P2: A batch of FX market trades

[peter2]

Sorry, I wrote a post and it looks like I didn't post it as it's saved in the reply space. Whoops.

GBPUSD: trend had only just changed to up (one 4hr bar) so rather than buy on the next open I bought the BO of the prev bar's high for added confirmation.

There's been a massive change in USD sentiment. USD has strengthened significantly reversing the momentum on the EU and GU pairs.



Notice the pinbar on the EU for a possible 4B short setup.
Outside reversal bar on the GU (possible Sys 4B short setup) that also turned the trend back to down (Sys 4T) with plenty of follow through in the next bar.

I was away from the office for the 8pm end of bar, missed these opps. Quick swings in sentiment show why it's important to consider grabbing some profit when you get some.

edit: @sasch: No I was away at the time, but I did think of you when I saw the pinbar.

 

[sasch]

I was away from the office for the 8pm end of bar, missed these opps. Quick swings in sentiment show why it's important to consider grabbing some profit when you get some.

edit: @sasch: No I was away at the time, but I did think of you when I saw the pinbar.

I noted that you set up an EA for pin bar detection, I am not sure whether you have enabled email notification in it? I have been using a free indicator for MT4, which can send an email for pin bars on different time frames (yes I am obsessed), which is handy when you are out. It is called, PinbarDetector.

 

[peter2]

Thanks for that suggestion I'll have a look at it. . . Done. I like the details involved with the definition of a pin-bar. Mine is very basic in comparison.

I've been spending a lot of time learning about the capabilities of the software. I've defined my pin bar which also identifies some doji's as well. I've also defined outside reversal bars and 2 bar outside reversal bars. I've looked at frequency, next I'll optimise for some profit targets and then I'll research some filters in order to improve the distribution of results.

 

[Triple B]

Im short the GBP!! everywhere on15min charts.good luck

 

[James Austin]

@James Austin That was a bizarre entry into AUDNZD. Hope you got out at BE.

It looked ok to me initially.
But a few errors here and there whilst I am learning a different methodology I can live with.

Regardless of the way it turns, I am up this week.

.

 

[aus_trader]

I noted that you set up an EA for pin bar detection, I am not sure whether you have enabled email notification in it? I have been using a free indicator for MT4, which can send an email for pin bars on different time frames (yes I am obsessed), which is handy when you are out. It is called, PinbarDetector.

Looks like a nice indicator have to check it out. I have been using a handy little indicator to alert me on the computer with a wave sound (doesn't alert via email) when a set support or resistance level is broken. Saves me a lot of time not having to watch charts and I can be doing other things till the sound alert. The support and resistance lines can be moved to desired level visually, no need to type values etc.

Since a lot of people use support/resistance in their trading I have attached the MT4 indicator below...

 

[sasch]

I've been spending a lot of time learning about the capabilities of the software. I've defined my pin bar which also identifies some doji's as well. I've also defined outside reversal bars and 2 bar outside reversal bars. I've looked at frequency, next I'll optimise for some profit targets and then I'll research some filters in order to improve the distribution of results.

Once you have finished programming your system, it will be interesting to see if it has comparable to results to your manual trading. You have some discretionary inputs relating to trailing your stop and taking 1 R profit versus 2 R, which will hard to translate.

Do you have a rule with your system, where you allow ~ two attempts to break past 1R before you exit, other than taking into account price bar signals, or support/resistance levels?

 

[sasch]

Looks like a nice indicator have to check it out. I have been using a handy little indicator to alert me on the computer with a wave sound (doesn't alert via email) when a set support or resistance level is broken. Saves me a lot of time not having to watch charts and I can be doing other things till the sound alert. The support and resistance lines can be moved to desired level visually, no need to type values etc.

Since a lot of people use support/resistance in their trading I have attached the MT4 indicator below...

Thanks Aus Trader, I will have a look at it.

I often find I miss many good entry opportunities, and these types of indicators/alerts help to some degree. I should also be doing more chart analysis at the beginning and end of day. I am kicking myself for missing the great buy opportunity on XAUUSD today!

 

[Kryzz]

Thread's looking great guys. I've been overseas the past couple months, looks like I've got some reading to catch up on here. Keep it up.

 

[aus_trader]

Not a trade but just a macro view of the Aussie-Dollar. As of today our currency is down to 70c, levels not seen in 3 years. Might make imported goods (pretty much everything we buy since Aussie manufacturing sadly passed away) expensive especially coming towards the festive buying season...

 

[Kryzz]

Entered a short here on the AUS200, awkward time of year for trading, but the setup looked appealing on the 1HR chart. Tight stop on a reversal bar/doji pulling back in to the downtrending MA's.

 

[Kryzz]

Entered a short here on the AUS200, awkward time of year for trading, but the setup looked appealing on the 1HR chart. Tight stop on a reversal bar/doji pulling back in to the downtrending MA's.

View attachment 91088

Covered quite quick after the entry here for +44. May have been a little too early, market sunk another 30 odd points. Still also holding a long in gold since Friday - bought after a breakout at 1280 approx.

 

[sasch]

Covered quite quick after the entry here for +44. May have been a little too early, market sunk another 30 odd points.

View attachment 91098

Nice call Kryzz.

Boom - It has dropped like a bomb.

Check out the AUD/JPY.

 

[sasch]

I hope no one was on the wrong side of AUD/JPY this morning.

 

[Kryzz]

I hope no one was on the wrong side of AUD/JPY this morning.View attachment 91113

I was on the right side of an AUDUSD short, couldn't see any news out, not surprising there was a big flush out at 0.70 but almost 300 pips in a few mins! Should have had my TP lower. Looks like more paind for the aussie dollar.

 

[peter2]

Thanks for your posts @Kryzz. Glad you went with the larger time frame trend.
I've had to download two weeks of data and it'll take me a few days to review all the charts. This morning's flash crash hit many markets and I'm a little too late to trade the reversal.

 

[sasch]

I was on the right side of an AUDUSD short, couldn't see any news out, not surprising there was a big flush out at 0.70 but almost 300 pips in a few mins! Should have had my TP lower. Looks like more paind for the aussie dollar.

View attachment 91114

A nice start for your new year trading.

It is hard to know when to leave a trailing stop and let it run or a take profit sometimes.
Such negative sentiment in the market at the moment.

Do you have additional market filters that you use before you place a trade, or do you go purely on
chart action?

 

[sasch]

Thanks for your posts @Kryzz. Glad you went with the larger time frame trend.
I've had to download two weeks of data and it'll take me a few days to review all the charts. This morning's flash crash hit many markets and I'm a little too late to trade the reversal.

Maybe you can send a bill for missed income to Telstra .

 

[Kryzz]

A nice start for your new year trading.

It is hard to know when to leave a trailing stop and let it run or a take profit sometimes.
Such negative sentiment in the market at the moment.

Do you have additional market filters that you use before you place a trade, or do you go purely on
chart action?

All chart action for me.

 

[Triple B]

I hope no one was on the wrong side of AUD/JPY this morning.View attachment 91113

No I was on the right side ! Lots of New year movement in fx and commodities atm