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  • #121
  • Dec 20, 2016 3:12am Dec 20, 2016 3:12am
Quoting kar2wlan
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...
I wish you good luck
Make all mistakes in demo and rain in pips in live account
  • #122
  • Dec 20, 2016 3:14am Dec 20, 2016 3:14am
Quoting 9jatrader
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.
Thanks
  • #123
  • Dec 20, 2016 6:34am Dec 20, 2016 6:34am
Quoting dsncorp
Great strategy 9jtrader!, its seems to work even better with stocks... the question is why cant work on slower timeframes? more noise maybe?
I wish to say here that it can be used to trade Gold and other commodity. Though I don't trade Gold I have Gold chart. I use it to monitor EURUSD, USDCHF, AUDUSD. In the weekly chart you would observe that there while the the 2nd October was closing above the middle band, the daily within the week, 4th October was already closed below lower band. Be warned here that all the pairs met the US election. During high volatility positions are not safe. SL would have been triggered, though, after US election result. Then when the noise is settled down we look for another chance to get in again, because the strategy has started a down trend. You would also observe that there was exhaustion on the daily chart before the setup. Which means it was not strongly trending.
Attached Image(s) (click to enlarge)
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Make all mistakes in demo and rain in pips in live account
  • #124
  • Dec 20, 2016 6:39am Dec 20, 2016 6:39am
Apart from the noise like the last US election, Grexit, Brexit referendums, the strategy is Ok. Be careful also about the Italian referendum ahead of us, next year.
Make all mistakes in demo and rain in pips in live account
  • #125
  • Dec 20, 2016 6:45am Dec 20, 2016 6:45am
EURUSD has broken the strong support since 2015 on the daily and weekly. Since there are still days before the monthly closed, the monthly also is closing below the strong support.
Attached Image (click to enlarge)
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Make all mistakes in demo and rain in pips in live account
  • #126
  • Dec 20, 2016 8:50am Dec 20, 2016 8:50am
hi, i have few more questions...
1. how can i see weekly closing?? means for today(20/12/2016,tuesday) what weekly i should see close?? previous one??
2. daily close means previous day close ,right???
sorry for my noob questions.
thanks.
i already got 180 pips with this strategy.
still wanna clear few doubts.
  • #127
  • Dec 20, 2016 9:27am Dec 20, 2016 9:27am
Quoting kar2wlan
thanks. i already got 180 pips with this strategy. still wanna clear few doubts.
Great. You're getting use to it now gradually.
Make all mistakes in demo and rain in pips in live account
  • #128
  • Dec 20, 2016 9:28am Dec 20, 2016 9:28am
thanks...please answer below...
1. how can i see weekly closing?? means for today(20/12/2016,tuesday) what weekly i should see close?? previous one??
2. daily close means previous day close ,right???
sorry for my noob questions.
thanks.
  • #129
  • Dec 20, 2016 9:41am Dec 20, 2016 9:41am
Quoting kar2wlan
hi, i have few more questions... 1. how can i see weekly closing?? means for today(20/12/2016,tuesday) what weekly i should see close?? previous one?? 2. daily close means previous day close ,right??? sorry for my noob questions. thanks. i already got 180 pips with this strategy. still wanna clear few doubts.
Two options
1. Assuming price has been ranging and you're waiting a breakout with this strategy. On Sunday market opens every week. Let's take this week for example. On Sunday 18th market opened. If within this week price has been trading- closing above the middle band and at the same time the daily this week closed above upper band we can get. We have to be monitoring the two time frames.
2. If while the last weekly closed above middle band and the daily rejected to close above upper band, it may work when we get in. But it's risky for me. I must wait for the daily to close above upper band also. This is because upper band rejection on the daily can send the pair down again. If it's no clear let me know. You would get used to it.
Make all mistakes in demo and rain in pips in live account
  • #130
  • Dec 20, 2016 9:50am Dec 20, 2016 9:50am
Quoting kar2wlan
thanks...please answer below... 1. how can i see weekly closing?? means for today(20/12/2016,tuesday) what weekly i should see close?? previous one?? 2. daily close means previous day close ,right??? sorry for my noob questions. thanks.
I use the word "closing". Weekly candle closed only at the end of the trading week- Friday
Make all mistakes in demo and rain in pips in live account
  • #131
  • Dec 20, 2016 9:59am Dec 20, 2016 9:59am
Making it simple, good effort. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #132
  • Dec 20, 2016 11:13am Dec 20, 2016 11:13am
Quoting KeenPips
Making it simple, good effort. Trade safe and prosper. KP
Thanks
Make all mistakes in demo and rain in pips in live account
  • #133
  • Dec 20, 2016 11:25am Dec 20, 2016 11:25am
EURUSD is trading at the lowest ever since 2007 on the daily, from what I can see. Using the monthly, we still have about 2000 pips down the road before the lowest price on the monthly chart.
Make all mistakes in demo and rain in pips in live account
  • #134
  • Dec 20, 2016 11:52am Dec 20, 2016 11:52am
The most unsuccessful positions I have with this strategy are the GBP pairs. Could Brexit be responsible for it? They're just milling around after entry.
Make all mistakes in demo and rain in pips in live account
  • #135
  • Dec 21, 2016 2:13am Dec 21, 2016 2:13am
NZDJAPY is right below the strong broken support ( 81.584 ) 3rd February, 2014. This support sent the price up for over 1200 pips. It's now acting as a resistance. Can it be scary? The trend is still very strong at the current movement and has the high probability of breaking above it.
Attached Image (click to enlarge)
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Make all mistakes in demo and rain in pips in live account
  • #136
  • Dec 21, 2016 2:20am Dec 21, 2016 2:20am
Bollinger angle is steep and there is no sign of exhaustion yet.
Attached Image (click to enlarge)
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Make all mistakes in demo and rain in pips in live account
  • #137
  • Dec 21, 2016 2:35am Dec 21, 2016 2:35am
Some traders do run away with their profits when price gets to a strong resistance and support. This happens when the retesting of the level persists for a long time. Before running away we have to consider the price movement that took the price there. Was it very trending? Was there any exhaustion/sideways movement before it got there? These are the things we have to put into consideration before closing. I mean for trend/position/swing traders.
Make all mistakes in demo and rain in pips in live account
  • #138
  • Edited 10:52am Dec 21, 2016 10:24am | Edited 10:52am
It's surprising to me that Broker would close demo account after a month. Another broker after Pepperstone again - Axitrader. Axitrader is more funny. It closed it without notice, unlike pepperstone. I just wonder if broker can just close demo, what would happen to live account. It's good to know all these before going live. My short positions on AUDCAD and AUDUSD are closed on that platform. Really regrettable. Anyway am still following them with my journal. In spite of all these behaviour am comfortable now with the strategy
Make all mistakes in demo and rain in pips in live account
  • #139
  • Dec 22, 2016 5:16am Dec 22, 2016 5:16am
AUDNZD continues to be threat. It shows that the descending resistance is valid. It has formed channel.
Attached Image (click to enlarge)
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Make all mistakes in demo and rain in pips in live account
  • #140
  • Dec 22, 2016 5:28am Dec 22, 2016 5:28am
I have been in the position, AUDNZD long since to 10th November. This is one of the reasons Forex trainers/mentors discourage borrowing money to trade Forex.
Make all mistakes in demo and rain in pips in live account
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