Currency trading (December 4th > 8th)

[Baruch]

nope, stops are as tight as yours or tighter. entry is refined with 60 min, and 15 min charts.

example is friday. main trend is up, but trend bias for day is down (it did move down 100 pips in the morning, with a clear trend bias south for the day.). look at the hourly spinning top at 11 am i think. break of spinning top triggers a 123 on the 15 minute chart for the long (see chart) and a break of the main trend for the day (intraday at least). so signals continuation of main move up. target of pattern is 50 pips, but it really becomes the continuation of another pattern on the 4 hr chart that had as target 8820 (which was surpassed).

trade was: long 9670 on pullback of break of 85 i think, stop at 50.

dont know if that answers your question.

edit: attached is chart for 4hr pattern....a 123 for a continuation of the long (or a sloppy bull flag). the fib expansions show the pattern.

Thank you, I also like to look on longer term charts to decide the major trend, but I can't time the entry with more than a 10 min or 5 min. chart. But maybe I am wrong.

 

[jacinto]

Thank you, I also like to look on longer term charts to decide the major trend, but I can't time the entry with more than a 10 min or 5 min. chart. But maybe I am wrong.

no worries. i am only starting to do it like that, and only learning that in such a strong trend up, any move down without a reversal pattern on the daily or 4 hr chart at the very least, has to be treated as a retracement. then what i am learning is that one needs to look for reversal patterns on the intraday basis to confirm or reject continuation of either move up or retracement.

the best part is that this is not against trading BB as you do, can have both at the same time. if break is south, i need to have a clear target to take profits. furthermore, when BB breaks north, you can see it as the continuation pattern of the move up :cheesy:

dont know if it makes sense, though. it is taking time, but works.

 

[jacinto]

Thank you, I also like to look on longer term charts to decide the major trend, but I can't time the entry with more than a 10 min or 5 min. chart. But maybe I am wrong.

have a look at this one on eurodollar....break of 3320 triggers a long with what could be a decent move up. 123 on 60 min charts. entry after pullback (i would imagine at around 3310)

edit: sorry, i keep on missing the charts.

 

[ChowClown]

Also short 9759 from another setup with indicator/PA based exits.

b/e and flat.....as a pancake Not a good start to the week, ah well onwards and upwards.

 

[Sterile]

Can someone more knowledgable explain something to me? Surely when the Eurozone interest rates get raised to 3.5% on Thursday the dollar is going to slide again big time - surely just buying GBP/USD or EUR/USD now is just a good bet?

 

[Offshore Trader]

Everything which is already known or expected is fully discounted in the market, so that only the difference between the likelyhood and the certainty will effect the market. E.g. if there is 95% chance of a rate hike then the effect of an actual rate hike will be minimal but if the chance is very low (i.e. not expected) and then there is a hike then the effect will be large. The same applies to economic figures. If US Non-Farm Payrolls are expected to be +340 000 and that is the actual number when it is released, there will be little effect but if the actual number is 110 000 or 560 000 then the effect will be great.

Hope this helps

 

[Baruch]

The BB train has left the station.

 

[Offshore Trader]

Let's hope it doesn't get stopped at a signal again and reverse back......

P.S. I'm not short yet

 

[jacinto]

The BB train has left the station.

morning all,

Baruch, i must have asked this before and i apologise if i had. do you use 7 or 8 gmt as the end of the range?

good luck by the way

 

[ChowClown]

Morning all, inside day yesterday (Oanda chart) with a low of 9725 - my vebo short order this morning....9730...hmm.

 

[Sterile]

Yeah thanks offshore trader that makes a lot of sense

 

[Baruch]

morning all,

Baruch, i must have asked this before and i apologise if i had. do you use 7 or 8 gmt as the end of the range?

good luck by the way

7 gmt.

 

[Baruch]

The BB train has left the station.

It's a BB trade against the major trend so I had placed stop at b/e very quickly. We also get UK Services PMI later this morning.

 

[Baruch]

It's a BB trade against the major trend so I had placed stop at b/e very quickly. We also get UK Services PMI later this morning.

Out at b/e. Second day in a row where BB didn't made a profit.

 

[Offshore Trader]

Long at 84. About time this market moved somewhere....

 

[Baruch]

Out at b/e. Second day in a row where BB didn't made a profit.

Maybe I was right, when I wrote yesterday, that we should only trade BOs, which are in line with the major trend?

 

[Offshore Trader]

and another one bites the dust...

 

[djl]

Hey guys where can I find out about the Big Ben strategy? There is a zip file on forexstreet.com but it doesn't want to work. Tried search here as well not a lot coming up...

 

[ChowClown]

Hey guys where can I find out about the Big Ben strategy? There is a zip file on forexstreet.com but it doesn't want to work. Tried search here as well not a lot coming up...

Here you go...

 

[jacinto]

Hey guys where can I find out about the Big Ben strategy? There is a zip file on forexstreet.com but it doesn't want to work. Tried search here as well not a lot coming up...

http://www.trade2win.com/boards/showthread.php?p=289944#post289944

post #80