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Simple Low Risk Price Action Trading w/ TE Results

  • #81
  • Sep 21, 2017 8:47am Sep 21, 2017 8:47am
Quoting Embry1
{quote} 3 monitors. Main screen is a 28 inch 4k with 15 pairs on the 1H chart, then I have the 15 minute charts on the two other monitors.
WOW. you are a professional.
This strategy is very good. today had 4 trades all 30+ pips profit.

Thanks.
  • #82
  • Sep 21, 2017 8:55am Sep 21, 2017 8:55am
One way to focus efforts is to use this site, https://finviz.com/forex_performance.ashx, to see which currencies are strong/weak for the day, week etc. Today EUR, GBP, USD are strong while AUD, NZD, & CHF are weaker so it gives you fewer prospective pairs. EURGBP is not likely going to offer much contrast right now. Just an idea, good luck. Thanks for your input Embry I may have a trend continuation strategy that actually works reasonably consistently, at least for today:-)
  • #83
  • Sep 21, 2017 9:13am Sep 21, 2017 9:13am
Quoting vikvikram
One way to focus efforts is to use this site, https://finviz.com/forex_performance.ashx, to see which currencies are strong/weak for the day, week etc. Today EUR, GBP, USD are strong while AUD, NZD, & CHF are weaker so it gives you fewer prospective pairs. EURGBP is not likely going to offer much contrast right now. Just an idea, good luck. Thanks for your input Embry I may have a trend continuation strategy that actually works reasonably consistently, at least for today:-)
Thanks for the input. If that works for you then use it. To me it seems like a bit of an over analysis. You can essentially figure out everything from that website by simply looking at the charts and seeing which currencies are weaker or stronger than others. One thing I want to avoid is making this strategy too complicated because as of right now it's working and I don't see any reason for it not to work over the long run. If you really want something to help you determine currency strength then I would suggest finding a currency strength indicator and attach it to your chart. I wouldn't let that affect my trading decisions though.
  • #84
  • Sep 21, 2017 9:19am Sep 21, 2017 9:19am
This setup happening now.
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  • #85
  • Sep 21, 2017 9:24am Sep 21, 2017 9:24am
Embry1 Manual Divergence looks nice too ! In this explorer you use your standard rules but entry it's with stochastic div ?
"The essence of Discipline is that there are no exceptions" - Jack Schwager
  • #86
  • Sep 21, 2017 9:29am Sep 21, 2017 9:29am
Quoting NPTrader
Embry1 Manual Divergence looks nice too ! In this explorer you use your standard rules but entry it's with stochastic div ?
That TE is an experiment at the moment. In the original TE I'm taking 4/4 setups or strong 3/4 setups so the "by the book" trades. The Manual Divergence TE is going to be less than perfect setups with stoch divergence as top priority with a minimum of 2/4 signals. The idea is to find more opportunities.
  • #87
  • Sep 21, 2017 10:27am Sep 21, 2017 10:27am
Took this 3/4 and just closed.Prob a bit risky but the top band seemed to be holding well.
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  • #88
  • Sep 21, 2017 10:39am Sep 21, 2017 10:39am
Quoting nihilist23uk
Took this 3/4 and just closed.Prob a bit risky but the top band seemed to be holding well. {image}
Nice one. Your entry there made it not too risky. I would definitely put this in the category of a strong 3/4. I actually didn't take this one because I was watching it on the 15 minute chart and it was hanging around above the 100 EMA for quite a while but good work. I think the GBP news did help that move out a bit but it was a great risk reward so honestly it was worth taking, I should have grabbed this one on my second TE. SL should have been just above PSAR and top bollinger band on this one and TP near the previous low or below stoch 30.

That divergence indicator doesn't always catch every divergence move but you can clearly see two big moves. Also, another reason this one scared me was the first real divergence was a false move. The red arrows indicate that false divergence however being that it didn't even come close to the stoch 70 you could have ignored it. Great trade.
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  • #89
  • Sep 21, 2017 4:19pm Sep 21, 2017 4:19pm
Interesting. And thank you for presenting this. About the stochastics, could you please tell me what you classify as a signal? If the stochastics is over 70, but crossing and curling down, is that classified as 1 of the 4? What if it's just pointing down at 50? Could you please clarify this?
Thank you!!
  • #90
  • Sep 21, 2017 5:17pm Sep 21, 2017 5:17pm
Quoting Torontoman
Interesting. And thank you for presenting this. About the stochastics, could you please tell me what you classify as a signal? If the stochastics is over 70, but crossing and curling down, is that classified as 1 of the 4? What if it's just pointing down at 50? Could you please clarify this? Thank you!!
Yes the stochastic is one of the 4 signals and no it doesn't have to pass back down under 70 or above 30. It just has to be on it or above 70 or below 30 for it to be valid.
  • #91
  • Sep 21, 2017 5:20pm Sep 21, 2017 5:20pm
Quoting Embry1
{quote} Yes the stochastic is one of the 4 signals and no it doesn't have to pass back down under 70 or above 30. It just has to be on it or above 70 or below 30 for it to be valid.
Thanks for your quick reply
  • #92
  • Sep 21, 2017 5:22pm Sep 21, 2017 5:22pm
Hopefully tomorrow has more opportunities than today. I took a couple of very small trades on my live account but it's a little hard to trade on the two demos and the live at the same time. I would like to eventually only trade my live account and post the results on this thread. This strategy has proven to be the most consistent out of everything I've tried so once I get enough data from both demos I'll focus more on the live account.
  • #93
  • Sep 21, 2017 7:07pm Sep 21, 2017 7:07pm
Looks like a good setup.
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  • #94
  • Sep 21, 2017 7:45pm Sep 21, 2017 7:45pm
Quoting Sehanw
Looks like a good setup. {image}
Yep excellent move here and has plenty of room on the 1 hour chart, good spot. I picked this one up on the live account and even missed the good entry by a few pips. I usually don't trade the Tokyo open because the moves aren't as great but this one sure did move. This is a 4/4 with bearish divergence, big winner.

EDIT: Also since a lot are asking about how to find your target profit. Here is a good example of what to look for by cross checking the 1 hour chart. You can see previous resistance and the PSAR can indicate how much room the trade has to move. In this case they lined up perfectly. It may keep going but since the Stoch for both is at or below 30 it would be a good stopping point, at least for now.
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  • #95
  • Sep 21, 2017 7:54pm Sep 21, 2017 7:54pm
Quoting Embry1
{quote} Yep excellent move here and has plenty of room on the 1 hour chart, good spot. I picked this one up on the live account and even missed the good entry by a few pips. I usually don't trade the Tokyo open because the moves aren't as great but this one sure did move. This is a 4/4 with bearish divergence, big winner. EDIT: Also since a lot are asking about how to find your target profit. Here is a good example of what to look for by cross checking the 1 hour chart. You can see previous resistance and the PSAR can indicate how much room the...
Easy 35pips+
  • #96
  • Sep 21, 2017 8:01pm Sep 21, 2017 8:01pm
wow, that must've bag at least 40 pips right?
  • #97
  • Sep 21, 2017 9:05pm Sep 21, 2017 9:05pm
I'm IN!
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  • #98
  • Sep 21, 2017 9:17pm Sep 21, 2017 9:17pm
Getting very good entries on M15 timeframe. Sometimes, it takes a while to get a trade, but the wait pays off. I've only taken 3 trades, but I've made 140 easy pips. I also saw AUDJPY. My first entry was not perfect and the stoch was not above 70, but there was divergence. I took a second entry which was more textbook and paid off big. I aim for pivots. I think I am done scalping and will focus on this timeframe. Thanks for a great system.
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Follow the money --Mark Felt (Deepthroat)
  • #99
  • Sep 21, 2017 9:28pm Sep 21, 2017 9:28pm
not a perfect setup, no divergence on the STOC still manage to bag a quick 20 pips
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  • #100
  • Sep 22, 2017 7:19am Sep 22, 2017 7:19am
First morning so far where I haven't seen any viable trades from the London open. Tokyo seemed to have better options last night. Hopefully we get some action today it's been a slow week for me, but I've narrowed down my trading to the attached demo and my live account. I can handle two accounts for now lol.
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