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The sacred edge 2.0

  • #41
  • Jul 15, 2015 2:51am Jul 15, 2015 2:51am
Quoting ephisi
Got too many setups last nite that resulted in me placed 6 trades out of over 15 setup. Some counter trend some in line with the trend. Considering the 100pips stoploss I use. I decided to take hencefort only setups with swing potential. Trades I can ride for few days. Hence I closed gbpnzd and eurchf with some loss. Will see hkw it goes
eurchf long is a good trade for 100 pips. While gbpnzd was a totally bad trade. Dont know what I was thinking. It happens sometimes
  • #42
  • Jul 15, 2015 6:55am Jul 15, 2015 6:55am
Planning to keep your cad trades open during news today or closing them?
  • #43
  • Jul 15, 2015 9:59am Jul 15, 2015 9:59am
Closed all cad trades in profit after the spike. Expect some correction and new entry setups on cad pairs. Shout out to MIKE on Vlady1974s Discovering an edge thread for the heads up on RED rate cuts. I held cad trades because of Mikes headsup
  • #44
  • Jul 15, 2015 10:10am Jul 15, 2015 10:10am
Just goes to show how fundamentals are the driver or the reason for trades. Technicals get you in/out of position.
A pip is only worth it if you know how much you risked to earn it
  • #45
  • Jul 15, 2015 11:19am Jul 15, 2015 11:19am
Quoting vlady1974
Just goes to show how fundamentals are the driver or the reason for trades. Technicals get you in/out of position.
Exactly Mate. Technicals set it up. That's what we see on charts but news moves price to complete the set up. If news didn't favor, the set up would fail or wait for the next favorable news
  • #46
  • Jul 15, 2015 11:20am Jul 15, 2015 11:20am
Eurjpy 137 then 139. The set up is there, i need news to make it happen
  • #47
  • Jul 16, 2015 4:25am Jul 16, 2015 4:25am
USDJPY 127/128 coming soon, hope I see a pullback to join the train. Based on my new filters I won't be having too many valid setups daily. 203 daily is fine
  • #48
  • Jul 16, 2015 7:52am Jul 16, 2015 7:52am
Quoting ephisi
Closed all cad trades in profit after the spike. Expect some correction and new entry setups on cad pairs. Shout out to MIKE on Vlady1974s Discovering an edge thread for the heads up on RED rate cuts. I held cad trades because of Mikes headsup
I have my doubts on this approach Ephisi. Your edge is to be found in TA.. Imagine what would happen to your stops if that rate cut went the other way...
Personally i stay the hell away from any kind of exposure during this kind of news, why risk it when at other times TA can guarantee your safety.
  • #49
  • Jul 16, 2015 8:39am Jul 16, 2015 8:39am
Quoting Robertk
{quote} I have my doubts on this approach Ephisi. Your edge is to be found in TA.. Imagine what would happen to your stops if that rate cut went the other way... Personally i stay the hell away from any kind of exposure during this kind of news, why risk it when at other times TA can guarantee your safety.
You have a point Robert, but I had weighed my options . BOC would either cut rates or hold because the cad economy has obviously been going through a down turn. If they held rates it wouldn't gap through my stops. Yes. Risky I agree. I don't do that frequently. I will take your advice and close trades before rate news. Thanks Rob
  • #50
  • Jul 17, 2015 7:41am Jul 17, 2015 7:41am
Theres a saying I used alot in the past here on forexfactory. Price is news news is price. Technical analysis kind of creates the setups that mirror the bias or expectation of the markets on up coming news. So you place a trade based on techinal analysis but news releases completes and confirms the set up. This is what Vlady1974 was refering to in his recent post in here.

This was why I msde the rule not to pay attention to fundamentals except interest rates. Labour data and geopolitics. Other than these I just trade irrespective when news is being released. .. I was short cad yesterday. Now im long cad based on set up and the news came as exp3cted. Though my cad trades yesterday were risky. I broke my rule not to trade during interest rates. But the bias for a rate cut was too tempting.

Having a little difficulty adjusting and implementing my new strategy but im making good progress
  • #51
  • Jul 17, 2015 7:44am Jul 17, 2015 7:44am
Quoting ephisi
Theres a saying I used alot in the past here on forexfactory. Price is news news is price. Technical analysis kind of creates the setups that mirror the bias or expectation of the markets on up coming news. So you place a trade based on techinal analysis but news releases completes and confirms the set up. This is what Vlady1974 was refering to in his recent post in here. This was why I msde the rule not to pay attention to fundamentals except interest rates. Labour data and geopolitics. Other than these I just trade irrespective when news is being...
The reason I made the much needed changes though I was trading good was because I didnt just want to catch sure 30 or 60pip moves on average. Im now aiming for 200 to 1000pip moves. Just a matter of time
  • #52
  • Jul 18, 2015 1:21am Jul 18, 2015 1:21am
Quoting ephisi
{quote} hmmmn, csm may be getting me in late. Csm confirmed dont feel comfortable entering now but will enter anyway. Will see the effectiveness of waiting for csm, i may remove that filter because my levels kind of reject price
Quoting litechild
{quote} caution bro...don't use csms for entries. Setups? Yes.
] mike, litechild,vlady1974;8380815 i want to thank you guys again, i finally got another aha moment. I now understand what you guys have been saying and doing. I wonder why i didn't figure that's out on my own earlier. I guess it's my personality of not wanting to apply every ones method but mine. I just made a startling discovery while doing my weekly revis of my trading this weekly and trying to similarity application of my new method. I remember mike saying he only trades the strongest vs the weakest pairs, vlady1974 says he only trades with the trend, litechild told me to use csm only for setups. Even then it didn't become real to me until just now as i type..

List all gbp usd jpy vs eur cad nzd pairs. Trading the strongest vs the weakest pairs as mike said is the easiest money maker. Only trade counter trend with pairs having little relative strength difference. As a matter of fact never take counter trend trades on pairs with huge relative strong difference. That's a suicide mission. It's like shorting gbp cad that's suicide
  • #53
  • Jul 22, 2015 12:55am Jul 22, 2015 12:55am
Been tweaking. Tweaking tweaking. , putting filters in place. I only want to take high probability trades which will give loads of pips . I had hard time from last week till yesterday still adapting my method for maximum efficiency and profitability. I believe I am done. Cant have more than 3 open trades at a time. So im taking only the best of setups
  • #54
  • Jul 22, 2015 3:40am Jul 22, 2015 3:40am
Quoting ephisi
Been tweaking. Tweaking tweaking. , putting filters in place. I only want to take high probability trades which will give loads of pips . I had hard time from last week till yesterday still adapting my method for maximum efficiency and profitability. I believe I am done. Cant have more than 3 open trades at a time. So im taking only the best of setups
My current gbpcad long is the kind of trade im talking about. Im no more interested in 30 to 50pip moves. I know how to get many daily. But im after big meat. I have observed that a lot of trades we take are just trades that take your time and stress you out. Emotionally draining trades. Now I will just sit and hope the gbpcad trend continues while I wait for the next big trade. This is the final result of merging my longterm position trading system, sacred edge, time based trading and short term trading thread/systems. Stress free trading. Hope we can break the highs today
  • #55
  • Jul 22, 2015 7:52am Jul 22, 2015 7:52am
Now thats what im talking about. +170pips and counting. She has room to go 3000pips. But I will be taking it in and out
  • #56
  • Jul 22, 2015 8:15am Jul 22, 2015 8:15am
Quoting ephisi
Now thats what im talking about. +170pips and counting. She has room to go 3000pips. But I will be taking it in and out
A break above 2.0400 will see us making a quick rush towards 2.0730 Oct 2008 highs.
  • #57
  • Jul 22, 2015 8:22am Jul 22, 2015 8:22am
Quoting ephisi
{quote} A break above 2.0400 will see us making a quick rush towards 2.0730 Oct 2008 highs.
My target is 2.0499
A pip is only worth it if you know how much you risked to earn it
  • #58
  • Jul 22, 2015 8:43am Jul 22, 2015 8:43am
Quoting vlady1974
{quote} My target is 2.0499
Youre right on track
  • #59
  • Jul 22, 2015 11:16am Jul 22, 2015 11:16am
Retracement on gbp cad should be over anywhere above 2.0300. We should make new highs tomorrow provided no news comes to divert current bias
  • #60
  • Jul 22, 2015 11:22am Jul 22, 2015 11:22am
Quoting ephisi
Retracement on gbp cad should be over anywhere above 2.0300. We should make new highs tomorrow provided no news comes to divert current bias
Agreed. I've got 20291 on 15M
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A pip is only worth it if you know how much you risked to earn it
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