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
Ignored
Since you're joining and are entry on the weekly I have a chart for you. After all the middle band acts as support and resistance. Your SL may be protected by MB. Take the smallest lot size since the SL is big.
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
Ignored
Since you're joining and are entry on the weekly I have a chart for you. After all the middle band acts as support and resistance. Your SL may be protected by MB. Your SL little above the Middle band. Take the smallest lot size since the SL is big.
I must say here that when we're late as far as the strategy is concerned we have have to stay away and wait for a continuation trade setup. It might be tempting to jump in when price has already moved only to be hit by strong retracement.
The interesting thing about the GBPNZD is the fact that there was already a very strong move on the weekly 6th July, but was stopped around the middle band.
Another great thing about the GBPNZD current weekly bullish candle is the long lower shadow. The SL should be little below the lower shadow if you're taking it. Weekly SL on daily time frames is more secure.
I have downloaded another platform to get in with the GBPNZD long. You would observe that for two days ( 10th and 11th Nonember ) bullish candles were able to close above the upper band, and yet it could not make much move on the pair. This was because the main bullish candle on the weekly, 6th November was not able to close above the middle band while the daily did it's work. The two must match, the daily and the weekly. I hope you get what I have been trying to get to you. Here are the daily charts. Am comfortable with using the weekly candle to set SL.
I repeat, the weekly has closed above the middle band. Also worth repeating is that middle band acts as support and resistance. It's like a resistance breakout. If you're using the weekly candle as SL a very small lot should be taken, 0.01 and you will still make good profits if it trends strongly.
Great strategy 9jtrader!, its seems to work even better with stocks... the question is why cant work on slower timeframes? more noise maybe?
Ignored
You have just said it. You know it already. So much noise around the short time frames. My mentor has never encouraged us to trade 4hrs and lower time frames because of noise in the market.
You don't worry yourself too much when you trade longer time frames. Am not saying SL orders don't get triggered if you trade long time frames. Trading shorter time frames makes you to place many trades. This is what many Forex Brokers want - many positions, collecting spread every now and then, slippage here and there. Some who have organized free seminar always teach short time frames and how to trade the news. I was even called by one of our local brokers, after downloading the platform, that they will teach me how to trade the news.
I keep repeating some of the things I have said. I will repeat here that when your SL is triggered ( Bullish trade ) wait for bollinger lower band rejection to get in again. For bearish trade you wait for upper band rejection by candlesticks to get in again if your previous entry SL was triggered. This is because the strategy has already established the beginning of a trend, only that it was hit by a retracement.
Weekly SL is safer. But if you're so comfortable using the daily candle for your SL you can adapt yourself to that. Am getting use to using the weekly candle for SL. And so most all my positions are micro lot size.
Hi Dsncorp. When you check the NZDJPY bullish trade, you would observe that the first position I entered when the first bullish candle closed above the upper band. Then days latter it started retracement and triggered my SL. Then during retracement, candles consistently reject to close below lower band. This shows that retracement is almost completed. Then I got in again.
What I mean is that if you're in long a trade with the strategy and your SL gets triggered during retracement, then monitor the inability of candles to close below lower band. This offers opportunity to get in again. I hope it's clear
What I mean is that if you're in long a trade with the strategy and your SL gets triggered during retracement, then monitor the inability of candles to close below lower band. This offers opportunity to get in again. I hope it's clear
