Price Action with the Weekly Chart for Massive Profits

That is correct, that is the one i indicated on my chart as well as a losing trade.. Losing trades will happen, just they will be much less than winners.. Like i said this strategy has a very high win ratio, but losing is part of trading as well.. Also winners in general will be 4 to 5 times or more the size of any losers if traded to the rules..

Regards,
Timon

Yeah that is correct, I went long this one at 1.5130, expecting at least 1.53 on this pair or more before resistance.. I am locking in on this one at above BE at 1.5270..

A pair to watch also is EURAUD in the closing of next week.. WE may have a buy signal there as well.. I am also short USDCAD at 1.0180.. Could see 0.9810 there..

Regards,

Another one to watch is weekly close of EURUSD, if we get a weekly close higher than 1.3040 to 1.3050 this could be a major reversal zone..

Regards,

Hi Timon,

first, this is a very good idea of trading.

One question, why do you go long at GU, because my thinking is, the S/R Line has been crossed and it looks like a short trade?
http://charts.mql5.com/1/250/gbpusd-...el-markets.png

Thanks and regards,
Forex Lion

I got out at break even---chalk it up to a learning experience. Waiting for a new opportunity.

Hey Forex Lion,

Yeah it is a short trade now.. Thanks for the question.. I am short from 1.5180..

I went long at 1.5130 after first bullish close and got out at 1.5185.. I decided to hold until break below bearish candle with stop loss after bearish candle close.. I already had trade at BE as well before that.. I also placed an order to sell there on close of bullish trade so got just over 70 pips on that one, risked some pips with the possibility of it going to at least 1.53.. I was wrong but got out with profit still..

I am now short from 1.5180 and locked in just now.. BE i mean.. Yeah this system involves holding sometimes and BE sometimes, it really is about gut feeling as well.. A good advice is BE past 50 to 80 pips if you are worried on a trade, I am quite happy to lose a trade here and there, i embrace losses as well.. They do not happen often and when they do they are always small in comparison to winning trades.. BE is partly what keeps this system so safe..

Regards

Hey Irish37,
Yeah BE will happen, sometimes it will happen half the time, it just seems that way in certain markets, however when you get on a trade that goes 4 or 5 candles or more it will worth it.. I recently got an over 800 pips move so a couple of BE are not a concern here and there.. Just keep following the system and you cant go wrong once in a good move.. No one of us can be sure 100% sure on any move, but we can be sure on controlling risk and also how much profit we make..

What makes this style so good is we are letting the market decide the trades fate.. May get 3 BE in a row and then a 500 to 1000 pip or more move..

Common situation - May even get 2 x BE, 1 x 200 pip loss and 3 winning trades of over 500 pips.. That is over 1300 pips profit from 5 trades.. That is a common formula.. But on average over 80% you will get profit in each move.. To make yourself feel better add a few pips to BE so like 5 pips profit, helps cover swap if it happens as well..

Remember it is not small profits that build an account, it is holding a trade for as much of the move as possible that builds the account.. In a way getting out near the end of a weekly move is much more better to go for every time than just say 50 pips.. Trust me, small pips is a waste of time and will only draw down an account.. The big hold profit trades is what can double an account every year..

Instead, put BE like i suggest with the system and then let the market decide when to get out..

You want to get out when the candles say so in a way.. Then get in again if the signal is right..

Regards,

Hi Tinny

I have been reading your journal since it started, thank you for sharing how you trade.

There has been little discussion lately, and I thought I'd ask your opinion on a few currencies.

I have been bullish on Eur/aud, eur/usd, and gbp/usd.

I entered all these trades beginning of last week, after seeing bullish outside bars on the previous week's bar (in fairly key areas).

All are in positive ground at the moment and I am looking for profit near the next demand / supply area.

Your thoughts would be greatly appreciated.

I guess time and 7 weekly bars on my charts have answered my own question.

"THATS IT?" Too bad, This is a nice system! Thanks!!

Hey Ezzy,
Sorry for that reply, been very busy, yeah you are on the right track, enter after weekly bullish engulfing candle close after big down move and then put to break even at 100 pips or more.. Hold until opposing candle or when more than 2 to one risk level is achieved.. Structure is important but not so much with weekly chart trading.. Weekly chart trading is the major trends and that is the major benefit of this strategy.. As an example i recently got on a sell weekly move with two trades on weekly for more than 500 pips each.. That is one example of this strategy in action..

Another trade i got on recently was the sell NZDSGD and sell GBPUSD each one with good profit.. The NZDSGD over 140 pips and the GBPUSD just over 200 pips and still holding..

This method is simple and because it is, it works most of the time, however it still has losses occasionally.. How i trade it, it has a over 80% success ratio and nearly all successful trades are more than 2 to 1 or more.. My risk on the aussie sell above was 280 pips..



Above is example on AUDUSD



Above is example of holding weekly gbpusd trade..

I hope that helps..

Regards,
Timon Weller,
http://www.forexreviews.info

where is everybody

I like your thread, tinny79 !!
I would like to contact you privately, is that possible?

Here is a video explaining an entry technique and money management for the engulfing bar method:



Very simple.

Hi Chamane,
Thank you for sharing this video, the trading style that you have shown certainly looks very easy to adopt.
I am interested to know what your winning percentage has been with this method please?
Thank you
Scchplendid

Hi,

I just wanted to show an interesting entry method in that video. I have not traded this method long enough to present reliable results. But I think trading engulfing candles can be profitable.

Chamane

I use Oanda's FXTrade platform and can set my daily rollover for 4pm/cdt. I see EBs on eur/usd, gbp/usd, aud/usd & usd/cad. I have stop orders place on all four. piprac

All stop orders hit, I have7 open trades now. 2 each for eur/usd, eur/gbp, usd/cad, & 1 for aud/usd. I will now try and post pics. All are in profit and as of 13:46 cdt I am plus 522.3 pips in profit, none in negative pips. Small micro lots but 'real' money.

I am approx. 765 plus pips for all of the trades in post #38 and nothing in neg. territory. I will be adjusting SLs for protection. Great way to trade. p.

Nice going Piprac, is that trading chamane's method?