Seeking consistency

This is a discussion on Seeking consistency within the Trading Journals forums, part of the Reception category; Hi leia, Nice simple method, not too dissimilar to a positional strategy I used to trade off just the daily. ...

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Old Jul 12, 2012, 4:08pm   #431
 
rsh01's Avatar
Joined Nov 2010
Re: Seeking consistency

Hi leia,
Nice simple method, not too dissimilar to a positional strategy I used to trade off just the daily.
Have you checked to see if some of the pairs trend more/longer than other pairs?
Similarly some analysis on setups - do some pairs who trend same amounts offer different number of setups?
Thks
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Old Jul 13, 2012, 7:15am   #432
Joined Dec 2009
Re: GBP NZD potential short opportunity

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Quote:
Originally Posted by Leia View Post
I have placed an order approximately 50% back into the trigger candle at
1.96 10 with a stop at 1.96 60 (-50pips risk) and a profit target of the previous weekly swing low @ 1.91 70 (+440) R8, if seen
This trade has opened and moved to R1 @ 1.96 10, I have moved my stop to breakeven

I now see that this level (1.96 10) has formed a good high on the 4 hour chart to trail my stop to and that price has achieved R2 (+100pips @ 1.95 10)
Attached Thumbnails
gbp-nzd-4h-trailing-stop.gif  
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Old Jul 13, 2012, 7:29am   #433
Joined Dec 2009
Re: Seeking consistency

Leia started this thread
Quote:
Originally Posted by rsh01 View Post
Hi leia,
Nice simple method, not too dissimilar to a positional strategy I used to trade off just the daily.
Have you checked to see if some of the pairs trend more/longer than other pairs?
Similarly some analysis on setups - do some pairs who trend same amounts offer different number of setups?
Thks
Hello rsh01

Thank you for your post, do you no longer use the strategy like this one?

No, I haven't analysed which pairs trend the most and for the longest runs, that is an interesting suggestion. I have noticed that the USD crosses (with the exception of the USD JPY) often behave in the same way at the same time, whereas the subsidiary pairs behave in a more independent manner

I also haven't noted the frequency of similar trade set ups appearing on certain pairs.

Two very interesting questions, which I will look to answer over time moving forward
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Old Jul 13, 2012, 8:59am   #434
D70
Joined Nov 2009
Re: Seeking consistency

Quote:
Originally Posted by Leia View Post
Hello rsh01

Thank you for your post, do you no longer use the strategy like this one?

No, I haven't analysed which pairs trend the most and for the longest runs, that is an interesting suggestion. I have noticed that the USD crosses (with the exception of the USD JPY) often behave in the same way at the same time, whereas the subsidiary pairs behave in a more independent manner

I also haven't noted the frequency of similar trade set ups appearing on certain pairs.

Two very interesting questions, which I will look to answer over time moving forward
I believe it is a dead-end looking into which pairs "trend the best". This is purely a random function. Assuming eurusd trends "better" than another is simple curve fitting. Over time (3 - 10 years say) I bet all forex pairs "trend" and "consolidate" to the same degree. Look at any methodical strategy and this is soon proved correct as pnl's ebb and flow with trending/consolidating markets.

Altho there is something to be said for trading "where the action is......" maybe that is really the point rhs01 is trying to make?
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Old Jul 13, 2012, 9:07am   #435
Joined Dec 2009
Gold long

Leia started this thread My daily and 4hour trends are short and the daily chart appears to be consolidating into a smaller and smaller trading range

Yesterdays candle was 'hammer-esque' in its formation and may signal the start of a move up, to and possibly through the descending trend-line that is 'squeezing' this pair up

It is not one for me though, but interesting to watch for the next few sessions
Attached Thumbnails
gold-daily-set-up-counter-trend-inside-coil-.gif  
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Old Jul 13, 2012, 9:18am   #436
Joined Dec 2009
EUR GBP short

Leia started this thread The daily and 4hour charts are 'short'

Price has retraced 61.8/50% of the previous 4 hourly down swing leg and is showing some signs of rejection of higher prices

I have set a short order at .79 00 with a stop just above this weeks high at .79 20 and a target at the monthly swing low / monthly descending channel low at 0.77 00
A some what ambitious 'R' of 10

If this trade should open I will trail my stop as usual

I am aware that the previous daily candle indicates a rejection of lower prices and could be the initiation of a greater up move back toward the daily moving averages
Attached Thumbnails
eur-gbp-4h-set-up-trigger-short.gif   eur-gbp-daily.gif   eur-gbp-monthly-study.gif  


Last edited by Leia; Jul 13, 2012 at 9:21am. Reason: forgot to add charts
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Old Jul 13, 2012, 1:40pm   #437
Joined Dec 2009
Re: EUR GBP short

Leia started this thread
Quote:
Originally Posted by Leia View Post
I have set a short order at .79 00 with a stop just above this weeks high at .79 20 and a target at the monthly swing low / monthly descending channel low at 0.77 00
A some what ambitious 'R' of 10
If this trade should open I will trail my stop as usual
Order has been trigger and price achieved R1 (+20pips) @ 0.78 80 so I have now moved my stop to break eve
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Old Jul 14, 2012, 9:22am   #438
Joined Dec 2009
watch list for week commencing July 16th '12

Leia started this thread I have just reviewed all of my charts and identified the following as 'ones to watch' next week

The identification is based simply on trend (daily and 4 hourly moving averages in alignment, at the present time)

dir pair level of interest
short EUR USD 1.22 60
short GBP USD
long USD CHF 0.98 00
long GOLD EURO 1,288.0
short EUR GBP
short EUR NZD
short EUR AUD
short EUR JPY 97.50
short GBP CAD 1.58 15
short GBP NZD 1.96 00 (already traded this week of a R1 win)
short GPB JPY 123.30
short CHF JPY 80.84 or 81.25,watch price action
long NZD CHF
long AUD CHF

I also noticed two potential counter trend set ups on the daily time frame
long EUR CAD price is at support from 2010
short CAD CHF price is at a weekly swing high

I have just viewed this prior to posting (Preview Post) and noticed that the spacing has been removed, making my 'table' look a mess. Does anyone know if you can add a tabular format to the t2w site?
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Old Jul 14, 2012, 10:54pm   #439
 
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Re: Seeking consistency

Hello,

Can anyone shed light on what will happen to all those open positions, Long/Short, for EURCHF in case of EuroZone break up? I mean how will an adjustment take place?

Thanks
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Old Jul 15, 2012, 7:04am   #440
Joined Dec 2009
Re: Seeking consistency

Leia started this thread
Quote:
Originally Posted by swedendenmark View Post
Hello,

Can anyone shed light on what will happen to all those open positions, Long/Short, for EURCHF in case of EuroZone break up? I mean how will an adjustment take place?

Thanks
Hello swedendenmark

Thank you for your post

I assume you are referring to all of the pairs I have listed as 'ones to watch' for next week? If so, they are not open positions, only pairs that I am keeping a close eye on next week.

The only open position I have at the moment is a short EUR GBP, where my stop is at breakeven, so I will either be stopped out for NIL or continue to trail my stop behind price as it falls either to my target or until price reverses and hits my trailing stop

With reference to your specific question regarding EUR CHF and the potential break up of the euro zone, I am afraid I have absolutely no idea what the 'adjustment' you mention is, or when / if / how it might take place.

All I know is that should I have any positions open at the time, they will be closed off by hitting the levels that I have set either for stop loss or take profit purposes. Sorry I can't offer anything further, I don't really think you have posed your query on the correct thread?
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