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Simple and profitable trading style

  • #101
  • Dec 18, 2016 8:29pm Dec 18, 2016 8:29pm
Quoting dsncorp
{quote} Very clear! thanks once again!
Ok
Make all mistakes in demo and rain in pips in live account
9jatrader All Time Return: -66.1%
  • #102
  • Dec 18, 2016 8:41pm Dec 18, 2016 8:41pm
Quoting 9jatrader
I have downloaded another platform to get in with the GBPNZD long. You would observe that for two days ( 10th and 11th Nonember ) bullish candles were able to close above the upper band, and yet it could not make much move on the pair. This was because the main bullish candle on the weekly, 6th November was not able to close above the middle band while the daily did it's work. The two must match, the daily and the weekly. I hope you get what I have been trying to get to you. Here are the daily charts. Am comfortable with using the weekly candle...
Weekly candle crossed middle band earlier as well, any specific reason for not opening trade that time?
Attached Image (click to enlarge)
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  • #103
  • Dec 18, 2016 8:48pm Dec 18, 2016 8:48pm
Quoting pundit78
{quote} Weekly candle crossed middle band earlier as well, any specific reason for not opening trade that time? {image}
It was weekend. There was no need
Make all mistakes in demo and rain in pips in live account
9jatrader All Time Return: -66.1%
  • #104
  • Dec 18, 2016 8:58pm Dec 18, 2016 8:58pm
HI Pundit78. Just because I was waiting for the weekly candle it was necessary to allow the weekly candle to finally close, otherwise weekly could have closed strongly bearish or having long upper shadow or be obstructed again by the weekly middle band. If you trade daily and longer time frames you will be more patient and always allow the candle you're waiting for to close before your analyses. Hope it's clear.
Make all mistakes in demo and rain in pips in live account
9jatrader All Time Return: -66.1%
  • #105
  • Dec 18, 2016 9:17pm Dec 18, 2016 9:17pm
pundit 78 I see what your talking about the GN weekly closed above the middle band 2 bars earlier. It did not close above the top band untill friday on the daily
so we could not of got in this trade earlier, thanks, racsan
  • #106
  • Dec 18, 2016 9:26pm Dec 18, 2016 9:26pm
Quoting racsan
pundit 78 I see what your talking about the GN weekly closed above the middle band 2 bars earlier. It did not close above the top band untill friday on the daily so we could not of got in this trade earlier, thanks, racsan
Patience is needed to get entry point. Thanks.
Make all mistakes in demo and rain in pips in live account
9jatrader All Time Return: -66.1%
  • #107
  • Dec 19, 2016 5:53am Dec 19, 2016 5:53am
I also use Fibonnaci to follow retracement. I long expected a strong retracement from all JPY pair. Their upward movement have so uninterrupted.
Make all mistakes in demo and rain in pips in live account
9jatrader All Time Return: -66.1%
  • #108
  • Dec 19, 2016 8:44am Dec 19, 2016 8:44am
what retracement do you look for
  • #109
  • Dec 19, 2016 12:44pm Dec 19, 2016 12:44pm
9jatrader, can you post a couple charts showing getting stopped out and reentry process. thanks, racsan
  • #110
  • Dec 19, 2016 3:18pm Dec 19, 2016 3:18pm
Quoting racsan
what retracement do you look for
Do you mean the pairs? After a strong move there is bound to be a retracement. If it's the pairs, they're CADJPY long; CHFJPY long; NZDJPY long. They have been moving so strongly. It's good for Bank Of Japan. They tried everything possible to weaken the Yen. Weak Yen is good for their exports. It makes their products more competitive in the international market.
Make all mistakes in demo and rain in pips in live account
9jatrader All Time Return: -66.1%
  • #111
  • Dec 19, 2016 3:28pm Dec 19, 2016 3:28pm
Quoting racsan
9jatrader, can you post a couple charts showing getting stopped out and reentry process. thanks, racsan
I have shared the screen shot of the charts where I was stopped out. It's the 8th chart on the first page of this thread- NZDJPY long. I got in where I have the red arrow. Days latter it strongly retraced and triggered my SL. You would see what I mean by lower band rejection in the chart. I got in again when candles consistently rejected lower band - that's their refusal to close below lower band. I hope it's clear.
Make all mistakes in demo and rain in pips in live account
9jatrader All Time Return: -66.1%
  • #112
  • Dec 19, 2016 3:33pm Dec 19, 2016 3:33pm
Hi Racsan, since my backtesting I have been stopped out on only one occasion. I may not have many charts to show. That's the reason I advice that we use the weekly candle to set our SL and then take a very small lot size.
Make all mistakes in demo and rain in pips in live account
9jatrader All Time Return: -66.1%
  • #113
  • Dec 19, 2016 3:38pm Dec 19, 2016 3:38pm
Sometimes we're too cautious/picky of our SL. Some try to put very tight SL. Using tight SL is like having no SL. You would be stopped out even if the direction and analyses is right. When you're stopped out because of tight SL finding another entry point becomes a great challenge.
Make all mistakes in demo and rain in pips in live account
9jatrader All Time Return: -66.1%
  • #114
  • Dec 19, 2016 4:33pm Dec 19, 2016 4:33pm
Sorry 9jatrader, I should of looked back further for your chart. I totally understand it now. I was just looking and NZD CAD has a setup to take short. Thanks, Racsan
  • #115
  • Dec 19, 2016 4:39pm Dec 19, 2016 4:39pm
Quoting racsan
Sorry 9jatrader, I should of looked back further for your chart. I totally understand it now. I was just looking and NZD CAD has a setup to take short. Thanks, Racsan
Am already short on AUDCAD. They're correlated
Make all mistakes in demo and rain in pips in live account
9jatrader All Time Return: -66.1%
  • #116
  • Dec 19, 2016 5:04pm Dec 19, 2016 5:04pm
If only AUDNZD long can give me chance to leave at break even. The only pair I did not enter with the strategy.
Make all mistakes in demo and rain in pips in live account
9jatrader All Time Return: -66.1%
  • #117
  • Dec 19, 2016 10:55pm Dec 19, 2016 10:55pm
Hello,
i am new bee in this forex trading.
my basic concepts are small and limited.
so if my questions sound foolish please bear with me.
i like concept you are talking about.
few questions -
1. how much is the account balance to be there for this kind of long trading?
2. i have 100$ accont and i usually use 0.01 lot. is it ok?
3. how many trades to be taken at a time?
4. how much period we should hold trades before close?( 1 day, 4 hrs, 8hrs etc)
5. do you use trail stops?
  • #118
  • Dec 19, 2016 11:32pm Dec 19, 2016 11:32pm
Quoting kar2wlan
Hello, i am new bee in this forex trading. my basic concepts are small and limited. so if my questions sound foolish please bear with me. i like concept you are talking about. few questions - 1. how much is the account balance to be there for this kind of long trading? 2. i have 100$ accont and i usually use 0.01 lot. is it ok? 3. how many trades to be taken at a time? 4. how much period we should hold trades before close?( 1 day, 4 hrs, 8hrs etc) 5. do you use trail
stops?
Thanks for joining us here.
1. As far the strategy or any other trading strategy is concerned, it doesn't depend on the account size, but your money management and leverage. If you have good strategy and follow risk/money management you can trade with small account.
2. You can trade with $1oo as long as you take the smallest lot size, 0.01 and you do not over-leverage your account. Grow your account slowly and steadily. When I started demo I was trading $1000 and $500. I have seen how it works. I have narrow myself to $500 and $200. I even have $100 demo though I have not placed trades on it yet.
3. Take only one position at a time so that you will be able to withstand strong retracement.
4. Only market can provide this answer. I do not trade 4hrs and shorter time frames. I have shared the strategy of entry and exit. You can read through it again. If you don't get it I would oblige to explain again.
5. I do not trail my position. Some are comfortable with trailing stop, while others do not use it. Trailing stop doesn't give room for market fluctuation. My mentor discourages it.
Make all mistakes in demo and rain in pips in live account
9jatrader All Time Return: -66.1%
  • #119
  • Dec 19, 2016 11:45pm Dec 19, 2016 11:45pm
You can use small account to catch a trend and be profitable. That's the reason of the thread.
Make all mistakes in demo and rain in pips in live account
9jatrader All Time Return: -66.1%
  • #120
  • Dec 20, 2016 1:21am Dec 20, 2016 1:21am
thanks a tone.i surely will go this strategy...and i am really in debt for your help...thanks again..will follow as i go ahead with this strategy..and will use one position at a time...
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