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Simple and profitable trading style

  • #521
  • Feb 11, 2017 7:15am Feb 11, 2017 7:15am
Both the daily and the weekly has really closed so well. This pair is about to test the strategy here again. I will be using the below the low price of the weekly candle for my SL. Though the SL will be big, the lot size will be small. Even if the SL is triggered, there is another strategy to get in again - lower band rejection.
Make all mistakes in demo and rain in pips in live account
  • #522
  • Feb 11, 2017 7:18am Feb 11, 2017 7:18am
Am using another platform which I did not enter NZDJPY long, otherwise I will be buying and selling NZD at the same time; that's counterproductive.
Make all mistakes in demo and rain in pips in live account
  • #523
  • Feb 11, 2017 7:38am Feb 11, 2017 7:38am
I have been asked on when to get out of the trade. There is no perfect exit point. Sometimes a reversal doesn't show any signal. What an so certain is that there will be exhaustion that the bears are reluctant to be bearish- consistent rejection of the lower band. We have them on AUDCAD short and AUDUSD short. In almost all the trades I have on my journal, they were able to comfortably make 300++ pips before any retracement/reversal. EURUSD short is another case, which bounced back from strong monthly support. Am still riding NZDJPY long base on the strategy
Make all mistakes in demo and rain in pips in live account
  • #524
  • Feb 11, 2017 7:42am Feb 11, 2017 7:42am
No perfect entry/exit as you already know. Each and every day gives opportunity to refine our strategy for better trading. Loosing is part of the game, but loosing all the pips that have been made all the time is a disaster. Happy weekend
Make all mistakes in demo and rain in pips in live account
  • #525
  • Feb 11, 2017 11:27pm Feb 11, 2017 11:27pm
In my point of view simple and profitable trading system is using the moving average, support resistance & candlestick pattern. Because if you make your chart more complex and complicated then you get biased and confused about the trade. But if you use just a simple trading method you can analyze easily and take the trade. Just do remember the important fundamental news when the price move very fast.
  • #526
  • Feb 12, 2017 5:33am Feb 12, 2017 5:33am
Quoting MartinSnedd
In my point of view simple and profitable trading system is using the moving average, support resistance & candlestick pattern. Because if you make your chart more complex and complicated then you get biased and confused about the trade. But if you use just a simple trading method you can analyze easily and take the trade. Just do remember the important fundamental news when the price move very fast.
Bollinger Bands is a moving average. Do you think traders should not monitor their position with support/resistance no matter the system they use and that would make the chart more complex???
Make all mistakes in demo and rain in pips in live account
  • #527
  • Feb 12, 2017 5:35am Feb 12, 2017 5:35am
Don't oversimplify your system. You can see what EURUSD did from strong monthly support.
Make all mistakes in demo and rain in pips in live account
  • #528
  • Feb 12, 2017 5:45am Feb 12, 2017 5:45am
Also no matter the system we use,we cannot ignore fundamentals. Fundamentals, when complement with candlestick patterns, we get into position without stress. Babypips.com is one of my sources in following fundamentals
Make all mistakes in demo and rain in pips in live account
  • #529
  • Feb 12, 2017 5:59am Feb 12, 2017 5:59am
Today I will joining the bulls on AUDNZD, monitoring with monthly resistance
Make all mistakes in demo and rain in pips in live account
  • #530
  • Feb 12, 2017 6:14am Feb 12, 2017 6:14am
When we're too picky with our SL, position like the current AUDNZD may trigger SL when the daily candlestick is used for SL. There is possibility of a very strong retracement on the pair which may trigger SL before going bullish again. AUD and NZD don't show mercy on each other
Make all mistakes in demo and rain in pips in live account
  • #531
  • Feb 14, 2017 2:04am Feb 14, 2017 2:04am
How will the 1.07 resistance respond the advance bullish movement by AUDNZD? Stochastic is already on overbought region. As I have said earlier, stochastic is used to follow trend. !.07 resistance breakout shows additional bullish bias.
Attached Image (click to enlarge)
Click to Enlarge Name: audnzd.png Size: 58 KB
Make all mistakes in demo and rain in pips in live account
  • #532
  • Feb 14, 2017 2:06am Feb 14, 2017 2:06am
This is a seven month strong resistance. It has been strongly resisting breakout since July 2016
Make all mistakes in demo and rain in pips in live account
  • #533
  • Feb 14, 2017 10:19am Feb 14, 2017 10:19am
Quoting 9jatrader
No perfect entry/exit as you already know. Each and every day gives opportunity to refine our strategy for better trading. Loosing is part of the game, but loosing all the pips that have been made all the time is a disaster. Happy weekend
Exactly the point, the market is not static neither is rigid. The market can change at anytime, and loosing does signify bad entry or something you have done wrong, it could be beyond our control sometimes.
  • #534
  • Feb 15, 2017 9:50am Feb 15, 2017 9:50am
AUDNZD still trapped below strong resistance, while stochastic is overbought. Any breakout would be great setup.
Attached Image (click to enlarge)
Click to Enlarge Name: audnzd-d1-fxopen.png Size: 57 KB
Make all mistakes in demo and rain in pips in live account
  • #535
  • Feb 15, 2017 9:53am Feb 15, 2017 9:53am
Don't mind my SL level. I have said in the past that using the below the low price the weekly candle that combined to make the setup is better. In that case I will be convinced that am wrong. When am wrong with this strategy I get in again using the lower band rejection to join the bulls.
Make all mistakes in demo and rain in pips in live account
  • #536
  • Feb 16, 2017 4:11pm Feb 16, 2017 4:11pm
Yesterday EURUSD formed strong hammer, with bullish body
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd-d1-alpari-international-limited-nn.png Size: 36 KB
Make all mistakes in demo and rain in pips in live account
  • #537
  • Feb 16, 2017 4:13pm Feb 16, 2017 4:13pm
It's a quick profit taking/tight target, using the resistance to get out
Make all mistakes in demo and rain in pips in live account
  • #538
  • Feb 16, 2017 4:17pm Feb 16, 2017 4:17pm
I missed the beginning of the movement because I was too focus on my NZDJPY long position. I do not think it's too late to join the bulls. The hammer for formed on the strong support level of February,2015 when the ECB cut interest rate and the pair still went bullish
Make all mistakes in demo and rain in pips in live account
  • #539
  • Feb 16, 2017 4:21pm Feb 16, 2017 4:21pm
Am tempted to close my NZDJPY long, but the monthly is too strong to be ignored. I mean November bullish candle which closed strongly above the middle band
Make all mistakes in demo and rain in pips in live account
  • #540
  • Feb 16, 2017 4:28pm Feb 16, 2017 4:28pm
We can see again how stochastic can be used in a ranging market as I have said in the past. CADCHF failed to break the resistance when stochastic was overbought. What followed was bearish movement, for tight target
Attached Image (click to enlarge)
Click to Enlarge Name: cadchf-d1n.png Size: 36 KB
Make all mistakes in demo and rain in pips in live account
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