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Simple and profitable trading style

  • #1,881
  • Nov 24, 2017 3:07pm Nov 24, 2017 3:07pm
The strong consolidation formed below the weekly middle band on EURUSD has given the bulls great pips this week. Congrats EU bulls
Make all mistakes in demo and rain in pips in live account
9jatrader All Time Return: -77.5%
  • #1,882
  • Nov 24, 2017 3:45pm Nov 24, 2017 3:45pm
Strong hammer right below bollinger middle band on EURGBP What's going to happen to the strong shooting star formed on the 12th October.
Make all mistakes in demo and rain in pips in live account
9jatrader All Time Return: -77.5%
  • #1,883
  • Nov 25, 2017 1:22pm Nov 25, 2017 1:22pm
I wish to share only the USDCHF entered on daily middle band and 4hr lower band.
Attached Image (click to enlarge)
Click to Enlarge Name: usdchfee.png Size: 38 KB
Make all mistakes in demo and rain in pips in live account
9jatrader All Time Return: -77.5%
  • #1,884
  • Nov 25, 2017 1:25pm Nov 25, 2017 1:25pm
You would observe that if the 4hr candle had been used it would triggered SL and I would have been out even when I was right. This is the reason the longer TF candle should be used. In this case above the high of the daily candle was used for SL. And so in spite of the retracement on the 4hr, I remained in the position
Make all mistakes in demo and rain in pips in live account
9jatrader All Time Return: -77.5%
  • #1,885
  • Nov 25, 2017 1:28pm Nov 25, 2017 1:28pm
My mentor often says that having too tight sl is like having no sl. I never fully understand then until I started trading.
Make all mistakes in demo and rain in pips in live account
9jatrader All Time Return: -77.5%
  • #1,886
  • Nov 25, 2017 1:29pm Nov 25, 2017 1:29pm
Being afraid of loosing a position by placing too tight sl is already a recipe for loosing
Make all mistakes in demo and rain in pips in live account
9jatrader All Time Return: -77.5%
  • #1,887
  • Nov 25, 2017 1:32pm Nov 25, 2017 1:32pm
I got in on 4hr because of the strong setup on USDJPY that was already moving strongly by closing below lower band.
Make all mistakes in demo and rain in pips in live account
9jatrader All Time Return: -77.5%
  • #1,888
  • Nov 25, 2017 1:33pm Nov 25, 2017 1:33pm
Still waiting for GBPJPY short. GBP pairs are great pairs to trade.

GBPJPY has no option than to crash. It's only a time. Soon it would crash.
Make all mistakes in demo and rain in pips in live account
9jatrader All Time Return: -77.5%
  • #1,889
  • Nov 25, 2017 1:45pm Nov 25, 2017 1:45pm
Quoting 9jatrader
Other things about the strategy is also coming - using currency correlation and using Buy Stop and Sell Stop to protect SL and recover loss. Whatever questions you have it will be answered. I wish you happy trading great FF members.
Hi.
I just started following this thread. I used BB but only on one minute chart for scalping. I was not able to use it for a good system, or to make a good system around it.
But i kind of like your strategy.
I have a question, where you set your SL and how you use Sell Stop and Buy Stop to protect it and recover loss?
MAKE IT RAIN
  • #1,890
  • Nov 25, 2017 1:46pm Nov 25, 2017 1:46pm
AUDCHF had been able to crash 244 pips now, still 290 pips down except fundamentals change the game plan
Make all mistakes in demo and rain in pips in live account
9jatrader All Time Return: -77.5%
  • #1,891
  • Nov 25, 2017 2:05pm Nov 25, 2017 2:05pm
Quoting mihai1986
{quote} Hi. I just started following this thread. I used BB but only on one minute chart for scalping. I was not able to use it for a good system, or to make a good system around it. But i kind of like your strategy. I have a question, where you set your SL and how you use Sell Stop and Buy Stop to protect it and recover loss?
Assuming you have just got in a position; few days later there formed very strong opposing setup. One thing in your mind is that "Is the opposite setup going to work"? If you don't want to close the position and re-enter in the other direction, you place Buy stop ( for long position ) or sell stop ( for short position )
Make all mistakes in demo and rain in pips in live account
9jatrader All Time Return: -77.5%
  • #1,892
  • Nov 25, 2017 2:54pm Nov 25, 2017 2:54pm
Practical example: You just entered long position at point A and your Sl is at point B and few days later strong short setup. You feel that you don't know if the new setup, short, would work. Then instead of closing the long position you now place a sell stop at price B ( your previous long position sl ), so that if the short trade setup would work your sl would be triggered and as soon as the sl is triggered your short position picks up from there because they're on the same price
Make all mistakes in demo and rain in pips in live account
9jatrader All Time Return: -77.5%
  • #1,893
  • Nov 25, 2017 2:58pm Nov 25, 2017 2:58pm
Negative point about using pending order is that sometimes the order is triggered and you're left with shadows and move against you. I do not emphasize on pending order. Instead I keep the mindset of the game as profit and loss.
Make all mistakes in demo and rain in pips in live account
9jatrader All Time Return: -77.5%
  • #1,894
  • Nov 26, 2017 5:51am Nov 26, 2017 5:51am
EURNZD bulls not ready to give up yet. I decided to check what the longer TFs ( weekly and monthly ) were doing.
Make all mistakes in demo and rain in pips in live account
9jatrader All Time Return: -77.5%
  • #1,895
  • Nov 26, 2017 5:58am Nov 26, 2017 5:58am
The weekly candle was able to close with hammer, though small, having bullish body. Am not in EURNZD long, but in its correlated pairs, AUDCHF short and NZDCHF short
Make all mistakes in demo and rain in pips in live account
9jatrader All Time Return: -77.5%
  • #1,896
  • Nov 26, 2017 6:02am Nov 26, 2017 6:02am
What is the monthly doing, few days to the end of monthly candle close??? It's strongly closing above the bollinger upper band first time since August 2015. Do we have great bullish still ahead of us?? Time will tell.
Make all mistakes in demo and rain in pips in live account
9jatrader All Time Return: -77.5%
  • #1,897
  • Nov 26, 2017 6:31am Nov 26, 2017 6:31am
Forex trading is a continuous learning process. Something I continue to discover and being backtest/backcheck: During consolidation, when candles continues to line up as is forming local support on the daily 4hr entry upper band offers a breakout time. I still continue to monitor the strategy until I decide to share analyses and chart with it. For now I continue to backcheck and have seen many occasions where I have missed opportunity to get in.
Make all mistakes in demo and rain in pips in live account
9jatrader All Time Return: -77.5%
  • #1,898
  • Nov 26, 2017 4:09pm Nov 26, 2017 4:09pm
EURUSD may not go too far before making another short trade setup, around the resistance where Gravestone Doji was formed or 1.21371 resistance. That level is a critical level on the weekly.
Make all mistakes in demo and rain in pips in live account
9jatrader All Time Return: -77.5%
  • #1,899
  • Nov 26, 2017 4:17pm Nov 26, 2017 4:17pm
Quoting 9jatrader
EURUSD may not go too far before making another short trade setup, around the resistance where Gravestone Doji was formed or 1.21371 resistance. That level is a critical level on the weekly.
About 200 pips away- not too bad. In reviewing most of my trades I found that taking reversal is easier for me to trade than continuation trade setup. I now hone my trading towards reversal more than continuation setup.
Make all mistakes in demo and rain in pips in live account
9jatrader All Time Return: -77.5%
  • #1,900
  • Nov 26, 2017 4:50pm Nov 26, 2017 4:50pm
Shooting star on EURGBP is yet to do its job completely or is it going to fail. Just as I expect bearish setup on EU same with EG around the zone where the shooting star was earlier formed.
Make all mistakes in demo and rain in pips in live account
9jatrader All Time Return: -77.5%
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