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(binned per thread starter's request) Currency Strength with cont

  • #101
  • May 8, 2018 5:32am May 8, 2018 5:32am
Quoting shettytushar
I trade using currency strength and weakness. Live Account. {image} the yellow line is my TP, I will reenter after the support line and/or pivot line is broker and look for next support line. I don't keep my trades open, my goal is to reach my daily % target. Here is outlook data. {image} There are so many who tell themselves as the guru, provide signals, expert in spotting support and resistance, which I know is when searched for is too easy to do it for yourself. Thanks, Neil and others as well for laying out the strategy so well. AUDJPY is another...
We want a percentage over 70% with a volume lever of at least 5000 LOTS.
  • #102
  • May 8, 2018 5:34am May 8, 2018 5:34am
Quoting neilgroom
{quote} That's just spread. Update on what they are now.. No one even said a word yesterday and I repeated it over and over. LONDON WAS CLOSED YESTERDAY. The financial center in London was closed. No forex trading. No stocks and shares. I cant be here all the time. London drives the forex market. A total of 7 lots and just 163 down. I's say that was good with the biggest financial center in the world shut. I might stop posting now... Did I also say that the GBP/USD might hit the MA34 on the 4 hour chart.. IT DID then went down.. No answer to it...
Hi neilgroom

Yes GBPUSD came down in a hurry! Interesting that it hit the 34 ema on your chart H4 - you're not using MT4 of course. But on MT4 it didn't touch the 34 ema. It's one of my "stock in trade" ema's (yellow line). However on MT4 it bounced off the 200 ema on the 30 minute chart perfectly as well as the pivot resistance at 1.3581. Unfortunately it means juggling the time frames if one wants a perfect bounce off an ema. One never knows which ema is going to be the one! I've had the attached EA for years but unless one is certain of a bounce it's dangerous to use.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GBPUSDH4.png Size: 41 KB
Click to Enlarge Name: GBPUSDM30.png Size: 61 KB
Attached File(s)
File Type: mq4 Price_Bounce_Off_MA_v.2e_mod.mq4   19 KB | 310 downloads
  • #103
  • May 8, 2018 5:58am May 8, 2018 5:58am
Quoting kiki215fr
{quote} We want a percentage over 70% with a volume lever of at least 5000 LOTS.
It's not a hard and fast rule to only trade above 5000 lots for me because I do technical analysis as well to enter a trade basically S/R, divergence and trendlines.
  • #104
  • May 8, 2018 6:08am May 8, 2018 6:08am
Good work everyone! Don't over complicate things, FX trading is difficult enough, no reason to go and complicate the edge for yourself too

here are my 3 top running trades.. the poor chfjpy that no one liked EURUSD was taken on dollar strength and a few other factors that are outside the scope of this thread.

Attached Image (click to enlarge)
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  • #105
  • Edited 9:06am May 8, 2018 8:53am | Edited 9:06am
Quoting moodybot
{quote} No problems mate, i figured that your wife wouldn't let you drive the Mini......
I just have for a few hours... So many idiots on the road today though... Especially the BMW drivers.. got to watch the speed though, It's a bit powerful.

Well done everyone. Every thing is looking good. Some awesome trades here today. Keep it going.

According to my currency strength the pound is getting weaker..
The most violent element in society is IGNORANCE
  • #106
  • May 8, 2018 9:30am May 8, 2018 9:30am
Quoting mrdfx
{quote} Personally I would not trade CHFJPY. The volume is low according to the MFXB data. My trades for this week based on this strategy, and my own analysis is: Buy USDCHF Sell GBPUSD Sell NZDUSD
Things are going well this week.

+130 pips so far on these 3 positions.
Attached Image (click to enlarge)
Click to Enlarge Name: Screen Shot 2018-05-08 at 11.28.39.png Size: 22 KB
Truth is like poetry. And most people f*cking hate poetry.
  • #107
  • May 8, 2018 9:31am May 8, 2018 9:31am
Quoting mrdfx
{quote} Things are going well this week. +130 pips so far on these 3 positions. {image}
What SL are you using with your trades in order to come up with your Risk%?
  • #108
  • May 8, 2018 9:33am May 8, 2018 9:33am
Quoting mrdfx
{quote} Things are going well this week. +130 pips so far on these 3 positions. {image}
I screwed up with AUDUSD, as gold was going up I thought let's correlate it with AU. Though closed gold in profit, AU getting sucker punched. Will close in a loss.
  • #109
  • May 8, 2018 9:37am May 8, 2018 9:37am
Quoting bojack34
{quote} What SL are you using with your trades in order to come up with your Risk%?
I calculate my SL based on S&R and pivot levels. Its not set in stone like just setting a 50 pip SL and leaving it at that.

I will zoom out on the charts and look for areas of S&R and pivots and then set my SL where I think there is a level that is safe and also in line with my personal risk management.
Truth is like poetry. And most people f*cking hate poetry.
  • #110
  • May 8, 2018 9:37am May 8, 2018 9:37am
Quoting bojack34
Here are my 3 contrarian trades (Post #5) that I decided on using ScorpianFX and Myfxbook. I also added AUDUSD after reading Neils post and he recommend it (Post #18). I have 4 total contrarian trades this week and this is where I stand currently. {image}
Update on my 4 open contrarian trades. This is my first time using this strategy so I only placed these trades on Demo. I will go Live once I get a good grip on SL so I can use appropriate Risk%. Currently up over +200 pips.

Attached Image (click to enlarge)
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  • #111
  • May 8, 2018 9:41am May 8, 2018 9:41am
Now that we have some nice trades running in profit, the next question is when do we close and take profit?

We are already in good profit and its only Tuesday, so do we not get greedy and take our profit? or do we let them run and see how far they will go?

I don't mind leaving a trade to run for 4-5+ days, but its also riskier to leave your trade exposed to the market for long periods of time, and as we know anything can happen which could wipe out any gains.

Figuring out an exit strategy is just as important as an entry.
Truth is like poetry. And most people f*cking hate poetry.
  • #112
  • May 8, 2018 9:44am May 8, 2018 9:44am
Quoting mrdfx
Now that we have some nice trades running in profit, the next question is when do we close and take profit? We are already in good profit and its only Tuesday, so do we not get greedy and take our profit? or do we let them run and see how far they will go? I don't mind leaving a trade to run for 4-5+ days, but its also riskier to leave your trade exposed to the market for long periods of time, and as we know anything can happen which could wipe out any gains. Figuring out an exit strategy is just as important as an entry.
Agreed! If this was Live I would have already have exited. I'm up over 10% for the week. Well beyond what my goal is. I would have been happy with 5% for the week. Exit has to do with when the currencies start losing strength and the Myfxbook public start to change their sentiment....and when the RSI (trading view) reaches the opposite side. Again, I am new to this strategy and if I am wrong about this Neil will for sure correct me.
  • #113
  • Edited 10:16am May 8, 2018 9:52am | Edited 10:16am
Conserning a stop loss. Most of the time I use a simple method of a period 2 SMA on the daily. Just in case. As we know prices can change at any time and move fast. Just a bit of insurance. 70% of the time I never hold a trade over the weekend. It has to be very special to hold it. I have had some trades though last three weeks. Big risk factor but no pain, no gain.

I never set a stop loss of say 200 or 300 pips (points) as each pair is different. Most of the time I use the above SMA.

GBP/USD price at time of posting = 1.35071
Stop loss at 1.35319 (2SMA daily)

Everyyone should be different. I can afford a bit more risk. We will have to discuss it further.
Never risk more then 2% of your account not on any one pair but ANY ONE CURRENCY.
So if you want to open two trades with the USD in them. Use 1% risk each.
The most violent element in society is IGNORANCE
  • #114
  • May 8, 2018 9:53am May 8, 2018 9:53am
For the past hour, EURUSD has added almost 400 lots long.... 25: 75, a god signal to short.....I think it will run a round of stop long operation.....
  • #115
  • May 8, 2018 10:04am May 8, 2018 10:04am
Quoting jasonckb
For the past hour, EURUSD has added almost 400 lots long.... 25: 75, a god signal to short.....I think it will run a round of stop long operation.....
I cannot seem to find the Myfxbook App that you guys are using to get "Comparative Stats" for the public. I know you guys said you can compare this week to last week and also see how sentiment is changing on the mobile app.........i'm having problems finding that app. Can you guys help me out please? Is that mobile app the only way to do this? is there a page on the online site that does this also?
  • #116
  • May 8, 2018 10:04am May 8, 2018 10:04am
Quoting osjoe2
Good work everyone! Don't over complicate things, FX trading is difficult enough, no reason to go and complicate the edge for yourself too here are my 3 top running trades.. the poor chfjpy that no one liked EURUSD was taken on dollar strength and a few other factors that are outside the scope of this thread. {image}
HA! Good job osjoe! Yeah, I was one of those that shy'd away from CHFJPY...seemed kind of flaky as I looked at it Sunday afternoon...turned out well though.
As MRDFX has pointed out a couple of times, and I'm still trying to figure out too... how to use the info we get on Sunday from ScorpionFX and myfxbook throughout the week. My paper exercise from Sunday took me past my daily/weekly goal by Monday afternoon (in spite of London being closed). I am grateful for the paper profit and suppose I should exercise the adage that some people try to live by when it comes to FX trading...."Get In, Get Out, Go Do Something Else".
I see others are trading other pairs that are not on the ScorpionFX list, and so there is other analysis being done aside from this strategy I guess.
  • #117
  • May 8, 2018 10:09am May 8, 2018 10:09am
Quoting bojack34
{quote} I cannot seem to find the Myfxbook App that you guys are using to get "Comparative Stats" for the public. I know you guys said you can compare this week to last week and also see how sentiment is changing on the mobile app.........i'm having problems finding that app. Can you guys help me out please? Is that mobile app the only way to do this? is there a page on the online site that does this also?
go to google play or iphone appstore and search myfxbook
  • #118
  • May 8, 2018 10:10am May 8, 2018 10:10am
Quoting bojack34
{quote} I cannot seem to find the Myfxbook App that you guys are using to get "Comparative Stats" for the public. I know you guys said you can compare this week to last week and also see how sentiment is changing on the mobile app.........i'm having problems finding that app. Can you guys help me out please? Is that mobile app the only way to do this? is there a page on the online site that does this also?
If your on a computer https://www.myfxbook.com/community/outlook/GBPUSD
https://www.myfxbook.com/community/outlook/AUDUSD etc

If you want the app:

https://play.google.com/store/apps/details?id=com.myfxbook.forex

https://itunes.apple.com/il/app/forex-calendar-market-news/id985947299?mt=8
The most violent element in society is IGNORANCE
  • #119
  • May 8, 2018 10:23am May 8, 2018 10:23am
Guys be aware that in a cpl of hrs Trump will be giving his speech on the Iran nuclear deal, which is bound to have some fundamental volatility around USD pairs.

I suggest using a SL to protect any potential losses should the news come out negative.
Truth is like poetry. And most people f*cking hate poetry.
  • #120
  • May 8, 2018 10:23am May 8, 2018 10:23am
Quoting neilgroom
{quote} If your on a computer https://www.myfxbook.com/community/outlook/GBPUSD https://www.myfxbook.com/community/outlook/AUDUSD etc If you want the app: https://play.google.com/store/apps/details?id=com.myfxbook.forex https://itunes.apple.com/il/app/forex-calendar-market-news/id985947299?mt=8
I tried the Computer links before and for some reason I cannot get the charts to load. It's just blank! I'm signed in and everything. Thanks for your help. I'll figure it out.
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