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My own developed benkyalate system

  • #2,981
  • May 29, 2012 1:48pm May 29, 2012 1:48pm
Quoting jajano
When the right time u waiting for the right setup? Coz it mean glue to the screen?
And are u waiting for the candle closed to entry new position?
No i am not glued to my screen. I check it in the morning and a night while doing other things.

No i do not wait for the candle to close.
  • #2,982
  • May 30, 2012 12:03am May 30, 2012 12:03am
USDCAD closed for 53 pips earlier because price went into a range.
GBPUSD closed for 82 pips .

Does not look like anything is going to happen tonight.

Friday i will post my results for the week.

Happy trading!
  • #2,983
  • May 30, 2012 12:23am May 30, 2012 12:23am
Thanks, FX_Pipin
You wrote about SL/TP (1:2), but as I see, sometimes you exit earlier. Why you decide to take profit earlier (not waiting for TP to be hit)?
  • #2,984
  • May 30, 2012 8:26am May 30, 2012 8:26am
Quoting GoRight
Thanks, FX_Pipin
You wrote about SL/TP (1:2), but as I see, sometimes you exit earlier. Why you decide to take profit earlier (not waiting for TP to be hit)?
Good question. The reason for this is because momentum would slow down and price would go into a range thus removing the sling shot affect to take price where i want it to go. So instead of having it retrace back i take profit at that point and maybe reenter if price comes back to point A with the right signal.
  • #2,985
  • May 30, 2012 10:08am May 30, 2012 10:08am
Hi Fx Pipin,

Do you agree that a possible trade setup is in the making on the AUDJPY. For a long.

It looks like the CoG solid yellow line will be slightly below the Weekly S1, would you wait till it touches the yellow line and then enter on will you consider entering when price gets to the S1?

I know you said you trade in the direction of the CoG: My assesment is that the CoG is busy turning upwards to will it be OK to enter a long trade here?

Thank you
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  • #2,986
  • May 30, 2012 11:20am May 30, 2012 11:20am
Quoting boerseun
Hi Fx Pipin,

Do you agree that a possible trade setup is in the making on the AUDJPY. For a long.

It looks like the CoG solid yellow line will be slightly below the Weekly S1, would you wait till it touches the yellow line and then enter on will you consider entering when price gets to the S1?

I know you said you trade in the direction of the CoG: My assesment is that the CoG is busy turning upwards to will it be OK to enter a long trade here?

Thank you
Great observation boerseun,

Seems like a great setup, i personally would not take that trade because the long term overall direction of the trend is down. Trading in the direction of the trend of course increases your probability. From my experience picking tops and bottoms can hurt. Look at price action on that very chart in the past you will see that there where many points where one would say hey i found the bottom and at this point and the trend would change, come to find out the trend continues down and that happens more time than not.
  • #2,987
  • May 30, 2012 2:08pm May 30, 2012 2:08pm
Quoting Fx_Pipin
Great observation boerseun,

Seems like a great setup, i personally would not take that trade because the long term overall direction of the trend is down. Trading in the direction of the trend of course increases your probability. From my experience picking tops and bottoms can hurt. Look at price action on that very chart in the past you will see that there where many points where one would say hey i found the bottom and at this point and the trend would change, come to find out the trend continues down and that happens more time than not.
Thanks a lot. I now see exactly what you mean about the overall trend direction. I take your point on tops and bottoms and how it relates to this particular setup.
  • #2,988
  • May 30, 2012 11:00pm May 30, 2012 11:00pm
Quoting boerseun
Thanks a lot. I now see exactly what you mean about the overall trend direction. I take your point on tops and bottoms and how it relates to this particular setup.
Look at it now, audjpy continued its trend passed the S1 just like i said might happen. Proving us to always trade in the direction of the overall trend. Good learning topic!
Attached Image (click to enlarge)
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  • #2,989
  • May 31, 2012 1:24am May 31, 2012 1:24am
Quoting Fx_Pipin
Look at it now, audjpy continued its trend passed the S1 just like i said might happen. Proving us to always trade in the direction of the overall trend. Good learning topic!

Yes, this was a great lesson indeed. I guess this falls in the category of you saying "only take the high probability trades". When I initially looked at the chart the CoG looked like it was turning up. Now if I look at it, it indeed looks like the trend is continuing downwards.

Thanks for sharing your knowledge and experience, much appreciated.
  • #2,990
  • Jun 1, 2012 6:32pm Jun 1, 2012 6:32pm
What a slow week +135 pips about 5% on my acct. I am very happy with that because as a live trader any gains are well appreciated ( even more, consistent gains) .I consider a BE week a good week! I have been trading live for 5 years i came a long ways to understanding patience, MM and discipline. So far i have no losers using this strategy and Ive posted all my trades so you can see it too.

Note to self; stick to one thing, focus on trading this stradegy only and not get distrated on other methods. Looks for only the best possible setups.

Happy trading see you all next week for another round!
  • #2,991
  • Jun 1, 2012 6:45pm Jun 1, 2012 6:45pm
FXPIPIN,

Thanks for sharing your system and the live trades that show it works.
  • #2,992
  • Jun 1, 2012 8:33pm Jun 1, 2012 8:33pm
There are some nice prospect on entry at H4

Short: eurcad, euraud,
Long: cadchf, audchf,

Anyone?

Ps: im just learn this system btw.
  • #2,993
  • Jun 1, 2012 11:23pm Jun 1, 2012 11:23pm
Quoting jajano
There are some nice prospect on entry at H4

Short: eurcad, euraud,
Long: cadchf, audchf,

Anyone?

Ps: im just learn this system btw.
Yes those where good setups. I missed those because i was not home . I would not be surprised if similar setups pop up in the beginning of next weeks open.
  • #2,994
  • Jun 1, 2012 11:30pm Jun 1, 2012 11:30pm
Quoting chris2020
FXPIPIN,

Thanks for sharing your system and the live trades that show it works.
Hey chris2020,

Thank you for your support
  • #2,995
  • Jun 3, 2012 6:36pm Jun 3, 2012 6:36pm
This is a fun set up if you stay with the trend like FxPipin says.

Thanks Fx_Pipin!


CAD/CHF is close.

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  • #2,996
  • Jun 3, 2012 6:39pm Jun 3, 2012 6:39pm
Just noticed that was one jajano saw Friday already.
  • #2,997
  • Jun 3, 2012 8:24pm Jun 3, 2012 8:24pm
Quoting Poocher
Just noticed that was one jajano saw Friday already.
i have some entry on H4 just now
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Click to Enlarge Name: selleaud.gif Size: 29 KB
Click to Enlarge Name: sell ecad.gif Size: 28 KB
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Click to Enlarge Name: buy aud chf.gif Size: 29 KB
  • #2,998
  • Jun 3, 2012 11:04pm Jun 3, 2012 11:04pm
Good setups Jajano

I am currently short euraud. Waiting to move SL to BE before i can take other trades. Please consider that price may continue moving up until it touches the R1 which is why my stop is above that just in case.
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  • #2,999
  • Jun 4, 2012 12:48am Jun 4, 2012 12:48am
Quoting Poocher
This is a fun set up if you stay with the trend like FxPipin says.

Thanks Fx_Pipin!


CAD/CHF is close.

Attachment
Good catch. I my broker does not offer that pair
  • #3,000
  • Jun 5, 2012 12:33am Jun 5, 2012 12:33am
So far so good Euraud holding up, positive 60 pips.

Lost 42 pips earlier on eurusd short What sucks is that now it looks like its going to tank owell.

I am also short chfjpy and thats looking good.
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