Forex Trader's Corner - FX, Futures, Indexes, Commodities

Hammer time...
I used to love my daily charts, unfortunately it seems 6hr charts seem to be the old dailies these days.
My trend trading has put me short eurusd and short audusd after taking profits.

Bollinger bands never really worked for me. Only method that worked was set 3 Std Devs and trade a pull back. So I'm gonna short audnzd which has a history of pulling back.

 

Got Whipsawed on a 4hr and 6 hr chart, now long again audusd and eurusd.
One of the dramas of trend trading.

 

Have you ever looked at monthly for direction?

I find if you get a monthly chart where you have a simple 2 candle engulfing set up, that in the vast majority of cases will be so accurate for a trading direction. Then you just need an entry which makes sense for you.

 

Still holding in trade. 2 lots.

 

Yes but just for direction or to see big movements and extremes.
Never could get consistence trading candle patterns.
Last few years counter trend worked well as rate changes were few, now that's dangerous.
As an old skool trend trader I'm not lookiong to trade "with the trend", I'm looking for trend changes. For eg Gpbcad.
Problem is filtering out noise and spikes.

 

I get mix results with counter trend. My biggest issue is consistency. I do much better ie more consistent going with the trend usually... all sorts of traders I'm sure.

 

This morning I picked out the book PitBull from a shelf and started reading. It's legendary.
Haven't read it for years, and not much the others. Def a great read.

Also a great video to watch instead of watching a chart.

 

Pit bull is an amazing book, I read it many times. Absolute gem.

 

What a great trade!
About 500pips.

There a section in the video where he says "I like to trade the "sine", sell at the top of the wave and buy at the bottom".
He also trades pull backs to the 10 EMA looking for a bounce off it.

 

His 10 ema trade bounce is very nice. I used to trade it with a slight variation.

Have you read the famous turtles method? Interesting stuff.


Still in the trade


And my lovely oil!!!!

 

Yep, way back in the 90's.
This is still one the the favs. Swing charts still work imo. Though it's reads like written from an angry old uncle waiting for his dinner.

The whole book can be summed up in a few pages, but can't really charge for that.
PS Everytrhing I read from others about this book and Gann is way off and often some wierd interpretation imo.

 

@Piston_Broke heard of Mark Douglas? He was a game changer for me re trading mindset. He passed away not long ago but imho he is gold. Long video in a 4 series but worth the watch imo.

 

Yes, I've had "Trading in the Zone" many years.

 

Long some indices, SP500, UStech100 and ASX200.
Looking for a run up for a few days till the 20th, hopefully 24th then another leg down and a high around 3-5th july.
Not sure how much or when, this is not an exact science, it's just a matter of trying to go with the flow.
And if none of this happens, life's still good lol

 

I'm still shorting the indexes...can j say good luck to us both...


BTW I'm loving audjpy short. What do you think?

 

Just got home to find the indices all stopped out.
That's just part of the game.
Fortunately the jpy pairs and Oil is going down even faster.

 

The score boards are looking good again.

Eujpy and gpbjpy are doing the best fo me.
I took profits on Audjpy as it came back up and only got back in on the small accts.
IC Markets went dead for 15mins as they dropped down...

 

Any idea why they went dead?

 

Over 20 years I've been seeing brokers shut down when markets move fast.
Probably some "failsafe" to stop them and their market makers losing money is my guess.

 

Yeah....screw us retail boys....it's annoying...it used to happen a lot on Pepperstone...I used to think my internet was the issue. Then I learnt it's not that.