Ok I’m up 100 pips in 3 hours and 15 minutes . All positions are in profit except 2 . I am very tempted to close.
Wow!! I would be tempted to close as well lol
I’m gonna let it go over night . It’s about 830pm here in California. I 'm up 78 pips. I will close around 5am
Hi Rjmah. Thanks for sharing. Interesting indeed. Just wondering how do you calculate the CCI and what time periods do you use to come up with the range.
I just use the daily chart to find the range that pair is has been trading in. The settings on the CCI is 14 . I dont recall who I learned from on how to trade it but it seems to work more often then not.
OK . It appears I may have burned myself in this series. I am down around 115 pips. So for the first time since July 1st I am going to let these trades go longer. They are all at or near the top of their ranges. They are all shorts. I made 2 mistakes this time. The 1st was I got in a bit to early on a few of these . And the 2nd was I was up around 110 pips twice yesterday and did not close the trades.
This technique is not perfect and it takes patients as any forex trading system will require. I will post some charts in a moment
I thought u would have closed the trades in the morning
Yep. I was supposed to but I over slept haha …pretty stupid of me. I had to just get up and go to work…no time to get on the computer and close trades . But that was not my only mistake this time. I also got in some trades to soon. No biggie I will let this series run its course and see what happens. This is why you do this stuff on a demo account . I have had nothing but success for the past 9 weeks doing this. I was due I guess for a problem …LOL
Lol good point. You never know tomorrow you might make it up.
Ok. Thanks. I am trying to do some research on the web.
Got burned bad yesterday . lost nearly 700 pips. All my own fault. Got ****y with my success the past 2.5 months and broke my own rules. Got into trades way to early thinking that I knew what the market was doing to do. HAHA The market does what it wants when it wants. And no one can predict what it is going to do. All we can do is make our best guesses based on technicals and fundamentals, thats it.
But we press on .
It really hurts when that happens, we have all been there even though some don’t admit it . I know that was a hard lesson to learn, but you will not do that again.
glad u made most of your pips back!
Yep. Its funny cuz I am back in some of those same trades , only at the right time . I think , anyway HAHA
I’m currently selling audcad, audchf, audjpy and audusd. I think I’m up maybe 50 pips. I just got home from work and my broker FXCM does weekend maintenance on the server so I cant log on . But I went to Bloomberg.com and check the current rates on those pairs.
I use fxcm as well!
Some charts for your enjoyment. These are the 4 trades I am currently in. I am selling them all . AUDUSD AUDJPY AUDCHF AUDCAD. This will show you exactly what I look for. These are really good set ups . Each one has 3 things that make a good trade for selling these pairs. They are each at or near a resistance level at the tops of their current trading range. Each one has broken a trend line and closed below it (except 1). And each one has the CCI recently breaking the +100 line heading down.
We all know the market will do whatever it wants , but these are good set ups
100 pip stop and no limit.
AUDUSD
AUDCHF
AUDCAD
AUDJPY
I was just flipping through the pairs and man oh man there are lots of great up coming trades for next week. Here are all the pairs that I see up coming trades or they are actually ready to get into now .
NZDCHF at the top of it’s range and cci just crossed below +100 . You can wait for a trend line break for added confirmation.
USDCAD NEAR the bottom of its range and cci just crossed above -100
CHFJPY at the top of its range and cci has already crossed below +100
CADJPY at the top of its range and cci crossed below +100 and it broke a trend line. Ready Now
NZDJPY at the top of its range and cci crossed below +100 . Can wait for trend line break
EURJPY at the top of its range and cci crossed below +100 Can target the trend line 180 pips away
NZDCAD at the top of its range. wait for cci to cross below +100 , its at 130
CADCHF its already in a big down trend (zoom out so you can see it) its at the top of its range , cci crossed below +100 and it broke a trend line.
How I would trade this ? I would get into as many as I can at the same time. I may or may not wait for a trend line break. But I count 7 trades that I may open Sunday afternoon about an hour after the market opens. Then close them before I go to bed or let them ride till morning. I already have 4 open , so that will be 11 trades. If it moves quick , it usually does with that many trades open. The pips add up fast.
In fact , for the sake of this forum and this strategy I will open those 7 trades. And you can monitor them
here Daily Range System | Myfxbook
The only thing that I wont be doing is waiting for trend line breaks. I will be just confirming with CCI , maybe I will let them go a day or 2 . I dont know.
100 pip stop and no limit
GBPUSD AND GBPJPY both have broken out of their trading ranges to the upside . They may re-test the top of the range from above and then continue up. If you buy either of these be careful for a possible re-test .
Or these could be false break outs and the may fall right back into their ranges.
If you are interested in trading like this please post up a chart on any or all the pairs I described above and tell me if you see what I see