Aug
12
Hello folks,
Have a look at the picture below. It’s the GBPJPY weekly chart which, in my opinion, seems to be going through a text-book breakout of a bearish flag formation. Do you guys see the pole and the flag in itself (marked with gray dotted line in the picture)?
As I explain in my Forex Trading Course, my typical stand on this type of breakouts is to wait for the first pullback before going on full “sell” mode, just as I mentioned last week on that EURUSD setup.
13 August, 3:24 am
Hi Hector,
Another great call….What a pity I was on holidays and missed this trade. A whopping 800 pips to the next support/resistance at 1.4940. That’ll teach me to go on holidays when a good setup like that turns up.
Congratulations, and keep the calls coming. Looking forward to your next call.
13 August, 6:48 am
Hey Hector,
When are you coming back to you students?
Are you through with your project yet? Are we going to benefit from your work(project)given that we have been missing out not having your guidance.
13 August, 3:41 pm
Inkuumba : Hows about getting your potential trades on hector’s blog posted and we can discuss them?
13 August, 4:32 pm
Thank you for your comments and intersted reference Pipmaestro regarding automated trading. It would be intersting to get Hector’s insight on this when he’s got a moment.
In the meantime, I am spotting two possibilities on my charts:
1. EURGBP (daily) There is consolidation with a pole&flag formation with 0.7825 proving to be strong support. The way things are going, I am watching and waiting for the EUR to go higher, perhaps just above the 0.7960 mark
2. CADCHF (Daily) Again this pair is not quite a clear-text downtrend, hector’s 3 SMA’s are definately no in line and there is a heavy twist towards the 1.0175 area BUT can you see how this pair has been consolidating, up and down into a downward-textbook triangle? Now: At the point where I am expecting a break(to the downside of course), the resistance line has been a very strong resisitance in the past. In fact if you put a line at 1.0270ish, you can see two very important former support levels, 19th of March 2007, 8th December 2006 and also on the 5th August 2005. Don’t know what you think of this guys, but I’m looking to a downward ocntinuation on this pair if I get a BPC around 1.0108 area.
..::Daniel::..
15 August, 9:27 am
I agree with your analysis of CADCHF Daniel, although I’ll personally be looking closely at price action around 1.0300 as this is a level which has rejected price constantly over the past few months. If I get an entry signal then I’ll be looking to ride the move down to 1.0100, where I’ll take profit and then look for a breakout and pullback of the rising trendline, as per Hectors system.
Another pair I’m watching is EURNZD which is currently showing a nice trend on the Daily chart. The recent swing has had quite a sharp drop back to the dynamic area, so I’ll be closely watching how price moves over the next few days, and only taking a setup if a good looking reversal formation forms.
Chris P
15 August, 11:13 am
EURCAD weekly -> upward channel breakout to the downside after having formed a lower top…
-HECTOR-
17 August, 11:54 pm
Hector: Aye I spot this, and noted it down on my chart notes for the week, but wouldn’t this trade be a counter-trend scenario sir? :)
Thanks for the tip Chris P !
Look luck with your trades this week folks
..::Daniel::..
18 August, 8:52 pm
Guys, Hector, I was reading a recent blog of a friend of mine and he is a GBPJPY hawker; this guy only trades GBPJPY on the 4hour chart.
He has a lot of technicalities about S&R lines, and works a lot with gut feelings, however in continuation to hector’s post here I feel a very good sentiment if this pair breaks the 200.00 line, since it is a psychological line
Took a good trade thanks to Hector’s easy 3-SMA system on the NZDJPY 1hr Chart. Using the 15minute trigger chart, I got in relatively early at the 78.25 price and swung a lovely ride right up to the tip! and exited 1 pip before it turning back; at 78.94 landing a nice 69pip gain.
How are your setups showing for this week gentlemen? (isn’t it funny how we rarely see any wimmin trades)? :)
..::Daniel::..
18 August, 9:58 pm
One final thought before I hit the showers folks:
EURJPY- We are currently breaking a very strong support line -> 161.78 This line is currently under great bearish pressure.
On the 4hr chart, we can see a clear downtrend underway. Personally I am waiting for the pair to continue its downward drop to perhaps 161.60, a retracement back to 161.78 line, (now acting as resistance) and a continuation pattern with the bears pushing down even further.
Looking forward to your thoughts :)
..::Daniel::..
19 August, 9:14 am
Hope some people managed to profit from the EURJPY trade ;) I got in rather early at 161.34 (I know it’s a bir risky) but am gladly sitting on +30pips and *hopefully* running to the first target at 160.13 :)
..::Daniel::..
19 August, 3:29 pm
NZDJPY - A massive upward (monthly) drive strengthening the NewZealand Dollar to highs of 97$ seems like it has finally surrendered :)
This is what I am seeing guys: Big upward trend that has finally broke through at the 78ish area. The 78.00 was broken, retested, and I am looking to go short on a very loooong term trend.
Sell stop order placed at 75.94,just a few pips below (hector style) and stop loss at 77.25
(yes that’s far away but on a long term ride like this one, who won’t risk 200pips to get 2000pips? :)
..::Daniel::..
20 August, 10:02 am
Hector soon will be having a new prize up for grabs people!
A white T-shirt that reads ‘www.iposted100solopostsonhectortrader.com’ :P
How’s everyone doing ? :)
..::Daniel::..
27 August, 4:38 am
Hello Hector as i remember from last year August is summerbreak right ?
27 August, 4:49 am
Awesome call, I’ve started monitoring Hector’s style and absolute agree with his trade style/setups.
Anyone know where he disappeared to? I need my access codeeeee
27 August, 4:59 pm
Congrats on the potential T shirt Daniel!!! My summer sports trading is now pretty much over and I am ready to pick up where I left off with my forex trading earlier in the year so thanks for posting your comments daniel I will be needing as much help as I can!!
29 August, 7:02 am
Glad for the comments jonny,
I too need to seriously get down to business and stop wasting time with scalps - they’re only eating away my account. I’ll get some posts later during the afternoon on any good trends i’m seeing.
I’ve got a question for y’all: Has anyone ever made money with automated trading? There is the expert advisor in MT4 that if you back test on a 4hr chart, results look amazing - 300% profit :) I’d love to get your input :)
..::Daniel::..
2 September, 9:26 am
Hello folks. I’m new to Hector’s website. just discovered his you tube videos…. already I can see he is a fine teacher, and I plan to study his videos completely. I also am at his website for the first time here.
I wanted to ask you ,I guess 2 questions first,….one, have any of you taken his training course and what do you think of it. I’m guessing it costs around $ 450 usd…? and second, from his videos Ive seen, it sounds like the trading style is ….longer term?….not scalping…but the daily or weekly…. focused on the 1 hr and 4 hr…. seeing the bigger picture for the longer time frame trade…would that be correct?
So far ,Ive been focused on intraday,15 minute trades…. I guess they’d call that scalping …but that 15 minutes feels like a lifetime to me, after I pull the trigger….LOL
I’m a new trader and struggling,but also seeing my skills and learning process growing rapidly from day to day. I like what Ive seen of Hector’s teaching so far and am interested. and would value your opinions regarding scalping versus …longer term trading.
do you prefer or have better success with one style than the other? thanks for any feedback.
Thomas
2 September, 3:33 pm
Hi Thomas; I have been personally following hector’s blog for about a year now. He has thought us a huge amount through his videos. Simplicity is KEY to hector’s system.
As you can immediately realise, hector does not use any fancy indicators just pure and simple 3 SMA’s will give you all the information you need.
How long have you been trading and how is it going on the 15minute charts? (Horribly for me personally, I bust my account a couple of times) - I know what my problem is though - discipline. That’s when trading becomes gambling.
Through hector’s uploads however, I have managed to keep a sharper fork on my streaks and stuck to trading ;) Since I have a full time job and cannot really do much at the office, I tend to trade in the later afternoons when most of the action has died down.
However what I have personally found the best is 4hr charts, and you use the 1hr chart as a ‘trigger chart’
Also, hector does take a number of trades on the 1hr charge, and uses the 15 mins as trigger
2 September, 3:52 pm
….continued :)
Thomas: A trigger chart is just used to get a good entry signal, but most timeframes hector uses are above 1hr - I’d say for the major part a 4hr chart is safe and you shouldn’t get stopped out too often.
I would personally recommend hector’s course; because there is a wealth of information that one needs to capitalise on before he hits the markets.
If you are totally new, I would recommend trying out metatrader 4 on demo account, and get comfy with the system. I didn’t, and am ashamed to say I lost over 4,000$ in my first year alone because of lack of discipline and not sticking to a system. I would ride a good trend giving me 200pips and loose them the following night playing around with scalps.
A few months ago however, hector showed us sheer determination sticking to a system: He missed an entry (I think it was the GPBJPY) and 97% of us would still have dove in late. Since he missed it, there was no use crying over spilt milk. He acknowledged his mistake and set an example for us all to learn from :) All he got was kind words of praise and admiration from all of us:)
Well here I go rambling like I have a composition to write at school called “MY TRADING IDOL”…. back to work ;)
Hector: I’m still waiting for the t-shirt “I posted a 100solorepliesonhectorsblog.com” hehe
Kind Regards from Malta thomas!
..::Daniel::..
5 September, 10:29 am
thanks very much,daniel, for your helpful words.
Ive been studying about 9 months,trading about 3 months…and I’m getting frustrated again…its always like 2 steps forward and 1 step backward, you know how that is…. I’m needing some better set up wisdom. I agree about the importance of studying price action. I started placing the 3 SMA’s on the charts.I like how that looks….but Ive been very focused on trendlines. it seems to have become my favorite ‘indicator’…
My main problem has been in placing stop loss too tight,and I get stopped out in 70 % of my entries….and most of them were good direction calls. so many times I see good trades that I let ride too long and lose the profit ,back to break even….and then, I also watch price move,while I was afraid to enter….and I watch a big move that I wanted to get in on but didnt.
I know these are all ‘rookie’ mistakes, and I will get better….but I keep wondering when I will ever be good enough to put it all together.
I get chopped to death in chop sessions. I try to avoid playing at those times.
but many times, I sit at the computer,and all I see is chop zones,after the big moves…. many times I miss the big moves because they happen at 3 am or 5 am for me (california)…. and when I’m ready to trade…I get slow times of stagnation and chop.
I shouldnt go on with my complaining…everybody goes thru this process,I’m sure….but Ive become so tired of it I almost feel like quitting. Yesterday….I made 2 trades….with a good sense of the direction and timing….I entered a trade ,catching the top….but my stop loss was set too tight (3 pips) …price reversed 4 pips…. stopped me out …and then went down 50 pips
the second trade….I caught the exact bottom…entered long….set the stop loss at 3 pips…got stopped out and price went up,over 7 hours time…75 pips…and I missed it again.
I sometimes get analysis paralysis. and hesitate,and end up watching good moves go without me. then I might have to wait 4 hours for a good trade zone.
then I enter a few ,and break even. Mostly Ive been looking to scalp 10 pips in a 10 minute trade…that sort of thing. and Ive been getting chipped away by $6.00 losses one at a time.always too tight stop loss.
6 September, 10:19 am
I took the Daniel’s 19 Aug short on the NZD/JPY already, I was in and out a bit but managed to bank +400 pips, cheers Daniel keep those calls coming
Thomas you know your problem, now add a few more pipes to you stop loss
Cheers Jed
6 September, 7:24 pm
Hey thomas,
I know EXACTLY how you feel, but let me see if I understand this: When you take a trade are you placing your stop 3 pips away from the price you entered ?
I always tend to favour a trade that gives me a 1:2 or 1:3 risk / reward ratio. So if I have entered a trade at 1.0050 and my stop loss is placed at 1.0017 (a few pips before the round number), then I would aim for the 60 pips (less a few)
You mentioned that trend lines are your favourite indicator. Well in my opinion that’s all you need couples with the moving averages (that in fact are actually only trend line movers)
Have you tried taking trades on a demo account before live trading ?
Scalping is not on my list of to do things ;) As you said it chips away your account. I used to place trades with no stop losses! How crazy is that!! :) it’s STUPID and turns trading into gambling.
Personally I am taking a look at automated trading over the last few weeks, but have no concrete evidence :) So I’m assuming that the system gave me my +129pips on the first week (YES on demo account) just because it got lucky ;)
..::Daniel::..
8 September, 4:37 pm
Glad you capitalised out of that short Jed :)
Now perhaps someone could answer my question: Has anyone out there made any serious progress with an Automated Trader? (Expert Advisor in MetaTrader) ?
..::Daniel::..
8 September, 7:14 pm
AUDCAD 4HR chart : massive downtrend, that is now retracing at the .8695 area.
On the 1hr chart I am waiting for a break of the retracent line, and perhaps go short if the 0.8620is broken. Zooming back out in the weekly timeframes I can see that the 0.8500 line has been of great support, so it could most likely bounce off again off this, so stops
should possible be put at the 0.8515 area.
Kind Regards,
..::Daniel::..