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  • #1,481
  • Jul 16, 2019 3:29am Jul 16, 2019 3:29am
Good morning,

Didn't get a chance to look at the charts yesterday at all and can't see too much of interest this morning. The only 4hr pair that could look good is USD/JPY but at the moment the daily doesn't confirm.

Over the weekend I had a look to see if the Genesis indicator I have at the bottom of my chart could be used instead of looking at the daily. Now this was no detailed analysis, rather a casual glance at a few currency pairs over the past week or so. I have to say that from what I could see, the Genesis indicator worked out well as a filter (all blue or all red) for a trade to be valid. Has anyone else here found that?

Any way, here is the chart
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  • #1,482
  • Jul 16, 2019 3:38am Jul 16, 2019 3:38am
Quoting gj7rwt
Good morning, Didn't get a chance to look at the charts yesterday at all and can't see too much of interest this morning. The only 4hr pair that could look good is USD/JPY but at the moment the daily doesn't confirm. Over the weekend I had a look to see if the Genesis indicator I have at the bottom of my chart could be used instead of looking at the daily. Now this was no detailed analysis, rather a casual glance at a few currency pairs over the past week or so. I have to say that from what I could see, the Genesis indicator worked out well as a...

we see weaker GBP, so why not take a look at GBPUSD, GBPJPY, GBPAUD, GBPCAD and GBPNZD.
Look for sell opportunties and make some money this week.
Wait for a retrace on M5 and jump in with smaller SL.

All we need it the seven(7) indicators RH' Post#1. Anything else added to the seven(7) only leads to fewer trade opportunities.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #1,483
  • Jul 16, 2019 3:41am Jul 16, 2019 3:41am
Quoting emmanuel7788
{quote} Hi marcara The method will work in all timeframes. You need to be very disciplined in how to trade and knowing which pairs to trade in which market sessions. Here is USDJPY M15 example how I used to trade during the Syndey-Tokyo open session. You will get many wins and losses. I no longer trade intraday and move on to trading only D1 and W1 charts setups. {image}
How are you managing your account balance, how are you calculate your risk per trade ?..or do you have big fat account so that there is no such thing as risk
  • #1,484
  • Jul 16, 2019 3:43am Jul 16, 2019 3:43am
I prefer the default TMS template (H1) to catch an entry point, next after I place an order I switch to TMSR (H4) . I think it's easier, because I can watch the TDI angle & slope to find the right spot.
Regards
  • #1,485
  • Jul 16, 2019 3:56am Jul 16, 2019 3:56am
Quoting emmanuel7788
{quote} we see weaker GBP, so why not take a look at GBPUSD, GBPJPY, GBPAUD, GBPCAD and GBPNZD. Look for sell opportunties and make some money this week. Wait for a retrace on M5 and jump in with smaller SL. All we need it the seven(7) indicators RH' Post#1. Anything else added to the seven(7) only leads to fewer trade opportunities.
Hi Emmanuel,

For sure the pound looks weak but coming in to it today I am way too late. as you say, will have to wait for a bounce and try and get in on a continuation trade.

For trade entries I do just look at RH template. Its the daily confirming that would appear to me to be a possible cause of many missed chances? That is why I was looking at using the Genesis matrix as an alternative. I was wondering if anyone else had used this method as confirmation? To my eye, it looks like it may be a valid alternative.

Cheers for now
Andy
  • #1,486
  • Jul 16, 2019 4:05am Jul 16, 2019 4:05am
Good Morning guys! Hope your are all doing well. Just a quick reminder to all that you don't put your stops too tight when you go to bed.
Woke up just to find 3 SL being hit because of high spreads during the night!
  • #1,487
  • Jul 16, 2019 4:29am Jul 16, 2019 4:29am
Quoting gj7rwt
{quote} Hi Emmanuel, For sure the pound looks weak but coming in to it today I am way too late. as you say, will have to wait for a bounce and try and get in on a continuation trade. For trade entries I do just look at RH template. Its the daily confirming that would appear to me to be a possible cause of many missed chances? That is why I was looking at using the Genesis matrix as an alternative. I was wondering if anyone else had used this method as confirmation? To my eye, it looks like it may be a valid alternative. Cheers for now Andy
Yes, I have watched the market live with the Genesis indicator. With crossover trades it's not useful at all in my opinion, because the the color can change to the direction of your trade on the open candle that you enter, but there have been a few times that I have seen it change back color ending up being a continuation trade. The reason for this happening was mostly the Daily being in the opposite trend of your trade.

So your plan to use the Genesis indicator instead of looking at the Daily chart sounds like a bad idea to me. Other than that, I can't really see the benefit of using it. The RSI gives the clearest view on both crossover and continuation trade as far as I see it, together with the other indicators ofcourse.
  • #1,488
  • Jul 16, 2019 4:38am Jul 16, 2019 4:38am
Quoting emmanuel7788
{quote} Good sense of humour calling Weekly grandmother, Daily mother and ....4Hourly daughter. LOL. I keep a rather simple routine. When Monday market open at my end (NY Open Sunday) I scan through my watchlist 20 pairs Weekly charts and look for new setups and if there is already an established trend after a recent CROSSOVER, I will drop down to Daily. If Weekly shows that price bars HA candles are small and trapped within its HMA and 5EMA, I skip the pair. I wait until there is a new price move outside the HMA and 5EMA. Then I scan through all...
Very good point of view and explanation , I do like the top down approach and I know first hand this is done exactly this way my many successful and profitable traders. This will be added to my Sunday night homework and trade plan for the upcoming focus week.

just curious doing it this way is more selective , so what’s the average pip gain per week or month in your past experience ? So I can understand rough target goals

thanks again !!!
  • #1,489
  • Jul 16, 2019 4:44am Jul 16, 2019 4:44am
Quoting gj7rwt
Good morning, Didn't get a chance to look at the charts yesterday at all and can't see too much of interest this morning. The only 4hr pair that could look good is USD/JPY but at the moment the daily doesn't confirm. Over the weekend I had a look to see if the Genesis indicator I have at the bottom of my chart could be used instead of looking at the daily. Now this was no detailed analysis, rather a casual glance at a few currency pairs over the past week or so. I have to say that from what I could see, the Genesis indicator worked out well as a...

Yes I presented this to the group and robinhood also tested it out as well a few weeks ago . I found the 4 channel histo genesis to help as a filter and reduce drawdown , back charting it always looks successful when you enter when all colors agree , perhaps gives extra confidence for new traders and peace of mind

The 4 channel non repaint histo is strong enough as it’s like 4 filters in one
  • #1,490
  • Jul 16, 2019 4:59am Jul 16, 2019 4:59am
Trade set up ideas from yesterday have just moved nicely in our favor

gbpusd And Eur jpy

I still have on audusd I placed later last week still running with manual trail stop to protect


Things usually speed up now it’s tuesday ,

can we continue to share trade ideas and entry so many new folks can confirm with confidence ! Thanks group.
  • #1,491
  • Edited 12:43pm Jul 16, 2019 5:22am | Edited 12:43pm
Quoting emmanuel7788
{quote} I shorted all 3 today - GBPUSD, EURJPY and GBPJPY...
They are all green pips.
Nevertheless, GBP is falling down because the recent bad GBP data.

¿before the GBP data have you protected to Break Even your position? ¿how do you manage it?


PD: Many thanks for you explanation about H1 charts.
  • #1,492
  • Jul 16, 2019 6:01am Jul 16, 2019 6:01am
Thanks Bluejay and Jan81 for your thoughts.

Cheers
Andy
  • #1,493
  • Jul 16, 2019 6:34am Jul 16, 2019 6:34am
Quoting emmanuel7788
{quote} Hi paroucia I used to trade these 3 pairs AUDUSD, AUDJPY and USDJPY during the early morning session of Sydney and Tokyo on M15 and H1 charts. Not anymore. Your can go to this website and look up the hourly volatility of those pairs you want to trade. https://www.mataf.net/en/forex/tools/volatility Example below is AUDUSD Hourly. {image} EURUSD Hourly {image}
Great tool here Emmanuel, many thanks for sharing it.
regards,
Peter
Just trying to put a kiss on the cheek of success
  • #1,494
  • Jul 16, 2019 6:48am Jul 16, 2019 6:48am
Quoting PhillipmC
{quote} How long did u back test it for ?
When I back test manually, I do a whole year on the time frame, usually H1 and H4, and in this case only H4. I switch to random pairs, meaning I don't have a specific pair I want to trade it on, and choose random years (in the past 10 years).
So in this case I tested it on at least 5 years of data. If that was your question.
  • #1,495
  • Jul 16, 2019 6:52am Jul 16, 2019 6:52am
For those of you who may be struggling to get a good percentage of winning trades, here's what I suggest.

ONLY trade Continuation Trades on a 4 hour chart for now, and only until you perfect trading them. Do not take any Crossover Trades.

In my opinion, for people who are relatively new or inexperienced at trading OR have not yet been consistently successful at trading, Continuation Trades are easier to trade and more reliable than Crossover Trades (until you perfect them) because you are almost always jumping in on an ALREADY established trend, in the direction of the trend. You are "going with the flow". You are swimming down river. Both of which are easier than reversing course, which is what Crossover trades do.

I would also suggest (just while you are learning) that you place your stop just above the high of the candle 2 candles behind the candle you entered on for short trades and place your stop just below the low of the candle 2 candles behind the candle you entered on for long trades. If your risk tolerance is low, then place the stop 1 candle back, but you WILL lose more trades than if you place it 2 candles back, but you will also lose less per trade when you lose. It's up to you, but do one or the other, and whichever way you do it, do it consistently.

I would also suggest (just while you are learning) that whatever size your stop is in pips, that you also set a profit target for the same amount of pips. Set both immediately just after you place your trade. NO EXCEPTIONS. Make this a habit or you WILL live to regret not doing it.

Why I am suggesting that you trade this way (just until you get consistently profitable) is because it's like learning to ride a bicycle and using training wheels. Once you get good enough at trading this way, just as on a bicycle, you can take the training wheels off.

Here are some examples of Continuation Trades:

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Always a Student, Never a Master - Emulate What Works
  • #1,496
  • Jul 16, 2019 7:04am Jul 16, 2019 7:04am
Quoting RobinHood
For those of you who may be struggling to get a good percentage of winning trades, here's what I suggest. ONLY trade Continuation Trades on a 4 hour chart for now, and only until you perfect trading them. Do not take any Crossover Trades. In my opinion, for people who are relatively new or inexperienced at trading OR have not yet been consistently successful at trading, Continuation Trades are easier to trade and more reliable than Crossover Trades (until you perfect them) because you are almost always jumping in on an ALREADY established trend,...

1:1 trades ? how high do you think the winning percent will be ? Also do you surgest any speciell pairs ?

Best regards
  • #1,497
  • Jul 16, 2019 7:26am Jul 16, 2019 7:26am
Quoting jgadefelth
{quote} 1:1 trades ? how high do you think the winning percent will be ? Also do you surgest any speciell pairs ? Best regards
I have NO IDEA what the winning % will be. There are too many variables that can't be quantified among different traders. This exercise is not MAINLY about the winning %. The most important part is about executing trades according to a set of RULES and sticking to them, which most newer and undisciplined traders are NOTORIOUSLY BAD AT.

Special pairs? It really doesn't matter, but if I had to chose, I would suggest some of these:

AUDUSD, GBPUSD, EURUSD, USDCHF, USDJPY, USDCAD, NZDUSD
Always a Student, Never a Master - Emulate What Works
  • #1,498
  • Edited 8:29am Jul 16, 2019 7:48am | Edited 8:29am
So from what I see everyone , possible interest tifsy Tuesday

Chf jpy short
eurcad short
Eur usd short
usdchf long

Let me know thoughts thanks
  • #1,499
  • Jul 16, 2019 8:03am Jul 16, 2019 8:03am
Quoting RobinHood
For those of you who may be struggling to get a good percentage of winning trades, here's what I suggest. ONLY trade Continuation Trades on a 4 hour chart for now, and only until you perfect trading them. Do not take any Crossover Trades. In my opinion, for people who are relatively new or inexperienced at trading OR have not yet been consistently successful at trading, Continuation Trades are easier to trade and more reliable than Crossover Trades (until you perfect them) because you are almost always jumping in on an ALREADY established trend,...
Appreciate the advice RH, I consider myself quite inexperienced but the rigorous backtesting has really helped me stay disciplined. A question for you traders...How many trades would you recommend per week? I use the daily and don't have my exposure over 2% in any currency at a time so I look for the best long and short for any currency. Should I just keep cranking this machine? I mean from what I've seen its got a positive expectancy, but then I'm conscious of DD. I'm hungry to learn.

Regards,
iSintim
  • #1,500
  • Edited 8:58am Jul 16, 2019 8:47am | Edited 8:58am
Quoting Bluejay12
So from what I see everyone , possible interest tifsy Tuesday Chf jpy short eurcad short Eur usd short usdchf long Let me know thoughts thanks
CHFJPY Short -- Daily is flat
EURCAD Short -- candle from EUR news and the USD and CAD news
EURUSD Short -- the cross trade was yesterday,today the news hekped!
USDCHF Long --- it is news candle and daily chart is not confirming

Today I only saw a continuation trade in EURAUD H4, a bit risky because the previous trend was very long.

I have I.B. candles, not NY candles, so I do not know if it will be the same.
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