Long Term Trades | Forex Factory

Options

Permalinks
Print Thread

Similar Threads

Bigcoupe's Long Term trades 50 replies

Short Term / Medium Term / Long Term? 3 replies

My Boring Long Term, Live Account Trades 9 replies

Do you SCALP or do Long term Trades 7 replies

Long Term Swing Trades 18 replies

Attachments: Long Term Trades
Exit Attachments

Long Term Trades

  • #1
  • First Post: Jun 28, 2017 8:57pm Jun 28, 2017 8:57pm
Hi everyone,

I want to share a system which is probably very familiar to a lot of veterans here.

Its nothing new but I wanted to share it for those who are tired of losing from daytrading or even minutetrading

I've posted 3 different timeframe charts of the same pair to show you how I'm trading right now.

Basically you start off with the monthly. See if there is a trend in the monthly. This does not have to be a long term trend. You could have a monthly bar breaking the low or high of the last 2 months.

Second you check the weekly chart to see a trend already under way. HH LL etc.

Third check the daily chart. This is your entry chart.

Now for the daily we should have a 200 sma on the chart(this is what the institutions use so its very effective).

If the daily is above the sma and the weekly is trending up than we go long and vice versa for shorts.

If the daily has just recently broken the sma and closed its even better.

Risk only 2% of your account. I use 2% risk with 500 pip stop loss for each pair.

It is up to you to figure out your exit other than the sl.

Now don't trade this on live account. There is nothing proven here yet. So use it at your own risk.

I am trading live but with a small account.

I welcome any input.

I will let you know hot my account is going.

tnx

P.s. I forgot to say, In the usd/cad chart I would go short at the daily chart.

And also there are times(sometime a whole year) where the currencies fail to trend therefore you can use this system for stocks and other instruments as well.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: USDCADDaily.png Size: 83 KB
Click to Enlarge Name: USDCADMonthly.png Size: 72 KB
Click to Enlarge Name: USDCADWeekly.png Size: 71 KB
  • #2
  • Edited 8:59am Jun 29, 2017 8:41am | Edited 8:59am
Why do you need monthly chart? or weekly chart?

Is Daily chart not enough for directional bias/filter?
Attached Image (click to enlarge)
Click to Enlarge Name: eur-usd_D1_trend_30-6-2017.jpg Size: 156 KB
  • #3
  • Jun 29, 2017 1:51pm Jun 29, 2017 1:51pm
Quoting Jack168
Why do you need monthly chart? or weekly chart? Is Daily chart not enough for directional bias/filter? {image}
Yes and no.

It depends on what type of a trader you are.

If you are going for daily range as your tp than daily direction could be ok.

I am talking about holding onto your trades for at least a couple of weeks.

The monthly is to see if the pair is trending at all. There are times when the currency market is without trend for months. What I mean by trend maybe different than what you are thinking.

The weekly is to confirm with price action that the trend is still in place as in HH LL.

The daily is for entry, if daily is trending above 200 sma than enter.

I started live trading this method this Monday with a nano account. I have 100 dollars with oanda . I can trade 1 unit if I want.

So I check each pair even the exotic pairs with low spreads(maximum is 10 pips spread for these) and if they meet the criteria I place a trade with 500 pips sl and 2% risk for each pair.

So far I have 27 pairs trading since Monday with 2% risk on each with 500 pips sl. 5 of them are in the negative but the biggest deficit is 100 pips so far. The rest are in profit. Total profit since Monday 3.36 percent gain.

I have brought gbp/usd, gbp/nzd and gbp/jpy and also an exotic pair to break even plus and now set profit target for them at the monthly high. Which brings me to another indicator I will post here. Its the daily weekly and monthly range indicator.

I will try this method and keep you updated on the results.
Attached File(s)
File Type: ex4 DWMRanges.ex4   21 KB | 605 downloads
  • #4
  • Jun 30, 2017 6:00am Jun 30, 2017 6:00am
for
  • #5
  • Jun 30, 2017 10:08am Jun 30, 2017 10:08am
Friday June 30

My total position started to deteriorate so i closed 16 pairs, most of the I paired losing trades with winning trades of equal amount (eg. 1 pair=-10$ another pair =+10$) I closed both of them. Now that I think about it I should've closed only the losing pairs.
Anyway, I had 27 pairs running with 3.36% profit on wednsday. Now I have 11 pairs running with 2.3% profit.
So the profit went down but all remaining 11 pairs are in the green.
I will add more pairs next week.
  • #6
  • Jul 3, 2017 11:07am Jul 3, 2017 11:07am
Hi folks
Monday July 3rd update

I added 6 more trades now I have a total of 17 trades running. I moved sl near the daily bar for 4 pairs that are going the opposite direction. 1 hit sl.
Now I have 16 pairs running.

At the moment I am up 6% since I started.
Cya
  • #7
  • Jul 3, 2017 12:03pm Jul 3, 2017 12:03pm
hibra68 , Hi , I m mainly trade similar as urs but more on third screen strategy , But need to know how will u know when to close the trade when it start go other way , Please , I m using drake delay stochastic ,
  • #8
  • Jul 3, 2017 5:59pm Jul 3, 2017 5:59pm
Quoting terminator12
hibra68 , Hi , I m mainly trade similar as urs but more on third screen strategy , But need to know how will u know when to close the trade when it start go other way , Please , I m using drake delay stochastic ,
Hi terminator
I use monthly and weekly to see the main trend. Than I use daily for entry. The daily has to be above 200 sma for buy. I set initial stop at 500 pips with 2%risk.
I don't have a set strategy for exits as this is just a trial. I'm trying to developed a long term system as well as short.
But the 500 pips is to give the trade breathing room. So I probably should've left the trades alone.
I am considering exiting the trades when the price crosses back the 200 sma and closes.
From now on I will only close trades when the daily price crosses back on the 200 sma.
I am also working on short term strategy I started this week. So far I gained 50% in 1 day on demo. No martingale, bases on 2:1 rr. I set pending orders before London open and let it run until 2 pm ny. I'll consider closing all trades once I reach certain percentage but it's only 1 day.

Cya
  • #9
  • Jul 4, 2017 3:23am Jul 4, 2017 3:23am
Quoting hibra68
{quote} Hi terminator I use monthly and weekly to see the main trend. Than I use daily for entry. The daily has to be above 200 sma for buy. I set initial stop at 500 pips with 2%risk. I don't have a set strategy for exits as this is just a trial. I'm trying to developed a long term system as well as short. But the 500 pips is to give the trade breathing room. So I probably should've left the trades alone. I am considering exiting the trades when the price crosses back the 200 sma and closes. From now on I will only close trades when the daily price...
Thanks
  • #10
  • Jul 4, 2017 4:17am Jul 4, 2017 4:17am
Quoting hibra68
Hi everyone, I want to share a system which is probably very familiar to a lot of veterans here. Its nothing new but I wanted to share it for those who are tired of losing from daytrading or even minutetrading I've posted 3 different timeframe charts of the same pair to show you how I'm trading right now. Basically you start off with the monthly. See if there is a trend in the monthly. This does not have to be a long term trend. You could have a monthly bar breaking the low or high of the last 2 months. Second you check the weekly chart...

Hello greetings, I am passing through with comments, Questions and Best Wishes: Good Idea!
Next thing you are positional in your trading-holding them like long-term investment, Money managers, banks, institutions etc do these things, but the entry is very important, building on the entry is critical.

These are my questions:

  1. Do you utilizes fibs? HH, LL- with this you need pullbacks for optimum entry.
  2. 2 MA's 200 & 50 & or 20? whether sma or ema, you are looking at 200 periods back but you need a fast ma too?
  3. Heiken Ashi or smooth heiken ashi along with the candles and trendlines? Why not use them for trending situations, they smooth out the price.
  4. If you are using candlesticks- is there a preferable continuation bar or reversal bar for entry on the daily in accordance to the monthly and weekly trend?
  5. Taking entries after the pull back against the trend or on complete reversal
  6. Is there a dashboard for the accounts trades as a basket or individually manages
  7. Why not use a strength meter
  8. I see you say D-W-M range indicator-This is for breakout entry?
  9. 500 pips stop-loss- does this really work for all currency pairs with different volatility? Check ADR or ATR
  10. Risk to reward, you are risk 500 on each pair but TP you have not mentioned this. Is it that you use trailing stop after a certain percentage profit or pips, is it done by ratio, 2:1, 3:1? You had been stopped out of a trade now you are on 16 pairs and up 6% which is really good, how do you ensure that the loss is covered?

Lastly, don't stop until you, yourself is satisfied with what you are looking for, don't get side tracked, distracted with anything away from your focus. I only spend time on what matters, this matters and i am sure it will help us all.

Cheers! All the best!

R:R "Percentage Focus"
  • #11
  • Jul 4, 2017 4:58am Jul 4, 2017 4:58am

  1. 200 sma versus 50 sma and or 20 sma
  2. On the monthly scenario with 200? You be very late and probably miss out on a couple pips.
  3. Below i have a few tips in the pictures posted.
  4. look for reversal and continuation bars for systematic outlook.
  5. try to find some way to stay in a trade as long as possible-Heiken ashi
  6. Probably a dashboard could help to show 3 time frames for the assets with alerts. D-W-M and if Weekly and monthly going up but there is a retracement on daily you want to know when it resumes the course of trend.
  7. Combine your findings from your thread-"Heiken Ashi smoothed crossover and close" with this thread.

So I hope this helps, don't take any of my critical thinking and critiquing as a bashing, the market doesn't care about you, you have to care about you! Cover you back with an edge in the market.

Attached Image(s) (click to enlarge)
Click to Enlarge Name: Daily Audnzd.png Size: 158 KB
Click to Enlarge Name: Weekly Audnzd.png Size: 157 KB
Click to Enlarge Name: Monthly on AUDNZD.png Size: 125 KB
R:R "Percentage Focus"
  • #12
  • Jul 4, 2017 1:27pm Jul 4, 2017 1:27pm
5
Quoting PrinceJ58
{quote} Hello greetings, I am passing through with comments, Questions and Best Wishes: Good Idea! Next thing you are positional in your trading-holding them like long-term investment, Money managers, banks, institutions etc do these things, but the entry is very important, building on the entry is critical. These are my questions: Do you utilizes fibs? HH, LL- with this you need pullbacks for optimum entry. 2 MA's 200 & 50 & or 20? whether sma or ema, you are looking at 200 periods back but you need a fast ma too? Heiken Ashi or smooth heiken ashi...
Hi prince,

wow that's a lot of questions


This is not a trading system as of yet. I'm just trying everything that I can come up with.

I have considered all that you were asking but I did not use HA candles.
Basically I just look at the monthly weekly and daily Japanese candle sticks to find my direction.
The Weekly and monthly price does not necessarily have to be above or below 200 sma for direction. I only use 200 sma on the daily.
I don't use Fibs as I think they are very subjective (which high and which low do you use to draw the fibs?) its different for every time frame.
I don't want to use fast Ma' because the ma crosses are useless and price can easily break through the fast ma and it has no meaning.
The strength meter is useless also because the strength changes a lot in short timeframe and for long time frame u don't need any meter to see whats going on.
DWM indicator is to see if you are placing a trade into the daily weekly or monthly range. If you are don't. It also shows you how much room you have in your trade.
500 pip sl is good for all pairs. I use 500 pips with 2percent risk for breathing room. But I close trades if they cross back 200 sma on daily.
There is no set r:r but my original idea was to move sl to breakeven after 250 pips and than for every 100 pips move it by 100. Or maybe close individual trade after certain amount of percentage gain.( there are tons of way for exit I have not set anything yet) but maybe the best thing is to just close trades when the price crosses back on the sma whether its in profit or loss.
I have not used dashboards I have tried before but too many bells and whistles for me

I tried to answer all your questions not in order but...

I thank you for your input in the thread.

Lastly I think I might use your idea about HA . I have used HA before but they seem to cloud or cover the real price action and i'm not a fan of them. However I like the idea that price moves significantly in the opposite direction once the color changes with a doji. I will like to try that idea.
Please post your HA indicator with all its settings. If you have the exact HA indicator with color change alert that would even be better.

Thank you,
  • #13
  • Jul 4, 2017 3:38pm Jul 4, 2017 3:38pm
Quoting hibra68
5{quote} Hi prince, wow that's a lot of questions This is not a trading system as of yet. I'm just trying everything that I can come up with. I have considered all that you were asking but I did not use HA candles. Basically I just look at the monthly weekly and daily Japanese candle sticks to find my direction. The Weekly and monthly price does not necessarily have to be above or below 200 sma for direction. I only use 200 sma on the daily. I don't use Fibs as I think they are very subjective (which high and which low do you use to draw...

Good Stuff! The HA indicator is mt4 original.
R:R "Percentage Focus"
  • #14
  • Apr 26, 2020 2:47am Apr 26, 2020 2:47am
Hi Hibra68,

I am interested in position trading in fx and liked your strategy and approach.. I would like to ask if you could share the outcomes of your trials 3 years ago..

thank you.

Halim
  • #15
  • Apr 27, 2020 10:18am Apr 27, 2020 10:18am
Hey, everybody. Sometimes I go to this forum to see what trading systems traders use, to read their journals, or just be inspired by someone's story and their success. But I want to say that this system seemed to me promising and useful. I'll definitely use it and hope that I'll be able to increase my money slightly. I'm impressed that Long Term Trades system is designed for those who don't want to take risks, but at the same time tries to increase their account with confidence. It's very helpful that you described everything in so details and that we're kept informed about how the system works. A big thank u with a cherry on the top)
  • #16
  • Last Post: Oct 15, 2020 11:24am Oct 15, 2020 11:24am
I prefer a very basic trading plan for my long term trades. I hope it helps my fellow traders.
Attached Image (click to enlarge)
Click to Enlarge Name: White Bordered Photo Greeting Fourth of July Instagram Post (2).png Size: 375 KB
0 traders viewing now