I just add this trade i have set up this morning before going to work on my home pc
I'm aiming for T3 and have allready locked my risk in profit.
I'm aiming for T3 and have allready locked my risk in profit.
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lets develop a system which is very very simple but effective. 7 replies
Simple yet effective strategy (breakdown) 0 replies
A Simple, yet profitable strategy 3 replies
DislikedHi Melpheos.
Didn't want you to think that I'd forgotten you!
Just thought I'd post this example of how Pivots and Sweetspots can be of great value when deciding when to take a trade or not.
As you can see, everything's happening around the S1 line and the 1.9850 sweetspot. NOT a good place to be planning a trade, as I think you'll agree.
As I type this, it's a few bars on from the chart shown, and price STILL hasn't managed to breach the sweetspot.
So, without those lines to guide you, entering a trade could have been a fruitless exercise.Ignored
DislikedThanks again for the input. I'll have a look into this and see if there is a very good increase in the stats but i like to keep my strategy simple
Can you post the indicator you use for R1 R2 pivot etc ?
Some great trades today
I entered the USDY a bit late and this saved me from the spike... If i had entered 100% to me rule i would have gotten kicked out.Ignored
DislikedOk, mate, here's the indicator. It's called the FXI Pivot, and what I like about it is that you can set it for any amount of weeks behind, and you can do some backtesting, knowing that the pivots you see are the ones relevant to that day! Pretty neat.
Things were pretty quiet first thing, but it livened up a bit from just before lunch-time onwards. I like the simplicity of this fib system of yours. It reminds me of boxingislife's sexy stochastics........no screens full of indicators left, right and centre, but a nice clear picture of the price and what it's doing. I tell you, mate, some of the charts I see on FF make my head hurt, and I often wonder how they make any sense of them!
CheersIgnored
DislikedOff the 5min eur/usd chart. The two black lines are 60ema's High and Low, which, as you can see, coincided with the Long Entry and sweetspot, which price reversed off. Once price breached the Target 1 line, I was happy to close the trade, as I wasn't really confident it would go much further. If you look at the candle following my exit, the long bullish shadow seems to have justified my decision.Ignored
DislikedYes this pin bar was a good exit sign. But you did not took the right swing high (check the picture)
I'm not trading today not even in demo. First, it's friday and second US is closed.Ignored
DislikedNice cable trade this morning. I let this one run, as the double-60ema's were clearly showing a continuous downtrend. Price consolidated for a couple of hours, so I just kept an eye on it until it decided to drop down to Target 1. I exited the trade just below that, and price is doing a little more consolidating as I type this.Ignored