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Taking Advantage of Expert Recommendations

  • #1
  • First Post: Edited May 30, 2016 2:58am May 23, 2016 4:13am | Edited May 30, 2016 2:58am
Taking Advantage of Expert Recommendations
Every trader settles for a set of analytics tools that accurately predict market trends for then intraday or daily. Unless the selected set of tools are 100% accurate, it is helpful to compare their predictions with experience recommendations. At investing.com, they tell you you if it is a strong or week buy for daily, h8, h4, h1, 30m, 15m and 5m periods.

See chart at link below:http://m.investing.com/currencies/eur-usd

http://m.investing.com/currencies/usd-cad
For my swing trades, I use only the daily period for comparison, since I am not interested in intraday fluctuation that do not signal trend reversal on on my daily chart. Knowing that my analytic results are backed by corporate expert analysts gives me more confidence to enter a trade, stay in a trade or close a trade. If my tool set is yielding negative P/L, I recallibrate each tool by adjusting their settings to bring them in synch with expert recommendations.

For day trades, I look for all green (strong buy) pairs, buy at daily price and activate stop loss at 15m price, since it might be too late at 5m price.
http://www.forexfactory.com/mecrandie#acct.05
Mecrandie
  • #2
  • Sep 27, 2016 9:15pm Sep 27, 2016 9:15pm
Great..I am a huge fan of investing.com..Their buy and sell recommendations are really handy..By the way how do you enter your trades with info from investing.com?
Goal of a successful trader is to make the best trades. Money is secondary
  • #3
  • Edited 12:59pm Oct 4, 2016 5:50am | Edited 12:59pm
[quote=ForexpinbarGreat..I am a huge fan of investing.com..Their buy and sell recommendations are really handy..By the way how do you enter your trades with info from investing.com?[/quote]

I currently use weekly Bollinger Band-14, SMA-7 and Elliot Wave-7,35 for screening. I trade in whatever direction the three indicators are pointing. I also make sure the currency pair is clearly trading above or below the average line of the Bollinger Band. Following every trade I add fixed trailing stop at TP +/- 0.00300 or +/- 0.30(JPY pairs) and trail at 150 pips. I trade 10000 unit lots This trailing setup hardly disrupts my trades, but locks in every 150 pips increase in TP. See chart below

Attached Image
Mecrandie
  • #4
  • Oct 14, 2016 2:06pm Oct 14, 2016 2:06pm
Your approach is quite interesting but i have come up with a strategy which has led to profits during the past 2 weeks including this one..I look for strong buy and strong sell signals only for daily weekly and monthly..If for instance GBP/CAD has strong sell on the daily , monthly and weekly , I open 1hour GBP/CAD chart and place a sell order with stop loss..I dont set take profit on my trades because i prefer to let my winners run and cut my losses so I use trailing stop.Thanks for sharing your strategy..This is how i trade signals on investing.com and have been profitable for the past 2 weeks..I trade only strong buy or sell signals.
Goal of a successful trader is to make the best trades. Money is secondary
  • #5
  • Oct 17, 2016 1:51am Oct 17, 2016 1:51am
Quoting Forexpinbar
Your approach is quite interesting but i have come up with a strategy which has led to profits during the past 2 weeks including this one..I look for strong buy and strong sell signals only for daily weekly and monthly..If for instance GBP/CAD has strong sell on the daily , monthly and weekly , I open 1hour GBP/CAD chart and place a sell order with stop loss..I dont set take profit on my trades because i prefer to let my winners run and cut my losses so I use trailing stop.Thanks for sharing your strategy..This is how i trade signals on investing.com...
FPB,
You know what? I have also settled for daily, weekly and monthly periods with 300 pip Trailing Stop without using Take profit for the same reason you gave. This has shown minimal premature trade closure. I make sure those three periods are in perfect alignment. I have also ditched the indicators completely. Instead of candle sticks, I now use linear charts. Once I notice the daily chart trending in opposite direction I manually adjust the Stop Loss closer to the market price assuming about 20% risk in the event of full trade reversal. This strategy saw me safely through this past weekend. Please keep in touch.
Mecrandie
  • #6
  • Oct 17, 2016 7:13am Oct 17, 2016 7:13am
Good to know that you are doing well with you strategy..I dont have a fixed pip amount for my stop loss.I use Bill Williams stop loss indicator to calculate the pips for my stop loss and then i use Bill Williams stop loss indicator.I will attach the indie in case you wanna use it.So after finding stop loss in pips with Bill Williams stop loss indicator , i use lot size calculator that i downloaded from http://www.forexfactory.com/showthread.php?p=9191506 to calculate my lot size based on my stop loss pips and amount in $ am willing to risk on the trade.And then I open my position based on the signals from investing.com..I only trade strong buy or sell signals and even that only when the daily signal confluences with the weekly and monthly..Strong buy daily , weekly and monthly..I dont trade based on buy or sell signals but strong buy or sell only.I have been entering trades on the daily chart for sometime now and results have been good.I am still testing entries on the 1HR chart..I will let you know how it goes..Attached the Bill Williams stop loss indicator and how I use it.Hope this helps
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 136 KB
Attached File(s)
File Type: mq4 SL_BW.mq4   11 KB | 374 downloads
Goal of a successful trader is to make the best trades. Money is secondary
  • #7
  • May 25, 2017 3:03pm May 25, 2017 3:03pm
Quoting Forexpinbar
Your approach is quite interesting but i have come up with a strategy which has led to profits during the past 2 weeks including this one..I look for strong buy and strong sell signals only for daily weekly and monthly..If for instance GBP/CAD has strong sell on the daily , monthly and weekly , I open 1hour GBP/CAD chart and place a sell order with stop loss..I dont set take profit on my trades because i prefer to let my winners run and cut my losses so I use trailing stop.Thanks for sharing your strategy..This is how i trade signals on investing.com...
Quoting mecrandie
{quote} FPB, You know what? I have also settled for daily, weekly and monthly periods with 300 pip Trailing Stop without using Take profit for the same reason you gave. This has shown minimal premature trade closure. I make sure those three periods are in perfect alignment. I have also ditched the indicators completely. Instead of candle sticks, I now use linear charts. Once I notice the daily chart trending in opposite direction I manually adjust the Stop Loss closer to the market price assuming about 20% risk in the event of full trade reversal....
Good day Forexpinbar & mecrandie, I have the following questions for you both:

1 - Are you still using the strategies you both shared above?
2 - Have you changed anything since you last posted these comments on this thread?
3 - What have you learned, added or taken away from your strategy?
4 - When do you check Investing.com for updates on the market (e.g. Morning, Day before the trade, Open Market, After a News Event, etc)?
5 - How long do you normally stay in a trade (4 hours, 1 day, 2 to 3 days, etc.)?

Thanks for sharing. I look forward to your responses.

All the best!
  • #8
  • Edited Jun 3, 2017 7:59am Jun 2, 2017 8:53pm | Edited Jun 3, 2017 7:59am
Quoting Anyname
{quote} {quote} Good day Forexpinbar & mecrandie, I have the following questions for you both: 1 - Are you still using the strategies you both shared above? 2 - Have you changed anything since you last posted these comments on this thread? 3 - What have you learned, added or taken away from your strategy? 4 - When do you check Investing.com for updates on the market (e.g. Morning, Day before the trade, Open Market, After a News Event, etc)? 5 - How long do you normally stay in a trade (4 hours, 1 day, 2 to 3 days, etc.)? Thanks for sharing. I look...
STOP LOSS vs LIMIT LOSS
I am still using the same strategy with a few modifications. The main modification is to use SMA-3 for confirming strong buy and strong sell signals in 1H, 1D, 1W, 1M periods. I have stopped trying to stop loss, but rather try to limit my catastrophic or crash losses. Minor losses every now and then are part of Forex or equity trading. But a catastrophic loss can wipe out a portfolio.

So I simply use trailing stop at "52 week high" or "52 week low" depending on my trading direction. You can also put the trailing stop at +5% or -5% depending on your trading direction. Some traders may go up to +10% or -10% to avoid premature trade closure. That way the trade only closes if there is a catastrophic drop or spike in market price of Swiss or Brexit size. I apply the trailing stop at "52 week low" as soon as I purchase a Forex pair at market price. Similarly, I apply the trailing stop at "52 week high" as soon as I sell a Forex pair at market price.

Trailing at -5% means you are okay with a $0.05 in market price before closing out. The total loss will depend on lot size. For my usual 10000 lot size that means $(0.05 x 10000) which is $500. If trailing at 10% that means you are willing to loose $1000 before closing out in the event of a crash. If you invested $10000 in that pair that will not be too much loss. But where you have invested only $1000 dollars in the pair, that will wipe you out without affecting other pairs in your portfolio. So for most average traders trailing at 1% or 0.01 feels safer. That way you take a maximum loss of $100 on a pair in the event of a crash.

How I decide when to enter a trade is to see if 1H is starting to recover from a brief down trend (see chart). That means I am buying at low with some assurance that market price is still trending upward. Buying it when the 1H is trending up risks a drop in price soon after purchase. With this set up I just swing by every now and then to make minor adjustments. See my Forex Factory explorer to confirm that most of my trades have been running for weeks. Holding on to a pair for a whole year in your portfolio drastically reduces the tax you pay on your profit. See charts below:




Hourly Chart EUR/USD
Attached Image (click to enlarge)
Click to Enlarge Name: EUR_USD 60 (MA3, Close 0).png Size: 39 KB



Daily Chart EUR_USD
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Click to Enlarge Name: EUR_USD D (MA3, Close 0).png Size: 50 KB

Weekly Chart EUR_USD
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Click to Enlarge Name: EUR_USD W (MA3, Close 0).png Size: 53 KB


Monthly Chart EUR_USD
Attached Image (click to enlarge)
Click to Enlarge Name: EUR_USD M (MA3, Close 0).png Size: 54 KB






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Mecrandie
  • #9
  • Jun 6, 2017 10:17am Jun 6, 2017 10:17am
It’s certainly very handy to follow such sites since they can be very useful in allowing us to generate good level of profits. However, it’s also down to how the individual applies because that’s what matters most. I find it even better with reading people’s view and ways of working out, I feel that’s far more beneficial to read that type of things and will give us greater level of experience as well.
  • #10
  • Last Post: Jun 7, 2017 9:17pm Jun 7, 2017 9:17pm
Quoting mecrandie
{quote} STOP LOSS vs LIMIT LOSS I am still using the same strategy with a few modifications. The main modification is to use SMA-3 for confirming strong buy and strong sell signals in 1H, 1D, 1W, 1M periods. I have stopped trying to stop loss, but rather try to limit my catastrophic or crash losses. Minor losses every now and then are part of Forex or equity trading. But a catastrophic loss can wipe out a portfolio. So I simply use trailing stop at "52 week high" or "52 week low" depending on my trading direction. You can also put the trailing stop...
Thanks for taking the time to answer my questions...
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