Strong monthly support is obstructing the EURUSD short. It was also based on the same strategy. I have shared the chart. It continues to retrace from the support. My position still open. Sooner than later am sure the support will be broken. GBPNZD is forming bollinger band squeeze. I hope this makes great setup finally with the strategy.
Hi there 9jatrader are you going to put new trades up as they happen ? cheers Paul
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Yes Paul. Sorry for late reply. I was on medication yesterday and could not wait till market close before I slept. Each time I see new trades that meet the strategy I will get in. I just want have so many positions base on the strategy so that I can confirm the good and bad side of the strategy. The only trade I entered base on another strategy - AUDNZD long is not performing well. It shows that other strategy-based positions other than AUDNZD is far better.
Pepperstone closed my demo account a month after I downloaded the platform. No problem. I still have other platforms. They say I should fund my live account and then they will set my demo on permanent setting. I ask myself if they want traders to learn with live account and find their strategy.
Strong monthly support is obstructing the EURUSD short. It was also based on the same strategy. I have shared the chart. It continues to retrace from the support. My position still open. Sooner than later am sure the support will be broken. GBPNZD is forming bollinger band squeeze. I hope this makes great setup finally with the strategy.
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EURUSD is gradually breaking the monthly support. What gives me the confidence that it will finally break it is the fact that USDCHF is closing above upper band on daily. USDCHF is strongly (negatively) correlated with EURUSD. Gold has already made a downward turn. It's negatively correlated with USD.
One thing about this is enough patience, just like any other strategies many other traders use. When price is sideways we cannot do anything than to wait. Also for bullish trade if the weekly is closing/closed above middle band and the daily refused to close above upper band, am scare to get in. I often stay away and wait. This is because upper band rejection can bring the price down. If the following weekly candle continue to trade above the weekly middle band and the daily finally closed above upper band, then I will get in.
Using correlation also add more confidence to may entry. I think it's time to talk about it now. About my NZDJPY long position: NZDCHF was already strongly bullish while the NZDJPY was moving sideways. Then I expected it ( NZDJPY ) also to be bullish because of the correlation. CHFJPY long: EURJPY was already bullish while the NZDCHF was moving sideways and I expected CHFJPY to be bullish also because of the correlation of EUR and CHF.
When our positions we enter keeps going uninterrupted there is problem ahead of us - indiscipline. Are we able to trust our system when price retraces before continuation? Is a big question.
My great mentor would say that when price moves in sideways and finally closes below lower band/touch lower band it shows that downward wants to be continued. That's what I see in EURUSD, daily. Opposite is the case with bullish movement.
Yesterday I stated that Pepperstone closed my demo account after a month of using it's platform. And so my AUDUSD short and GBPCAD long are in that platform. So I placed the AUDUSD short again in another platform since the setup is still not too late to get in. GBPCAD long would only be on my journal to see the end. They're all based on the same strategy.
hi, would aud usd be a setup now based on monthly and weekly charts to go short and if so could you please post the charts and mark where the entries are. thanks Racsan
Hi guys, I was just going thru charts looking for setups and found GB NZD. The weekly just closed above middle band. The daily has crossed the top band. So my take according to my understanding of the rules is this is a good setup. Please advise if Im seeing this Right. racsan
Hi guys, I was just going thru charts looking for setups and found GB NZD. The weekly just closed above middle band. The daily has crossed the top band. So my take according to my understanding of the rules is this is a good setup. Please advise if Im seeing this Right. racsan
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I saw it also and was going to make comment on it. Great thanks for your attention. According to the strategy, it's a setup. But be careful of the uncertainty surrounding the GBP pairs because of the Brexit referendum. If you're taking it take smallest lot size, 0.01 and put your SL little below the low price of the weekly bullish candle. I have observed that the weekly candle stop loss SL is difficult to trigger before it continues again. If you use the daily candle it may get triggered and then continue in your direction again. The fact is that many of us are over cautious of SL instead of setup.
