Hello David-T
As of last Friday I've been trading cable with Bago's method (on 10 min TF) for 16 weeks and to date my weekly average is slightly over 200 pips per week.
I have recently started trading EJ & UJ as well and EJ is showing similar potential to GU. UJ is also very profitable but it always seems like very hard work.
I use the charts from one of the SB brokers I use and the charts are supplied by it-finance. These charts may not have all the bells and whistles that you get with MT4 etc but they give me the indicaters for Bago's method and I like simple uncluttered bar charts anyway so they work fine for me.
I work my trades in 3 parts (lots) like bago suggests with SL normally at 30 + spread (2 or 3 for above pairs). For SL however if there is a recross of the 5/12 I will normally exit rather than take a full hit on the full SL. TP will vary depending on the pace of the market, if it moves quickly TP 1 will be 30 (SL is set to BE); TP2 50-60 (SL is set to +20/30); TP3 runs until recross of 5/12 or if I see 100 I'll normally take it. I don't leave anything open overnight. If the market is slower TP1 will be 20; TP2 30/40; TP3 as before.
As a matter of interest this morning after the 9.30 MPC news the 9.50-10.00 bar gave a signal on cable. There were no obvious shocks from the 10.00 news so entered a long trade. Since then i've closed TP1 for 20; TP2 for 40; and cable has broken through 1.98 so Tp3 could do very well. SL for TP3 is set at +20 so minimum P/L for 3 lots will be 80 pips ie 26 pips profit for the trade.
The 10 min gets you in early but obviously it can also get you out early and not always with profit but overall I'm enjoying a high ratio of wins/losses so I don't lose any sleep over the losses.
By using discretion and common sense and being aware of certain market forces/obstacles in the form of strong SR and the psychological numbers (eg 1.98 and cable is now at 1.9820 so my tp3 is looking very good now) you can avoid a lot of false signals and keep the winning ratio up.
Hope this helps David, I do believe that you could use Bago's method in most TF's and be profitable. All the best.
strada.
Edit at 12.50 (UK time) TP3 on the above trade has now been closed for 100 pips so trade total of 160 over three lots ie P/L + 53 for the trade. And EJ & UJ are doing well too. Check out Bago, it works!!!
As of last Friday I've been trading cable with Bago's method (on 10 min TF) for 16 weeks and to date my weekly average is slightly over 200 pips per week.
I have recently started trading EJ & UJ as well and EJ is showing similar potential to GU. UJ is also very profitable but it always seems like very hard work.
I use the charts from one of the SB brokers I use and the charts are supplied by it-finance. These charts may not have all the bells and whistles that you get with MT4 etc but they give me the indicaters for Bago's method and I like simple uncluttered bar charts anyway so they work fine for me.
I work my trades in 3 parts (lots) like bago suggests with SL normally at 30 + spread (2 or 3 for above pairs). For SL however if there is a recross of the 5/12 I will normally exit rather than take a full hit on the full SL. TP will vary depending on the pace of the market, if it moves quickly TP 1 will be 30 (SL is set to BE); TP2 50-60 (SL is set to +20/30); TP3 runs until recross of 5/12 or if I see 100 I'll normally take it. I don't leave anything open overnight. If the market is slower TP1 will be 20; TP2 30/40; TP3 as before.
As a matter of interest this morning after the 9.30 MPC news the 9.50-10.00 bar gave a signal on cable. There were no obvious shocks from the 10.00 news so entered a long trade. Since then i've closed TP1 for 20; TP2 for 40; and cable has broken through 1.98 so Tp3 could do very well. SL for TP3 is set at +20 so minimum P/L for 3 lots will be 80 pips ie 26 pips profit for the trade.
The 10 min gets you in early but obviously it can also get you out early and not always with profit but overall I'm enjoying a high ratio of wins/losses so I don't lose any sleep over the losses.
By using discretion and common sense and being aware of certain market forces/obstacles in the form of strong SR and the psychological numbers (eg 1.98 and cable is now at 1.9820 so my tp3 is looking very good now) you can avoid a lot of false signals and keep the winning ratio up.
Hope this helps David, I do believe that you could use Bago's method in most TF's and be profitable. All the best.
strada.
Edit at 12.50 (UK time) TP3 on the above trade has now been closed for 100 pips so trade total of 160 over three lots ie P/L + 53 for the trade. And EJ & UJ are doing well too. Check out Bago, it works!!!
DislikedHi Strada could you please tell us which pairs you are tradeing and which platform do you trade with the 10 min TF also what amount of pips are you getting and how long have you been tradeing the method for sorry for all the questions but it would be really helpfull
With many thanks
David-TIgnored
