Here it is, a nice little write up on how I trade and a chart with the setups.
Just a brief overview before we get into the main concept of what I want to try to convey here. There are many, many ways to trade, I can list many indicators and concepts, most of you know of these, so no sense in listing these. I have traded with so many different things, and to a degree, they all worked, but I didn’t want just a degree of working, I wanted something that would give me at least a 70%-80% win rate. Over my first 2.5 years, I would try a different indicator almost every day it seemed, until one day, a light bulb went off, where I was reading in forexfactory about price action, and since that day, my trading changed forever.
Now do not interpret this the wrong way, I am not here to speak of price action at all, anyone that ever wants help about price action, can PM me and in my little spare time, I can explain things little at a time, I am not here for an agenda or to make money from anyone, I make quite enough on my trading, I am just here to speak of CH and Synergy combined together to help confirm my trades, nothing more and nothing less. So, even though I trade with price action such as using trendlines, support and resistance, pivots, inside bars, and candle formations, there are still many ways to make good amount of pips each and every day without price action, but the more one advances, the more one sees that even a bit of price action will certainly help the individual with their trading. I saw this and began on a quest that will probably last my entire lifetime, as for one to be successful, study is always necessary as the market continually changes, it is best to have many tools in ones toolbox to be able to trade, this way, one can get into and out of trades in many different fashions, so one does not have to sit in front of the screen and wait for one type of setup and maybe never getting that setup, as I can sit in front of a screen for say 3 hours, and maybe get 3-5 setups using CH and synergy, individually or together, but with the use of price action, using say 5 or 15 minute charts, I might get 10 different setups because I am not waiting for a lagging indicator as all indicators are lagging, no ifs ands or buts, and this is why I use price action with CH and synergy used to confirm my moves.
I took a random chart of the gbpusd, since this is my favorite pair and where I have made probably 85-90% of my trades and money the past 18-19 months, so I know this pair pretty well. I do look more for eurjpy on the asian session, and sometimes the eurusd to see what it and usdjpy are doing so I can gauge what might occur on the eurjpy during the asian session. So I took this gbpusd 15m chart and placed 7 trades on it towards the end of the asian session since I know many people in the thread trade the euro session, just to show what kind of trades could have been taken and the results, like I said earlier, it is just random, no need to cherry pick, as I can and will show how even a perfect setup can still be a loser, as we are not the master of the market, only the market knows what will occur, but we can control our losses, by doing the sensible thing, placing a stop loss over the most recent swing high by a few pips or below the most recent swing low by a few pips. Controlling our money is known as money mgmt. and keeps us in the game, plain and simple. This is something I really do not want to say, as newer traders will try this and get burnt, but I do not place a stop loss, but do it more mentally, when I first started doing this, I would place say a mental stop loss of 20pips plus 4 for spread on gbpusd and then I would be down 20 and say to myself ok I will give it 30 plus spread and this would keep going till I was down 50 and then I would lose big, in other words, I could not take a loss, now I can and realize, I would be glad to take a loss knowing full well I screwed up and sometimes this loss nowadays might be 6 or 8 pips, knowing I was wrong and just get back up and go again, but this way, no big losses and no blow up of my account, so for newer traders, I would still place stops at top of swing high and below swing lows, but be cognizant of stops being run, they do get run, many people say they don’t, but they do and that is why I do mental stop loss and then when my trade goes in my favor, say 20 pips, I then place my stop at breakeven. Anyway, enough of the money mgmt. stuff for now, we can get to that next week, I want to explain how and why these 7 trade potentials would have or would have not been taken, just to give everyone an idea as to how I trade and how I use CH and synergy to confirm my trades.
We have many tools too help us in attaining pips, whether one wants 10 a day, 20, 40, 50, or 100 or even more, I myself am quite content with 50 a day, if I get more great, but do not like to sit by the computer more than 2 hours at a time, after 2 hours I start to get to feeling like I need to do something active, so I gear my trading towards 2hour sets, and try to get to breakeven and set it and go, sometimes I do this and go out, sometimes I get to breakeven and set take profits with a noise alert from IBFX, which is standard on the platform, doesn’t cost a thing. I can get in with break of support or resistance, or break of trendline, or many other ways, on these 7 trades, I will discuss CH and synergy entries and then also show how I would enter using my techniques and how they work with Ch and synergy methods. Remember, this is just the way I see things, and every one interprets things differently, so please no beating me up, I am just trying to help in any way possible, and if I help even just one person, then this was worth it, maybe some of the group participants gather a nugget or two, then this is good as well, so please no bashing, once again, just trying to help.
First trade, break of Inside bar, coming off of Bollinger band, tdi and stochastic both crossed nicely to down side, bit of hesitation at the aqua 200ema line, with the wick in the red candle, but then nice drop, easy 70-85 pips. The main reason I would enter this trade is due to the blue reversal bar which also happens to be an inside bar, and the break of this bar downwards, also coming off of outer Bollinger band, and then Ch and synergy nicely confirms all of this, usually lags by 1-2 candles, but this trade almost perfectly in sync.
Note: notice on the entire chart of 7 trades, the low put in during the asian session was only breached once to the upside for 10-15 pips and quickly reversed and stayed below for the remainder of the entire trading day until the next asian session. Also, the dashed aqua line which is the weekly pivot line and the aqua 200ema line were pretty strong resistance the entire day.
Second trade, definitely a countertrend trade, but good for 25-30 pips, and long before Ch or synergy even come into play, even if we wait till next candle after where I drew the entry line, we still get 20-25 pips, very nice quick and easy countertrend trade, also the purple line is a 50sma, also very good to use for support and resistance and in this case, again it shows up in the proper place. The Bollinger bands have a middle line at 20, which if I put a line on top of it, really starts to have too many lines, so I leave it at dashed as part of the Bollinger band, but it is equal to a 20sma, simple that is, not smoother, and when looking at trade 2, one sees how the 200ema, the 50sma and the 20sma are all going down, so another indication to show we are in a short way on this particular day, also the yellow market balance line of the tdi, it is below 50 and so it shows that we are in a short bias this day. So we can countertrend, but they must be quick trades as the main trend on 15m is certainly to the downside.
Third trade, purely a reversal off of weekly pivot which holds again, as the bias in the market is obviously short, good for about 30-45 pips. Also this trade has price below the synergy channel and also the tdi has green crossing down under the red. Many good reasons to get into this nice trade.
Fourth trade, another 30-40 pip countertrend trade which comes off of a reversal bar known as a hammer, but also CH and tdi confirm this trade, but they are not perfect, they become perfect a couple candles later but then pip potential is about 20-25 at best, still nice, as there is nothing wrong with 20 pips.
Fifth trade, a reversal bar break good for 25-30 pips, all came off of middle Bollinger band, so not the easiest trade and will take more explanation for whoever is interested, just inform me. This trade a few candles later gives us a better entry on synergy and stochastic now looking good too, and possible 30pips as well. So again, many different ways to play these nice setups, and this is why I said, that Ch and synergy methods give me confirmation to my trades.
Sixth trade, perfect trade of 60-70 pips with about 10 drawdown, but tdi and stochastic were perfect, a break of reversal bar that is almost perfect inside bar as well, and also coming off of the weekly pivot again and also coming off of a Bollinger band, very, very nice trade potential. If we miss this setup, it presents itself again at the break of the channel and also coming off yet another inside bar break and goes for about 50 pips.
Seventh trade, break of inside bar and coming off of Bollinger band, good for about 30pips, synergy and stochastic comes in a bit later and still offers up about 20pips after spread, so again, many ways to get into a trade, and taking even just 20pips on each trade, one still makes plenty of pips, and if one just wants to trade 2-3 hours in one session during the most volatile times, and again 2-3 hours in another session during its volatility, one can make a lot of pips.
I trade usually from 8am-10am est time, sometimes till 11am and then 2-3 times a week on asian session but only from 8pm-9pm maybe 930pm est, not too much time to trade, and not too little, but as I have said, get to breakeven, and take maybe take half of your position off, or if you want, take it all out and look for another setup, it all depends what you want, if I see on bigger timeframes, like 30m and 1hr, I will take half off and let the rest run, so I got 20 and who knows I might get another 50 on my other half, nothing is wrong with taking partials at all, one can not lose taking profits and setting stops to breakeven, I have taken 3, 4 or even 5 partials on some trades, whatever works for one is the key to winning in this business. Once again, any questions, just ask or PM me.
hlass
P.S. Made this write up into a document, if anyone wants to have a copy of it for easy access to study.
Just a brief overview before we get into the main concept of what I want to try to convey here. There are many, many ways to trade, I can list many indicators and concepts, most of you know of these, so no sense in listing these. I have traded with so many different things, and to a degree, they all worked, but I didn’t want just a degree of working, I wanted something that would give me at least a 70%-80% win rate. Over my first 2.5 years, I would try a different indicator almost every day it seemed, until one day, a light bulb went off, where I was reading in forexfactory about price action, and since that day, my trading changed forever.
Now do not interpret this the wrong way, I am not here to speak of price action at all, anyone that ever wants help about price action, can PM me and in my little spare time, I can explain things little at a time, I am not here for an agenda or to make money from anyone, I make quite enough on my trading, I am just here to speak of CH and Synergy combined together to help confirm my trades, nothing more and nothing less. So, even though I trade with price action such as using trendlines, support and resistance, pivots, inside bars, and candle formations, there are still many ways to make good amount of pips each and every day without price action, but the more one advances, the more one sees that even a bit of price action will certainly help the individual with their trading. I saw this and began on a quest that will probably last my entire lifetime, as for one to be successful, study is always necessary as the market continually changes, it is best to have many tools in ones toolbox to be able to trade, this way, one can get into and out of trades in many different fashions, so one does not have to sit in front of the screen and wait for one type of setup and maybe never getting that setup, as I can sit in front of a screen for say 3 hours, and maybe get 3-5 setups using CH and synergy, individually or together, but with the use of price action, using say 5 or 15 minute charts, I might get 10 different setups because I am not waiting for a lagging indicator as all indicators are lagging, no ifs ands or buts, and this is why I use price action with CH and synergy used to confirm my moves.
I took a random chart of the gbpusd, since this is my favorite pair and where I have made probably 85-90% of my trades and money the past 18-19 months, so I know this pair pretty well. I do look more for eurjpy on the asian session, and sometimes the eurusd to see what it and usdjpy are doing so I can gauge what might occur on the eurjpy during the asian session. So I took this gbpusd 15m chart and placed 7 trades on it towards the end of the asian session since I know many people in the thread trade the euro session, just to show what kind of trades could have been taken and the results, like I said earlier, it is just random, no need to cherry pick, as I can and will show how even a perfect setup can still be a loser, as we are not the master of the market, only the market knows what will occur, but we can control our losses, by doing the sensible thing, placing a stop loss over the most recent swing high by a few pips or below the most recent swing low by a few pips. Controlling our money is known as money mgmt. and keeps us in the game, plain and simple. This is something I really do not want to say, as newer traders will try this and get burnt, but I do not place a stop loss, but do it more mentally, when I first started doing this, I would place say a mental stop loss of 20pips plus 4 for spread on gbpusd and then I would be down 20 and say to myself ok I will give it 30 plus spread and this would keep going till I was down 50 and then I would lose big, in other words, I could not take a loss, now I can and realize, I would be glad to take a loss knowing full well I screwed up and sometimes this loss nowadays might be 6 or 8 pips, knowing I was wrong and just get back up and go again, but this way, no big losses and no blow up of my account, so for newer traders, I would still place stops at top of swing high and below swing lows, but be cognizant of stops being run, they do get run, many people say they don’t, but they do and that is why I do mental stop loss and then when my trade goes in my favor, say 20 pips, I then place my stop at breakeven. Anyway, enough of the money mgmt. stuff for now, we can get to that next week, I want to explain how and why these 7 trade potentials would have or would have not been taken, just to give everyone an idea as to how I trade and how I use CH and synergy to confirm my trades.
We have many tools too help us in attaining pips, whether one wants 10 a day, 20, 40, 50, or 100 or even more, I myself am quite content with 50 a day, if I get more great, but do not like to sit by the computer more than 2 hours at a time, after 2 hours I start to get to feeling like I need to do something active, so I gear my trading towards 2hour sets, and try to get to breakeven and set it and go, sometimes I do this and go out, sometimes I get to breakeven and set take profits with a noise alert from IBFX, which is standard on the platform, doesn’t cost a thing. I can get in with break of support or resistance, or break of trendline, or many other ways, on these 7 trades, I will discuss CH and synergy entries and then also show how I would enter using my techniques and how they work with Ch and synergy methods. Remember, this is just the way I see things, and every one interprets things differently, so please no beating me up, I am just trying to help in any way possible, and if I help even just one person, then this was worth it, maybe some of the group participants gather a nugget or two, then this is good as well, so please no bashing, once again, just trying to help.
First trade, break of Inside bar, coming off of Bollinger band, tdi and stochastic both crossed nicely to down side, bit of hesitation at the aqua 200ema line, with the wick in the red candle, but then nice drop, easy 70-85 pips. The main reason I would enter this trade is due to the blue reversal bar which also happens to be an inside bar, and the break of this bar downwards, also coming off of outer Bollinger band, and then Ch and synergy nicely confirms all of this, usually lags by 1-2 candles, but this trade almost perfectly in sync.
Note: notice on the entire chart of 7 trades, the low put in during the asian session was only breached once to the upside for 10-15 pips and quickly reversed and stayed below for the remainder of the entire trading day until the next asian session. Also, the dashed aqua line which is the weekly pivot line and the aqua 200ema line were pretty strong resistance the entire day.
Second trade, definitely a countertrend trade, but good for 25-30 pips, and long before Ch or synergy even come into play, even if we wait till next candle after where I drew the entry line, we still get 20-25 pips, very nice quick and easy countertrend trade, also the purple line is a 50sma, also very good to use for support and resistance and in this case, again it shows up in the proper place. The Bollinger bands have a middle line at 20, which if I put a line on top of it, really starts to have too many lines, so I leave it at dashed as part of the Bollinger band, but it is equal to a 20sma, simple that is, not smoother, and when looking at trade 2, one sees how the 200ema, the 50sma and the 20sma are all going down, so another indication to show we are in a short way on this particular day, also the yellow market balance line of the tdi, it is below 50 and so it shows that we are in a short bias this day. So we can countertrend, but they must be quick trades as the main trend on 15m is certainly to the downside.
Third trade, purely a reversal off of weekly pivot which holds again, as the bias in the market is obviously short, good for about 30-45 pips. Also this trade has price below the synergy channel and also the tdi has green crossing down under the red. Many good reasons to get into this nice trade.
Fourth trade, another 30-40 pip countertrend trade which comes off of a reversal bar known as a hammer, but also CH and tdi confirm this trade, but they are not perfect, they become perfect a couple candles later but then pip potential is about 20-25 at best, still nice, as there is nothing wrong with 20 pips.
Fifth trade, a reversal bar break good for 25-30 pips, all came off of middle Bollinger band, so not the easiest trade and will take more explanation for whoever is interested, just inform me. This trade a few candles later gives us a better entry on synergy and stochastic now looking good too, and possible 30pips as well. So again, many different ways to play these nice setups, and this is why I said, that Ch and synergy methods give me confirmation to my trades.
Sixth trade, perfect trade of 60-70 pips with about 10 drawdown, but tdi and stochastic were perfect, a break of reversal bar that is almost perfect inside bar as well, and also coming off of the weekly pivot again and also coming off of a Bollinger band, very, very nice trade potential. If we miss this setup, it presents itself again at the break of the channel and also coming off yet another inside bar break and goes for about 50 pips.
Seventh trade, break of inside bar and coming off of Bollinger band, good for about 30pips, synergy and stochastic comes in a bit later and still offers up about 20pips after spread, so again, many ways to get into a trade, and taking even just 20pips on each trade, one still makes plenty of pips, and if one just wants to trade 2-3 hours in one session during the most volatile times, and again 2-3 hours in another session during its volatility, one can make a lot of pips.
I trade usually from 8am-10am est time, sometimes till 11am and then 2-3 times a week on asian session but only from 8pm-9pm maybe 930pm est, not too much time to trade, and not too little, but as I have said, get to breakeven, and take maybe take half of your position off, or if you want, take it all out and look for another setup, it all depends what you want, if I see on bigger timeframes, like 30m and 1hr, I will take half off and let the rest run, so I got 20 and who knows I might get another 50 on my other half, nothing is wrong with taking partials at all, one can not lose taking profits and setting stops to breakeven, I have taken 3, 4 or even 5 partials on some trades, whatever works for one is the key to winning in this business. Once again, any questions, just ask or PM me.
hlass
P.S. Made this write up into a document, if anyone wants to have a copy of it for easy access to study.
Attached Image (click to enlarge)
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