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RobinHood Sep 20, 2019 5:39pm | Post# 3921

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{quote} Here is a Learning for you David.... See my AUDNZD Trade below. There was a valid H4 SHORT Trade using the 7 Indicators, but the RSI(14), D1 and RSI(14), W1 were both above 50 so I considered this to be a quick retracement and literally waited for the next BUY Signal. I'm not saying it is a great trade, I'm only saying that the 2 additional indicators kept me out of a possible bad trade and opened the door for a good one. My stop is now covered so it cannot be a loosing trade. #Learnings. {image} Trade well.
And while you are correct in that instance, by adding those 2 RSI's (the 2 thick blue lines below the 50 Purple line) you miss out on great trades like this:

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krismitt Sep 20, 2019 5:49pm | Post# 3922

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{quote} Have just run this on the strategy tester so probably not exactly how it was at the time. Anyway my take on on it, just trying to help others so don't shoot the messenger. At first look it appears the RSI and 2 stochs are rising above the 50 line, giving the impression of an uptrend in the making. But:- This pair is in a downtrend until price gets above the last LH (red line) so short trades only unless you are confident in taking counter trends. Also the distance in candles for the stochs and RSI to cross the 50 line is way over the 3-4...
In fact I would Alan argue that your red line (last swing high) should be higher and any Trade below there should be considered to be Counter Trend. (But I've had enough of Technical Analysis )

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Cheers and enjoy your weekend!.

krismitt Sep 20, 2019 5:54pm | Post# 3923

{quote} And while you are correct in that instance, by adding those 2 RSI's (the 2 thick blue lines below the 50 Purple line) you miss out on great trades like this: {image}
Absolutely!.

I have seen many of these throughout the week, but I was happy to have some of the great Trades.....and not all.

My greatest weakness during my years of trading has been over-trading.

Cheers.

RobinHood Sep 20, 2019 6:22pm | Post# 3924

{quote} Absolutely!. I have seen many of these throughout the week, but I was happy to have some of the great Trades.....and not all. My greatest weakness during my years of trading has been over-trading. Cheers.
I didn't mean that you shouldn't do it. I was just pointing out that there is almost always a trade off, sometimes that helps, sometimes that hurts.

You've done excellent, and I commend you!

neil001 Sep 20, 2019 11:11pm | Post# 3925

This weeks Trade Report, tried to be a bit more measured in my approach had too much Red last week. Drafted my Trading Rules yesterday I will share with you number 20, last rule on the list Losing trades are part of the game, keep them small and the quicker you can get out of the trade the sooner you can find some winning trades. {C} Execute your losing trades immediately upon perception that they exist. Wish everyone a beautiful weekend. {image}
Hey Marcus- is that an extraction from your MT4 terminal or something else - looks really handy for "post" analysis - great week btw Cheers

tbu84 Sep 21, 2019 2:31am | Post# 3926

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Hello All,
I just want to share my results from last days. I have no time to trade, so my placements were rather sporadically at different time (before work, after work, during lunch). I was looking only on the indicators at H4, then took a look on daily and weekly (if the same direction) and placed the order based on 5min chart at PC. Then peaked in trough mobile. I am living in Germany.
$200 real account. Trading in open positions max 0,04 lot in sum, mostly only 1R (2 candles back) take profit. If I had choosen 2R TP, then I’d missed take profit.
I know, I have to work on my entry, exit and 2-3R, but this is incredible method so far. I will work on that and looking forward to place $10k real money after some time to get some $ back from the market.
Thank you RH and you guys for great work and openness! I’ve learned a lot in this forum and still learning.
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40PipsAlan Sep 21, 2019 2:45am | Post# 3927

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{quote} Hey Marcus- is that an extraction from your MT4 terminal or something else - looks really handy for "post" analysis - great week btw Cheers
Hi Neil. Just answering this question for Marcus, hope he doesnt mind too much. Trade report indi is attached, set it up for this weeks trades and whatever colour you want. I think it is the biz for the weeks analysis
Drop it on a blank chart.
TradeReport_compact - v.1.04.mq4

rhzishan Sep 21, 2019 6:47am | Post# 3928

Dear Robinhood Sir, Can you please explain why don't you use currency strength meter in your template?

Marcusv007 Sep 21, 2019 9:24am | Post# 3929

Here's my trade report for the week. It's been a good one, I've started adding to some winners or setups where I entered a second time on the following candle if there was confirmation on the direction. Let's hope the run continues next week. {image}
Beautiful stuff Barraka kudos!

@40pipsAlan, not at all.... on the contrary we're all here to help each other doesn't matter how or who

RobinHood Sep 21, 2019 9:56am | Post# 3930

Hello All, I just want to share my results from last days. I have no time to trade, so my placements were rather sporadically at different time (before work, after work, during lunch). I was looking only on the indicators at H4, then took a look on daily and weekly (if the same direction) and placed the order based on 5min chart at PC. Then peaked in trough mobile. I am living in Germany. $200 real account. Trading in open positions max 0,04 lot in sum, mostly only 1R (2 candles back) take profit. If I had choosen 2R TP, then Id missed take profit....
Great job!

RobinHood Sep 21, 2019 9:58am | Post# 3931

Dear Robinhood Sir, Can you please explain why don't you use currency strength meter in your template?
Because I haven't seen any definitive evidence that it helps me any.

monty20 Sep 21, 2019 10:02am | Post# 3932

Here is the Template.... {file} Trade well.
Hi Krismitt, can you or anyone please explain to me how you use the currency strength indicator that is in your template? I have an assumption on how its used but I was wondering if it was used for anything else.

thank you

krismitt Sep 21, 2019 5:05pm | Post# 3933

{quote} Hi Krismitt, can you or anyone please explain to me how you use the currency strength indicator that is in your template? I have an assumption on how its used but I was wondering if it was used for anything else. thank you
Don't put too much weight on it Monty20. Strictly speaking, our methodology uses the 7 indicators for entry.

I like to keep it on my chart just to add a level of comfort when entering trades. It calculates the strength/weakness of the individual currencies (not pairs) in the lower time frames and plots the relative strength/weakness on the chart, for each pair. It can be deceiving (I've been using it for long time so I have a good "feel" for how/when to use it).

Yo can get a strong "Buy" message while a pair is in a clear downtrend (when there is knee-jerk reaction in the market to news events for example). There are other Currency Strength Meters (FerruFX has coded one of these and so has Hanover, among others) that provides input-options to check for strength/weakness on specific timeframes. This is NOT one of them.

So how do I use it in my trading?. If I get a SELL Setup from the 7 Indicators and the Currency Strength Indicator is indicating a strong BUY of say greater than 3, I know I need to drop down to M5 or M15 and wait/look for my entry as recommended by RH.

Hope this helps.

Cheers.

monty20 Sep 21, 2019 6:29pm | Post# 3934

{quote} Don't put too much weight on it Monty20. Strictly speaking, our methodology uses the 7 indicators for entry. I like to keep it on my chart just to add a level of comfort when entering trades. It calculates the strength/weakness of the individual currencies (not pairs) in the lower time frames and plots the relative strength/weakness on the chart, for each pair. It can be deceiving (I've been using it for long time so I have a good "feel" for how/when to use it). Yo can get a strong "Buy" message while a pair is in a clear downtrend (when...
Thank you krismitt, very informative

40PipsAlan Sep 22, 2019 5:13am | Post# 3935

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Guys,
Just reviewing my big losers from last week to see if there was something I missed or maybe done something differently.
The CAD/JPY looked like a continue trade down but suddenly went up after 12 pips or so, not even enough to lock in breakeven. My SL being further up would have saved the day.
The other continuation down AUD/CAD my SL was at the logical place but it appears there was not enough momentum down to achieve my breakeven point.

Hence I am now looking for the stoch8 to be returning to the 50 line or thereabouts and turning before I push the button.
I have also been looking at SR indicators and pivots to see if they can assist in any way. I am not liking CAD much.
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unseenhero42 Sep 22, 2019 5:34am | Post# 3936

Hi, possible trade entry point on down trend could be where RSI is below 50 and enter where stoch crosses RSI instead of waiting for stoch to cross 20.

40PipsAlan Sep 22, 2019 8:32am | Post# 3937

Trade report for the week. All trades closed. 26 trades taken on a 5K demo account with 2% per trade. Made a profit of 1.13% with a DD of 1.11% I am happy with the results. Last week saw twice as many trades and only half of this weeks profit. My biggest losers were all CAD. I am now selecting better entries where Stochs have just cleared the 80 or 20 level and going smoothly thru 50, rather than the feeble turn through 50 level. I have been taking trades from the H1 chart but with H4 SL and TP levels, probably to get more entries. I have...
I have just realised my trade report for the week is a bit off.
The 1.13% account increase is based on the total demo account of 50K. I have been trading R based on 2% of 5k for the purpose of the RR calculator on the charts which is 100 per trade. The real profit for the week is 11.3% as I am only trading with 5k and not 50K. I could use the whole account for trading with but I suspect it would not last very long. Probably too scared to blow 1000 per trade. So the week before must have been 5% profit.
Wouldnt get that in an investment account.

RobinHood Sep 22, 2019 10:11am | Post# 3938

{quote} I have just realised my trade report for the week is a bit off. The 1.13% account increase is based on the total demo account of 50K. I have been trading R based on 2% of 5k for the purpose of the RR calculator on the charts which is 100 per trade. The real profit for the week is 11.3% as I am only trading with 5k and not 50K. I could use the whole account for trading with but I suspect it would not last very long. Probably too scared to blow 1000 per trade. So the week before must have been 5% profit. Wouldnt get that in an investment...
I used to trade very large amounts of money for investors. Many, many millions of dollars.

The secret to being able to handle trading large amounts of money is the same as it is with being able to lift a lot of weight, like a weightlifter.

You start out with a very comfortable amount and slowly increase. Over time, you become more and more comfortable until you don't even think about it anymore.

The funny thing for me is, it doesn't much matter the amount of money I win or lose. It affects me mentally/emotionally just the same way.

Jefflee Sep 22, 2019 11:13am | Post# 3939

{quote} Hi Pal: No, I did not use the 2 candle Stop Loss this week. For most of my Trades I was watching the D1 Timeframe after entry and basically stayed-in as long as the 7 Indicators remained aligned on the D1. As we are now at the end of the week and I am taking profits, I have now moved the Stops to 2 Candles back on H4 for the trades I wish to hold-over, and one candle back for trades I wish to close - but will leave for the market to take me out. Edge?. Others have identified the importance of the RSI among the set of Indicators and RH has...


Hi, krismitt. The maximum tf for rsi only W1? I need mn, due to i trade on d1 tf.

40PipsAlan Sep 22, 2019 11:40am | Post# 3940

{quote} Hi, krismitt. The maximum tf for rsi only W1? I need mn, due to i trade on d1 tf.
Is the answer 40320 for monthly?


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