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1H Swing Trading on EURUSD

  • #61
  • Dec 30, 2019 7:14am Dec 30, 2019 7:14am
Quoting derekw
Hi Akolva Perhaps another time as this thread is not about my system. Hope you understand.
I understand completely. With that said, I encourage you to start a thread as your system looks promising.
  • #62
  • Dec 30, 2019 7:34am Dec 30, 2019 7:34am
Thanks Akolva. I will consider this.

In the meantime I hope Broketrader is still short.
  • #63
  • Dec 30, 2019 9:14am Dec 30, 2019 9:14am
BT, I'm in favor of your original method. Extreme deviation from that, may be polluting the focus of this thread. Not intended to discourage anyone from researching their own way of getting from A to B. Just asking all to be respectful of your basic set ups.

I am interested in what you said in post #52. Hope you expand on that at some point.
  • #64
  • Dec 30, 2019 10:07am Dec 30, 2019 10:07am
Quoting diamonddbw
BT, I'm in favor of your original method. Extreme deviation from that, may be polluting the focus of this thread. Not intended to discourage anyone from researching their own way of getting from A to B. Just asking all to be respectful of your basic set ups. I am interested in what you said in post #52. Hope you expand on that at some point.
Hi Diamond,

Regarding post #52, when I see MSRSI being at extremes, I just try to enter a trade to the opposite direction. It worked perfectly well on the first trade that I commented here, but not with the one today as you could see.

My hypothesis for today was that the price would reverse as fast as it raised, that's also why I went heavy with 1 lot and then again with 0.6 lot, but as you know, it failed. From the beginning I was willing to risk $150, no more, and I somehow exited with about -120 so all OK.

My "mental" hedge also, is that I take those trades when I'm well beyond my monthly profit plan which is 10% of account and you know that this month was very good for me. Overall, compared to the profits I made, it's a low cost trade that can potentially give big rewards, that's why I very often take them.

My main defect in these trades is that I'm far too early, or too big, or both ;-), so I have to improve that, but as you very well said, I also have to remain focused on the main setup. Thanks for giving the opportunity to explain
Simplicity is the Ultimate Sophistication.
  • #65
  • Dec 30, 2019 10:20am Dec 30, 2019 10:20am
Hi Broketrader

Do you have a strategy to re-enter like a new long now on the break upwards after consolidation or will you wait for the market to turn and look for a short as your next opportunity?

I bought again now for instance, (I must say though that I did so with little confidence).

Attached Image (click to enlarge)
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  • #66
  • Dec 30, 2019 10:33am Dec 30, 2019 10:33am
Quoting derekw
Hi Broketrader Do you have a strategy to re-enter like a new long now on the break upwards after consolidation or will you wait for the market to turn and look for a short as your next opportunity? I bought again now for instance, (I must say though that I did so with little confidence). {image}
Hi Derek,

Congrats for your re-entry, I hope it will give good profits. In short, No, I don't have re-entry strategy and I don't want to develop one, keeping things simple is important. But if you read my exit point on first post, I say that you exit either if you are happy with your profits or on a contrary signal, and we didn't get a contrary signal yet so we could very well still be in the trade but personally I already explained why I got out, so I have no regrets. Next year there will be plenty of trends to trade, I'm sure ;-)

Regarding the next opportunity, we will see, it could not necessarily be a short but maybe a MA100 touch and go given that it seems that we are in a strong up trend right now. We will see at that moment, and for sure, I will post a chart.
Simplicity is the Ultimate Sophistication.
  • #67
  • Dec 30, 2019 10:59am Dec 30, 2019 10:59am
Ok, I also find it hard to stay in when you have made a nice profit. Looking forward to seeing your chart.

Sorry about your short - for a moment today it looked like it would really go in your favour. In the end I also went short, but it was a very small trade making only a few cents.
  • #68
  • Dec 30, 2019 11:27am Dec 30, 2019 11:27am
Hi All. Now on my 5th look at trades for 2019. One small help I've found, is if price is X# of pips away from on chart 100sma, and there is a trade set up, I would not take it.

Example: Say price is 90 pips below 100sma, and you get a sell signal, I would not take it.

In my current review, I'm seeing that any trades either 50ish above, or below, should not be taken, if they signal to continue in that direction.

Current price has been over 80 pips above 100sma for a few days.

I'm still researching this angle, so will update as needed.
  • #69
  • Dec 30, 2019 11:43am Dec 30, 2019 11:43am
Quoting diamonddbw
Hi All. Now on my 5th look at trades for 2019. One small help I've found, is if price is X# of pips away from on chart 100sma, and there is a trade set up, I would not take it. Example: Say price is 90 pips below 100sma, and you get a sell signal, I would not take it. In my current review, I'm seeing that any trades either 50ish above, or below, should not be taken, if they signal to continue in that direction. Current price has been over 80 pips above 100sma for a few days. I'm still researching this angle, so will update as needed.
You are right, check also post #8 where I talk about it on a chart...

Quoting broketrader
...Observe also that the swing to generate the Buy signal is 80 pips large and very often, if not all the time, top and bottoms are tested as it was in this case and that means that in the case we had entered a trade here, we would have been in 80 pip loss and in this case we went even lower than that so it's important to be aware of that...
Simplicity is the Ultimate Sophistication.
  • #70
  • Edited 2:05pm Dec 30, 2019 12:12pm | Edited 2:05pm
Hi Broketrader, thanks!!!!
Attached Image(s) (click to enlarge)
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Attached File(s)
File Type: ex4 mtf-ma 2.ex4   10 KB | 641 downloads
File Type: mq4 mtf-ma 2.mq4   1 KB | 700 downloads
  • #72
  • Dec 30, 2019 3:08pm Dec 30, 2019 3:08pm
Quoting broketrader
{quote} Hi Diamond, Regarding post #52, when I see MSRSI being at extremes, I just try to enter a trade to the opposite direction. It worked perfectly well on the first trade that I commented here, but not with the one today as you could see. My hypothesis for today was that the price would reverse as fast as it raised, that's also why I went heavy with 1 lot and then again with 0.6 lot, but as you know, it failed. From the beginning I was willing to risk $150, no more, and I somehow exited with about -120 so all OK. My "mental" hedge also, is that...
If you have exceeded your monthly target then you should be SOYH! No need to over trade. Great job btw.
  • #73
  • Dec 30, 2019 3:15pm Dec 30, 2019 3:15pm
I will experiment a way to satisfy my appetite for finding top/bottoms (kind of sport I like to practice) while at the same time mitigating the risk, this is how:

Instead of trying to catch the perfect peak, as we all know is impossible, at extremes like now when top/bottoms are forming, the idea is to enter a maximum of 3 trades half the size of the regular ones at round numbers and every 20 pips, like for example now at 1.1200, 1.1220, 1.1240, and giving them, as a group, the exact risk of a regular single trade which for me is 10% of account at -100 pips, that way, I can just enter the limit orders with their stop losses and "forget" them, they embed exactly the same risk as the trades used by the system.

Let's see what I get from that...
Simplicity is the Ultimate Sophistication.
  • #74
  • Dec 30, 2019 3:22pm Dec 30, 2019 3:22pm
Quoting bojack34
{quote} If you have exceeded your monthly target then you should be SOYH! No need to over trade. Great job btw.
Excuse my ignorance, could you first explain to me what SOYH! means ?

And yes, it was a bit of over trading but doing it and the failure that followed forced me to search for a solution I think I now have, not forcibly better in terms of gain but certainly in terms of peace of mind. Thanks!
Simplicity is the Ultimate Sophistication.
  • #75
  • Dec 30, 2019 4:19pm Dec 30, 2019 4:19pm
EURUSD
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  • #76
  • Dec 30, 2019 4:25pm Dec 30, 2019 4:25pm
Quoting broketrader
{quote} Excuse my ignorance, could you first explain to me what SOYH! means ? And yes, it was a bit of over trading but doing it and the failure that followed forced me to search for a solution I think I now have, not forcibly better in terms of gain but certainly in terms of peace of mind. Thanks!
lol sorry......SOYH stands for "Sit On Your Hands"
  • #77
  • Dec 30, 2019 7:02pm Dec 30, 2019 7:02pm
Please help. How to apply this system to MT4 android..? Thank you.
  • #78
  • Dec 31, 2019 6:16pm Dec 31, 2019 6:16pm
[quote = valseva; 12679007] Xin chào Broketrader, cảm ơn !!!! {hình ảnh} [/ quote]
You can share your system settings. thanks
  • #79
  • Edited 8:37am Jan 1, 2020 8:24am | Edited 8:37am
Happy and Prosperous New Year 2020 to All !

As a parenthesis before the market opens, interesting to see what happened to the Dollar Index overnight...

Attached Image (click to enlarge)
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But even if the Euro is 57% of it, it's holding well above the 1,12 level. It looks like I shouldn't suffer a big gap against me at open, we should open at previous close or below it, to the contrary of USDJPY which has left the ground 240 pips! and seems to want to remain there but all this could change at the open, we will see.

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Quotes from : https://forex.tradingcharts.com/quotes/

Again, the best possible year 2020 for Everyone !
Simplicity is the Ultimate Sophistication.
  • #80
  • Jan 2, 2020 3:40am Jan 2, 2020 3:40am
Attached Image (click to enlarge)
Click to Enlarge Name: EU.jpg Size: 113 KB

hello BT, happy new yr! looking at the extremes to enter at tops or bottoms a trend line break might help to avoid. nice work!
Rise or fall....a better me!
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