My own developed benkyalate system

Hi Jay,

I must admit that your method looks great. Avoiding my main concern of big dd that can happen. I go on studied it.

All the best.

Hi all,
could everyone put this information when calling a trade:

Pair, direction, price, SL, TP, Risk %, TF used (management of the trade if any: close one position, different TP, add a trail stop, etc...)

Example:
EURUSD, Long @ 1.2746, SL 1.2700, TP 1.2800, 4H TF, and a chart to show and explain the trade.

Same goes for closing a trade: Price and reasons with total pips.

BigMike

Closed AUDUSD trade at .9104. -23 pips. The trade is not developping well.

BigMike

Entering CAD short at .0477, no SL and no TP at the moment, 4H chart, 2% risk.

BigMike

forgot the chart !

BigMike

hope it works out but the 1 hr suggests long.

great call Big Mike! what is the setting on your COG?

j-

Closed CAD Trade at .0369 for +108 pips.
The reason is that it touched the blue line, no science here and Daily could go up in the next few days.

BigMike

Original settings as mentioned in my first post a few pages back.

BigMike

It ended up being great, but for almost 12 hrs was flat within 25-30 pips i think.
If the Bank of Canada 9am EST rate decision had gone a different way this would have stopped out big time since the move happened at 9am and i think you said you had not set a SL.
Not sure this is really a cog win.

it still doesnt detract from your overall calls.

Good point, and maybe Lady Luck was at the rendez-vous. Since Lady Luck is 80%+ of the time on my side, I rather be lucky than talented !!! The way I see it, since this is totally technical, the news affect the trades 50-50 our way right ? (..or is it 50-50 the other way...hmmm I'm not sure I'll have to check).
Some news make us win big and some make us retrace big. Yes I say retrace instead of loosing because you loose most of your trades because of stop losses. If you entered a good setup, it will come back to you, but a lot of patience, discipline, MM and plan B is needed. If on a higher TF like 4H or Daily, that is usually a dent in the trade and an actual possibility to re-enter the trade for the pullback if setups are same or better for even bigger profits. If the setups are no good anymore, pull the plug, take a loss, no big deal besides an ego scratch. Besides NFP, I dont read news since quite a while. They distracted me from the most important thing: price action. Buy the rumor, sell the news as they say. I like news, it puts a little challenge and spices in a boring week ! Also there are many ways to handle that and a plan B, but that is another chapter we'll approach when more traders adopt this "too simple" way to trade. But just for the curious ones, a few years ago, I was in a GBPJPY trade and it popped out of nowhere 800 pips against me. It ended up being my most profitable trade ever. We'll look into that much later because I dont want to mix up any newbies with their safe trading SL which is OK when you dont know how to read charts. remember, charts are like a book, you must learn to read them !
One last note, it doesn't matter how you make them pips, as long as you call them before entry, not after. Did I mention to call the trades before they happen !!! A little laughter in this boring business is always welcome, no ? (wink)

Pip it Up !

BigMike

did anyone else take this short?

@ 1.5480

TP: 1.5400

SL: none

for me was not signal GU 4 hour yet. i use original Belkhayate COG and timing.

do you use skype or yahoo messenger Jay-X?

Nope Jay, I don't have that setup.

BigMike

my yahoo sn is jay_x

closed 90% of position @ +60 pips and letting the rest ride.

Nice trade Jay !

BigMike

1. Can somebody program the Valuechart to alert if levels 8 to 6 (+/-) are touched with a flag to turn the alert on or off. This will be very helpful to us all. If somebody has already done it, can he post the new version.

2. Beklhayate COG uses 180 bars and order 3. Change it to 123 bars and order 2 and see the difference.

Regards,
Sanjay

Thanks Big Mike. Closed position +100 pips.

I was curious on how you manage your winning trades/profit targets. I noticed on some trades that you don't even set a take profit price. Are you depending on price action and/or indicators to close your positions?

I know it's a bit of an art form.

btw, I got my eyes on EUR/CAD daily. How does it look on your charts?

j-