DislikedHi Chngster, well, no argument about your gain, but I think you were lucky. what was the basis of your trade, the TP and SL? I think this was on 5M TF if I am correct, and looks like it was a bounce off the kumo, but what about the higher TF? was there any bullishness higher up?
the down move so far has made over 100 pips from the top.Ignored
You are correct, it was the 5M TF. There was a volumn spike at 8.10, and again at 9.10 indicating intense buying effort. Turned out to be a bull trap.
You've already picked up on the fact I am using a new hybrid system when u asked about entry, TP and SL. You will notice there is no tenkan or kijun line on my chart, only the kumo. My signal for entry was the gann activator , a custom indicator you can find on Google. I have been experimenting with an aggressive tenkan (3) v tenkan (9) crossover signal to get an earlier entry for the last number of months, but I find the gann to suit my style better.
I dont like to trade against the kumo, hence I went long at that stage. Also, my long period gann (black) supported bullish, and my short period gann (red) said to go in. So 3 things that said to go long. As it turned out, I was immediately right by +22, but given the pick up in London volume at that stage, anything could have happened and we saw the formation of the London trend snap in the opposite direction. Had I been at my trading desk I would have undoubtedly went short at the opening of the first candle which crossed the black gann line at 9.50.
All of this is highly experimental, and very different from Vic's original rules, but I am testing it out live on my little poor man's account. 3.4% ROI on Monday, 7.6% on Tues, -9.7% due to whippy action and reckless behaviour on Wednesday, no trading today apart from that gold trade.
I will continue to test live and where possible I will post my live trades.
Let's keep up the good work, and pretty soon we'll be on Samer's private island.
Chngster
Thank you Crucial Point, Bleek, Trizzle, Darkstar