{quote} No thats 2 pips renko. You ideally want to avoid areas of consolidation. Also you want to use the signal line of the macD not the histogram
Let it turn and find your entry.
Easiest trading strategy on the planet!
- #61
- Feb 9, 2019 12:06pm Feb 9, 2019 12:06pm
- Joined Aug 2011 | Status: Mos P from Cape to Cairo | 2,712 Posts
Learning!
Of the 3 trades I took yesterday 2 failed and 1 is still open at BE.
AUDUSD failed I think because when I add the 200 SMA I am clearly in a downtrend and not a newly building uptrend. This works as a good filter to only take trades on the right side of it and the 85 already mentioned in the thread as well as the MACD move across 0. I may miss some good moves but I feel I will filter out more losses than winners.
GBPAUD was also a bad move as although everything lined up for the 85 MA and the MACD and price moved out of consolidation, it was clearly against the 200 SMA bias.
Another thing I noticed with these trades and a few of the other 11 pairs I am following - moves out of any consolidation happened more often than not once the UK markets opened. Spotting signals and opening trades early on in the Asian session leads to too much to and fro and more clearer moves happen at the end of that session so timing will be another filter I add in from now on.
Of the 3 trades I took yesterday 2 failed and 1 is still open at BE.
AUDUSD failed I think because when I add the 200 SMA I am clearly in a downtrend and not a newly building uptrend. This works as a good filter to only take trades on the right side of it and the 85 already mentioned in the thread as well as the MACD move across 0. I may miss some good moves but I feel I will filter out more losses than winners.
GBPAUD was also a bad move as although everything lined up for the 85 MA and the MACD and price moved out of consolidation, it was clearly against the 200 SMA bias.
Another thing I noticed with these trades and a few of the other 11 pairs I am following - moves out of any consolidation happened more often than not once the UK markets opened. Spotting signals and opening trades early on in the Asian session leads to too much to and fro and more clearer moves happen at the end of that session so timing will be another filter I add in from now on.
Winners add to winning trades!
{quote} And now you tell me about it. Which ones are your favorites ?
With this particular strategy I am finding that the times frames higher than 5 minutes the S/R levels created by the Hull are too strong and price doesn't go by them very well - generally and the swings are much larger. On the 5 minute chart, however, especially at the NY open, price very easily blows past the latest swing created during the London session. If the first one fails the next one will likely be a good one. But I am also not following the 1:1 portion of the strategy or waiting for the candle to close beyond the level. I find that often price blasts past the level and a pending stop order catches the trade right away. I then target the nearest round number 25 pip level. I am trying to figure out how best to let ride to the 50 pip level but I am not quite there yet as trailing stops often kick you out of a winning trade prematurely :-) IMO the market doesn't care what RR you want but it does care about price which is why I take profit at a rational place i.e. the nearest round number - it just make sense to me. I have to say that I am trading my best ever with this strategy so far (at least as far as entry goes)
Emotion - it steals your money.
- #80
- Edited 7:47am Feb 12, 2019 7:12am | Edited 7:47am
Well that was a quick one! Just sat down for the New York open and placed a pending buy order possibly a little prematurely I admit. The Hull was red and turning down where I have the dashed white line so I placed a pending buy order at that point. Then after those three red HA candles...boom! Up she goes. So that's my winning trade for the day 16.8% added to account (yes, I trade aggressively 1 pip=0.5% to 1% depending on the stop loss distance) now I can go hang out on the roof top pool with my morning coffee 
Emotion - it steals your money.