Best Thread Correlation Trading - Basic Ideas and Strategies
NVP
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Back again........
crazy day today...hope that shirts are still on backs....
my last call hopelessly reversed (damn!) and GBP has made good ground upwards in last 2 hours so hope people got a few G/U pips.....E/G looked ok as well ?
interesting to see how JRP did this morning
N
Phreddy as you can See I just draw lots of lines on my charts that are support and resistance levels and then make a lotof excuses as to why things do not work....!
(Tee hee)
crazy day today...hope that shirts are still on backs....
my last call hopelessly reversed (damn!) and GBP has made good ground upwards in last 2 hours so hope people got a few G/U pips.....E/G looked ok as well ?
interesting to see how JRP did this morning
N
Phreddy as you can See I just draw lots of lines on my charts that are support and resistance levels and then make a lotof excuses as to why things do not work....!
(Tee hee)
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NVP
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5m corrie index moring activity
hmmmm
2 poss trades later this morning based on the markets supporting our forex friends
both G/U's didnt deliver although a E/U on trade 1 would have been nice....
the Tag and the Euro have followed market correlation much better than GBP today
(now see why i got excited on my 10.36am update earlier today ?)
this indicator is set on a 14/3 ma to speed up the signals....fat job that did so far (!!)
N
hmmmm
2 poss trades later this morning based on the markets supporting our forex friends
both G/U's didnt deliver although a E/U on trade 1 would have been nice....
the Tag and the Euro have followed market correlation much better than GBP today
(now see why i got excited on my 10.36am update earlier today ?)
this indicator is set on a 14/3 ma to speed up the signals....fat job that did so far (!!)
N
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jrplimited
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Hi N and everyone else,
Last full week trading for me this week as I dont trade leading up to and during the festive holidays. Having said that wifey sent me on a shopping errand (she, at last, has given up issuing diy diktats!) this morning so I missed the carnage, but here is what I can see after the event - a really useless observation of course....
G/U Being a gung ho trader I would have gone long on 08:05 bar after it broke above 07:50 bar, so would have been stopped out three bars later for a maximum loss. Second trade would have been set (sell stop) around 62317 area, after that weird 08:25 bar and first trade loss, pobably got filled sometime during 08:50 bar then watched agonising slowing down of price momentum and most likely of had nervously bailed out by bringing initial SL down to a TS at break even - call it another lost trade as this retrospect thingy does not represent real time trading.
E/U Bit more easier to see what might well of happened for me here - ie lose money!. First trade short on open of 08:20 bar, hold the front line during shallow retrace ending on 08:40 bar, grit teeth during more sharper second retrace where price would have come back to entry point, curse out loud as price failed to go south again and instead starts chugging northwards to take out SL somewhere around 09:15 for a definite loss. By then it would be obvious market was short biased so I would have set my second trade as a sell stop at circa 46447 which would have got filled during 10:50 bar, seen another wtf earlish retrace but ridden it out, then a real slow south bound move down again and I can say for sure that the retrace starting from 11:45 bar would have had me bailing out after 12:10 up thrust bar for either a break even or, at best, a very, very small profit trade.
E/G First trade would have been a definite loser for me as I would have tried to go long after 09:00 bar and so would have seen price hit my SL eight or so bars later for a losing trade. Again [to my then view] market looked to be short biased so I would have set a sell stop after the 09:45 bar's low point at 90233 and seen this filled right at the bottom of yet another weird looking bar at 10:30, then I think I would have been OK to hang in there until my usual frustration and morning session's timing had me coming out after that upward bounce on close of 12:20 bar for a small (but by then, very welcome!) 7 or so pips profit.
Hmmm... Better not let on to wifey that thanks to her I missed the chop monster this morning! N, you correctly called a ranging market earlier on and there is really nothing you can do about this fact until after the event when real time trading. Cant see any news releases to effect this sorry state of affairs and volume seems to be fairly reasonable on the DMA side of things, therefore extreme caution will be required when selecting a pair to follow for this afternoon's bun fight.
Trade well and regards from lucky escape me!
Simon.
Last full week trading for me this week as I dont trade leading up to and during the festive holidays. Having said that wifey sent me on a shopping errand (she, at last, has given up issuing diy diktats!) this morning so I missed the carnage, but here is what I can see after the event - a really useless observation of course....
G/U Being a gung ho trader I would have gone long on 08:05 bar after it broke above 07:50 bar, so would have been stopped out three bars later for a maximum loss. Second trade would have been set (sell stop) around 62317 area, after that weird 08:25 bar and first trade loss, pobably got filled sometime during 08:50 bar then watched agonising slowing down of price momentum and most likely of had nervously bailed out by bringing initial SL down to a TS at break even - call it another lost trade as this retrospect thingy does not represent real time trading.
E/U Bit more easier to see what might well of happened for me here - ie lose money!. First trade short on open of 08:20 bar, hold the front line during shallow retrace ending on 08:40 bar, grit teeth during more sharper second retrace where price would have come back to entry point, curse out loud as price failed to go south again and instead starts chugging northwards to take out SL somewhere around 09:15 for a definite loss. By then it would be obvious market was short biased so I would have set my second trade as a sell stop at circa 46447 which would have got filled during 10:50 bar, seen another wtf earlish retrace but ridden it out, then a real slow south bound move down again and I can say for sure that the retrace starting from 11:45 bar would have had me bailing out after 12:10 up thrust bar for either a break even or, at best, a very, very small profit trade.
E/G First trade would have been a definite loser for me as I would have tried to go long after 09:00 bar and so would have seen price hit my SL eight or so bars later for a losing trade. Again [to my then view] market looked to be short biased so I would have set a sell stop after the 09:45 bar's low point at 90233 and seen this filled right at the bottom of yet another weird looking bar at 10:30, then I think I would have been OK to hang in there until my usual frustration and morning session's timing had me coming out after that upward bounce on close of 12:20 bar for a small (but by then, very welcome!) 7 or so pips profit.
Hmmm... Better not let on to wifey that thanks to her I missed the chop monster this morning! N, you correctly called a ranging market earlier on and there is really nothing you can do about this fact until after the event when real time trading. Cant see any news releases to effect this sorry state of affairs and volume seems to be fairly reasonable on the DMA side of things, therefore extreme caution will be required when selecting a pair to follow for this afternoon's bun fight.
Trade well and regards from lucky escape me!
Simon.
NVP
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Hi Phreddy
heres the 5m corrie with just 4 currencies on it.....
I have added a few lines to see if they are breached by the GBP and the Euro
price action is about trading these kind of breaches (or reversals at these areas) supported by any preceding patterns and anything else indicator wise that a trader wants to use to support their decisions
works on any TF and just spend time watching the charts looking for the patterns youy will see again and again......dont try to apply to many rules - just get into the flow of things.....for nstance see how often the Green (USD) runs with the Yellow(Yen) I call that the tag team as they are together a lot !
N
heres the 5m corrie with just 4 currencies on it.....
I have added a few lines to see if they are breached by the GBP and the Euro
price action is about trading these kind of breaches (or reversals at these areas) supported by any preceding patterns and anything else indicator wise that a trader wants to use to support their decisions
works on any TF and just spend time watching the charts looking for the patterns youy will see again and again......dont try to apply to many rules - just get into the flow of things.....for nstance see how often the Green (USD) runs with the Yellow(Yen) I call that the tag team as they are together a lot !
N
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NVP
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hmmm.....our Trader in residence would not have fared will this morning either
perhaps the us market opening will deliver some tradable action
N
jaspertrademaster
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What a learning curve!
NVP
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learning curve ?...........today is like learning to canoe in a tubfull of Crocodiles !
N
