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Simple Way To Trade EURUSD & GBPUSD

  • #21
  • May 21, 2024 10:42am May 21, 2024 10:42am
here is another one. candle opened according to the rule. I would have been stopped out
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  • #22
  • May 21, 2024 12:52pm May 21, 2024 12:52pm
Pending order are risky in my opinion. I mean say your order gets triggered while you are sleeping and you place all your targets and sl's its vey likely that your target will get missed by a few pips and your SL will be taken out. have had this happen to me several times.

Pending Order will save you from chasing the market. If you order did not get fill, you are suppose to delete your PO either when you are going to bed/going out or when the market sentiment changed

Quoting vinesh1
here is another one. candle opened according to the rule. I would have been stopped out {image}
It seems you are not getting it. What the value of RSI on H1 chart? Is the price out of the channel on H1 too? I know both answers is NO.

The strategy might not be the right one for you if you do not have the patience or can not follow the rule or do not like PO.

Every trader is different and you will do well when you find what works for you
  • #23
  • Edited 1:53pm May 21, 2024 1:33pm | Edited 1:53pm
Quoting stirmatt
Pending order are risky in my opinion. I mean say your order gets triggered while you are sleeping and you place all your targets and sl's its vey likely that your target will get missed by a few pips and your SL will be taken out. have had this happen to me several times. Pending Order will save you from chasing the market. If you order did not get fill, you are suppose to delete your PO either when you are going to bed/going out or when the market sentiment changed {quote} It seems you are not getting it. What the value of RSI on H1 chart? Is...
Price is below channel and RSI is below 50 and this is a 1hr chart. I do like the strategy however, i am trying to poke holes so as to figure out the success rate. Apologies if I did an incorrect drawing.
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  • #24
  • May 21, 2024 1:54pm May 21, 2024 1:54pm
Quoting vinesh1
{quote} Price is below channel and RSI is below 50 and this is a 1hr chart. I do like the strategy however, i am trying to poke holes so as to figure out the success rate. {image}
Post a full chart and pair name then I will look into it and I analyze it here.

I have been trading the strategy since 2009 and I used to it. You can't strategy or system and even EA anywhere to trade FX without hole and that's where discretion and experience comes in.

Strategy or system is to help us minimize the amount of time require to scan or analyze the market before making our decision. Sole reliance on strategy or system to place trade comes with high cost most of the time.

There's no valid movement on EURUSD & GBPUSD yesterday and today as seen on higher time frames except for scalpers looking for 5 to 10 pips.

Patience and Experience are the major ingredients in this journey
  • #25
  • May 21, 2024 2:00pm May 21, 2024 2:00pm
Quoting vinesh1
{quote} Price is below channel and RSI is below 50 and this is a 1hr chart. I do like the strategy however, i am trying to poke holes so as to figure out the success rate. Apologies if I did an incorrect drawing. {image}
Even with chart, if you place PO and follow the rules, you will still be in the trade. Every trader must learn and know when to exit trade especially when price action is not show reasonable movement in any clear direction

Your SL should be placed at the last swing high of the present chart or above the channel (two MA lines).
  • #26
  • May 21, 2024 2:11pm May 21, 2024 2:11pm
Quoting stirmatt
{quote} Post a full chart and pair name then I will look into it and I analyze it here. I have been trading the strategy since 2009 and I used to it. You can't strategy or system and even EA anywhere to trade FX without hole and that's where discretion and experience comes in. Strategy or system is to help us minimize the amount of time require to scan or analyze the market before making our decision. Sole reliance on strategy or system to place trade comes with high cost most of the time. There's no valid movement on EURUSD & GBPUSD yesterday and...
it's eur/usd my friend in the 1hr chart from the 17th I think around. U can check.
  • #27
  • May 21, 2024 2:58pm May 21, 2024 2:58pm
Quoting vinesh1
{quote} it's eur/usd my friend in the 1hr chart from the 17th I think around. U can check.
Your best entry on EURUSD on 17/05/2024 based on M15 chart is 1.08549

Sell Pending Order
Entry - 1.08549 (low of the candle is 1.08569
SL - 1.08697
TP - btw 20 to 30 pips (And you should have move your SL to BE during the trade)
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  • #28
  • May 21, 2024 3:28pm May 21, 2024 3:28pm
Quoting stirmatt
{quote} Your best entry on EURUSD on 17/05/2024 based on M15 chart is 1.08549 Sell Pending Order Entry - 1.08549 (low of the candle is 1.08569 SL - 1.08697 TP - btw 20 to 30 pips (And you should have move your SL to BE during the trade) {image}
Got it. So your best bet is put your pending order as per rules and pray that it triggers your trade and hits your TP or watch it constantly to manage your trade. How do you account for whipsaws during the news event?
  • #29
  • May 21, 2024 5:22pm May 21, 2024 5:22pm
Quoting vinesh1
{quote} Got it. So your best bet is put your pending order as per rules and pray that it triggers your trade and hits your TP or watch it constantly to manage your trade. How do you account for whipsaws during the news event?
I place my PO based on the rules and I do not pray it get triggered. The moment I feel like praying for my trades, is the moment that I know I do not follow my rules.

We have only two outcomes of any trade: WIN or LOSE and no middle ground. You can't win all and you shouldn't lose all.

Concerning news events, I checked FF calendar every evening and every morning to see what might likely affect my trades and if I am not too sure, I will either not trade at all or move my existing trades to BE or totally close them. There'll be another day and another opportunity to place a trade if I could preserve my capital.
  • #30
  • May 22, 2024 3:19am May 22, 2024 3:19am
There won't be trade to place everyday except one will manufacture one and the result is mostly loss.

The best time to trade this strategy is from London open to NY close. I usually avoid Asian session and bank holidays
  • #31
  • May 22, 2024 10:52am May 22, 2024 10:52am
Quoting stirmatt
There won't be trade to place everyday except one will manufacture one and the result is mostly loss. The best time to trade this strategy is from London open to NY close. I usually avoid Asian session and bank holidays
Today's trade
Patience is the key here
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  • #32
  • May 23, 2024 4:35am May 23, 2024 4:35am
Thank you so much for sharing this wonderful trading idea. It looks like the strategy works best with EURUSD and GBPUSD. You only made mention of the take profit target, what is the estimate for stop loss.
  • #33
  • May 23, 2024 5:22am May 23, 2024 5:22am
Quoting stirmatt
{quote} Il mestiere di oggi La pazienza è la chiave qui {image}
Thanks for posting this strategy. Simple, quiet and profitable. Thanks again. If there are any other suggestions regarding this please post.
  • #34
  • May 24, 2024 5:08am May 24, 2024 5:08am
Reminds me of Jake Bernsteins MAC method
  • #35
  • May 24, 2024 5:20am May 24, 2024 5:20am
Quoting Thtpro
Reminds me of Jake Bernsteins MAC method
I am hearing the name for the first time
  • #36
  • May 24, 2024 5:44am May 24, 2024 5:44am
Quoting stirmatt
{quote} I am hearing the name for the first time
Google it - he used a 10 of the high and 8 of the low - no Indicators

Wasn't accusing you of anything, just pointing out Jake published his MAC method a few decades ago
  • #37
  • May 24, 2024 6:12am May 24, 2024 6:12am
Quoting Thtpro
{quote} Google it - he used a 10 of the high and 8 of the low - no Indicators Wasn't accusing you of anything, just pointing out Jake published his MAC method a few decades ago
I have googled it and it almost the same strategy.
  • #38
  • Jun 10, 2024 10:57am Jun 10, 2024 10:57am
This is a great strategy 50 /50 or the 8 /10
I like 6/10 as it does set up more often. If you know your pair or asset and time it when the volume is there it will be a pretty consistent method. Plus you will know when and why you are pulling the trigger
  • #39
  • Jun 10, 2024 11:29am Jun 10, 2024 11:29am
Quoting sheppy
This is a great strategy 50 /50 or the 8 /10 I like 6/10 as it does set up more often. If you know your pair or asset and time it when the volume is there it will be a pretty consistent method. Plus you will know when and why you are pulling the trigger
You nailed it. It is so simple that anyone can use it but not everyone has patience for it. My chart is always clean while trading
  • #40
  • Nov 8, 2024 3:42pm Nov 8, 2024 3:42pm
We have the same system - except that I don't use RSI. I also used EMA50 at first. I have changed that to EMA20, because it gives me more chances to get into a trade on a trend.

I used the Smoothed Heiken Ashi. Set the values to 1.50.1.1. This way it keeps inside the channel and colour the trend blue for North and red for South. It gives me a fantastic overview.
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MetaTrader 4 - so many advantages.
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