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1H Swing Trading on EURUSD

  • #601
  • Apr 21, 2020 3:40pm Apr 21, 2020 3:40pm
Swing trading is interesting, we have to put an eye on chart 24 hours, otherwise opportunity can be miss.
  • #602
  • Apr 21, 2020 4:05pm Apr 21, 2020 4:05pm
Quoting broketrader
{quote} Hi Gofitty, the best trend that illustrates your question is 20-8 {image} The trend had an initial angle and then it accelerated but in between, the first trend was broke like we were going to have an up-trend, like maybe what we are having right now. So, with the latest entry strategy, I would have closed my short trade at (1), and entered a long 30-50% (anticipation), then I would have closed that long at a loss at (2) and re-established my previous short trade because we are again under the trend, then closed that short at a loss again...
Ok thank you, that makes sense.
  • #603
  • Apr 22, 2020 1:28am Apr 22, 2020 1:28am
Hi Broketrader, You are a genius. I always learn so much from you. Thank bro
  • #604
  • Apr 22, 2020 2:24am Apr 22, 2020 2:24am
Quoting vuduong
Hi Broketrader, You are a genius. I always learn so much from you. Thank bro
Hi vuduong, glad if you learn something but don't exaggerate, i'm haven't seen any genius near me lol.

Well folks, we got a buy signal at a better level than my anticipated trade, let's see if it's confirmed in the following hours...

So far we had:
1st event, previous trend-line (20-12) break => first entry @ 1.0872
2nd event, Signal right now => already have an entry @ 1.0852

Waiting now 3rd event to complete my position. Wave 1 and SMA test.
Simplicity is the Ultimate Sophistication.
  • #605
  • Apr 22, 2020 2:33am Apr 22, 2020 2:33am
I think I will close my first entry at top of wave zero or before if there is no momentum as it's not at a good level end re-enter later at SMA touch.
Simplicity is the Ultimate Sophistication.
  • #606
  • Apr 22, 2020 6:28am Apr 22, 2020 6:28am
Hello, i take a Long Trade at 1.0871. It's good ... ?!

Good Day !
  • #607
  • Apr 22, 2020 10:20am Apr 22, 2020 10:20am
BT, how is your chart currently looking? Intrigued by your entry at 1.0829. Thanks
  • #608
  • Apr 22, 2020 10:57am Apr 22, 2020 10:57am
Quoting Gofitty
BT, how is your chart currently looking? Intrigued by your entry at 1.0829. Thanks
There is no intrigue ;-) I closed my anticipated trade which was at a bad level and waited wave one to re-enter and I completed as this is the last event for my entries.

I admit that in post #565 it's maybe not completely clear but the SMA touch should come at wave one, the problem is that in this case we went beyond because wave zero wasn't strong enough but I still I think it's the right time to take the risk even if the trade terminates with a loss.

What I didn't see in post #565 is that I thought that we wouldn't have the need anymore of SRSI-168 which you see in the chart below in blue while in fact we still need it.

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 79 KB
Simplicity is the Ultimate Sophistication.
  • #609
  • Apr 22, 2020 11:08am Apr 22, 2020 11:08am
New sell signal. The system says sell, so I sell.
  • #610
  • Apr 22, 2020 11:14am Apr 22, 2020 11:14am
Quoting broketrader
{quote} There is no intrigue ;-) I closed my anticipated trade which was at a bad level and waited wave one to re-enter and I completed as this is the last event for my entries. I admit that in post #565 it's maybe not completely clear but the SMA touch should come at wave one, the problem is that in this case we went beyond because wave zero wasn't strong enough but I still I think it's the right time to take the risk even if the trade terminates with a loss. What I didn't see in post #565 is that I thought that we wouldn't have the need anymore...
There is a connection between GU and EU #you were needed to see if GU is also near SMA or have a lot of momentum to cross it then your signal could be with high probability #it's not a new rule but you need to manually backtest it.
All in all your thread is incredible.
All the best.
  • #611
  • Apr 22, 2020 11:18am Apr 22, 2020 11:18am
Quoting broketrader
{quote} There is no intrigue ;-) I closed my anticipated trade which was at a bad level and waited wave one to re-enter and I completed as this is the last event for my entries. I admit that in post #565 it's maybe not completely clear but the SMA touch should come at wave one, the problem is that in this case we went beyond because wave zero wasn't strong enough but I still I think it's the right time to take the risk even if the trade terminates with a loss. What I didn't see in post #565 is that I thought that we wouldn't have the need anymore...
With you, thanks for the explanation.
  • #612
  • Apr 22, 2020 3:30pm Apr 22, 2020 3:30pm
Quoting broketrader
{quote} There is no intrigue ;-) I closed my anticipated trade which was at a bad level and waited wave one to re-enter and I completed as this is the last event for my entries. I admit that in post #565 it's maybe not completely clear but the SMA touch should come at wave one, the problem is that in this case we went beyond because wave zero wasn't strong enough but I still I think it's the right time to take the risk even if the trade terminates with a loss. What I didn't see in post #565 is that I thought that we wouldn't have the need anymore...
Difficult week this. What are you going to do if a sell signal is confirmed in this last hour?
  • #613
  • Apr 22, 2020 5:03pm Apr 22, 2020 5:03pm
Yes, we got the signal a couple hours before, not 5 hours ago like someone posted previously.

If I haven't closed yet, it's because we are still not under the trend, we rebounded on it so it's the last chance I'm giving it. I explained that in my response to Gofitty.

It doesn't look good I know but I'm only following my logic and if we get a test of the SMA I still have a chance to recover my losses.

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 105 KB
Simplicity is the Ultimate Sophistication.
  • #614
  • Apr 23, 2020 1:52am Apr 23, 2020 1:52am
Quoting broketrader
Yes, we got the signal a couple hours before, not 5 hours ago like someone posted previously. If I haven't closed yet, it's because we are still not under the trend, we rebounded on it so it's the last chance I'm giving it. I explained that in my response to Gofitty. It doesn't look good I know but I'm only following my logic and if we get a test of the SMA I still have a chance to recover my losses. {image}
I could get out at the rebound as I wanted. I had a chance and I got it, limiting my losses for my previous trade.
We have now a fresh bear signal and are at wave 1, but a bit far from the SMA and we have a series of news during the morning.
I will enter short but very lightly to be in sync with the signal.
Simplicity is the Ultimate Sophistication.
  • #615
  • Apr 23, 2020 2:01am Apr 23, 2020 2:01am
Quoting InferiorHost
{quote} There is a connection between GU and EU #you were needed to see if GU is also near SMA or have a lot of momentum to cross it then your signal could be with high probability #it's not a new rule but you need to manually backtest it. All in all your thread is incredible. All the best.
Of course that there is a connection, the common denominator of both is the 'U' but there is no need to look at other pairs and search for any sort of correlation it just adds more complexity and questions to the equation.
Simplicity is the Ultimate Sophistication.
  • #616
  • Apr 23, 2020 2:53am Apr 23, 2020 2:53am
Wow....money management is the key to success in Forex! Will go back to demo trading till I can get my funds back up. Still here though
Rise or fall....a better me!
  • #617
  • Apr 23, 2020 3:03am Apr 23, 2020 3:03am
Set up an Oanda account to try their demo so I could connect trades to here and just thought I had myself a nice position only to realise I'd set the SL wrong. Will wait for a re entry.
  • #618
  • Apr 23, 2020 3:15am Apr 23, 2020 3:15am
Quoting Bororo
Wow....money management is the key to success in Forex! Will go back to demo trading till I can get my funds back up. Still here though
I understand that you got serious losses, sorry to hear that!

Yes, Money Management and personal targets are important but very personal, that's why everyone should have their own and that I don't want them discussed here, my risks and personal goals are only mine. It's the system that we can share and learn to trade, not the rest.

Take the time now to think about some rules in order to not jeopardize your account on a couple of trades.

Again, the system is good but will never be perfect and at times will be difficult to trade, like it is now. If you want to adopt it and make it yours, you need to accept that and accept the losses that come with it, just keep trading it with good money management while waiting for better times.

Good luck
Simplicity is the Ultimate Sophistication.
  • #619
  • Apr 23, 2020 3:34am Apr 23, 2020 3:34am
Quoting Gofitty
Set up an Oanda account to try their demo so I could connect trades to here and just thought I had myself a nice position only to realise I'd set the SL wrong. Will wait for a re entry.
As you talk about the stop losses, I think I talked about that in the past but see that it's important that I drop a word about it again...

As you have seen so far, I never set any (visible) stop loss on my trades, because for this system to work you need to give the price plenty of room to move. For example, in the past, I have been 60+ pip in loss on a counter move, would you had been stopped on that move ? So think about it...

As an example of what I do for my trades to set my mental stop loss, I follow these steps:

1. I decide the risk that I take for the trade, let's say I want to risk 10% of account, so 10% of 10K is 1K
2. I have a mental fixed stop loss for all trades which is 100 pips, So 1K over 100 pips gives me 1 full lot.
3. I split that lot in different percentages over my 3 event entries as I have explained before.

Then sometimes I can add more if I feel that I'm at a good moment/level and could even add 1 more lot but on those trades I put a hard stop loss of 10 pips or so, making me risking only 100$ of the 1k initial risk, sometimes those trades pay, sometimes not but it's still worth taking them, in my opinion, as in the case of failure you only take 10% out of the initial risk, leaving you with still 90 pips of margin for the initial trade.

Now I'm not saying that you should follow this example, again, this is personal, just an idea to make you think about your own rules.
Simplicity is the Ultimate Sophistication.
  • #620
  • Apr 23, 2020 3:36am Apr 23, 2020 3:36am
Quoting Bororo
Wow....money management is the key to success in Forex! Will go back to demo trading till I can get my funds back up. Still here though
Sadly, I also do the same, I also lost some of my investment, but i will follow this strategy; but only problem that i found from this is that we have to spend most of our time in front of the screen,I would like to have some sort of alert (if possible). Thank you BT
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