Gold Short.... edit.. target hit.. well that was fast. {image}
From tiny pips mighty oaks grow
Hi everybody. I'll post how I decide when to have a trade or not. I hope it can be useful for some of you. I don't want to modify Laura's setups, so it's just my way to use that amazing strategy. I've been testing it for just a week, so don't trade in real as it's something i'm improving.
Next, I add a GBPUSD graph for the last 3 days. I've marked 3 entry points, as you can see. 
Why i did this 3 trades? That's easy. Just following LauraĦs rules but adding a currency strenght indicator (which I'll post later) that I use in order to confirm the trade. I look for a 3.0 points (at least, preferable 4.0) difference between the two involved currencies.
The second key is the MFI (15). In that case i don't have into consideration the 50 level. I look for divergence. If there's a divergence between the MFI and the price action i don't trade. As you can see, the three trades of GBPUSD are PERFECT, and a 20 pips can be reached easily. I don't recomend looking for more pips as I trade in H1, but the management of your trades are up to you, of course.
I put the SL at 30 pips, but i think 20 can be enough. Let's try it.
Now I show you another possible trade. AUDUSD 
As you can see, all is OK in order to open a trade for the next 1 or 2 hours. But, the MFI has a no clear direction, so I won't trade AUDUSD today. It's possible it can be a good entry, but I prefer just opening a trade when all is PERFECT.
For sure that can be improved. Open to listen!
Next, I add a GBPUSD graph for the last 3 days. I've marked 3 entry points, as you can see.
The second key is the MFI (15). In that case i don't have into consideration the 50 level. I look for divergence. If there's a divergence between the MFI and the price action i don't trade. As you can see, the three trades of GBPUSD are PERFECT, and a 20 pips can be reached easily. I don't recomend looking for more pips as I trade in H1, but the management of your trades are up to you, of course.
I put the SL at 30 pips, but i think 20 can be enough. Let's try it.
Now I show you another possible trade. AUDUSD
For sure that can be improved. Open to listen!
- Joined Sep 2006 | Status: Member | 9,296 Posts | Online Now
every Saint has a past. Every Sinner has a Future
- Joined Aug 2018 | Status: Member | 1,414 Posts
XAUUSD - Advanced entry based on market structure and correlation from other instruments,notice the entry didn't occur immediately after after the cross.
HHs & HLs kept on going and 13 SMA,held on for buyers
Give me a better price.i'll buy more
HHs & HLs kept on going and 13 SMA,held on for buyers
Give me a better price.i'll buy more
- Joined Oct 2007 | Status: Hunting Elephants | 1,102 Posts
Just something quick that is MY opinion
-Trade in the direction of Price
-Use the channel as a "guide" for direction
-Use other side of channel to trail stop if you want....in your example there were several bars in your direction without even so much as a touch of the opposite channel line
-There is no such thing as 'perfect" trade because we simply DO NOT KNOW where price will go once we enter
- work on skills to manage your trades once entered instead of looking for ways to filter out the bad ones ( you will end up with your screen looking like a kids coloring book)
- Trying to avoid losing money is detrimental to your success because it is going to happen even with your very best efforts....learn to manage the losers
Look at your chart...I have marked a couple of lines (Big lines) this is the direction of trade....follow the closed candles
-Trade in the direction of Price
-Use the channel as a "guide" for direction
-Use other side of channel to trail stop if you want....in your example there were several bars in your direction without even so much as a touch of the opposite channel line
-There is no such thing as 'perfect" trade because we simply DO NOT KNOW where price will go once we enter
- work on skills to manage your trades once entered instead of looking for ways to filter out the bad ones ( you will end up with your screen looking like a kids coloring book)
- Trying to avoid losing money is detrimental to your success because it is going to happen even with your very best efforts....learn to manage the losers
Look at your chart...I have marked a couple of lines (Big lines) this is the direction of trade....follow the closed candles
Plan, Prepare, Execute, Repeat
- Joined Dec 2019 | Status: Moving on... | 5,368 Posts
Hi everyone, I notice that there is now a temptation to 'improve' or amend Daylight. This is human nature. We experience the discomfort of some losses and our subconscious tells us there must be a way to avoid taking a loss. Be very wary of such thoughts. I'm not going to say Daylight is perfect. No strategy is. But I think the most useful stage we can be at now is to start to discuss and highlight the nuances of what already exists. Not to add indicators or extra conditions but to understand the subtleties of trading this (or any) strategy. In...
You don't know because you don't ask.
