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multiple systems per pair/multiple pairs per system? 3 replies

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(binned per thread starter’s request) A system to capture open

  • #161
  • May 20, 2025 11:42am May 20, 2025 11:42am
Quoting Bicarus
rule 1 of trading, dont lose money, rule 2 of trading, dont catch a falling knife.
Losing money is completely normal.
No one should be afraid to lose money, as long you are gaining money in the long run.

Your stoploss is a business expense that has to be paid occasionally to make gains.
  • #162
  • May 20, 2025 11:45am May 20, 2025 11:45am
Quoting okoli888
{quote} How do I set the 5 bands of sma high and low And does this work in 1hr tf?
"Timeframe is up to you", its written in the text that you quoted..

You take a 5 period MA... go in the settings and change from price close to price high/low... done.
  • #163
  • May 20, 2025 11:56am May 20, 2025 11:56am
Where do you put your stop loss? ATR calculated?
  • #164
  • May 20, 2025 1:25pm May 20, 2025 1:25pm
Quoting emmanuel7788
For those who trade the US market hours and know what to trade, when to trade, ... the Chicago open hours are the best. Just avoid the New York 8:00am BUT wait for the 9:30am Trade on your 5-minute charts and capture the 10-min range. yesterday' big news was a great to capture the market reaction. IF you trade the CFD market, US500 below {image} very quick +3R {image} and if you managed to stay awake like me, then +7R {image} ...
Awesome! Thanks
  • #165
  • May 20, 2025 1:29pm May 20, 2025 1:29pm
Quoting Islandfx911
{quote} {image}
How i wish you can post that arrow as well with alert
  • #166
  • May 20, 2025 4:30pm May 20, 2025 4:30pm
Quoting TranceGhost
{quote} Hey Risk. Jf. hans regler post 1 og hans visuelle fremstilling post 69 - så er det et valid setup - vigtigt at det er inden for de første 1,5 time af markedsåbning - men lad os høre hvad han siger. Post #1 Rules for a BUY and SELL 1. Only place trades in the first 1.5Hrs of the market open 2. Price has traded outside the bands and closes off the high or low or closes as a thrust bar. 3. Enter on a close inside the bands. 4. Take profit at support and resistance levels. That's it. Post #69 {image}
Problemet er, at nogen gange er det en bounce i trendretningen og andre gange et skift til en ny trend retning. Hvad siger hans strategi om det? Det er ikke belyst.

Jeg bor på Bornholm. Du??

Thank you, and then we will speak english again. It is nice some times to meet a fellow trader from your own country.
MetaTrader 4 - so many advantages.
  • #167
  • May 20, 2025 5:27pm May 20, 2025 5:27pm
Quoting RiskFighter
{quote} Problemet er, at nogen gange er det en bounce i trendretningen og andre gange et skift til en ny trend retning. Hvad siger hans strategi om det? Det er ikke belyst. Jeg bor på Bornholm. Du?? Thank you, and then we will speak english again. It is nice some times to meet a fellow trader from your own country.
Jeg bor i det mørke jylland ved Skive

We can never know what the price will do - so making an automatic mechanical entry model is very difficult.
Price might just do a pullback inside the two 5SMA, and then continue its rally and we get stopped out - or the price close inside the two bands might indicate a trend change that we can profit on.

My own backtest on a few pairs over the last month, has shown that with a 1:3 you will be profitable on those pairs, if you follow the strategy blindly and only trade doing the first 1,5 hours of Tokyo open (have not tested others sessions) - but there can be some very large drawdowns - the drawdown can be minimized if you think smart and make sure the setup has good price action.

Also support and resistance will help filter out bad trades - but there will still be loses, its unavoidable. So monitoring the trades actively is still a must from my point of view to minimize drawdown. Most of the times - if price does not shoot off in your direction after 1-2 candles after close inside the band - the setup has a higher chance to fail and a reduction in risk is a must.
  • #168
  • May 20, 2025 6:39pm May 20, 2025 6:39pm
Quoting axecap
{quote} With Tradingview charts you can set your local time (or any time zone) an that's what shows on your charts, regardless of which broker feed you use
I don't understand how that helps; you can look at your clock and know the local time!

You still need to reference the market open of Tokyo, Frankfurt, London, New York, Timbuctoo

There are so many Session indicators for Tradingview & Metatrader; it's all there right on the chart.
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It takes a lot for me to IGNORE you, but you can try.
  • #169
  • May 20, 2025 7:19pm May 20, 2025 7:19pm
Quoting Erebus
{quote} I don't understand how that helps; you can look at your clock and know the local time! You still need to reference the market open of Tokyo, Frankfurt, London, New York, Timbuctoo There are so many Session indicators for Tradingview & Metatrader; it's all there right on the chart. {image}
You dont understand because you didnt read what I was responding to. You are always quick to jump in and be a smart arse and slow to read and understand
Its all just one persons opinion
  • #170
  • May 20, 2025 7:35pm May 20, 2025 7:35pm
Quoting axecap
{quote} You dont understand because you didnt read what I was responding to. You are always quick to jump in and be a smart arse and slow to read and understand
Having a bad day?

Your opinion and you are entitled to it, but no need to be nasty.

It takes a lot for me to IGNORE you, but you can try.
  • #171
  • Edited 8:33pm May 20, 2025 7:35pm | Edited 8:33pm
First finished pair of the day

AUDUSD - WON 1:3 trade

Here I traded against the strategy, and made a buy instead of a sell when price went inside the two SMA - Why?

Price broke a resistance and came back to retest with a close inside the SMA - I was busy monitoring another pair - so didn't catch the perfect entry - but managed to get a good trade non the less.

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I am also trading AUDJPY now - and will post result when done with the trades.

First trade on AUDJPY was a 100% loss due to spread - i had not calculated the spread into my stop.
Second trade - Went breakeven cause trade reversed
Third trade is in progress now - entered reverse and price is a break even now - Stopped out with a 0,5 risk win

Looks like the smart move today - was to take profit after the first pump in both directions.

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LAST trade of the day
AUDUSD - Price stalled at resistance and began to trace back - so took an entry and got out a little over 1:1 risk - price might go further down - but with the whipsaw today - im fine taking the profit and ending the day in a good plus.
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  • #172
  • May 20, 2025 7:55pm May 20, 2025 7:55pm
Entered EUR/JPY. Looks like I might be stopped out.
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  • #173
  • May 20, 2025 8:25pm May 20, 2025 8:25pm
Hi Everyone,
During this mornings trading session I have been busing missing out on $ while I prepared charts of my complete trading system entries for you to learn from.
I wanted to put live trades on so you could see how things worked out. I will be posting the charts later, the missed win and the losing trades. This will be the only time I do this. If you cannot understand what I post you should not be trading. More to follow............
Your trade order needs to be in the right place at the right time.
  • #174
  • May 20, 2025 8:34pm May 20, 2025 8:34pm
Quoting ChinoCop
Entered EUR/JPY. Looks like I might be stopped out. {image}
The J's were not in play this morning. I will explain later.
Your trade order needs to be in the right place at the right time.
  • #175
  • May 20, 2025 8:37pm May 20, 2025 8:37pm
Quoting TranceGhost
First finished pair of the day AUDUSD - WON 1:3 trade Here I traded against the strategy, and made a buy instead of a sell when price went inside the two SMA - Why? Price broke a resistance and came back to retest with a close inside the SMA - I was busy monitoring another pair - so didn't catch the perfect entry - but managed to get a good trade non the less. {image} I am also trading AUDJPY now - and will post result when done with the trades. First trade on AUDJPY was a 100% loss due to spread - i had not calculated the spread into my stop. Second...
You traded well with what you had to work with. I missed my AU setup and prepared charts on AJ so took a loss with you. I will post trades later.

This session has finished, I would stay out now.
Your trade order needs to be in the right place at the right time.
  • #176
  • May 20, 2025 8:48pm May 20, 2025 8:48pm
Quoting Islandfx911
{quote} You traded well with what you had to work with. I missed my AU setup and prepared charts on AJ so took a loss with you. I will post trades later. This session has finished, I would stay out now.
Yeah, it was a little rough today - but I'm overall satisfied with the trades I took.

I'm done for this session - might have a look at the new york session later after I wake up

Have a good day
  • #177
  • May 20, 2025 9:26pm May 20, 2025 9:26pm
Quoting Hfln33
Where do you put your stop loss? ATR calculated?

See post #120 (https://www.forexfactory.com/thread/post/15250923#post15250923) for examples
https://www.forexfactory.com/thread/post/15250923#post15250923
> use price action you see on your trading charts,

> verify that with the current timeframe ATR and also the Daily ADR

more comments on my post #120 chart below

- IF your take the reversal setup entry when the setup candle is inside the 5SMA channel, place your initial Stop Loss at the low of the swing

- IF you missed the reversal setup entry and decide to take the breakout entry, then the 5SMS channel high-low is a good reference for placing initial Stop Loss.

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Remember this all the time, ... we retail traders are at the mercy of the market ... the big boys have very very deep pockets, your stop loss will feed them.
So think SMART, be SMART, act SMART when playing in this world largest casino.

...
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #178
  • May 20, 2025 10:50pm May 20, 2025 10:50pm
Quoting Islandfx911
{quote} The J's were not in play this morning. I will explain later.
Moved my stops up, but not to break even and eventually closed out manually for a small loss.
  • #179
  • May 21, 2025 1:57am May 21, 2025 1:57am
Quoting RiskFighter
Question: Closed below the EMAlow. Then closed inside the channel. Is this a Long trade? Or shall we always trade the trend? {image}
See this situation too often.
Quoting Islandfx911
Rules
Dear Islandfx could you please make it a little bit clear?
Just an opinion. Based on research
  • #180
  • May 21, 2025 2:10am May 21, 2025 2:10am
Quoting since80808
{quote} See this situation too often. {quote} Dear Islandfx could you please make it a little bit clear?
Post 1
Rules for a BUY and SELL

1. Only place trades in the first 1.5Hrs of the market open
2. Price has traded outside the bands and closes off the high or low or closes as a thrust bar.
3. Enter on a close inside the bands.
4. Take profit at support and resistance levels.
That's it.


Cant get more straight forward.
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