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  • #11,501
  • Mar 15, 2020 4:38pm Mar 15, 2020 4:38pm
Personally I would steer clear of the EURJPY one.. its already moved a long way and has passed over the BBmid.

The EurCad is more promising, but you are going against the long term trend, also it may be prudent to wait for the SMA5 to turn down. However that will lose a day.

It could be a short term gainer but in these markets you never know what is round the corner! Stay Green!
All opinions stated are purely opinions.. I may be wrong!
  • #11,502
  • Mar 16, 2020 3:53am Mar 16, 2020 3:53am
Quoting slowlyslowly
Personally I would steer clear of the EURJPY one.. its already moved a long way and has passed over the BBmid. The EurCad is more promising, but you are going against the long term trend, also it may be prudent to wait for the SMA5 to turn down. However that will lose a day. It could be a short term gainer but in these markets you never know what is round the corner! Stay Green!
Forget about going short here look at these falling wedge these will bush price very high....
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  • #11,503
  • Mar 16, 2020 2:54pm Mar 16, 2020 2:54pm
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If a knife is falling.. Don't try and catch it, just let it hit the floor!
All opinions stated are purely opinions.. I may be wrong!
  • #11,504
  • Mar 17, 2020 10:53am Mar 17, 2020 10:53am
GBP AUD BUY
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  • #11,505
  • Mar 17, 2020 5:00pm Mar 17, 2020 5:00pm
Hi All,

first post here. Trying this out on a demo account. I got into usdjpy and eurjpy long.
How well does this system work in turbulent times like these?
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  • #11,506
  • Mar 17, 2020 5:38pm Mar 17, 2020 5:38pm
Quoting pipspipspips
Hi All, first post here. Trying this out on a demo account. I got into usdjpy and eurjpy long. How well does this system work in turbulent times like these?
Hmm... firstly.. I have no idea how it will go in the current climate. The thread was only started in 2016 so we don't even have the previous recessions to compare to, never mind something as dramatic as a worldwide shutdown!

As for the charts. I have no idea why you opened the EURJPY trade?
The USDJPY would be good if you weren't buying into a SR zone.. see the bar just to the left and the bounce bar about 3/4 to the left.

I guess from my experience, in times like these, you need to have one eye on world events as well as the charts.
Personally I am waiting for USDJPY to turn down for a sell... Its the current trend. I also think the Fed have pulled out all their big guns early. If the virus really takes hold in the US as I fear it might then all the stimulus in the world will not help the dollar, and as Japan has been less affected I see a flight to safety in the Yen.

But who knows? Glad you are trialling on demo
All opinions stated are purely opinions.. I may be wrong!
  • #11,507
  • Mar 17, 2020 6:14pm Mar 17, 2020 6:14pm
Quoting slowlyslowly
{quote} Hmm... firstly.. I have no idea how it will go in the current climate. The thread was only started in 2016 so we don't even have the previous recessions to compare to, never mind something as dramatic as a worldwide shutdown! As for the charts. I have no idea why you opened the EURJPY trade? The USDJPY would be good if you weren't buying into a SR zone.. see the bar just to the left and the bounce bar about 3/4 to the left. I guess from my experience, in times like these, you need to have one eye on world events as well as the charts. Personally...
Thanks for your reply. I guess we will just have to wait and see how this system performs in times like these. I think not so good till there is a clear direction of where markets are heading, we still do not know the impacts of the virus. Looking at the stock market, it is trading wildly with huge swings, maybe currency will be doing the same?

I opened eur/jpy because it closed over the 5 SMA, not buy much and it was an indecisive candle but I am trying to stick to the rules of the system, in hindsight I think it is not the right decision, I was hesitant at first, but wanted to add another position with a similar setup to the usd/jpy.

As for usd/jpy true there is a resistance close by, but again trying to follow the system rules only. Plus the 5 SMA trend is strong in the upward direction, maybe it will break?

I look forward to learning from your knowledge here in this forum.
  • #11,508
  • Mar 18, 2020 3:23pm Mar 18, 2020 3:23pm
Quoting pipspipspips
{quote} I opened eur/jpy because it closed over the 5 SMA, not buy much and it was an indecisive candle but I am trying to stick to the rules of the system, in hindsight I think it is not the right decision, I was hesitant at first, but wanted to add another position with a similar setup to the usd/jpy.
I would say if you are hesitant...don't trade.

I know its hard but with a daily system you will need a huge amount of patience... I sometimes go many days without trading, then you may be waiting more days for it to move in the right direction (hence my username).

Its really easy when new to just go for everything, but mentally filtering trades is a great skill to learn. One of my best lightbulb moments was when I was becoming disillusioned, and I actually spent less time analysing trades. I spent several weeks mostly saying no and only trading occasionally, then I realised that trading less made me more successful, so I understood then that there is no point winning and losing lots of trades in equal measure, but winning more than losing, even with fewer trades was the best way forward. 2% a week is my target, and I can do that with 1 winner every 2 weeks! ( or in reality 1 more winner than loser each 2 weeks)

Also although BK suggests trading 2 swaps with one currency I personally limit myself to one. That way I really have to weigh up the trades to decide which I think is the most likely to succeed. It may be because I use a high % in each trade, so I really want the most likely set-ups.
All opinions stated are purely opinions.. I may be wrong!
  • #11,509
  • Mar 18, 2020 3:54pm Mar 18, 2020 3:54pm
First week live withe original system 2 winners I looser one still making up its mind. so far so good PROFIT !!!!!!!!!!
  • #11,510
  • Mar 18, 2020 4:13pm Mar 18, 2020 4:13pm
Quoting slowlyslowly
{quote} I would say if you are hesitant...don't trade. I know its hard but with a daily system you will need a huge amount of patience... I sometimes go many days without trading, then you may be waiting more days for it to move in the right direction (hence my username). Its really easy when new to just go for everything, but mentally filtering trades is a great skill to learn. One of my best lightbulb moments was when I was becoming disillusioned, and I actually spent less time analysing trades. I spent several weeks mostly saying no and only...
Great advice man. I have no patience and need to practice it.
The eur/jpy trade hit stop loss, and the usd/jpy hit the resistance, I exited it with 35 pips profit.

Would you short cad/chf, seems like it broke down from the range?
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  • #11,511
  • Mar 18, 2020 9:45pm Mar 18, 2020 9:45pm
Gbp aud closed first position moved second one to be .
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  • #11,512
  • Mar 18, 2020 10:23pm Mar 18, 2020 10:23pm
Quoting Iamdrp
Gbp aud closed first position moved second one to be . {image}
So do you actually open two positions on the same pair? and close one after the first day, and let the other run? Or is it 2 positions a different pair each?
  • #11,513
  • Mar 19, 2020 5:51am Mar 19, 2020 5:51am
Quoting Iamdrp
Gbp aud closed first position moved second one to be . {image}
I like your Dashboard. Would you mind sharing the template or indicator file
  • #11,514
  • Mar 19, 2020 10:06am Mar 19, 2020 10:06am
Quoting pipspipspips
{quote} So do you actually open two positions on the same pair? and close one after the first day, and let the other run? Or is it 2 positions a different pair each?
yes i am trying to follow the firs page rule for money managment since i noticed that most of the time we can get at least 1 day in profit before we are stopped so i open 2 positions on the same pair and if at the end of the day i am in profit i close one position and move the other one to be. In the gbp aud trade i closed first position even tough the day was just begun because i saw that big move and i wanted to lock the profit otherwise i would have wait tonight when the day was over to close. anyway second position on gbp aud has been stopped out at be now.
  • #11,515
  • Mar 19, 2020 10:09am Mar 19, 2020 10:09am
Quoting Patdozie
{quote} I like your Dashboard. Would you mind sharing the template or indicator file
yes sir here is the dashboard hope you will find it usefull.
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  • #11,516
  • Mar 19, 2020 10:24am Mar 19, 2020 10:24am
Quoting Iamdrp
{quote} yes i am trying to follow the firs page rule for money managment since i noticed that most of the time we can get at least 1 day in profit before we are stopped so i open 2 positions on the same pair and if at the end of the day i am in profit i close one position and move the other one to be. In the gbp aud trade i closed first position even tough the day was just begun because i saw that big move and i wanted to lock the profit otherwise i would have wait tonight when the day was over to close. anyway second position on gbp aud has been...
aaaah thanks for the clarification. I though you open two positions on two different pairs. I will try that out. And seems like you made the right decision on gpb/aud, it did retrace back after hitting resistance. Good luck.
  • #11,517
  • Mar 19, 2020 10:28am Mar 19, 2020 10:28am
shorted nzd jpy, going against me atm.
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  • #11,518
  • Mar 19, 2020 4:28pm Mar 19, 2020 4:28pm
shorted eur/cad.
It might hit support at around 1.5280, that's still a 200 pip move, hopefully more.
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  • #11,519
  • Mar 19, 2020 5:34pm Mar 19, 2020 5:34pm
Quoting pipspipspips
{quote} As for usd/jpy true there is a resistance close by, but again trying to follow the system rules only. Plus the 5 SMA trend is strong in the upward direction, maybe it will break?
That turned out to be a good call. Well done

I thought it might have turned yesterday but it broke out... I am still patiently waiting for a sell signal, but my traffic light MAs are bunching which is saying that is less likely.
All opinions stated are purely opinions.. I may be wrong!
  • #11,520
  • Mar 19, 2020 6:00pm Mar 19, 2020 6:00pm
Quoting slowlyslowly
{quote} That turned out to be a good call. Well done I thought it might have turned yesterday but it broke out... I am still patiently waiting for a sell signal, but my traffic light MAs are bunching which is saying that is less likely.
It is approaching major resistance around 112.20, it might just sit there for a while if no new major news.
usd/jpy is confusing me so much right now, I though the yen was considered a safe haven and people flock to it in volatile times, but the opposite is happening now in some of the most volatile times I've ever seen. Weird.
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