Trend Trading forex

[FXTrend240]

I will post charts of entries when i enter.

i'm learning forex, any help would be appreciated

 

[FXTrend240]

First chart. NZDUSD has smacked into daily support. It will probably bounce.

This will create trends on smaller timeframes (H4,H1) if it bounces.

 

[FXTrend240]

The last time NZDUSD hit a horizontal level (its far away, can't see it on the chart) it bounced. this pushed prices up (lol) H4 trend up, 20/50 crossed over, buy pullbacks to the 20 with a target of the previous retracement high.

Sorry- stop loss is 2X 15 period ATR.

The H4 trend stalled and reversed close to, but not exactly, at some previous highs. this is why you must pay attention to levels on higher TFs.

 

[FXTrend240]

Heres a trade i entered today:short eurusd because:
1)dollar is getting strong
2) carry trade unwinded, huge sell off and this was a rally
3)fibo 50% and pin bar break
4)daily chart agreed

 

[mrsoul]

Heres a trade i entered today:short eurusd because:
1)dollar is getting strong
2) carry trade unwinded, huge sell off and this was a rally
3)fibo 50% and pin bar break
4)daily chart agreed

Hold that short euro- the dollar is getting much stronger.

 

[FXTrend240]

out for +150

 

[FXTrend240]

bang stopped out of two swing trades today-long AUDJPY and AUDEUR. thats -380 pips.

february results so far:-220

 

[FXTrend240]

ugh, can't belive i missed this cable short setup, i even wrote on a bit of paper that shorting cable would be good because of the pathetic UK GDP + strong dollar.

 

[FXTrend240]

right so AUDUSD didn't bounce off support, aussie weakness is clear, looking to sell into a rally to the touch of the fibo 50%. i didn't lose any pips on AUDUSD because an uptrend off H4 never happened.

Again, i hear Black swan is a kind of king of currencies here, wouldn't mind some advice from a real trader such as him or any other professionals in forex

edit: also looking to sell rallies in eurusd, obviously.

 

[FXTrend240]

The reason i use 2x ATR as a stoploss is that:
1)You need a genuinely above average volatility move to stop you out
2)since stops are wider, less need to be so precise on entries-just get the direction right
3)you won't be stopped out as much even when you were 'right'

 

[FXTrend240]

Economics are a rather large part of the equation in forex.

you aren't looking at just a chart;you're looking at two economies and their exchange rates, so why is price uptrending?

im studying economics at the moment and so far , well it's pretty obvious, but i've found that economics will never act the exact same, every trend is different so consistent and high GDP might not necessarily cause an uptrend, carry trade may be, or the commodity currencies supported by a bull market in commodities. There are a vast number of reasons, one thing i'll say is that if you don't get fundamentals and dont want to have anything to do with them, the least you could do is not trade over/during news, like this week. I ignored that and went long AUD and got stopped out.

 

[FXTrend240]

Still going to continue with this lonely little thread

 

[FXTrend240]

Going long AUDJPY because:
1)test of major support
2) with the short dollar carry trade looking less likely , which currency will once again be the favourite for borrowing? the yen, i anticipate that the yen's low interest rate and the AUD's high one will create a carry trade trend.

 

[FXTrend240]

annoyed, i shorted eurusd too early and lost 100 pips, but reshorted where i planned to in the first place- 1.38, due to 50% fibo. 2X ATR as stop.

 

[FXTrend240]

shorting AUDUSD, test of MA and resistance, plus going with dollar strength, also as a way to kind of hedge myself in my long AUDJPY

 

[FXTrend240]

I'm becoming more and more aware that higher timeframes are the best for Forex, some can trade 5 minute charts but personally i think anything which is below daily is harder.

Weird, considering im trading off H4 .... Fundamentals are what drives currencies, support and resistance is all that's needed in terms of technicals. Trend and S/R: buy support in an uptrend which has nice economics driving it and vice versa for a downtrend. i think people tend to forget what 'price' on a forex chart is: an exchange rate and i'd rather understand what generally tends to move it. Most don't want to learn 'funnymentals' because it's kind of hard and they'd rather waste time looking for magic formulae or just ignore fundamentals althogether-that attitude will probably lose in the long run, the least one could do is not trade near news .

My biggest months were on daily charts, so from now on it's just dailies

 

[FXTrend240]

went short EJ on a retest of broken support. EURUSD target was missed by a few pips but it's probably going to come back down and hit my target

 

[FXTrend240]

bang stopped out of two swing trades today-long AUDJPY and AUDEUR. thats -380 pips.

february results so far:-220

heh, sucks for me , look at AUDEUR now!

 

[FXTrend240]

Wow, i just removed all moving averages off my charts and changed from candlestick to standard ohlc bar , idunno why but with bar charts S/R and everything seems clearer...

Now just going back to basics, if a currency is uptrending i want to see nice HH and HL , once you see LL LH then stop trading upwards, wait for consistency - pay attention to the economics-does it make sense for AUD to make HH and HL? if yes, then keep trading with it...

 

[FXTrend240]

lol, look how close it came to my target