying to catch a trend, but if you catch a good trend it will more than make up for all the losers. It sort of bodes with me thats whats happening here. Trends are hard to catch but if we can start nailing a few we're laughing all the way to the bank...

So I want to try and set about lying down some ground rules for when we're looking to trade the trend (hold on 100lwma slope changes) and when we're looking to trade the momentum runs. (Orphan Hugging)

So the first thing is to start looking at what happens when we get these trends developing and the circumstances around them. There was a great example this afternoon when some great trends set up. Just after 1600hrs today there was EUR weakness right across the board and heres how the EUR pairs looked...















Look how similar they all are, price firmly below the 100lwma and market structure in perfect shape with drive lower after drive lower and LHLL's all the way..So the first rules gotta be strength/weakness right across the board in one currency and we want to see price either clearly below or above the 100lwma on all that currencies pairs..

Once I see that then my mindset is gonna be one of trend trading and taking as many CCI pullbacks as I can and holding until the 100lwma changes slope colour. Might play the exit slightly different in the London session as quite often we get a sudden reversal of the LO trend in the NYO session so will be looking to close out after the LO session. However the NYO session tends to fizzle out a bit more so the 100lwma slope change presents the perfect way to close out.

I'm also once in trend trading mode going to leave my initial stop where it is and only move to BE after a retest of my initial entry. My initial stops will be 20 pips risking 5% across that 20 pips and placed behind the last LH/HL of the trend and left there until a new high or low is formed. Then I'll trail my stops behind the new high/low until stopped out.

This is exactly how I got my 678 pips from one session back in November so its got to be worth doing if we can crack it....Of course as our friend Fartist says there will be plenty of losers but if we stick to the system then it will pay off over time I'm sure.

Only expecting these setups 2 or 3 times a week but hopefully they will prove well worth the effort...

The rest of the time I will be trading normally just grabbing an Orphan here and an Orphan there and moving to BE quickly....

So there will be two modes of operandum from now on and I will move from one to the other as I see fit, if a trend is obviously ending then I'm out for whatever I can get but if it keeps on rolling then so will I..might even move it up a timeframe or two and hold it on the 5 or 15min 100lwma just depends how its looking...

Just gonna keep working away until I crack this forex game once and for all....

Clive
I think your posts have been hacked and someone is pretending to be you, they have just said this and I quote,
"I'm out for whatever I can get but if it keeps on rolling then so will I .. might even move it up a timeframe or two and hold it on the 5 or 15min 100lwma just depends how its looking" I think you should hunt this guy out and ban him. hahahahahahaha

Question Mr. P.; Are you still quickly closing up ranks on moving your stop to BE? Earlier you were following after going 3-5 pips into profit.

Thanks,
Darryl

Where did you see that, Dave?

Hi Darryl

I'm afraid I do switch around a bit from one thought to another a s I find my way with this forex trading lark, but basically I'm using two modes of operandum.

1) Orphan grabbing , whereby I will be going to BE very quickly as you say within a pip or two. I expect to be in this mode most of the time. OR...

2) Trend following where I believe we've caught a trend and will be giving my trades a bit of breathing space hence the 20 pip stop and not going to BE but in fact just trailing the stops behind the HL's in an uptrend and the LH's in a down trend until stopped out or the 100lwma changes slope. Whichever happens first.

So to answer your question yep will be going to BE quickly in "Orphan grabbing mode" but not in "Trend trading mode"..

Hope that answers your question...??

I think Mary he was being just a touch sarcastic about my reference to higher timeframes in my previous post.... Don't worry its just us British having a bit of fun together...

Don't worry Dave I don't expect it to happen too often just trying to keep Jason happy who wants me to catch a weekly run off of a 1 minute entry....

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Stiff upper lip, eh whot?

Clive,

I remember reading somewhere that trend trading will end up giving you about 60% small gains and losses for 40% bigger gains. Seems to me we need to analyze trade statistics to see where stops have been placed in the past and come up with an initial ATR stop. Theoretically some of these little scalping trades could turn into multi day week month position trades if properly managed.

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Most one minute signals I've taken (other methods) seem to smartly travel to +10 and then peter out. I rarely go more than 12 p before going to BE due to that. However I'm here to learn, not to pontificate.
• What I don't know for sure is everything, except that I know nothing for sure.

Thought you had just taken
One small step for man
And one giant step for mankind
hahaha its all good clean fun, off to bed now, football tomorrow morning, followed by child minding in the afternoon, grand kids off school this week. arararararara

Precisely right old bean...

Been watching this GBPAUD since it came to the top of the TTindy about an hour ago and thought its too late, wrong time of day just leave it alone, but its moved about 30 odd pips ever since so just goes to show this stuff works no matter what time of day...Looks like its about to go again too off of this S2 level..but wait for the CCI to signal.



Its all too late for me I'm off to bed..

Thank goodness you're off that 10 pips thing. You have charts with weakness across the board and you were thinking 10 pips. If you are trading in and around Frankies hour, or around London close reversal time perhaps. But strength/weakness across the board will usually beat everything. Good to have you back.

Morning Mr V.

Yes I think if we're trading with out and out strength or weakness we've got to expect more , gotta focus on the basic principle of catching the LO/NYO breakout trade, thats what we're really after aren't we??? Maybe just 2 or 3 goes at that per session then done for the day...

Just need to concentrate on those opportunities....

Glad you're still around with some common sense...

Vantage/Clive

Not to sound trite, but there is a reason why "...and let your winners run" is one-half of the famous saying. For years, I resisted trailing a stop. I was a scalper and felt that scalping for 1R (R = risk) via the use of a fixed target and achieving a win rate in the 60%-70% range was "it." A futures trader then proved to me how taking half off at 1R and trailing the second half would in the long run be more profitable. And that makes intuitive sense to me because if a trader can add value by trailing a stop in a sensible manner, which might involve some additional knowledge or skill, he should be rewarded with incremental profitability over simply scalping for a fixed 1R target.

Whether or not the s/l is moved to b/e after taking the first half off at 1R in profit is a matter of personal preference.

This is just my opinion, and what has worked for me. Of course, there is no right way to trade. There are only results.

I had a 12 pip loss on gbpaud Frankie half hour reversal back to trend losing trade this morning. Discussed on skype gbp had 5 of top 8 showing weakness and euraud agreeing, gbpaud was 2nd weakest pair. Back in again and we'll see how it goes.

Hi guys i will join you . Read the thread and testing a little bit.

@ Vantage im also in with GBP/AUD sell

Greetz Michael

Hi California,Clive Mr V
On Testing mode Right now . A couple of scalps a day. Satisfies the Orphan huggers among us.
California I had the same thoughts as yourself I walked the dog and then was going to post but you beat me to the punch,

My two pence worth using yesterdays London open the orphans were lining up to be hugged at 10 pips a pop.
Had you implemented the Orphan and the runner strategy outlined by California,on for example the Gbp/Nzd. with stop moved to latest swing high as Clive prefers.
you could have had around 60 pips. Before being stopped out
Conclusion You can either hug skinnier orphans and chase the big wins or Hug the chubby guys and be done.
Best regards

The Asian support held for now.

Whilst I'll never say never I am firmly in the camp of trading biggest trenders and for the most part the moves should reflect that. The charges to re-enter numerous times will add up as will the risk of multiple entries. Get in 1 or 2 times get your margin maxed out will give the best returns I would think. No scalping for me!!