Trading with range bars ichimoku cloud & awesome oscillator

gbp/aud for a few pips. Our a bit early.

So hopefully I can describe my money management strategy clearly:

I only risk 1% per trade and no more than 2 trades on at any time. This also must represent 4 different currencies so no overlap.

My live track record and back-testing have told me what my expected win/loss and risk/reward levels so I really don't think about max drawdowns but I do have a rule that says if I lose 10 in a row to stop and re-evaluate what has changed.

*A note to remember before I continue is that my charts bar size changes by the ATR of the pair.

The key to everything is my stop is 3 bars back from the entry. 3 bars * pip size = total pips risked. From here I can calculate my total position size. I don't have to think anything more than that. I fact I keep a spreadsheet this I update monthly that has done all the math for me.

My target starts at 5 times the risk so 15 bars. I move my stop after the pullbacks and then price makes a new high/low. I continue this all the way down. I usually shoot for 9 to 12 bars and will exit at my discretion right now.

One other point I'd like to comment on from some of the charts I've seen posted lately. RP's original entries came from this sequence: the market congests in a tight range then breaks out and pierces the cloud in the new direction. At the same time the AO crosses sides simultaneously to confirm the setup. Just food for thought on what made (and still makes) this method successful for anyone new who didn't get to experience trading with RP each day...

Quick trade on the HangSeng.

Hello ALCOL,

Kindly share your template and indicators,....

Thanks for your kindly attentions and help,...

Cheers,

Budi Dharma

Hi Budi Dharma,

I use the trading/charting package Sierra Charts, not MT4 which I assume you are requesting the templates/indicators for. The actual indicators used are the same as used in the Rockypoint method. Awesome oscillator, Ichimoku cloud with the Kijun sen, 5 pip range bars. The only extra I use is a 50 simple moving average.

Cheers,
Alcol

Greetings to all from Mexico. I will be around for 3 weeks starting Monday 11/18. I gave my wife her 2 sisters and my mother in law an all girls trip to Japan.
So I will spend some of my free time doing some trading posting some trades and thoughts.

Aloha Rocky!

Good you see you are still alive and kicking down in Mexico!

Regards,
EZ

Be nice to see you posting and commenting again Rockypoint. Thread has gone rather quite.

Cheers,

Alcol

Hi RP! Wonderful! Good to hear from u!Cant wait for your posts!

I suspect there are more of us quietly out here than you might think. Really glad to see RP back.

I am scalping the system for, typically, 3 pips an entry with special attention to the Tenken and especially its slope, plus AO position. On these small TPs often with an 'early' entry I do not wait to exit the kumo.

This is my current adaptation, but I am using pretty much all the tools RP has presented, although possibly with a different emphasis.

OK, 3 pips isn't much (you are saying) but watching 3 charts at a time (GU, EJ, ECd) I saw 14 entries today from 0700 (PST) to 0830. [Add three hours for NY equivalent]. This is not unusual. Two small losses today which did not quite make it to the 3 pip plus spread TP. The others all made it to TP. (of course I could not enter them all)

I want to be careful not to mislead . . . of course you can only enter and manage one or possibly two trades at a time. Naturally, this means you will be in several fewer than the total 'qualified' trades you see. There is an obvious danger in overtrading if you take on too much . . . or maybe my span of control is just smaller. I would be pretty happy with six decent entries a day. This is do-able.

This is clearly not what RP has in mind with his entries and exits that I assume most are using, but it works for me. Early Asian session is another time I sometimes apply this method. It is easier for me on NY morning session though.

All success to each of you on-board this forum.

System is not written in stone, it's a template to be adapted to an individuals needs and trade psychology. If it works for you and you make money Great/

Will be great to have you back RP !

RP, I do understand that. Actually, I do hope to grow into utilizing the approach to accommodate longer runs, as you do.

And thanks for all you have done for us!

Early trade on the Hang Seng. First trade a loser (bad entry, second one better) .

Hi everyone.
Rockypoint,i hope you are well.Please shed some light on how you move your stop loss.
You have mentioned in the past that you move the SL when a trade goes in your favor.What i would like to know is how soon you move the SL.
Assuming the initial SL is 20 pips and the trade goes 5 pips in your favor, do you move the SL to 15 at that point, or do you wait for the trade to go 10 pips in your favor and move the SL to 10 pips?

Speaking of the Hang Seng Index futures, its 1st hour range in Monday's morning session was 369 pts!

The latter Ickihouse, look for 20 pip profit move 20 pip sl to 10, if I hit 15 pip profit move to b/e, hit 20 move to 10 pip profit then evaluate whether I wan't to let trade
keep running and take profits.

Hi RP,thanks a lot!

First trade on the Nikkei. Seems to have come alive lately.

Think I will start trading london session next week, ny open putting me to sleep. Trading some indexes but use a different system for that.