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"Ancient" Trading System

  • #81
  • Mar 5, 2019 9:07am Mar 5, 2019 9:07am
Quoting FinInsTrader
{quote} Hi loveandpeace, Lets say, all of those 32 trades using the same RR: SL = 10pip TP = 100pip 21 hit SL x 10 pip = 210 pip 11 win x 100 pip = 1,100 pip So, Pip gain : 1,100-210 = 890 pip!! Still winning. Even I change SL to 20pip, still win. If we trade based on weekly candle, 80-100 pips a week per pair should be within grasp. Week in,week out. FIT
Thanks for clarification, if those 11 win had SL 10 pips, I bet you, we CANNOT win 100 Pips each, this is not possible with 10 pip SL. Might be good on Demo, but NOT on Live account.
  • #82
  • Mar 5, 2019 4:52pm Mar 5, 2019 4:52pm
FIL has provided a lot charts to explain his idea.
Could you please provide some evidence to support you?
no bet
  • #83
  • Mar 5, 2019 8:20pm Mar 5, 2019 8:20pm
Quoting howard
{quote} Hello FIT How many pairs do you trade based on weekly-4hour candle combination? Do you always set pending order on 50-62 ret or do you wait for some sort of price action at those levels?
Difficult for me to give the exact number of how many pair I trade, but in general I monitor all 28 pairs.

Then I look at weekly chart for each major currencies in basket. Example for CAD weekly chart below, candle mark with blue down/up arrow are last week candle.
Attached Image (click to enlarge)
Click to Enlarge Name: 20.JPG Size: 184 KB


Based on that chart, we can conclude that last week CAD weaker against other currencies and its possible that CAD will continue this character for this week. When I have that conclusion, then I choose USDCAD, CADCHF, EURCAD, GBPCAD and CADJPY as a potential pairs to trade.

WHY?

I marked weekly candle for those pairs.
Attached Image (click to enlarge)
Click to Enlarge Name: 21.JPG Size: 186 KB


FIT
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  • #84
  • Mar 5, 2019 8:41pm Mar 5, 2019 8:41pm
Quoting howard
{quote} Hello FIT How many pairs do you trade based on weekly-4hour candle combination? Do you always set pending order on 50-62 ret or do you wait for some sort of price action at those levels?
Miss your second question, if I don't have the time to monitor my trade, I'll just set PO at those level but those level must have overlap of support/resistance with weekly fib. ret. or monthly fib. retr.

If I happen to watch price reached my target zone, I'll go down to M15 and look for reversal sign than enter the trade.

Some time, I'll wait for H4 candle to close to spot reversal sign.

FIT
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  • #85
  • Mar 5, 2019 8:43pm Mar 5, 2019 8:43pm
Quoting sponge
{quote} Would that be on the daily?
Minimum clear/strong break at H4 candle..
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  • #86
  • Mar 5, 2019 8:49pm Mar 5, 2019 8:49pm
Quoting loveandpeace
{quote} Thanks for clarification, if those 11 win had SL 10 pips, I bet you, we CANNOT win 100 Pips each, this is not possible with 10 pip SL. Might be good on Demo, but NOT on Live account.
Why not?

Not exactly every trade will win 100pip.

IF it work on DEMO, why not real account?

Why a lot of peoples enforced us to trade on demo first if for sure it will not work?

Demo only lack of emotion compare to using real money.

When price reached our area/level of interest, narrow it down to M15/M5 to reduce our risk. "Ancient' way to reduce our risk in trade.

FIT
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  • #87
  • Mar 5, 2019 8:57pm Mar 5, 2019 8:57pm
*WE LIVE IN VERY INTERESTING AND FUNNY TIMES*
.
*1.* We live in times where we see many humans, but not humanity.

*2.* We live in times where the rich has more rooms than children and the poor has more children than rooms.

*3.* We live in times where smart phones bring you closer to those who are far, but distance you from those who are closer.

*4.* We live in times where we open Facebook, more than Holy Book;

*5.* We live in times where a single mother can look after 10 children, but 10 children can't look after a single mother;

*6.* We live in times where the rich walk miles to digest food, while the poor walk miles to search for food;

*7.* We live in times where women are paid to be naked, while others have no clothes to cover their nakedness.

*8.* We live in times where our contact lists are huge, but our relationships are poor

*9.* We live in times where our possessions are more, but our appreciation is less;

*10.* We live in times where we know how to earn a good living, but somehow forget how to live good;

*11.* We live in times where many know the price of everything, but not the value of anything

Indeed, we live in a strange world.
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  • #88
  • Mar 5, 2019 11:36pm Mar 5, 2019 11:36pm
Quoting FinInsTrader
*WE LIVE IN VERY INTERESTING AND FUNNY TIMES* . *1.* We live in times where we see many humans, but not humanity. *2.* We live in times where the rich has more rooms than children and the poor has more children than rooms. *3.* We live in times where smart phones bring you closer to those who are far, but distance you from those who are closer. *4.* We live in times where we open Facebook, more than Holy Book; *5.* We live in times where a single mother can look after 10 children, but 10 children can't look after a single mother; *6.* We live in...
Interesting and thought provoking words FIT.

Quick question: How do you deal with weekly trend if the difference between the buyers/sellers is almost the same (e.g. 50/50 or 49/51) ?

Regards
  • #89
  • Mar 5, 2019 11:50pm Mar 5, 2019 11:50pm
Quoting TheMonk
{quote} Interesting and thought provoking words FIT. Quick question: How do you deal with weekly trend if the difference between the buyers/sellers is almost the same (e.g. 50/50 or 49/51) ? Regards
Just ignore that pair..select the more clear / higher chance of success.
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  • #90
  • Mar 6, 2019 1:04am Mar 6, 2019 1:04am
Quoting FinInsTrader
{quote} Just ignore that pair..select the more clear / higher chance of success.
Thanks for the response.

Just a clarification:

On Sunday you calculate the previous weeks buys/selllers - and identify the stronger/weaker currencies into a watchlist.

You put the fibs on the previous weeks (on a daily chart) with the R&S lines and then drop to a 4 hr chart during the current week to identify a suitable entry point

On post 22 you mentioned that on Monday and Tuesdays you follow the fibs trend - do you plot the fibs on the dailies ?

Then on Wed & Thursday you follow the weekly fibs

[ I apologise for the summary as i was just trying to collate a trading plan so I would know what to do on a daily/weekly/4 hour task]

Regards
  • #91
  • Mar 6, 2019 2:54am Mar 6, 2019 2:54am
Quoting TheMonk
{quote} Thanks for the response. Just a clarification: On Sunday you calculate the previous weeks buys/selllers - and identify the stronger/weaker currencies into a watchlist. You put the fibs on the previous weeks (on a daily chart) with the R&S lines and then drop to a 4 hr chart during the current week to identify a suitable entry point On post 22 you mentioned that on Monday and Tuesdays you follow the fibs trend - do you plot the fibs on the dailies ? Then on Wed & Thursday you follow the weekly fibs [ I apologise...
Just to clarify certain point,
"You put the fibs on the previous weeks (on a daily chart) with the R&S lines and then drop to a 4 hr chart during the current week to identify a suitable entry point"
It easy to draw last week fib on H4 if you have period separator on your chart and mark your S&R there..but it is up to you how you want your chart look like.

On post 22 you mentioned that on Monday and Tuesdays you follow the fibs trend - do you plot the fibs on the dailies?
I don't plot the fib on the daily, but I use previous day high/low as a point to draw fib to trade on Monday or Tuesday.I preferred price make a correction on Monday/Tuesday (this correction move that I want to capture if I want to trade Mon/Tues) before resuming it trend following weekly candle. But most of the time I will not trade on Monday/Tuesday but just wait price reached weekly fib level.

Preferred / IDEAL price movement or structure:
Attached Image (click to enlarge)
Click to Enlarge Name: 31.png Size: 19 KB


FIT
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  • #92
  • Mar 6, 2019 6:14am Mar 6, 2019 6:14am
Hi

Thats clarified the points i had stuck in my mind - i will throw up a few charts to see what your think

Thanks
  • #93
  • Mar 6, 2019 10:31am Mar 6, 2019 10:31am
Quoting sponge
What do you guys think of this one? CADCHF weekly bearish candle, yesterday daily bearish candle Currently below weekly low .75037 Blue lines fib levels = weekly Hourly chart engulfing candle {image}
Here's how this worked out.

Taking the trade below the weekly I think the stop would have been hit

Placing the MACD on the 1 hour chart would have helped with the entry however it has only just closed below .7500 on the 4 hour as suggested by Fininstrader.

Also Wednesday ?
Attached Image (click to enlarge)
Click to Enlarge Name: cadchfintra.PNG Size: 33 KB
All charts/ideas based on UK time zone
  • #94
  • Mar 6, 2019 12:04pm Mar 6, 2019 12:04pm
Quoting FinInsTrader
{quote} Why not? Not exactly every trade will win 100pip. IF it work on DEMO, why not real account? Why a lot of peoples enforced us to trade on demo first if for sure it will not work? Demo only lack of emotion compare to using real money. When price reached our area/level of interest, narrow it down to M15/M5 to reduce our risk. "Ancient' way to reduce our risk in trade. FIT
Hi FIT, my point was, tight SL, if we put 10 pips SL, we cannot win not even a single trade!!!! There is huge difference between Demo & Live, not only

Emotion but also Habit, and your broker has NO interest with your account if it is DEMO( you know what I mean ), if you do not believe me, try LIVE,

You would feel the difference!!!! Anyway good luck with your winning trades. Nothing personal here. Take care.
  • #95
  • Mar 7, 2019 3:32am Mar 7, 2019 3:32am
A few things that don't make sense ...like ;

1. If poison expires, is it more poisonous or is it no longer poisonous?

2. Which letter is silent in the word "Scent," the S or the C?

3. Do twins ever realize that one of them is unplanned?

4. Why is the letter W, in English, called double U? Shouldn't it be called double V?

5. Maybe oxygen is slowly killing you and It just takes 75-100 years to fully work.

6. Every time you clean something, you just make something else dirty.

7. The word "swims" upside-down is still "swims"

8. 100 years ago everyone owned a horse and only the rich had cars. Today everyone has cars and only the rich own horses.

9. If you replace "W" with "T" in "What, Where and When", you get the answer to each of them.
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  • #96
  • Mar 7, 2019 3:54am Mar 7, 2019 3:54am
See you at the top?

http://donovan-ang.blogspot.com/2019...-february.html
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  • #97
  • Mar 7, 2019 4:08am Mar 7, 2019 4:08am
Quoting sponge
{quote} Here's how this worked out. Taking the trade below the weekly I think the stop would have been hit Placing the MACD on the 1 hour chart would have helped with the entry however it has only just closed below .7500 on the 4 hour as suggested by Fininstrader. Also Wednesday ? {image}
If I going to short this pair, I'll PO at 15-20pip above 0.7500 with SL 20-25pip and target at 0.7425 or 0.7374. Hope this down move will continue till London session tomorrow.
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  • #98
  • Mar 7, 2019 9:15am Mar 7, 2019 9:15am
Quoting FinInsTrader
A few things that don't make sense ...like ; 1. If poison expires, is it more poisonous or is it no longer poisonous? 2. Which letter is silent in the word "Scent," the S or the C? 3. Do twins ever realize that one of them is unplanned? 4. Why is the letter W, in English, called double U? Shouldn't it be called double V? 5. Maybe oxygen is slowly killing you and It just takes 75-100 years to fully work. 6. Every...
NICE,
  • #99
  • Mar 7, 2019 9:49am Mar 7, 2019 9:49am
Quoting FinInsTrader
{quote} Difficult for me to give the exact number of how many pair I trade, but in general I monitor all 28 pairs. Then I look at weekly chart for each major currencies in basket. Example for CAD weekly chart below, candle mark with blue down/up arrow are last week candle. {image} Based on that chart, we can conclude that last week CAD weaker against other currencies and its possible that CAD will continue this character for this week. When I have that conclusion, then I choose USDCAD, CADCHF, EURCAD, GBPCAD and CADJPY as a potential pairs to trade....
@FinInsTrader
Very interesting and very informative
Thank you for that

One question please,
On USDCAD weekly chart, we do we have down arrow on the last Buy candle please

Thanks in advance
R
  • #100
  • Mar 8, 2019 11:30am Mar 8, 2019 11:30am
Quoting FinInsTrader
{quote} If I going to short this pair, I'll PO at 15-20pip above 0.7500 with SL 20-25pip and target at 0.7425 or 0.7374. Hope this down move will continue till London session tomorrow.
Hi FinInstrader,

It worked out entering at .7520 with stop at .7540 currently .7502

Would you hold for target now or move to BE?

Thanks
Attached Image (click to enlarge)
Click to Enlarge Name: cadchfintra 2.PNG Size: 40 KB
All charts/ideas based on UK time zone
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