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1H Swing Trading on EURUSD

  • #101
  • Jan 4, 2020 9:59pm Jan 4, 2020 9:59pm
Quoting broketrader
{quote} Hi 24moonbridge, thank you, glad you appreciate! It's always easier to say it later than during the session, the dynamics are different and the emotions too and this always alter your judgement. But in that particular setup, I see two possible scenarios. You were aware of the 1.1130 support and you took your profits there and if price gets back to your sell point at 1.1170, then you sell again, knowing that you are anyway "in sync" with your signal, so all fine. . You didn't take any profits yet, then you shouldn't re-enter knowing that...
Thank you for your thoughtful response, mate! I totally agree with you on both scenarios and it seems to me that there is reversal and running into some consolidation (sideway) for the next few days. But only the market will tell and hopefully there will be a actionable signal soon.
  • #102
  • Edited 2:24am Jan 5, 2020 1:26am | Edited 2:24am
Quoting 24moonbridge
{quote} Thank you for your thoughtful response, mate! I totally agree with you on both scenarios and it seems to me that there is reversal and running into some consolidation (sideway) for the next few days. But only the market will tell and hopefully there will be a actionable signal soon.
Now I will seem a bit contradictory but after thinking on your post and my response to it, I was in fact realizing that we were maybe overthinking this a bit too much instead of just watch and trade what we have on the chart.

You know, scenarios and thoughts change everyday and this is normal, we have to adapt to new market conditions, but there is one thing that doesn't change which is what's printed on the chart. So instead of trading future scenarios and thoughts, or not trade because of, we should trade what the chart and the rules are telling us.

It's the beginning of the year and we have a Sell signal which is only one day old, I think it would be a pity to not trade it, so with the goal of being consistent and strictly follow the signals when possible all year long, I will enter a Sell trade, just half the size because I'm a bit late. If the price reverses and the trade finishes in a loss, that's life but I will be okay as I traded by the rules and finally, that's what this thread was created for.
Simplicity is the Ultimate Sophistication.
  • #103
  • Jan 5, 2020 3:10am Jan 5, 2020 3:10am
Hi broketrader,

Nice to share the strategy and its simplicity. I've done backtest on EURUSD and it have produced positive results. I know you say to trade on EURUSD only but I took liberty and can't hold the curiosity to test on other pairs. For my opinion, this strategy can work on all pairs just need adjustments on TP SL for each pairs. Just want to say thank you for this amazing you shared.


Regards,
Tom
  • #104
  • Jan 5, 2020 5:33am Jan 5, 2020 5:33am
Quoting tomdachi
Hi broketrader, Nice to share the strategy and its simplicity. I've done backtest on EURUSD and it have produced positive results. I know you say to trade on EURUSD only but I took liberty and can't hold the curiosity to test on other pairs. For my opinion, this strategy can work on all pairs just need adjustments on TP SL for each pairs. Just want to say thank you for this amazing you shared. Regards, Tom
Hi Tom, you’re Welcome!

I see that that you’re in Indonesia, such a beautiful place I would like to visit one day !-)

I understand the need to trade on other pairs that are active during your day hours, that’s also the reason why I choose EURUSD and also because it’s the most liquid pair, it’s less prone to big jumps and gaps like we often see for example in the JPY or GBP, those are different animals that I prefer to stay away from ;-)

As for the adjustments, maybe you will also need to adapt the MA and MSRSI values.
It took me a bit of time to find the ones that I use in EU which work not too badly ;-)

The TP and SL question is a very sensitive one, that’s why my SL is wide (100 pips) sort of last resort SL which allows me to enter a trade of a reasonable size and without setting any stop loss initially, a true luxury, and regarding the TP, it’s either on contrary signal or at your own discretion. These choices help in keeping the system simple which is the essence of it, so take care of not choosing too tight values, that could be a constraint that changes its nature.

Thank you and good luck in your journey.
Simplicity is the Ultimate Sophistication.
  • #105
  • Jan 5, 2020 8:38am Jan 5, 2020 8:38am
following.

Ty BT
Let us be green
  • #106
  • Jan 5, 2020 4:15pm Jan 5, 2020 4:15pm
Finally, with the help of the gap, being at only 7 pips of my initial entry point, I entered a full trade @ 1.1163. Now I'm in sync with my signal ;-)

And from now on and for future reference, I will name the trades, when closed, and the trend-lines that go along with them using the year and order of appearance so this trade I just entered will be the 20-1 when closed.

Peak trades (that are not part of the system) will be named the same way with an added P (Peak) suffix like for example 20-1P so no one gets confused.

Sleep time for me now, tomorrow is the first working day of the year!
Simplicity is the Ultimate Sophistication.
  • #107
  • Jan 5, 2020 4:23pm Jan 5, 2020 4:23pm
this indicator is very much lagging,the entry would be very late ,so i will pass it,good luck!
  • #108
  • Jan 5, 2020 9:53pm Jan 5, 2020 9:53pm
Quoting broketrader
Here is a new version of MyStochRSI for MT4, which does the calculation on the correct and needed bars instead of a limited number of them as V2 does. Sorry, it has been a lot of time since I have coded for MT4. {file}
Hi: Thank you for the thread and the indicator in post 89. So far it seems pretty good. However I am using it on lower time frames with slightly different settings and on GBPUSD. Call me crazy and impatient.

There is one problem I hope you can fix. The indicator does not auto refresh. If this could be fixed that would be great and save a few mouse clicks. Thanks again for the thread will follow with interest. mdavem
  • #109
  • Jan 6, 2020 6:39am Jan 6, 2020 6:39am
I posted some numbers in post #27. These were for all of 2019. My method was almost (95%) the same as BT uses. So please note, there is a difference.

For 1/2 of 2018, my results were not as robust, however still profitable.

My opinion; Follow BT very closely, and you will do fine. Thanks BT
  • #110
  • Jan 6, 2020 8:54am Jan 6, 2020 8:54am
I joined Forex Factory 10 minutes ago. And this is the first thread that I subscribed.

Thank you broketrader.
  • #111
  • Jan 6, 2020 11:19am Jan 6, 2020 11:19am
Quoting diamonddbw
I posted some numbers in post #27. These were for all of 2019. My method was almost (95%) the same as BT uses. So please note, there is a difference. For 1/2 of 2018, my results were not as robust, however still profitable. My opinion; Follow BT very closely, and you will do fine. Thanks BT
I think you meant "Follow the system" not me ;-)
Simplicity is the Ultimate Sophistication.
  • #112
  • Jan 6, 2020 11:20am Jan 6, 2020 11:20am
Quoting HappyJoel
I joined Forex Factory 10 minutes ago. And this is the first thread that I subscribed. Thank you broketrader.
You're Welcome !

I hope you will take something out of it.
Simplicity is the Ultimate Sophistication.
  • #113
  • Edited 11:50am Jan 6, 2020 11:38am | Edited 11:50am
Well, my first trade (20-1) of the year terminated in a loss that I could limit somehow entering positions above.

I exited a bit prematurely now because not all the indicators are giving a Buy signal but I wanted to limit the losses given that I had additional positions and that we are near the next signal. MSRSI is currently at 27, the price is above MA100 again and with the recent peak at 1.1205 we can now draw a trend-line 20-2.

So I have already taken a trade in anticipation of that but it's still a bit early.

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 82 KB
Simplicity is the Ultimate Sophistication.
  • #114
  • Jan 6, 2020 1:41pm Jan 6, 2020 1:41pm
Can I ask why you came in so early? Thanks for explanation
  • #115
  • Jan 6, 2020 4:05pm Jan 6, 2020 4:05pm
Quoting gf233
Can I ask why you came in so early? Thanks for explanation
I will maybe disappoint you but I must be honest, there was nothing special, I was just in the action and seeing the price going back up again I thought the momentum would continue, that's all.

Now I have to be vigilant, if the price is rejected by the 20-2 trend-line we could have a wave down of the same amplitude of the first (100 pips) which is my stop limit but I won't set any SL now, I will let it ride during the Europe night and see what the situation is tomorrow.
Simplicity is the Ultimate Sophistication.
  • #116
  • Jan 6, 2020 4:17pm Jan 6, 2020 4:17pm
Quoting broketrader
Well, my first trade (20-1) of the year terminated in a loss that I could limit somehow entering positions above. I exited a bit prematurely now because not all the indicators are giving a Buy signal but I wanted to limit the losses given that I had additional positions and that we are near the next signal. MSRSI is currently at 27, the price is above MA100 again and with the recent peak at 1.1205 we can now draw a trend-line 20-2. So I have already taken a trade in anticipation of that but it's still a bit early. {image}
Buy or Sell ?
  • #117
  • Jan 6, 2020 4:26pm Jan 6, 2020 4:26pm
Quoting 9money
{quote} Buy or Sell ?
I see now, it's not clear. The 3 ones dating 5 and 6 Jan.

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 45 KB


They are 3 but they form a single "composite" Sell trade for me.
Simplicity is the Ultimate Sophistication.
  • #118
  • Jan 6, 2020 4:50pm Jan 6, 2020 4:50pm
Quoting mdavem
{quote} Hi: Thank you for the thread and the indicator in post 89. So far it seems pretty good. However I am using it on lower time frames with slightly different settings and on GBPUSD. Call me crazy and impatient. There is one problem I hope you can fix. The indicator does not auto refresh. If this could be fixed that would be great and save a few mouse clicks. Thanks again for the thread will follow with interest. mdavem
Hi! Thanks for pointing me to this bug, please All, get this new version!

Attached File(s)
File Type: mq4 MyStochRSIv4.mq4   10 KB | 1,336 downloads
Simplicity is the Ultimate Sophistication.
  • #119
  • Jan 6, 2020 7:24pm Jan 6, 2020 7:24pm
Quoting broketrader
{quote} Hi! Thanks for pointing me to this bug, please All, get this new version! {file}
Hi: Thanks for the correction. Way easier to drive it around. Also thanks for a live TE, will follow with interest. Even started to monitor the EURUSD. See what the new year brings. Thanks again. mdavem.
  • #120
  • Jan 7, 2020 2:17am Jan 7, 2020 2:17am
Quoting broketrader
{quote} Hi! Thanks for pointing me to this bug, please All, get this new version! {file}
Interesting thread, thank-you, bt, following along...

Quoting derekw
I have enjoyed your thread and have posted my system here just to show, and I'm going to continue to follow your thread to see how well my signals match yours. As you can see I don't have a sell signal, but I am having a take profit signal flashing on and off. Best of Luck for the new year ahead. {image}
@derekw : the Powered_Trend_Signal indicator on your chart reminds me of a Jurik Research indicator I used in my TradeStation days (in my dark & distant past) : where can it be found, please (does not show up in a search)? Totally off topic, but are you really living on an Oyster (lovely yachts) ?
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