chartsys' trend trading

[Chartsy]

i feel i abondoned the last thread, starting up again.
my trading plan is simple, H1/H4/daily trend established, enter on the pullback and may pyramid into the trade, i exit at/around the previous retracement's high/low. risk is 5% of account.

rule 1:if i make pips trading with a trend, for example in an uptrend, i will not re-enter at a 'lower' price, i only buy again once the highs have broken and price follows through.

rule 2:if i am stopped out, i do not chase the trend i lost in, again i wait for re-confirmation of the trend, or a reversal

rule 3: don't try pick tops/bottoms!

rule 4: keep stop losses OUT of volatility, and not to be too concerned about risk:reward
my risk reward is probably 0.7-0.8:1

rule 5: not to take correlated positions, e.g. short gbpusd and eurusd at the same time

rules 6:have a plan BEFORE the trade

rule 7: post my plan here, and post nothing else

rule 8: countertrend trades must be 1% risk, and to be taken only the best of times, and any hourly trends are 1% risk also
rule 9: enter on a pullback only
GOAL: profit in 6 months

 

[Chartsy]

trade 1: SHORT CAD/CHF
reason:downtrend off daily chart, H4 looks good aswell, looking to short a rally to the daily 50 EMA. risk 5%,
stop loss: about 1.0175
target, all out @ 0.952

despite my rants bout letting it run, i have decided simply grabbing a swing is easier, until i have the skills to scale in and out properly

 

[Chartsy]

here's the H4 chart forgot

 

[Chartsy]

entered a countertrend trade
1% risk
LONG CADCHF
LONG @0.9603
STOP 0.94800
TARGET 0.98

 

[Chartsy]

overall, at the moment is down 10%, because i lost 5% going long eurusd, and then another 5% going short eurusd.
so -10% right now

 

[Chartsy]

this thread title is misleading lol:
i have 3 trading 'methods' and i give each different % risk:
1)with trend 5% for h4+, hourly is 1%
2)countertrend is 1%
3)S/R , 'no trend' trading, for example the large range on USDCAD , the top is imo a good shorting trade. risk here is 2%
the reason i risk 'paltry' amounts is that i am not amazing at countertrend or hourly trend trading so risk smaller %, and maybe will scale that up in time. btw im not implying i'm amazing at pro-trend trading as my entries are often well off and hence the wide stops!

 

[Chartsy]

that's one hell of an upbar on eurusd dailies, and honestly i don't know when this pullback is happening in the dollar but my long cadchf is pretty much the same as going short eurusd or going long dollar. but my money management is in place and i have a stop loss which i think will give me enough room to eliminate volatility

 

[Chartsy]

stopped out on cadchf long -1%.

 

[Chartsy]

lol, for some reason i got cad and chf mixed up and thought that i was going long chf here but a silly mistake :/ sitll have a sell limit on cadchf resting, or i will look to go long audusd on a good pullback.

 

[Chartsy]

i've decided that in order to make the most out of trends i will try and 'let it run' on every trade by scaling out and then back in + more

 

[Chartsy]

CADCHF sell limit has been dragged down to 0.975

 

[amit1986]

i've decided that in order to make the most out of trends i will try and 'let it run' on every trade by scaling out

Easier said than done, especially if a trade is in profit !

 

[Chartsy]

Easier said than done, especially if a trade is in profit !

lol well i think it helps to reduce the drawdowns in choppy markets too.

 

[Chartsy]

also, i don't HAVE to add to a position if i don't think it's the right time , obviously. so i might end up with a single trade running and wait for a better setup to pyramid

 

[Chartsy]

right,having had a 20% drawdown trend trading in the most trendiest period in years i feel i have found out what my problems are:
1) i am waiting for a pullback which may never happen- i have found ways to better trade with the momentum
2)sounds noobish, and i used to dismiss r:r but my r/r was generally less than one, and thats okay to have but not when you have a win rate around 60%, and such a style made me lose
3)no confirmation/entry signal- i would just buy any old dip, without any confirmation of the level holding
4)letting profits turn into losses- this was a biggy, i would be up hundreds of pips and nearly at my target, but since it was 'part of the plan' i would sit and watch it reverse to hit my stop....

what will i do to try and fix these?
1)still using trendlines, s/r levels and moving average pullbacks
2)using candlestick patterns at the levels i would normally enter (tigher stop, better r/r)
3)using breakeven stops effectively, by that i don't mean grabbing 10 pips and getting a 'free trade woop', i mean i will plan before each trade where the s/r levels are which could cause reversals.

i will only be trading these pairs: AUDUSD/EURUSD/USDCHF/USDJPY/EURGBP/GBPUSD

 

[Chartsy]

plan is to go long eurusd on a pullback to the support or the trendline if a setup forms, similar setups are on gbpusd and audusd and will trade those too if setups occur.