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Trend Trading with Extras

  • #21
  • Aug 19, 2015 5:27am Aug 19, 2015 5:27am
Placed a new trade today being the GBP/CAD this pair has been in a good up trend with 12 of the last 15 weeks up. The pair has recently retraced, and should be starting to continue it upward momentum. Fundamentals for the CAD are poor with oil prices dropping and the BOC expected to drop interest rates at its next meeting. Also the country is in the middle of an election. Whilst the GBP is getting stronger with increased interest rate expectations of the BOE and reasonable CPI figures.
Brought at 2.04764 and two pending orders at 30 pip spacing, targeting the recent high of 2.05850
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  • #22
  • Aug 19, 2015 7:07am Aug 19, 2015 7:07am
Make or break for Eur Cad here. Finding some bid off trend line. I am also looking at EUR CHF. Need a daily close above 1.09.

Quoting Agent Orange
My trade with EUR/CAD is in the hole by about 40 pips....I'm buying again
Its all in the mind.
  • #23
  • Aug 20, 2015 5:16am Aug 20, 2015 5:16am
Had a good quick win on yesterdays trade

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  • #24
  • Aug 20, 2015 5:25am Aug 20, 2015 5:25am
Quoting 5abi
Make or break for Eur Cad here. Finding some bid off trend line. I am also looking at EUR CHF. Need a daily close above 1.09. {quote}

EUR/CAD trade looking good now, will start adding in some stop losses above Break Even , and a couple of quicker Take Profits in case it goes sour from here. Still looking for target around 1.49

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  • #25
  • Aug 21, 2015 2:16am Aug 21, 2015 2:16am
Quoting Agent Orange
{quote} EUR/CAD trade looking good now, will start adding in some stop losses above Break Even , and a couple of quicker Take Profits in case it goes sour from here. Still looking for target around 1.49 {image}
Couple of my EUR/CAD trades closed with the SL locking in some profits

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  • #26
  • Aug 21, 2015 2:23am Aug 21, 2015 2:23am
Still have 3 trades open have moved SL higher.

Guideline 2. Normally with the weekend coming I look to close my trades

I have raised my SL levels and will let the market decide whether Target will be hit or not. Either way its more pips

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  • #27
  • Aug 23, 2015 6:27am Aug 23, 2015 6:27am
Here is this weeks Worksheet

Note that there are some pairs that meet the initial criteria of being in trend for last 3 weeks but I wont be immediately looking to trade.

EUR/USD - the Risk to Reward is not viable to the next target.

NZD/USD Moving averages still above price (in downtrend)

CAD/JPY Looks really promising but price is at strong resistance level, will need to wait for penetration of this level for trend to continue

XAG/USD has Highway candle (Indecision)

GBP/CAD Next target level is 2.073 which is to close to current price. If this level is penetrated this will be an excellent trade to review (next target 2.169)

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  • #28
  • Aug 23, 2015 6:53am Aug 23, 2015 6:53am
Guideline 3 - Make sure your trade is Worth the Effort and Risk

Each week I see numerous opportunities which match my trading criteria, but I don't trade all of these. Once a trade is identified as meeting my criteria, I then check support and resistance levels.

Look at the chart below
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Here the price is at a resistance level so we may expect some retracement. However if we are patient and wait for the price to penetrate this level the next target is 2.16 as seen here on the monthly chart (lower time frames don't show this far back on my platform) Now that's a trade worth waiting for.

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Your R:R should be at least 1:1 or better (preferably 2:1 )when trend trading
Respect the inescapable certainity of Math
  • #29
  • Aug 24, 2015 1:53am Aug 24, 2015 1:53am
The first trade for the week, a continuation of last weeks EUR/CAD
I have brought a position and have 2 pending buys set at 50 pips apart. Target is just below the next resistance level at 1.5450 (295 pips)
This pair has been in an uptrend for the past 19 weeks
I have set a SL at 1.50 giving a Risk to Reward Ratio of 2:1

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  • #30
  • Edited 2:25am Aug 24, 2015 1:57am | Edited 2:25am
Other trades I want to get on include GBP/CAD and Oil (WTI)

I already have exposure to CAD so if I do trade the GBP/CAD it will be with a lesser position than normal.

Unfortunately on my platform I would need to trade a full lot if I want to short WTI, and that is too much risk for my account. Target for WTI for anyone else interested would be around $33

EUR/NZD looks promising with plenty of historical upside - its been trending up for 14 of last 18 weeks

GBP/AUD is another pair to keep an eye on, Next target for this pair looks around 2.24

If I was trigger happy I would definitely be pushing buttons on these trades, but discipline is the key
Respect the inescapable certainity of Math
  • #31
  • Aug 24, 2015 8:10pm Aug 24, 2015 8:10pm
Quoting Agent Orange
The first trade for the week, a continuation of last weeks EUR/CAD I have brought a position and have 2 pending buys set at 50 pips apart. Target is just below the next resistance level at 1.5450 (295 pips) This pair has been in an uptrend for the past 19 weeks I have set a SL at 1.50 giving a Risk to Reward Ratio of 2:1 {image}

My first position has hit the target of 1.5450 and closed out, I still have 2 other trades open hoping to catch more pips. Have put TP at 1.550 and 1.555, also moved SL to well above Break Even
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  • #32
  • Aug 24, 2015 8:26pm Aug 24, 2015 8:26pm
Todays trade I will take GBP/NZD

Although this pair moved considerably last night (NY Session) it has retraced far enough to make the trade worthwhile looking at.

The pair has been trending up 14 out of the last 18 weeks. NZD is a commodity currency which is reliant on the Chinese market for its exports. The RBNZ is expected to cut interest rates at the September meeting. Whereas the BOE next interest rate move is expected upward. I am generally Bullish of the GBP. Britain's economic news seems to be getting better each month.

I will buy at current price my normal 0.03 lot with 3 incremental buys 30 pips apart. Target is around previous support at 2.49. Should be around 600 pips

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  • #33
  • Aug 24, 2015 8:42pm Aug 24, 2015 8:42pm
MY BAD

I meant to look at trading the GBP/AUD not GBP/NZD

Will let it continue to see how it plays out. The fundamentals are good for this trade even it it doesn't follow my Rules (guidelines)

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  • #34
  • Aug 25, 2015 2:35am Aug 25, 2015 2:35am
My EUR/CAD has closed with good pips taken. The first trade hit profit, the other 2 trades got stopped out above Break Even

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  • #35
  • Aug 25, 2015 5:29am Aug 25, 2015 5:29am
Hi Muz

I think what your doing here is great. I like your method of giving currency pairs a chance to move over a weekly trading timeframe.

Keep up the posts. I'll follow with interest.

Marsh
  • #36
  • Aug 26, 2015 6:40am Aug 26, 2015 6:40am
I just re entered EUR/CAD

The price has retraced to give a possible great R:R 4:1

The red line on the chart is the support level (SL is just below this level)

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  • #37
  • Aug 26, 2015 8:15am Aug 26, 2015 8:15am
I like this set up on the EURCAD but I will wait for a confirmation candle and enter long as well
  • #38
  • Aug 27, 2015 4:02am Aug 27, 2015 4:02am
My EUR/CAD trade got stopped out. I still believe in the pairs fundamentals and market sentiment

Will look at re buying shortly, probably with a Buy Stop Order at 1.465

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  • #39
  • Aug 27, 2015 4:06am Aug 27, 2015 4:06am
Here is the pending order

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  • #40
  • Aug 27, 2015 6:52am Aug 27, 2015 6:52am
While there is so much volatility in the Markets I would like to comment on 4 Guidelines to help protect your Money. Remember Loss of opportunity is better than loss of Capital. - That's not one of the Guidelines just a bit of Wisdom from Joe Di Napoli

Money Management

1. Risk a Fraction of your Account - suggested guidelines is don't risk more than 2% of your Capital. But lesser is better

2. Always have a Stop Loss

3. Never Average Lossers - Accept that losses are a part of trading

4. Have a Risk to Reward ratio of at least 1:1 - Should try for 2:1
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