I have been mostly on the sidelines since my last post. Had a go at one setup on GU but took a 44 pip loss that I closed manually. Porfirio, it’s really nice of you to keep this thread going. I am glad you guys like what I have presented here. During this time that I was away, I took advantage to use it for some testing and studying J … I will soon share with you my findings, and we can decide whether we can add them to our toolbox or not. In the meantime what I’d like for you guys to try out are mid-fib levels along with the regular ones, i.e. 0-11.8-23.6-30.9-38.2-44.1-50-55.9-61.8-69.1-76.4-88.2-100. The bolds are the mids and the underlined is a cluster of big importance imo. Try them out on your charts and let me know what you think. Cheers, CB
Thanks for your imput CB, may I ask where I can find out about all the major fundamentals? Maybe a certain site or tv?
Regards,
Fly
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Hi Fly, You have the calendar here on FF along with important news announcements, plus you can always tune into CNBC or Bloomberg for live feeds. Hope this helps, CB
Hi Leelar, I like the trade you took. The top/bottom of the confirmation candle is usually where I add a position at the breakout of that top/bottom. My trade size would be significantly lower then because of the added risk. MM is something that should not be taken lightly. You have to decide what is optimal for you. Capital is your hard earned money on the line and you should protect it at all times. Once in a good trade taking some profits off the table isn’t a bad thing. I use different combinations of MM… the 3 day hi/low is one of them. I also use a 1/2 - 1/3 – 2/3 approach once let’s say we cover a certain percentage of ADR.
Hi Fly, You have the calendar here on FF along with important news announcements, plus you can always tune into CNBC or Bloomberg for live feeds. Hope this helps, CB
Could you post the smaller TF charts of the above where you took your entries and the reasoning behind those too please? Thanks
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EUR/USD
Hey CB,
Well I did take this trade at a very awkward time which you'll see on the chart, but I didn't want to miss it. Actually if I waited for Sun. night, I would have gotten in better. BTW my 7/29 candle is combined with 7/31 (Fri. & Sun.) A PH formed on 7/27 with a confirmation candle on 7/28 closing with a LL. So on the 7/29 candle, I looked for a PH on the 30M chart and took the trade at the opening of the 6:00 candle. Hope this helps and feel free to comment.
As for this trade, please disregard where I entered as I just realized I was testing the CCI indicator and got lucky. As per your system, I would have entered this trade anyway but on the 7/28 candle instead looking for a PL on the 30M, and would have taken a 2nd trade based on the 1H fib if I was around the comp.
read the first post chantalb again and again ... practice, practice, practice ... mistake in demo and see why ... in a few months you will all with eyes closed.
Excellent trades on the system porfirio, I was in with you on 2 of them. In my opinion, I think GBP/USA and GBP/JPY might be too volatile for this system. Also, another big question is how we should take profit....we are getting a hang of entries, but how should we calculate take profits? Maybe ChantalB can help us a little on that....
