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High Level Accuracy Method With Little To NO Draw-down

  • #3,881
  • Jan 7, 2020 4:22pm Jan 7, 2020 4:22pm
Quoting liton-
{quote} at the same time this 3 bar set up appeared on H1 time frame which is a buy signal. this method can be awesome one if implement properly with the combination of other things, i tried but could not find . {image}
you definitely identified the correct set up....no question....but the one that paid was the one a few hours before...if you go back to the 27th, look at the daily/weekly the downtrend is still in tact...as I have said before, that is why I have the bigger timeframe charts on the left hand side...it prevents me from pulling the trigger prematurely...and blowing up my trade..lol
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  • #3,882
  • Jan 8, 2020 2:31am Jan 8, 2020 2:31am
Hi guys, I marked a possible trade last night on GA 5M. Unfortunatelly, I missed it because it got filled during the night. I do not like limit orders when sleeping. What do you think about it? Would you have considered it as a valid one?
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  • #3,883
  • Jan 8, 2020 5:10am Jan 8, 2020 5:10am
Quoting Sami1990
{quote} Thank you Swede, do you have any other sample photos that I can study? And also, may I ask how do you scan pairs that has the 3 candle set up? Do you look at all 28 pairs most of the time?
This should help you, shows arrows when the pattern is present:
Attached File(s)
File Type: ex4 HLA 3-bar method v1.10.ex4   26 KB | 566 downloads
  • #3,884
  • Jan 8, 2020 6:55am Jan 8, 2020 6:55am
Quoting majrou666
Hi guys, I marked a possible trade last night on GA 5M. Unfortunatelly, I missed it because it got filled during the night. I do not like limit orders when sleeping. What do you think about it? Would you have considered it as a valid one? {image}
Not only a nice trade but another entry would have doubled your first trades profit...
  • #3,885
  • Jan 8, 2020 9:15am Jan 8, 2020 9:15am
Do you also consider Fundamentals of currency in line with your Technical set up before you trade?
  • #3,886
  • Jan 8, 2020 10:36am Jan 8, 2020 10:36am
Quoting Sami1990
Do you also consider Fundamentals of currency in line with your Technical set up before you trade?

Absolutely....if you dont your just asking to have your account blown........this morning GBP trade was just such a thing....the Employment numbers came out strong for USD, but it was probably already priced in for GBP and it went up instead of down....then two 3 bar set ups became appearant where trades where launched in the direction of the overal trend...which is now showing itself again....that is the wisdom of sitting on your hands until the news is dispersed .
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  • #3,887
  • Jan 8, 2020 6:26pm Jan 8, 2020 6:26pm
Sir how do you identify the direction of trend base on Fundamentals? And how do you know if it will affect the trend? And can you please teach sir how do you prepare your fundamentals and set ups before entering a trade..

Thank you in advance
  • #3,888
  • Jan 8, 2020 10:48pm Jan 8, 2020 10:48pm
Quoting Sami1990
Sir how do you identify the direction of trend base on Fundamentals? And how do you know if it will affect the trend? And can you please teach sir how do you prepare your fundamentals and set ups before entering a trade.. Thank you in advance
The trend is based on price as seen on the larger timeframe....it’s easy to see, just look at a daily or weekly chart. Fundamentals such as interest rates, news events, correlations with commodity prices and so on are what drive price to where it is. The trend can change depending on the strength of fundamentals. The point is don’t trade just on price and trend alone....know what is coming fundamentally by research. Start by looking at FF news...red news in particular and watch what happens when things like Non Farm Payrol is announced, how it effects USD and all the currencies that trade against it.

Whatever you do, do not trade with real money until you get a grasp on such things....
  • #3,889
  • Jan 8, 2020 10:59pm Jan 8, 2020 10:59pm
Ok I think I'm getting it. So this is how I understand your reply.

First I will identify trend direction of the currency pair

Second I will go to ForexFactory and look for economic news event like this

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Then I will wait for the forecast result if its positive or negative, and if it is inline with the current trend. i.e bearish trend bias, forecast result should be negative.

Finally I will look for 3 candle formation and wait for retracement.

Is this how you do your homework?
  • #3,890
  • Jan 9, 2020 2:47pm Jan 9, 2020 2:47pm
Hi guys, please see the picture below. Do you think it is good to take the trade when it comes back to the level in next few candles? It took it on 30M TF. There were actually two signals in a row. I also cope with PT a bit.
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  • #3,891
  • Jan 11, 2020 9:21pm Jan 11, 2020 9:21pm
Quoting Swede
{quote} Absolutely....if you dont your just asking to have your account blown........this morning GBP trade was just such a thing....the Employment numbers came out strong for USD, but it was probably already priced in for GBP and it went up instead of down....then two 3 bar set ups became appearant where trades where launched in the direction of the overal trend...which is now showing itself again....that is the wisdom of sitting on your hands until the news is dispersed . {image}
Hi Swede. Thanks for your wonderful charts....

I have a question on the chart you posted.
Is the first blue box a 3 bar setup? To me, it looks a valid setup. If this is a valid setup, why did you wait till the second blue bar(2nd 3 bar setup) to enter. You could have eneterd at the retest of the engulfing zone (shown with the arrow).
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Can you please explain your thought process here?

Thanks
Brrand
  • #3,892
  • Jan 12, 2020 10:54am Jan 12, 2020 10:54am
Quoting brrand
{quote} Hi Swede. Thanks for your wonderful charts.... I have a question on the chart you posted. Is the first blue box a 3 bar setup? To me, it looks a valid setup. If this is a valid setup, why did you wait till the second blue bar(2nd 3 bar setup) to enter. You could have eneterd at the retest of the engulfing zone (shown with the arrow). {image}Can you please explain your thought process here? Thanks Brrand
On major news days one trades with extreme caution. Currencies like the pound/dollar can be very erratic so caution is needed. I was going to enter on the first 3 bar set up ( that is why I show it) but I hesitated knowing there could be more upside....but when the second one showed itself I jumped on, even though it was a modest .10 lot. Should have taken a full lot but hey, hindsight is always 20/20 lol

Every single day, before entering the market, go to the calendar page to see what may be driving the market...you will never be caught off guard if you do that first.
  • #3,893
  • Jan 12, 2020 12:09pm Jan 12, 2020 12:09pm
Quoting Swede
{quote} On major news days one trades with extreme caution. Currencies like the pound/dollar can be very erratic so caution is needed. I was going to enter on the first 3 bar set up ( that is why I show it) but I hesitated knowing there could be more upside....but when the second one showed itself I jumped on, even though it was a modest .10 lot. Should have taken a full lot but hey, hindsight is always 20/20 lol Every single day, before entering the market, go to the calendar page to see what may be driving the market...you will never...
Appreciate your response.

Thanks
  • #3,894
  • Jan 12, 2020 12:40pm Jan 12, 2020 12:40pm
Quoting Swede
{quote} On major news days one trades with extreme caution. Currencies like the pound/dollar can be very erratic so caution is needed. I was going to enter on the first 3 bar set up ( that is why I show it) but I hesitated knowing there could be more upside....but when the second one showed itself I jumped on, even though it was a modest .10 lot. Should have taken a full lot but hey, hindsight is always 20/20 lol Every single day, before entering the market, go to the calendar page to see what may be driving the market...you will never...
Since I mostly trade on D1 charts news don't really affect my trading. Since trading D1 charts requires about 15 minutes a day I also trade RENKO charts and, in that case, you are totally correct since news can kill initial good trades.
  • #3,895
  • Jan 12, 2020 3:06pm Jan 12, 2020 3:06pm
Quoting brrand
{quote} Appreciate your response. Thanks
One more note on that trade that kept me on the short side....notice where it spiked and reversed? Right on the weekly pivot, key to wether or not there was going to be a change in trend...(.for more on pivots watch the pivot trading thread by Davit)
  • #3,896
  • Jan 12, 2020 9:43pm Jan 12, 2020 9:43pm
Quoting Swede
{quote} One more note on that trade that kept me on the short side....notice where it spiked and reversed? Right on the weekly pivot, key to wether or not there was going to be a change in trend...(.for more on pivots watch the pivot trading thread by Davit)
Yes. I have pivots in my trade plan...watching Davit's thread for quite some months/years now. Thanks.
  • #3,897
  • Jan 14, 2020 7:54am Jan 14, 2020 7:54am
Quoting Swede
{quote} On major news days one trades with extreme caution. Currencies like the pound/dollar can be very erratic so caution is needed. I was going to enter on the first 3 bar set up ( that is why I show it) but I hesitated knowing there could be more upside....but when the second one showed itself I jumped on, even though it was a modest .10 lot. Should have taken a full lot but hey, hindsight is always 20/20 lol Every single day, before entering the market, go to the calendar page to see what may be driving the market...you will never...
hi swede...love to hear your thoughts on this that just happened:
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"the fool and the prophet walk hand in hand..."
  • #3,898
  • Jan 14, 2020 8:22am Jan 14, 2020 8:22am
Quoting kaoscoded
{quote} hi swede...love to hear your thoughts on this that just happened: {image}
My thoughts are proceed with caution...look at Euro, falling hard again...pound is in a strong downtrend so even though I took a long from the S61 pivot level, my stop was only 5 pips and I already took 18 pip profit....now watching for a short level that makes sense....so none of that help you much but it is all I can offer...
  • #3,899
  • Jan 15, 2020 8:27am Jan 15, 2020 8:27am
textbook euro long this morning.....
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  • #3,900
  • Jan 16, 2020 8:51am Jan 16, 2020 8:51am
Nice, no drawdown entry after news .....paid big...out now..
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