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Swing Trades using Price Action

  • #141
  • Aug 2, 2022 10:15am Aug 2, 2022 10:15am
Quoting Bee-Hop
USDCAD {image}
Hit SL

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  • #142
  • Aug 14, 2022 2:44pm Aug 14, 2022 2:44pm
Hello!

Been reading the thread a bit and think its really interesting.

Question: How do you deal with correlation? Do you usually just hope in all trades you see or do you only trade one currency at a time?

I have noticed that often when there is a setup on example eurchf, there is also one on maybe eurjpy and eurnzd. Do you take all the trades or just limit yourself to one?
  • #143
  • Aug 15, 2022 4:08pm Aug 15, 2022 4:08pm
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Two setups that are valid I believe
AUDNZD
EURCAD
  • #144
  • Aug 25, 2022 8:12pm Aug 25, 2022 8:12pm
Quoting tradeburner
Two setups that are valid I believe AUDNZD EURCAD
The AUDNZD trade is debateable, I would not have taken it because the trend is not clearly defined as bearish... price had been ranging for 2 months in my opinion.
You need to backtest using the "Replay" option in TradingView.
It takes on 10 to 20 minutes to run thru 2 years of daily data looking for setups.
Record the setups you see in a spreadsheet, noting how risky you see the trend etc.
Do it for each pair and you will train your brain to instantly recognise good setups after a while.
In the days of old when sailors were bold, and seldom if ever contented.
  • #145
  • Aug 25, 2022 8:16pm Aug 25, 2022 8:16pm
Quoting khuzia
Dear PT Check the following chart of USDCAD, are my trades qualify for your criteria
Your USDCAD trades are very valid setups.
Well done.
In the days of old when sailors were bold, and seldom if ever contented.
  • #146
  • Aug 25, 2022 8:43pm Aug 25, 2022 8:43pm
Quoting tradeburner
Hello! Been reading the thread a bit and think its really interesting. Question: How do you deal with correlation? Do you usually just hope in all trades you see or do you only trade one currency at a time? I have noticed that often when there is a setup on example eurchf, there is also one on maybe eurjpy and eurnzd. Do you take all the trades or just limit yourself to one?
Obviously you must be careful trading correlated pairs... example...
EURUSD
AUDUSD
CADUSD
If you traded these 3 together you are basically trading the USD.
In the days of old when sailors were bold, and seldom if ever contented.
  • #147
  • Sep 5, 2022 4:48am Sep 5, 2022 4:48am
Pretty solid short trades on Euro
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In the days of old when sailors were bold, and seldom if ever contented.
  • #148
  • Sep 5, 2022 5:25am Sep 5, 2022 5:25am
Hi Pt,

Do you use any software to assist you in learning your price action? Or you purely just run through your EA and keep tuning the params until you are profitable?

i used to just blindly tune my EAs without learning much about the candles. Now I'm using some software for backtesting where I can run through the historical candles and place my trades. At least now I'm really looking at the candle formation

Wana understand how the gurus are learning. Thanks guys
  • #149
  • Edited 7:59pm Sep 5, 2022 5:51pm | Edited 7:59pm
Quoting cottonmandy
Hi Pt, Do you use any software to assist you in learning your price action? Or you purely just run through your EA and keep tuning the params until you are profitable? i used to just blindly tune my EAs without learning much about the candles. Now I'm using some software for backtesting where I can run through the historical candles and place my trades. At least now I'm really looking at the candle formation Wana understand how the gurus are learning. Thanks guys
I am not using software, I manually backtest using the "Replay" function in TradingView.
It only takes a moment to look at each daily candle as you click forward on the chart.
You can check 12 months daily data in just a few minutes or so... you learn pretty quick which candles to check to see if it qualifies.
In the days of old when sailors were bold, and seldom if ever contented.
  • #150
  • Sep 6, 2022 8:21pm Sep 6, 2022 8:21pm
Swing trading is probably not suited to Prop Firm trading accounts unless they allow you to leave trades running over weekends.
You could use 4 hour charts instead of daily... price is fractal, so it should still work ok... I have not backtested this though.
Even scalping may work on lower time frames... test and find out.
In the days of old when sailors were bold, and seldom if ever contented.
  • #151
  • Sep 6, 2022 8:45pm Sep 6, 2022 8:45pm
GBPUSD daily
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In the days of old when sailors were bold, and seldom if ever contented.
  • #152
  • Sep 6, 2022 11:56pm Sep 6, 2022 11:56pm
Just a note to whomever, almost 2 months live trading this method. 2:1 RR, and I’ve won 13 of 35 trades.

daily charts.
A snails pace wins the race :-)
  • #153
  • Sep 7, 2022 3:22am Sep 7, 2022 3:22am
35 trades in 2 months?
It seems like a lot of trades.
August is usually a hard month in trading due to it being summer holidays in North America.
In the days of old when sailors were bold, and seldom if ever contented.
  • #154
  • Sep 8, 2022 9:40pm Sep 8, 2022 9:40pm
Quoting pt49
35 trades in 2 months? It seems like a lot of trades. August is usually a hard month in trading due to it being summer holidays in North America.
some were off the H8, some off the weekly. But yes, more discretion could be used :-)
A snails pace wins the race :-)
  • #155
  • Sep 9, 2022 5:20pm Sep 9, 2022 5:20pm
Quoting JustPipMe
{quote} some were off the H8, some off the weekly. But yes, more discretion could be used :-)
im confusion, did you trade only daily or multiple time frames?
  • #156
  • Sep 9, 2022 5:36pm Sep 9, 2022 5:36pm
Quoting pt49
GBPUSD daily {image}
What date did you start the backtest? Would be interesting to do the same test and see if the results differ
  • #157
  • Sep 13, 2022 8:33pm Sep 13, 2022 8:33pm
Quoting JustPipMe
{quote} some were off the H8, some off the weekly. But yes, more discretion could be used :-)
Feel free to publish your results, whether in spreadsheet format or other.
I have not backtested other timeframes in depth myself.
In my opinion if you only had 13 wins from 35 trades (live trading I think) then you need to test more.
In the days of old when sailors were bold, and seldom if ever contented.
  • #158
  • Sep 13, 2022 9:02pm Sep 13, 2022 9:02pm
Very interesting system! The numbers mentioned in the front are crazy good considering the ev of each setup is basically 100% of the risk taken.

Example: (.5*3) - (.5*1) = 1 EV of 1 unit, risking 1 unit to make 3.

Has anyone backtested to validate these numbers?
ri · skuht
  • #159
  • Edited 9:50am Sep 14, 2022 4:36am | Edited 9:50am
These are my results so far this month targeting 2R, I do set my stop to Breakeven when i'm in multiple trades that are correlated
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  • #160
  • Sep 15, 2022 11:55pm Sep 15, 2022 11:55pm
Quoting fxcracked
can i use this on h4 too or only daily chasrt
It's up to you to backtest in the time frame you wish.
I have only tested it extensively in the Daily charts.
My 2 years test results are in page 4 #77
In the days of old when sailors were bold, and seldom if ever contented.
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