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Nova Volume Trading System

  • #221
  • Quote
  • Edited 9:05am Nov 6, 2024 8:54am | Edited 9:05am
Done for today.
USD/CAD --> I was looking downside but when enter I saw potential to go up, plus the dollar situation and Trump win. That's where RR comes in role and don't get married to your outlook, doesn't mean you got to swing but here it was obivouse I saw it wrong. Nice 7:1 after and the loss never happend.

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Gold, one more win with trend
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  • #222
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  • Nov 6, 2024 9:27am Nov 6, 2024 9:27am
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  • #223
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  • Nov 6, 2024 10:05am Nov 6, 2024 10:05am
11 losers out of 13 trades, but just testing with micro lots, so far lost only 5 Euros.
  • #224
  • Quote
  • Nov 6, 2024 10:11am Nov 6, 2024 10:11am
Can you show your trades so we can check what's going wrong?
  • #225
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  • Nov 6, 2024 10:50am Nov 6, 2024 10:50am
Quoting cuchuflito
11 losers out of 13 trades, but just testing with micro lots, so far lost only 5 Euros.
trading is very subjective . this kind of startegy don't work well
  • #226
  • Quote
  • Nov 6, 2024 11:41am Nov 6, 2024 11:41am
Quoting cuchuflito
11 losers out of 13 trades, but just testing with micro lots, so far lost only 5 Euros.
Keep practicing. The only way is to be successfull is to know market structure/price action and yourself (prefer micro lots over demo - helped me a bit this way). The rest will just help. All indicators are following the price. The price tend to reapeat iself, well maybe adding little spice here and there, however you will be able to identify patterns and take low risk- high reward trades. I think this is the main goal, it will keep you from over trading and also cover those loses when you wrong.
  • #227
  • Quote
  • Nov 6, 2024 11:45am Nov 6, 2024 11:45am
After rereading the thread a few times - and looking at some of OP latest post - i started using the 5 and 15 minute timeframes for confluence and a bigger picture. I did some backtesting doing the last few days crazy price action and today after the election I decided to go live and test this system.

Doing backtesting, I have found that I don't have much luck doing London session - I am having mixed results - could just be coincidence or me picking a bad period to test.

But doing the first 4 hours of NY open, I have found this system to be quite accurate. But only if you combine it with bias from higher timeframes and not just trade every signal blindly.

Also - if there is a slowdown in momentum - I get out of the trade and take the profit i have made. Often this result in a little pullback - I can always re-enter on a new signal.
I also secure breakeven at 1:1 - I will rather be taken out by a breakeven than going into a loosing trade.

I did a two hour session doing the NY session today - NY session start 15:00 server time at my location.

Made 3,87% - was pretty bearish initially but after the double bottom and break of structure to the upside - a short term bullish bias came into play. Initially looked like a pullback on the 5 minutes/15 minute time frame, but now it also looks like a pullback on the 1 hour timeframe since 15 minutes has begun making higher lows and highs.

But I'm happy with 3,87% for the day - so I will secure that and come back tomorrow for a new try doing NY session.

Also i'm much more happy trading in the afternoon my time - so I can sleep longer and stay up later

I use tradingview for my setups.
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  • #228
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  • Nov 6, 2024 1:03pm Nov 6, 2024 1:03pm
Gold
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  • #229
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  • Nov 6, 2024 1:07pm Nov 6, 2024 1:07pm
Quoting TranceGhost
After rereading the thread a few times - and looking at some of OP latest post - i started using the 5 and 15 minute timeframes for confluence and a bigger picture. I did some backtesting doing the last few days crazy price action and today after the election I decided to go live and test this system. Doing backtesting, I have found that I don't have much luck doing London session - I am having mixed results - could just be coincidence or me picking a bad period to test. But doing the first 4 hours of NY open, I have found this system to be quite...
I think you had a good trade on +0.5% --> Why did you close it? Or it was break even stop loss you moved. There I can see brake of that structure and retest happening. Regular stop loss wouldn't been hit and you can trail that bad boy pretty high and than give up little on trailed stop loss.
  • #230
  • Quote
  • Nov 6, 2024 1:24pm Nov 6, 2024 1:24pm
Quoting taksistalo
{quote} I think you had a good trade on +0.5% --> Why did you close it? Or it was break even stop loss you moved. There I can see brake of that structure and retest happening. Regular stop loss wouldn't been hit and you can trail that bad boy pretty high and than give up little on trailed stop loss.
Price had done a good pump upward and then started consolidating. I much preferer price to keep going up and not just sticking to an area. Then I will secure profit and re-enter if it goes further. And yes, you will get out of some trades that continues to hit full profit. But I find that you more times will keep yourself from losing a profit or what's worse - get a losing trade. Think the most valuable lesson I have learned from losing 1000 of dollars to the marked - is that greed will kill your account - If your in doubt - pull out

Also price had reached the 100 moving average on the 1 minute - so I thought that the consolidation could be the initial bend of the short retrace and price would continue to trend bearish.
I didn't reenter right away because I was doing some other stuff - but got in later up - at that time price on the 5 minute had reached the 40 EMA on the 5 minute, and started consolidating, so I also got out there. (I use the 100, 80 and 40 ema as guidelines from a pullback strategy i used to do)
And then I waited to see what happened and when price broke structure - I entered the last trade on the bearish signal.
  • #231
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  • Nov 6, 2024 1:26pm Nov 6, 2024 1:26pm
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  • #232
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  • Nov 6, 2024 2:21pm Nov 6, 2024 2:21pm
Quoting MachineLearn
{image}
Whats the winrate & RR till now with LRC + Nova Indicator ?
What I have understood from your posts, when the candles are dark red and you get a green bar on nova you buy and reverse is for sell. Am I right?
  • #233
  • Quote
  • Nov 6, 2024 2:33pm Nov 6, 2024 2:33pm
Quoting bugatti212
{quote} Whats the winrate & RR till now with LRC + Nova Indicator ? What I have understood from your posts, when the candles are dark red and you get a green bar on nova you buy and reverse is for sell. Am I right?
Yup, overall trend, the strength of the Nova bar, how many bars have been dark are some of the discretionary filters as well

I don't use or trust robots so I'm just forward testing and getting a feel of the system. I'll ultimately either fully incorporate it as my personal trading system or I'll disband it. Far from a decision so far. Testing some other confluences currently with LRC currently as well.
  • #234
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  • Nov 6, 2024 3:49pm Nov 6, 2024 3:49pm
maybe
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  • #235
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  • Nov 7, 2024 8:13am Nov 7, 2024 8:13am
USD/CAD went hard. 5.5:1
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EUR/USD good one 5.9:1
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  • #236
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  • Nov 7, 2024 11:55am Nov 7, 2024 11:55am
Today I didn't trade but if I did the strategy could have potentially gained 6 wins in a row for 12R on GOLD 1M chart following the higher timeframe pullback countertrend.

That's if you pretty much stuck to 1 trade open at a time (if possible) - it's also nice to see new contributors who are taking Nova seriously and putting it to the test!

If there are any questions let me know

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You can lead a horse to water, but you can't make it drink
  • #237
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  • Nov 7, 2024 12:13pm Nov 7, 2024 12:13pm
Further context for the higher timeframe pullback you can see here on the H1 that the signal line crossed the 0 level on the Nova with some strong green bars compared to the red bars before it showing bearish weakness.

Then when you go down to the lower timeframe (1M chart like on my previous post) you can then expect to see some sort of new counter trend (pullback) form which is what it did today and has stalled currently at the 50% area on my fibonacci.

My favourite area to look for the market to hit before reversing is the 66% area which is in the golden zone so there could be another push up before we head back south but we just have to play what we see... nothing is guaranteed.

On the higher timeframe, it doesn't matter if the background for Nova isn't green yet... you want to focus on the signal line and the strength of the bars.

H1 Chart (Gold)

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You can lead a horse to water, but you can't make it drink
  • #238
  • Quote
  • Nov 7, 2024 12:21pm Nov 7, 2024 12:21pm
Quoting TranceGhost
After rereading the thread a few times - and looking at some of OP latest post - i started using the 5 and 15 minute timeframes for confluence and a bigger picture. I did some backtesting doing the last few days crazy price action and today after the election I decided to go live and test this system. Doing backtesting, I have found that I don't have much luck doing London session - I am having mixed results - could just be coincidence or me picking a bad period to test. But doing the first 4 hours of NY open, I have found this system to be quite...
This is pretty much the way to go. I mainly trade the US session once the extra volume enters the market.

London session expect there to be some uncertainty than US as London is usually manipulated before potential continuation or reversal. That said, it doesn't mean there aren't good setups but you have to be a bit more selective.

I will start doing more tests on different forex pairs but for me I fell in love with gold and find it hard to move onto anything else.

You also know if you're in a good trade because there is often little to no drawdown and trades should be over within around 20 minutes. If they take any longer then I will be more cautious and I almost always set to break even at 1:1.

Over time you just know which trades will hit the target and which ones seem sketchy but even the sketchy ones can still hit TP.

Regarding R:R - mine is fixed at 1:2 but I do sometimes go for a bigger return. I just like to keep everything consistent.

The most recent trade below is what I would call a sketchy trade and would probably take out at 1:1 especially after that drawdown.

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You can lead a horse to water, but you can't make it drink
  • #239
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  • Nov 9, 2024 5:00am Nov 9, 2024 5:00am
So the last two days, I went back to my good old EW analysis, with HTF starting at the W chart, D, 240,H and M5.
I only trade EURUSD, and it needs a little EW update as the market progresses.
Then down to M1, filter with:
-Stop Runs.
-Divergence both in Volume and Price.
-My entry and trails is a HA close through a Jurik MA.
Both days were profitable.
The last trade I chickened out with a close to R2 profit, but if I had respected my exit rules, it would have been a 7,5 R.

Conclusion: Volume and Nova are very useful tools to add to my system.Also M1 is much better than M2, entries are tighter, and big runs still happen.So very small losses, potentially very big wins.
Happy Weekend.
  • #240
  • Quote
  • Nov 9, 2024 7:42pm Nov 9, 2024 7:42pm
Quoting cuchuflito
So the last two days, I went back to my good old EW analysis, with HTF starting at the W chart, D, 240,H and M5. I only trade EURUSD, and it needs a little EW update as the market progresses. Then down to M1, filter with: -Stop Runs. -Divergence both in Volume and Price. -My entry and trails is a HA close through a Jurik MA. Both days were profitable. The last trade I chickened out with a close to R2 profit, but if I had respected my exit rules, it would have been a 7,5 R. Conclusion: Volume and Nova are very useful tools to add...
Glad you found your way, next week I will show daily the entries and what R:R is possible.

I'll also be trading myself
You can lead a horse to water, but you can't make it drink
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