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  • #1,941
  • Aug 1, 2024 5:55am Aug 1, 2024 5:55am
Quoting emmanuel7788
{quote} RSI is a momentum indicator and you can use that to pick the best setup candles which has price momentum. You can develop your own system using Price Action and use the RSI as your helping indicator if that gives you more confidence to take a trade. However, if you learn to read your candles, you will develop the confidence to trade without the RSI just like my XAU trades I post here this week. XAU M30 example, the setup candle has momentum {image}
Thanks sir plz help. Plz suggest that any simple profitable strategy for day trading I worked last 2 years but not yet profitable thanks
  • #1,942
  • Aug 1, 2024 7:55am Aug 1, 2024 7:55am
Quoting Alinawaz110
{quote} Thanks sir plz help. Plz suggest that any simple profitable strategy for day trading I worked last 2 years but not yet profitable thanks

You are here in a profitable strategy thread.

Read the OP' posts and start posting your charts.

I'll try help you trade NITS.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #1,943
  • Aug 1, 2024 8:13am Aug 1, 2024 8:13am
XAU Aug 01 Daily New York Open 9am

- buy stop above previous day High

Attached Image (click to enlarge)
Click to Enlarge Name: XAU Aug01 Daily buy stop 1-8-2024 9-11-23 pm.png Size: 23 KB


...
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #1,944
  • Aug 1, 2024 9:04pm Aug 1, 2024 9:04pm
Quoting emmanuel7788
XAU Aug 01 Daily New York Open 9am - buy stop above previous day High {image} ...

XAU Aug02 M30

- a possible setup ... rejection

Attached Image (click to enlarge)
Click to Enlarge Name: XAU M30 NITS rejection 2-8-2024 10-01-13 am.png Size: 26 KB



...
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #1,945
  • Aug 2, 2024 9:04am Aug 2, 2024 9:04am
Thank god I forgot to close the trade before the news. +7R
Attached Image (click to enlarge)
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  • #1,946
  • Aug 4, 2024 9:04am Aug 4, 2024 9:04am
Quoting emmanuel7788
XAU Aug 01 Daily New York Open 9am - buy stop above previous day High {image} ...

Closed all buys @2468 before the pull back,


Daily
Attached Image (click to enlarge)
Click to Enlarge Name: XAU Aug02 Daily SnR story 3-8-2024 9-54-35 am.png Size: 23 KB



M30
Attached Image (click to enlarge)
Click to Enlarge Name: XAU Aug 02 M30 NYClose Daily SnR 3-8-2024 9-55-28 am.png Size: 22 KB


The two Daily SnR @2426 and @2468 in play next week.


...
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #1,947
  • Aug 4, 2024 8:12pm Aug 4, 2024 8:12pm
Quoting emmanuel7788
{quote} Closed all buys @2468 before the pull back, Daily {image} M30 {image} The two Daily SnR @2426 and @2468 in play next week. ...

start stalking ... the 4Hr

XAU M30 Aug 05


Attached Image (click to enlarge)
Click to Enlarge Name: XAU Aug05 M30 TOK10am 5-8-2024 9-10-43 am.png Size: 22 KB



...

...
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #1,948
  • Aug 5, 2024 12:37am Aug 5, 2024 12:37am
Hi Ive just finished reading this whole thread, thanks Rob and to everyone who has contributed to this wonderful system.
I was reluctant to post this trade but I think its good to show how stupidity and not following the rules can get you into trouble. I think I followed the rules right up to when I decided to pull the trigger. Totally against the main trend, I went back to my old ways. Please someone tell me that I'm an idiot, I need to hear it.
If its not clear I went long on AUDUSD.. I live in Australia I took the trade during the recommended time. BTW it was also major news today.
Double stupidity.

Thanks
Attached Image(s) (click to enlarge)
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  • #1,949
  • Aug 5, 2024 7:17am Aug 5, 2024 7:17am
Quoting Crows
Hi Ive just finished reading this whole thread, thanks Rob and to everyone who has contributed to this wonderful system. I was reluctant to post this trade but I think its good to show how stupidity and not following the rules can get you into trouble. I think I followed the rules right up to when I decided to pull the trigger. Totally against the main trend, I went back to my old ways. Please someone tell me that I'm an idiot, I need to hear it. If its not clear I went long on AUDUSD.. I live in Australia I took the trade during the recommended...
NEVER, EVER trade against the larger time frames, trade with them, not against them. It's like stepping in front of a speeding freight train expecting it to immediately stop, it's not going to happen. We've ALL done it, just don't do it again, lesson learned. You got this, LG!!!.
  • #1,950
  • Aug 5, 2024 8:38am Aug 5, 2024 8:38am
I had to bail out before red news for +2R, even though it may have been a +7 deal. I always close all trades 30 minutes before red news, otherwise it becomes more like a coin-flipping game rather than a systematic approach. By the way, the entry was activated by a pending order.
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  • #1,951
  • Aug 5, 2024 7:23pm Aug 5, 2024 7:23pm
Quoting Evaldas321
I had to bail out before red news for +2R, even though it may have been a +7 deal. I always close all trades 30 minutes before red news, otherwise it becomes more like a coin-flipping game rather than a systematic approach. By the way, the entry was activated by a pending order. {image} {image}
Hi Evaldas, would you mind explaining your entry please.. I see that price did not reach any levels of resitance/support, its far away from your H4 level.
Is there a 15min level that you traded from? i.e. 0.85305

Thanks in advance.
  • #1,952
  • Aug 5, 2024 7:57pm Aug 5, 2024 7:57pm
Quoting emmanuel7788
{quote} start stalking ... the 4Hr XAU M30 Aug 05 {image} ... ...
XAU Aug06 Tokyo 9am

- after the market rout yesterday, I see a strong Daily pull-back

- is there sufficient buyer to continue ?

- I need a setup with small SL and R:R 1:5 minimum as the potential to pull the trigger
Attached Image (click to enlarge)
Click to Enlarge Name: XAU Aug06 N30 Daily pulled back 6-8-2024 8-52-54 am.png Size: 23 KB






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Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #1,953
  • Aug 5, 2024 11:23pm Aug 5, 2024 11:23pm
BTC Aug06 H4

- after the market rout yesterday

- BTC hit its BRN 50000 and 'bounce'

- looking at the H4 Price Action now, I would be looking for a setup during this current 4hr trade window for a possible trade,

- possible target is 60,956 which is key Monthly level

- R:R 1:5 minimum to pull the trigger


Attached Image (click to enlarge)
Click to Enlarge Name: BTC Aug06 H4 price action 6-8-2024 12-14-54 pm.png Size: 20 KB




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Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #1,954
  • Aug 6, 2024 1:52am Aug 6, 2024 1:52am
Quoting Crows
{quote} Hi Evaldas, would you mind explaining your entry please.. I see that price did not reach any levels of resitance/support, its far away from your H4 level. Is there a 15min level that you traded from? i.e. 0.85305 Thanks in advance.
Hi. The entry wasn't perfectly by the OP's rule, but he also mentioned that SnR zones don't always line up perfectly. The price bounced off the H4 SnR and then the pullback was building up before market open, making a nice 1-2-3 pattern in M15/M30 chart (blue line is the resistance I was aiming for). As you can see, I could have waited a bit more and made a much better entry, but I rather enter earlier and put a wider SL to avoid missing out. But I would highly suggest thoroughly testing the OP's system because these are the adjustments that I made during months of backtesting to fit my style.
Attached Image (click to enlarge)
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  • #1,955
  • Aug 6, 2024 3:06am Aug 6, 2024 3:06am
my 2 cents.
although this is hind sight for yesterday, it needs to be stressed that higher time frames give the whole context to the direction of trades.
shorting in all my trades.
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ITB - Seeing Orderliness amongst 'Randomness'
  • #1,956
  • Aug 6, 2024 3:22am Aug 6, 2024 3:22am
still shorting today from markets open.
Attached Image (click to enlarge)
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ITB - Seeing Orderliness amongst 'Randomness'
  • #1,957
  • Aug 6, 2024 7:45am Aug 6, 2024 7:45am
GU shot opportunity.
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Click to Enlarge Name: Screenshot 2024-08-06 190951.png Size: 12 KB
Rhythm & Discipline
  • #1,958
  • Aug 6, 2024 7:20pm Aug 6, 2024 7:20pm
XAU Aug 07 M30 Tokyo 0900am

- RR 1 to 5

Attached Image (click to enlarge)
Click to Enlarge Name: XAU Aug 07 M30 TOK0915am 7-8-2024 8-15-47 am.png Size: 19 KB


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Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #1,959
  • Aug 7, 2024 4:04am Aug 7, 2024 4:04am
EU Aug05 London 10am

- double H1 rejection

- M15 DBHLC


Attached Image (click to enlarge)
Click to Enlarge Name: EU AUG07 H1 rejection with M15 DBHLC 7-8-2024 5-01-42 pm.png Size: 19 KB

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Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #1,960
  • Edited Aug 8, 2024 1:10am Aug 7, 2024 4:19am | Edited Aug 8, 2024 1:10am
Entered an EUR/USD trade at the beginning of London open, used a wider stop loss because I wasn't sure where the rejection will be. The price was half a pip from my SL. We'll see how it goes from now on. Aiming for +7R

Update: SL hit.
Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 14 KB
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