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  • #661
  • Mar 12, 2017 10:17am Mar 12, 2017 10:17am
Quoting 9jatrader
Before the last weekly candle the previous week was bullish engulfing, formed bullish consolidation around middle band
There was also another important 2 bar signal = DBLHC

see on your own chart, very low risk entry on Thursday

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  • #662
  • Mar 12, 2017 11:10am Mar 12, 2017 11:10am
Quoting Erebus
{quote} There was also another important 2 bar signal = DBLHC see on your own chart, very low risk entry on Thursday {image}
You're very correct. That is the reason allowing the candle to close above the upper band is very important. Upper band rejection could send the pair packing and return the trade setup back.
Make all mistakes in demo and rain in pips in live account
9jatrader All Time Return: -49.8%
  • #663
  • Mar 12, 2017 2:07pm Mar 12, 2017 2:07pm
Quoting 9jatrader
{quote} You're very correct. That is the reason allowing the candle to close above the upper band is very important. Upper band rejection could send the pair packing and return the trade setup back.
Hi Very nice thread! I like it, i will take my time to read it and digest!
One question about EURJPY, where are you going to put your SL for the long trade?
  • #664
  • Mar 12, 2017 3:08pm Mar 12, 2017 3:08pm
I use the below the low price of the last weekly candle, then small lot size because of the big SL. Everything has been shared in the thread
Make all mistakes in demo and rain in pips in live account
9jatrader All Time Return: -49.8%
  • #665
  • Mar 12, 2017 4:53pm Mar 12, 2017 4:53pm
Quoting okrim
{quote} Hi Very nice thread! I like it, i will take my time to read it and digest! One question about EURJPY, where are you going to put your SL for the long trade?
Each trader must have his own trading plan and that plan will include RISK Management

You have to study the charts, the entry level and decide for yourself where to place the stop loss

Do not follow blindly the advice of others, including myself

Here is the 4H chart of EURJPY where you can see it broke the high of the previous week on the Thursday as I already mentioned

Now depending on your analysis of the pair and your projected Price Action trade plan, a stop less than the weeks' low COULD be used

Again, that's up to each trader to formulate a PLAN

TRADE RESPONSIBLY

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  • #666
  • Edited 10:35pm Mar 12, 2017 9:28pm | Edited 10:35pm
Quoting Erebus
{quote} Each trader must have his own trading plan and that plan will include RISK Management You have to study the charts, the entry level and decide for yourself where to place the stop loss Do not follow blindly the advice of others, including myself Here is the 4H chart of EURJPY where you can see it broke the high of the previous week on the Thursday as I already mentioned Now depending on your analysis of the pair and your projected Price Action trade plan, a stop less than the weeks' low COULD be used Again, that's up to each trader...
Hi Erebus,
Am very happy to have you here, helping to deal with some issues. You have said what need to be said. Every trader needs to determine his risk he can take. About SL in this thread I stated the reason why am not comfortable with using the daily candlestick for SL. I would repeat the reason here. I said the daily can easily trigger SL during retracement before moving in the direction again. In using this strategy, I also stated before now that some ( JPY pairs ) did not even retrace- just moved straight in the direction of the setup. I have back checked and backtested many charts before concluding how to set my SL. Thank you Erebus
Make all mistakes in demo and rain in pips in live account
9jatrader All Time Return: -49.8%
  • #667
  • Mar 12, 2017 9:59pm Mar 12, 2017 9:59pm
Some traders like to move their SL to breakeven as soon as the setup move in their direction. I hardly move SL. If you feel your SL size is big and wish to move it's possible. I just want to show you my AUDNZD long.
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Make all mistakes in demo and rain in pips in live account
9jatrader All Time Return: -49.8%
  • #668
  • Mar 12, 2017 10:13pm Mar 12, 2017 10:13pm
As you may have already known, EUR and CHF are like twin brothers/sisters. They more often form same setup with other currency. If EURJPY setup works, therefore am waiting for CHFJPY bullish continuation trade setup. Am not sharing the chart now. It's rejecting the upper band even though the weekly is moving slowly above the middle band.
Make all mistakes in demo and rain in pips in live account
9jatrader All Time Return: -49.8%
  • #669
  • Mar 12, 2017 10:23pm Mar 12, 2017 10:23pm
If CHFJPY can close strongly above the upper band then I know it's time.
Make all mistakes in demo and rain in pips in live account
9jatrader All Time Return: -49.8%
  • #670
  • Mar 12, 2017 10:37pm Mar 12, 2017 10:37pm
Quoting 9jatrader
If CHFJPY can close strongly above the upper band then I know it's time.
Yes, totally agree, missed the DBLHC close entry of the previous week, see the weekly chart 113.336

And on the Daily chart, break of last week high is above the BB as you are looking for, awesome

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  • #671
  • Mar 12, 2017 10:40pm Mar 12, 2017 10:40pm
If you backtest a strategy, whether following another trader's analyses, it's important to lower the risk- take a very small lot size and small leverage. It will help to stay long with the strategy. The longer you stay with the strategy the more you know how it works, and which one failed you.
Make all mistakes in demo and rain in pips in live account
9jatrader All Time Return: -49.8%
  • #672
  • Mar 12, 2017 10:50pm Mar 12, 2017 10:50pm
Quoting Erebus
{quote} Yes, totally agree, missed the DBLHC close entry of the previous week, see the weekly chart 113.336 And on the Daily chart, break of last week high is above the BB as you are looking for, awesome {image} {image}
.

Thanks. It even formed resistance above the upper band
Make all mistakes in demo and rain in pips in live account
9jatrader All Time Return: -49.8%
  • #673
  • Mar 12, 2017 10:54pm Mar 12, 2017 10:54pm
You would see from the Chart Erebus shared that the last candle on Friday formed Gravestone Doji. The formation of the long upper shadow could possibly be as a result of profit taking on weekend. We foresee closing above the upper band this week
Make all mistakes in demo and rain in pips in live account
9jatrader All Time Return: -49.8%
  • #674
  • Mar 12, 2017 10:58pm Mar 12, 2017 10:58pm
We might have double confirmation on CHFJPY- closing above the upper band and breaking the resistance formed above the upper band.
Make all mistakes in demo and rain in pips in live account
9jatrader All Time Return: -49.8%
  • #675
  • Mar 12, 2017 11:19pm Mar 12, 2017 11:19pm
114.113 resistance breakout may also may give early entry
Make all mistakes in demo and rain in pips in live account
9jatrader All Time Return: -49.8%
  • #676
  • Mar 12, 2017 11:48pm Mar 12, 2017 11:48pm
All trade setups are completely different. Am trying to use EURNZD and EURCAD to watch out what happens when this strategy forms setup below a nearby strong support/resistance. I now see that it breaks the resistance on the two pairs now. I will be having it on my journal-that's what happens when it formed near s/r.
Make all mistakes in demo and rain in pips in live account
9jatrader All Time Return: -49.8%
  • #677
  • Mar 13, 2017 12:01am Mar 13, 2017 12:01am
I just try to find out why Euro has become like a mad dog, tearing all currencies apart. ECB upgraded growth and inflation outlook, saying the risk of deflation has largely disappeared.
Make all mistakes in demo and rain in pips in live account
9jatrader All Time Return: -49.8%
  • #678
  • Mar 13, 2017 12:02am Mar 13, 2017 12:02am
Well done and thank you 9jatrader for sharing your simple system.
D labour of a fool wearieth him cos he doesn't know how to enta d city
  • #679
  • Mar 13, 2017 12:05am Mar 13, 2017 12:05am
Quoting lordgbengs
Well done and thank you 9jatrader for sharing your simple system.
Thanks you for joining us here.
Make all mistakes in demo and rain in pips in live account
9jatrader All Time Return: -49.8%
  • #680
  • Mar 13, 2017 12:06am Mar 13, 2017 12:06am
Quoting Erebus
{quote} Yes, totally agree, missed the DBLHC close entry of the previous week, see the weekly chart 113.336 And on the Daily chart, break of last week high is above the BB as you are looking for, awesome {image} {image}
Hi Erebus

Thank you for your contribution here so far.

Please can you share the indicator that allows you track the weekly/monthly bollinger bands on lower time frames and your template?

Thank you
D labour of a fool wearieth him cos he doesn't know how to enta d city
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