Mouteki Trading

Quoting ra300z

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However, I do have one concern, in that I am finding a lot of people are choosing wrong entry points. I'm not sure why. But GBP/USD today is a great example. I never would touch this one today as a short. I shorted yesterday at 1.8967, made my money (small amount), got out too early, but am happy. Today? Never would touch it. To me, there has to be an overwhelming up or downtrend. If there isn't, and you're on the wrong side of the supply/demand line, you're playing things too risky. Example, today is a supply line but the trend is down this week. Some people are following the demand line despite the downtrend. I'm more likely, at this point to find a long point on GBP/USD.

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Quoting lootcorp

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First off, thanks to Mouteki and everyone else on the forums. I love the simplicity of this method and it makes a great addition to my trading style, which has been moving quickly away from indicators and towards price action like support/resistance trendlines and pinbars.

Took my first (demo) Mouteki trade today:

Short cable @ 1.8909, with T/P around 1.8800 (the Mouteki indicator shows slightly lower T/P point, but I am trying to be a bit conservative)

I had a S/L set 40-something pips from entry, but I've since moved it to +10 pips for a free trade! Nice! Since my goal while I am learning is 10 pips/day, I could close up shop for today just on this trade, but I am letting it run to see what happens. Currently @ +22 pips on cable, and +3 on a long USD/JPY trade I took (entry @ 117.39) off another Mouteki signal.

Will cable really plunge another 88 pips or so? How long a time horizon do you guys give your trades to mature? I'm getting anxious to close out @ 22 pips!

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Quoting ra300z

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First of all, I want to say thanks to Mouteki for all the great advice and a great system. I always knew trendlines were the best way to trade (indicators are garbage since lagging), but I didn't like 4hr timeframes and didn't have solid entry/exit points. I have tried fibs, but I just don't trust them. This system gives me confidence, and with patience, it can be profitable. I now like longer timelines. I have a demo account at Oanda, starting=$1000. It was at $900 when I started this system. It down to as low as $780 while I was still learning, but I am currently back to $1031 with one open trade of EURJPY (long)

However, I do have one concern, in that I am finding a lot of people are choosing wrong entry points. I'm not sure why. But GBP/USD today is a great example. I never would touch this one today as a short. I shorted yesterday at 1.8967, made my money (small amount), got out too early, but am happy. Today? Never would touch it. To me, there has to be an overwhelming up or downtrend. If there isn't, and you're on the wrong side of the supply/demand line, you're playing things too risky. Example, today is a supply line but the trend is down this week. Some people are following the demand line despite the downtrend. I'm more likely, at this point to find a long point on GBP/USD.

Also, a word to the wise. Do not trade this system blindly. If you see there is big news coming out on a specific day (eg. US Fed, etc), get out. Wait for the news. Then wait for the markets to decide on the news. Or maybe trade the news using a simple MA cross (15min) because if the news will move the markets, then that's a situation where a MA cross will work (and probably the only time a MA will work)

PS as I write this, I"m +36.4 pips on EURJPY in 90 minutes.

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Quoting MaXeY

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i saw this trade it was around 30 pip Projection.... but felt lazy draw the lines to calculate the projection :

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Quoting ra300z

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However, I do have one concern, in that I am finding a lot of people are choosing wrong entry points. I'm not sure why. But GBP/USD today is a great example. I never would touch this one today as a short.

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Quoting jumper

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Take a look again, we have a thread for each of most currencies there...

http://www.forexfactory.com/forexfor...splay.php?f=75

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Quoting salgleda

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Thanks! Did not realize those threads were out there. Pretty new at this forum stuff.

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Quoting raczekfx

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need 60 more pips to the south, and I might consider buying...
I see good resistance.

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Quoting lootcorp

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While I agree that no one should trade ANY system blindly, I'm confused by your comments above. What I saw today was a breach of the demand line in cable, in combination with a downtrend/correction. I shorted this morning and got stopped out with +25 pips, but I could've taken it off the table at +45 pips. Not sure why you are saying it was a supply line breach and why you wouldn't short it (especially as you state there is a downtrend this week) - could you clarify your statements?

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