It's that time of the week, but with FOMC looming ahead, I don't advise any trading today
USDJPY with Mon Tue + weekly breakout
USDJPY with Mon Tue + weekly breakout
MAY THE TREND BE WITH YOU
Simple Monday-Tuesday System (attached calculator)
- #2,402
- Apr 27, 2021 8:33pm Apr 27, 2021 8:33pm
- Joined Jul 2011 | Status: Gold Again | 10,653 Posts
and a couple of CAD-based pairs, up to you, let us know how it works out
MAY THE TREND BE WITH YOU
- #2,403
- Apr 27, 2021 8:39pm Apr 27, 2021 8:39pm
- Joined Jul 2011 | Status: Gold Again | 10,653 Posts
News out as I'm posting, check all AUD pairs, up to you
$AUDUSD slipping following broadly softer Australian Q1 CPI data: 1.1% y/y versus 1.4% estimated 0.6% q/q versus 0.9% anticipated
Markets likely trimming less-dovish #RBA policy expectations
$AUDUSD slipping following broadly softer Australian Q1 CPI data: 1.1% y/y versus 1.4% estimated 0.6% q/q versus 0.9% anticipated
Markets likely trimming less-dovish #RBA policy expectations
MAY THE TREND BE WITH YOU
- #2,405
- May 1, 2021 6:56am May 1, 2021 6:56am
- Joined Jul 2011 | Status: Gold Again | 10,653 Posts
Bit of an update for the week of April 26 - 30, 2021
A couple of things I used for this backtest, introduce a Wednesday time window, which means if the trade is not triggered on Wednesday, no trade for the week.
The 2nd thing would be using a Stop Loss of 0.5 of ADR (20) and a Take Profit of 1 x ADR (20), moving to Break Even when 1 to 1 level is reached.
Pretty standard risk management that all should be familiar with. A move of 1 x ADR (20) is not asking that much when there are 2.5 days left in the week.
And as I used Metatrader 5, I was able to use my PriceBox indicator which has the ability to set a variable Buffer size as per the original rules.
I used 10% of the Mon Tue range; this allows for the different volatility of each pair.
I used the guideline of waiting for a close on the 1-hour candle beyond the Mon Tue range and setting the pending order at the Buffer price level.
The final gain on the week shows 9 R, so if the risk per trade was 1% that means a gain of 9%, just don't expect me to ever report a profit in pips.
A couple of things I used for this backtest, introduce a Wednesday time window, which means if the trade is not triggered on Wednesday, no trade for the week.
The 2nd thing would be using a Stop Loss of 0.5 of ADR (20) and a Take Profit of 1 x ADR (20), moving to Break Even when 1 to 1 level is reached.
Pretty standard risk management that all should be familiar with. A move of 1 x ADR (20) is not asking that much when there are 2.5 days left in the week.
And as I used Metatrader 5, I was able to use my PriceBox indicator which has the ability to set a variable Buffer size as per the original rules.
I used 10% of the Mon Tue range; this allows for the different volatility of each pair.
I used the guideline of waiting for a close on the 1-hour candle beyond the Mon Tue range and setting the pending order at the Buffer price level.
The final gain on the week shows 9 R, so if the risk per trade was 1% that means a gain of 9%, just don't expect me to ever report a profit in pips.
MAY THE TREND BE WITH YOU
- #2,406
- May 1, 2021 7:19am May 1, 2021 7:19am
- Joined Jul 2011 | Status: Gold Again | 10,653 Posts
Here is an example of how simple this trade can be. For me, EURCAD is a notoriously difficult pair to get any pips, and yet this looks easy.
ADR (20) is 97 so, round to 100, make the Stop Loss 50 pips, the Take Profit 100 pips.
Did anyone notice on the report that there are 8 full TP trades and 8 full SL trades?
This is the stock standard teachings of FX trading, use a Risk-Reward of 2 to 1, and even with 50% losers you still make money.
ADR (20) is 97 so, round to 100, make the Stop Loss 50 pips, the Take Profit 100 pips.
Did anyone notice on the report that there are 8 full TP trades and 8 full SL trades?
This is the stock standard teachings of FX trading, use a Risk-Reward of 2 to 1, and even with 50% losers you still make money.
MAY THE TREND BE WITH YOU
- #2,407
- May 1, 2021 7:46am May 1, 2021 7:46am
- Joined Jul 2011 | Status: Gold Again | 10,653 Posts
While using the smaller stop loss of half ADR gives a better chance of reaching a 2 to 1 profit target but it also comes with the risk of quicker stop loss also.
You would be crying over this one
and just about any re-entry method would recover to break even at the least.
You would be crying over this one
and just about any re-entry method would recover to break even at the least. MAY THE TREND BE WITH YOU
- #2,408
- May 2, 2021 3:42pm May 2, 2021 3:42pm
- Joined Jul 2011 | Status: Gold Again | 10,653 Posts
I'll just put this out here for you to appreciate...
MAY THE TREND BE WITH YOU
- #2,409
- May 2, 2021 3:55pm May 2, 2021 3:55pm
- Joined Jul 2011 | Status: Gold Again | 10,653 Posts
And one more, let's not snooze this week, at least on Wednesday
MAY THE TREND BE WITH YOU
- #2,411
- May 3, 2021 6:32am May 3, 2021 6:32am
- Joined Jul 2011 | Status: Gold Again | 10,653 Posts
MAY THE TREND BE WITH YOU
- #2,412
- May 4, 2021 10:45am May 4, 2021 10:45am
- Joined Sep 2008 | Status: Verry good | 1,267 Posts
Just an opinion. Based on research 
- #2,413
- May 12, 2021 11:00pm May 12, 2021 11:00pm
- Joined Jul 2011 | Status: Gold Again | 10,653 Posts
Some results so far, even with USD volatility from the CPI data, it's going okay
MAY THE TREND BE WITH YOU
- #2,415
- May 12, 2021 11:40pm May 12, 2021 11:40pm
- Joined Feb 2012 | Status: Trader | 1,998 Posts
Some results so far, even with USD volatility from the CPI data, it's going okay {image} {image} {image} {image}
- #2,416
- May 13, 2021 5:55am May 13, 2021 5:55am
- Joined Jul 2011 | Status: Gold Again | 10,653 Posts
{quote} Hello sir still on standby
I try to help everybody
Tell me what you want before I block you
Standing by
MAY THE TREND BE WITH YOU
- #2,417
- May 25, 2021 10:36pm May 25, 2021 10:36pm
- Joined Jul 2011 | Status: Gold Again | 10,653 Posts
It's that day of the week, if you had the EA running, you might have caught some pips
MAY THE TREND BE WITH YOU