Forex trading live calls and set ups

[wackypete2]

move stop to 1.3011

 

[wackypete2]

might bounce off the 1.3000 level. But we're in a good downtrend so I'm holding for a bit to see what happens.

 

[wackypete2]

move stop to 1.3007

 

[wackypete2]

exit 2nd half 1.3002 +21

 

[wackypete2]

Some volatility to keep us awake here. I wanted to short eur again here, around 1.3020 area, but hesitating because we are heading into US lunch time. Might not be any follow through.

Peter

 

[wackypete2]

5m chart with updated trend lines

 

[trendie]

WP,

do you have rules about how steep the lines are?
or a minimum number of bars to join points?

I suspect you avoid t-lines that are too steep in case they whip back.
And that you allow at least x-bars to avoid jumping the gun?

 

[wackypete2]

WP,

do you have rules about how steep the lines are?
or a minimum number of bars to join points?

I suspect you avoid t-lines that are too steep in case they whip back.
And that you allow at least x-bars to avoid jumping the gun?

Hi Trendie,
No rules about how steep the lines are. I do avoid a t-line that is too steep (subjective) if I can't conjoin it with 2 others as shown in the chart with narrowing angles. In the case of the 3 lines the steeper the better! Looking at the 3rd line (steepest) I wouldn't trade a break until after 3 complete candles formed. As you correctly stated this filters "kickbacks". The longer the candles ride up that line the harder and faster the fall. Once a break occurs the first target is the next trendline, 2nd target is the bottom line, although I am usually out before that. Just my preference. I don't like being in trades for too long.

Also the trendlines are what I call local...nothing from several hours or days past... only short term lines. Longer term lines that I use are usually the horizontal support lines. I also apply some subjectivity such as not taking trades at certain times of day.

Of course this all flips upside down to take long trades. I hope this is clear enough. I'm crappy at explaining things, which is why I could never teach!

Thanks for the interest!

Peter

 

[bedsit]

EU hasn't hit 12930 as yet.

short at 13012 stop 13032

Stopped. I was not there to follow it (few times it was 40+), so could have got some profit instead of a loss. Never mind - tomorrow is another day.👍

 

[Black Swan]

🙂
Just wanted to see a large data sample so I could unravel your method. 😉

I like the idea of multiple pairs, but tend to be wary of possible correlated pairs, and thus essentially taking multiple positions.
You are trading some kind of range breakout, but not necessarily the overnight range.
Since you are a swing-trader, your bias may be determined by the direction of last day or past 2 days.

Nothing to unravel, all there in the graphic; support, resistance, big round numbers, pivot, high/lows, volume = price action..simples..🙂

As for correlations/multiples if you're on the small TFs it's a nightmare, did it for a while, profitable but... Position or swinging not so as all the pairs *behave* differently not that they have intrinsic personalities they just react due to whatever fundamental decisions are happening by govts+c.banks+huge position players, their decisions then bleed onto our charts for us retail numpties to play in a sandpit with...

Classic corellation should be Swissy v Euro, but what TF, and look how often it lags, then suddenly spazzes off..these days I honestly wouldn't get too caught up in the accepted wisdom re. corellations, it is what it is, price turns, deal with it..

 

[Lord Flasheart]

had to use wifes laptop today so couldnt post my trades

There were three of them


eur +25 1st 1/2 time
+50 full time

Gbp +28 1/2 time
b/e full time

eur/jpy 25 1/2 time
55 full time

181 for the day, happy days

 

[wackypete2]

As for correlations/multiples if you're on the small TFs it's a nightmare, did it for a while, profitable but... Position or swinging not so as all the pairs *behave* differently not that they have intrinsic personalities they just react due to whatever fundamental decisions are happening by govts+c.banks+huge position players, their decisions then bleed onto our charts for us retail numpties to play in a sandpit with...

Pretty much agree with this. I don't ignore correlations, but I can get opposing signals and come out ahead on both (or lose both!)

Peter

 

[wackypete2]

Australia GDP, retail trade, and some other figures out in about 15 minutes. Lotta stuff so expecting some whipsawing for a while. I prefer to trade audusd to the short side since that is the major trend and there will be less chance of getting the direction wrong or a major reverse in the middle of the trade.

Peter

 

[wackypete2]

instant 50 pip drop...

Very weak gdp #'s

 

[wackypete2]

I want to see a retracement back to.9575 (about 40%) area to get short. Stop would be above the higher trendline around .9590 That also converges with the 30ma, blue line so should be good resistance area.

 

[wackypete2]

Doesn't look like we're going to get a trade on this and I'm not going to chase it down from here.

Peter

 

[wackypete2]

eurusd has recovered to near pre aud-release levels. A bit surprising since pressure still should be downside. News of Portugal's negative credit watch came at the end of US session. I would think that eur negative news carried over into the asian session...but what do I know?

Peter

 

[wackypete2]

here we go...
sh audusd .9577 stop .9592

Peter

 

[wackypete2]

No direction on the eurusd during this session so I'll probably stay away from it. Surprisingly tight range on it so far considering the huge audusd range.

anyone out there? Gets lonely in here during the Asian session!

Peter

 

[wackypete2]

exit .9570 +7

Time to get out. This trade developed later than I thought it would and I logged too much screen time today. Good day though.

Catch everyone tomorrow!

Peter