Honey Bunches of Pips (Easy system for newbie traders)

Now it appears we are starting the next wave down. We had a nice pull back to the green line and we have now made a lower low. According to Elliot Wave this should be wave 3.

Lets see how many pips we can get out of this honey bunches

Vagyok, setups this week on what pairs? Timeframe? I had a look back but didn't see. Many thanks.

Just this week we had signals on the following pairs M30 timeframe:

CHF/JPY
EUR/AUD
EUR/CHF
EUR/JPY
NZD/USD
USD/CHF
USD/JPY

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So price is moving down nicely. Notice how we are bouncing down off of the green line. This is a normal trending speed. Also notice the red lines the one providing resistance is from the TOP two highs and is also containing price well.

Until we start bouncing on top of the green / blue lines I am staying in this trade. I just move my stops down to ensure I keep some profits. (Manage Risk!)

Once price broke our down channel it gave us one last opportunity to get out with maximum profits. Once that double bottom was in place it was time to shut this trade down. No need to carry over the weekend. Speculating, I expect price to touch the yellow line before resuming it's downward trek (if it's to continue down)

This was just one example of the Honey Bunches of Pips strategy. As I mentioned before in a previous post in response to a question, this strategy will give us plenty of trading oppertunities if it is watching multiple pairs.

Some setups will be very easy to see which way price wants to go and others will not be as easy. Some pairs will give more pips others will give less. The key is to watch what price is doing once a signal is produced. Don't assume to know what the market will do, simply react to what the market is doing... it's all there on the charts! This EURCHF was a good example of exactly what we are looking for... We want to see long periods of bunches and catch the break.

There was a very nice reversal bar going down which was followed by tails as price had trouble getting back up there.. and this was a very good signal that this was ready to break down. If you got in at the yellow and green lines after this reversal bar you were able to get a good 60 to 80 pips for the week on just this one trade.

If you are looking for more pips one could move the stop to just above the yellow line (give room for the yellow to catch it) and see if this will give up even more than the 80 given this opportunity. If you see a reversal bar going down from the yellow, open another position and add to your original.

Almost any signal will give a trading opportunity, and if you go to a higher time frame, the oppertunities will be more scarce, but the resulting pips should be even more (longer time in the trade). For me, I like to get in and get out by the end of the week.

I hope you have found this helpful, and I wish all those who attempt to use this strategy good luck and happy piping. Just remember, amateurs manage profits while professionals manage risk. Always manage your risk!

I m sharing your opinion....a REALLY simply system....
:-) :-) :-) :-) :-) :-) :-)