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(binned per thread starter’s request) Neil's contrarian approach

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  • Post #1
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  • First Post: Jul 28, 2018 1:14pm Jul 28, 2018 1:14pm
  •  venividivici
  • Joined Jun 2015 | Status: Retired | 947 Posts
Unfortunately Neils contrarian thread has led to something other than the original idea of the thread:

So this here is for people who want to follow the original, anyone who starts talking about roofs and world currency charts will get banned.

With a slight exception to the original system we wont be using ANY paid sites i.e the scorpion site is not needed.

The Method
Free Resources used:

Myfxbook (https://www.myfxbook.com/community/outlook): Free service provided by myfxbook to show trading volume on currency pairs

Trading view: It's overal easier and cleaner to chart on trading view charts than MT4, up to you

Steps:

go to https://www.myfxbook.com/community/outlook

We want THE OPPOSITE direction to what retail is doing. As in the example image below for the USD/CHF.

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I bought USD/CHF with this info.

We want a percentage over 70% with a volume lever of at least 5000 LOTS. This one is perfect and an excellent trade. Follow this criteria for most trades, 70% with a volume higher than 5000 and take the opposite direction of the retail majority.

Don't forget myfxbook is a long time rating.. You need a high percent and high volume. Anything above 5000 volume. I've seen one pair last months with a 90% and very high volume.

Some pairs will have a 90% plus rating but the volume is so small it will go any way. With the crowd or against them.



Second part of the strategy: RSI period 2 hlc3 on TradingView charts on the DAILY timeframe.

Open up a TradingView chart and add the RSI period 2 HLC3 on the daily timeframe. Wait for the RSI to reach overbought and oversold areas. BUY WHEN THE RSI REACHES OVERBOUGHT AND SELL WHEN THE RSI REACHES OVERSOLD ONLY. The reason for this? The sheep majority use the RSI as a sell indicator on overbought levels and a buy indicator on oversold levels so we do the opposite BUT ONLY WHEN IT CONFIRMS WITH THE MYFXBOOK SENTIMENT LEVELS WE NEED. Sample image below.

Attached Image


Thats it.

Credit to Neil.

No other method discussion here apart from this one or you get banned.
  • Post #2
  • Quote
  • Jul 28, 2018 2:37pm Jul 28, 2018 2:37pm
  •  Swnlobo
  • Joined Jan 2016 | Status: Member | 153 Posts
Me gusta!!! Subscribed
 
 
  • Post #3
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  • Jul 28, 2018 5:19pm Jul 28, 2018 5:19pm
  •  nozzer
  • Joined Dec 2014 | Status: Member | 437 Posts
@veni..how come the scorpion site is no longer needed I thought it was part of the system?
 
 
  • Post #4
  • Quote
  • Jul 28, 2018 6:14pm Jul 28, 2018 6:14pm
  •  sunny2way
  • | Commercial Member | Joined Sep 2015 | 95 Posts
[quote=venividivici;11309580]Unfortunately Neils contrarian thread has led to something other than the original idea of the thread: So this here is for people who want to follow the original, anyone who starts talking about roofs and world currency charts will get banned. With a slight exception to the original system we wont be using ANY paid sites i.e the scorpion site is not needed. The Method Free Resources used: Myfxbook (https://www.myfxbook.com/community/outlook): Free service provided by myfxbook to show trading volume on currency pairs Trading view: It's overal easier and cleaner to chart on trading view charts than MT4, up to you Steps: go to https://www.myfxbook.com/community/outlook

Post the indicator setup please
 
 
  • Post #5
  • Quote
  • Jul 28, 2018 7:57pm Jul 28, 2018 7:57pm
  •  krismitt
  • Joined Nov 2009 | Status: Member | 863 Posts
Quoting venividivici
Disliked
Unfortunately Neils contrarian thread has led to something other than the original idea of the thread: So this here is for people who want to follow the original, anyone who starts talking about roofs and world currency charts will get banned. With a slight exception to the original system we wont be using ANY paid sites i.e the scorpion site is not needed. The Method Free Resources used: Myfxbook (https://www.myfxbook.com/community/outlook): Free service provided by myfxbook to show trading volume on currency pairs Trading view: It's...
Ignored
Good on you; well done!

Trade well.
 
 
  • Post #6
  • Quote
  • Jul 28, 2018 9:00pm Jul 28, 2018 9:00pm
  •  reader1
  • | Membership Revoked | Joined Jul 2018 | 131 Posts
Quoting venividivici
Disliked
Unfortunately Neils contrarian thread has led to something other than the original idea of the thread: So this here is for people who want to follow the original, anyone who starts talking about roofs and world currency charts will get banned. With a slight exception to the original system we wont be using ANY paid sites i.e the scorpion site is not needed. The Method Free Resources used: Myfxbook (https://www.myfxbook.com/community/outlook): Free service provided by myfxbook to show trading volume on currency pairs Trading view: It's...
Ignored

Interesting.

I follow your thread..RSI input right?
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life is short.enjoy your coffee...
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  • Post #7
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  • Jul 28, 2018 9:42pm Jul 28, 2018 9:42pm
  •  Shakka
  • | Joined Jun 2017 | Status: Superior | 154 Posts
Quoting venividivici
Disliked
Unfortunately Neils contrarian thread has led to something other than the original idea of the thread: So this here is for people who want to follow the original, anyone who starts talking about roofs and world currency charts will get banned. With a slight exception to the original system we wont be using ANY paid sites i.e the scorpion site is not needed. The Method Free Resources used: Myfxbook (https://www.myfxbook.com/community/outlook): Free service provided by myfxbook to show trading volume on currency pairs Trading view: It's...
Ignored
What about with the TP and SL ?
The risk % per trade ?
Thanks.
Gambling = 0% skill, 100% luck. Trading = 1% skill, 99% luck.
 
1
  • Post #8
  • Quote
  • Jul 28, 2018 9:59pm Jul 28, 2018 9:59pm
  •  reader1
  • | Membership Revoked | Joined Jul 2018 | 131 Posts
you can entry point and exit point explain?
i am following many days gbpchf long..
my 1st entry time myfxbook outlook 96% high volume
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life is short.enjoy your coffee...
 
 
  • Post #9
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  • Jul 28, 2018 10:17pm Jul 28, 2018 10:17pm
  •  neilsdigest
  • | Membership Revoked | Joined Nov 2014 | 991 Posts
Quoting reader1
Disliked
you can entry point and exit point explain? i am following many days gbpchf long.. my 1st entry time myfxbook outlook 96% high volume {image} {image} {image}
Ignored
If myfxbook shows traders going long like in the example, you go short = Contrarian - You do the opposite of what they are doing but when the RSI 2 HLC goes through 30.

You missed out on some super trades.
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The most violent element in society is IGNORANCE
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  • Post #10
  • Quote
  • Jul 28, 2018 10:21pm Jul 28, 2018 10:21pm
  •  fmsfx
  • Joined Jul 2009 | Status: Member | 298 Posts
Excellent...Subscribed!!
K.I.S.S.
 
 
  • Post #11
  • Quote
  • Jul 29, 2018 8:27am Jul 29, 2018 8:27am
  •  LuKa12
  • | Joined Sep 2014 | Status: Member | 285 Posts
Nice method and thread!
 
 
  • Post #12
  • Quote
  • Jul 29, 2018 10:55am Jul 29, 2018 10:55am
  •  kevagonia
  • | Joined Jul 2018 | Status: Junior Member | 1 Post
I've been looking at EUR/USD trading ideas and charts this weekend and it appears clear to me that the sentiment going into this trading week is grossly in favor of a long approach. Community Outlook per MyFxBook is pasted below. RSI is 20, indicating oversold. The contrarian approach would be to SELL on Monday AM provided the opening continues to favor this outlook.

Warm?
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  • Post #13
  • Quote
  • Jul 29, 2018 12:56pm Jul 29, 2018 12:56pm
  •  Shakka
  • | Joined Jun 2017 | Status: Superior | 154 Posts
Quoting neilsdigest
Disliked
{quote} If myfxbook shows traders going long like in the example, you go short = Contrarian - You do the opposite of what they are doing but when the RSI 2 HLC goes through 30. You missed out on some super trades. {image}
Ignored
Hi neilsdigest.
Where should I put the SL and TP level ?
Or maybe fixed SL TP per trade like SL 50 pips TP 100 pips ?
Regards.
Gambling = 0% skill, 100% luck. Trading = 1% skill, 99% luck.
 
 
  • Post #14
  • Quote
  • Jul 29, 2018 8:14pm Jul 29, 2018 8:14pm
  •  moodybot
  • Joined May 2010 | Status: Straight line Fest | 2,908 Posts
Subscribed.
 
 
  • Post #15
  • Quote
  • Jul 29, 2018 8:19pm Jul 29, 2018 8:19pm
  •  moodybot
  • Joined May 2010 | Status: Straight line Fest | 2,908 Posts
Quoting kevagonia
Disliked
I've been looking at EUR/USD trading ideas and charts this weekend and it appears clear to me that the sentiment going into this trading week is grossly in favor of a long approach. Community Outlook per MyFxBook is pasted below. RSI is 20, indicating oversold. The contrarian approach would be to SELL on Monday AM provided the opening continues to favor this outlook. Warm? {image}
Ignored
It might be best to wait for 70% > as per instruction, otherwise it would look like you are trying to force the trade.
 
 
  • Post #16
  • Quote
  • Jul 29, 2018 8:48pm Jul 29, 2018 8:48pm
  •  Nenuser
  • | Joined Apr 2018 | Status: Member | 142 Posts
Interesting idea, I like everything that is contrarian haha.

Very nice that now it's a clean thread.

Would like to know if you thought on applying contrarian methods to lower time frames.

Subscribed.
 
 
  • Post #17
  • Quote
  • Jul 29, 2018 9:13pm Jul 29, 2018 9:13pm
  •  artic118
  • | Joined Mar 2012 | Status: Member | 159 Posts
Sooo,.if i understend the strategie,.this is a good moment to go short on gbp/usd,..????

gbp/usd,.in myfxbook,..long 76%,..with 7646 lots,..RSI is oversold,...

Sell gbp/usd,..?????,.what about take profit and stop lose,..????
 
 
  • Post #18
  • Quote
  • Jul 29, 2018 9:54pm Jul 29, 2018 9:54pm
  •  danc
  • Joined Jun 2009 | Status: Member | 7,795 Posts
Sounds great
 
 
  • Post #19
  • Quote
  • Jul 29, 2018 10:59pm Jul 29, 2018 10:59pm
  •  danc
  • Joined Jun 2009 | Status: Member | 7,795 Posts
Quoting venividivici
Disliked
Unfortunately Neils contrarian thread has led to something other than the original idea of the thread: So this here is for people who want to follow the original, anyone who starts talking about roofs and world currency charts will get banned. With a slight exception to the original system we wont be using ANY paid sites i.e the scorpion site is not needed. The Method Free Resources used: Myfxbook (https://www.myfxbook.com/community/outlook): Free service provided by myfxbook to show trading volume on currency pairs Trading view: It's...
Ignored
GREAT STUFF,,.. So Clear and well explained.. Thank You..
 
 
  • Post #20
  • Quote
  • Jul 30, 2018 3:05am Jul 30, 2018 3:05am
  •  venividivici
  • Joined Jun 2015 | Status: Retired | 947 Posts
Some trades work great with less than 5000 volume..but its riskier..so if you do it..do it at your own risk
 
 
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