Today was a extraordinary day for trading, specially for me or for my strategy.
Here is the chart (excellent sample for retrace and continuation of a mini-trend):
Signals:
2 EMAs crossed at 10.30 GMT
MACD turned down at 11.00 GMT
W%R retraced as I expected
Entry: SELL @ 1.9991 with 2 lots
Target: 1.9981
Stop Loss: 2.0003 (0 pips spread)
Time of trade: 10 minutes
Target reached: 1.9981
Profit: 10 pips x 2 lots x $10/pip = $200
So, another $200 for today, thanks to GBP/USD.
I will get back later today to explain how long to stay in a trade and when to exit (I will refer to EUR/USD chart from today and what happened at 6.00AM GMT
Happy PIPpinā !
PS: Regression Channel can be found on ANY MT4 platform in top Menu at Insert - Channels - Regression Channel.
Today was another good day for trading. There are some things I would like to explain about staying on a trade or not, entering or not on some points.
Here is the successful chart:
Signals:
2 EMAs crossed @ 6.30 GMT
MACD turned up @ 8.00 GMT
RegChan broken @ 8.30 GMT
Entry:
At 9.00 GMT price retraced and W%R gave the signal by going bellow -20 level
Price was above the 2 EMAs
BUY Order: 1 lot @ 99.54
Time of trade: 10 minutes
Target reached: 99.64
Profit: 1 lot x 10 pips x $10/pip = $100
So that was all my trading for today, I have to go now, but not before explaining why I didnāt enter on EUR/USD or GBP/JPY.
I attached the 2 charts of those 2 pairs.
Why I didnāt enter ? Because W%R crossed with RSI indicator and for me thatās not good and the price can move against me. I rather look on other pairs to see any opportunity than to enter with fear or hoping for a good trade. GBP/JPY is a pair where I have 4 pips spread and I donāt trust it very much because it can move 50 pips in 10 seconds.
Hey,
The system is very simple to follow and if you pay attention to details and rules you donāt lose your money. Thatās why I explain sometimes my actions, why Iām not entering, when I exit and so on. Iām not selling anything here to have a reason to post all the good trades. There are only 10 pips per day that everyone should earn (if they know how). I donāt use āluckā in this business, only knowledge and selftraining.
I usually donāt trade Firday because it can be very chaotic so 90% of cases Iām out for the weekend since Thursday evening
But, CAD/JPY gave a real good signal so I took advantage of it.
Here is the chart and bellow the specs:
Signal:
At 12.00 PM GMT the 2 EMAs crossed
MACD turned down at 15.00 GMT
W%R made a nice retrace above -80 level
Entry:
17.00 GMT: SELL Order @ 97.92 with 2 lots (spread 4)
Stop loss: 98.10 + .04 spread = 98.14
Time of trade to reach target: 10 minutes (because of the spread. if the spread were less than 4 target would have been reached in 3-5 mins)
Target reached: 97.82
Profit: 10 pips x 2 lots x $10/pip = $200
Thatās all for today. Have a nice weekend. See you on Monday with more signals, charts and stuff. You can find more about my strategy on my website or you can subscribe to my feed to stay tuned with my signals.
It was a terrible start of the week, the main pairs ranging all day.
So, what I am about to show you today is a part of my strategy and why I respect it so much and Why is important to respect any strategy.
You will see bellow a mini-movie I captured today specially for this Tutorial because I want to point out the importance of Williams %R crossing RSI at a possible signal moment (DEMO account):
So, as I stated before I donāt trust the market when W%R crosses RSI. Why ? Because it shows changes in minitrends.
So if I were a greedy trader I would enter in LIVE account when W%R retraced and ignored that it crossed RSI (because all other signals were good: macd, crossing of 2 ema, price above ema, breaking the RegChan) but I respected the rules of my strategy and Iām just happy because in the video above someone would have lost $520 USD. Iām happy that I saved my money and now I expect more signals.
REMEMBER: Always respect your strategy, keep your Stop Loss INTACT, donāt move it lower or higher hoping for a better trade, donāt waste your money with false thoughts and emotions, keep steady and strong on your principles.
Today was a great day as I expected. EUR, GBP and USD made beautiful moves. So here is the chart for todayās trade (EUR/USD):
Signals:
Regression Channel was broker early in the morning at 00.00 GMT
2 EMAs crossed at 8.00 GMT
MACD turned up at 9.30 GMT
At the 4th MACD bar W%R hardly retraced to -20.23 level so that was good
Price aboce 2 EMAs
Entry:
11.00 GMT: BUY @ 1.5641 with 2 lots
Target: 1.5651
Time of trade: 3 minutes
Profit for today: 10 pips x 2 lots x $10/pip = $200 USD
GBP/USD gave a early signal at 7.00 GMT when it broke the RegChan but when price retraced it closed again IN the RegChan so I prefer to forget about it and look for other opportunities on other pairs (like EUR/USD )
Today was another great day in Forex market. Specially for me and for those of you who trade using my strategy.
Here is the chart for todayās trade:
So, as you can see the 2 EMAs crossed twice today until price set a trend.
At 3.00 GMT in the morning price got out of the Regression Channel.
At 7.30 GMT price broke the mini-trendline.
At 8.00 GMT MACD turned down and also made the retrace that we needed to enter. W&R above -80 level so perfect Setup.
8.00 GMT: SELL 2 lots @ 1.9827
Target: 10 pips until 1.9817
Time of trade: 10-15 minutes
Profit for today: 10 pips x 2 lots x $10/pip = $200
I like the āhit and runā approach of your strategy. Very nice results too, congrats.
Do you have losing trades too tho?
In post #13 you wrote that your stop is 10pips+spread above the high of entry candle. This is quite a bad risk/reward ratio if you only go for 10pips profit.
What broker do you use, and what pais do you trade?
Yes, there are also losing trades, no one can get 100% profit from any strategy. Generally I lose about $500-$1000 per total from a profit of $4K-$10K/month. Thatās about 8-10%.
After almost a week of āholidayā Iām back with todayās trade. It was a little risky but 1 lot worth it
Here is the chart:
11.30 GMT price broke the mini-TrendLine and the RegChan. (I attached a detailed picture to see the trend line), but MACD was positive
12.00 GMT price turned the MACD to negative and also made a little retrace and the risky part was that W%R wasnāt clear above -80, was at -80.51 and that meant I broke my rules to enter a trade.
I am aware that when I broke my rules I might end losing that trade and the possibility to lose is HUGE, but thatās part of the game and fun Now I was lucky, next time I better be more careful because we expect volatile times
12.00GMT Entry: SELL @ 1.5715 with 1 lot
Target: 1.5705
Stop Loss: 1.5735 (maybe that why I entered, because price closed UNDER the RegChan and I was almost sure that price will move at least 10 pips in that direction for at least 10-15 minutes)
Time of trade: 5 minutes or less
Profit: 10 pips x 1 lot x $10/pip = $100
Well, that was all for today, Iām out for fitness hour.
I donāt trade AUD/USD, GBP/CHF or any other dangerous pair that itās more chaotic than any other. And the spreads are HUGE. I developed my strategy testing and backtesting the pairs I mentioned on my website. The main pairs that generate my profit are EUR/USD, USD/JPY, GBP/USD and CAD/JPY.
I suggest you to get another charting software because that broker displayed wrong a pattern for you. I attached a picture from my chart broker and I NEVER TRADE THAT PATTERN. That pattern means indecision at that point. There is no strategy to show the next move after that. Itās all based on luck if you trade it. You werenāt lucky. When I see it I am happy to get out flat. You should exit at that point.
If I were to trade AUD/USD I would have enter like you with a little worry because W%R was too close to RSI and rarely RSI goes near 30 level (and when it goes it rings bells that price might jump). And more, that pattern would bring worries and I would have got out instantly at close of that candle.
Great thread - I always like the simple trading rules.
May I make a simple suggestion to make the strategy more profitable?
ok - since you already trade multiple lots, why not keep one and move your stop to break even for a free trade?
For example, if you traded 3 lots, take your profit on 2 lots (10pips), move the stop to break even and see how many pips you can bag! At this point the worst that can happen is a 10pip profit on 2 lots.
I have a webchat on my website. You can find me there in the GMT morning. Or PM me with you skype id to add you.
Well, my trades donāt take more than 15 minutes. If it takes more Iām out. I donāt like to stay too much in the market. I like to take my profit and thatās all. But you have this option you suggested and you can try But before that see the pics I taken for each trade and you will notice that 80% of the trades are taking place before reversals (on short therm obviously) I know why i am not staying with this strategy too much in the market.
I have other strategy for H4 that is made for long trades.
Hello Pipology,
I have been testing your strategy with surprising success. Very impressedā¦ Thank you for sharing.
I would like to clear out one part of your strategy. You are using the Reg. Channel from previous day (from 00.00-24.00 GMT). CLEAR. But, sometimes you move that Reg. Channel forward (from 12.00 previous day to 12.00 present day). Please, can you explain why? What conditions you need to move that Reg. Channel forward? Sometimes you use mini trend line. OK. But, what if that trend line is different than line from REG. Channel? As you now it happens. Which line is more reliable for you? Yes, I have some answers, but I am curious to reed yours.
Good luck and wish you the best!
Burbor
PS. You said that you have another strategy. Will you post it on this forum?
First letās clear the thing with āgood luckā PLEASE donāt āgood luckā me in Forex, itās like saying āgood luckā at fishing Better wish tight spreads
So, about your questions.
RegChan: Sometimes I move the channel when I see that price didnāt get out of it till 12.00 noon. There are no conditions, I am only looking for a better channel, a channel with closer bands.
Thend Lines I am drawing must match the RegChan bands or at least stay together.
I attached the carts for todayās trade. GBP/USD. Great move.
I moved the RegChan today for GBP/USD and as you can see the TL was there, near the RegChan. Pretty nice, ha ?
Signals:
2 EMAs crossed
Price broke the RegChan and TL at 16.00 GMT (with the same candle - pretty strong signal)
MACD turned down at 16.30 GMT
W%R retraced at 17.00 GMT
Entry:
17.00GMT: SELL @ 1.9744 with 2 lots
Time of trade: 3-5 minutes
SL: ānevermindā price hit the TL and closed bellow so that was clear for the next move - direction DOWN
Target: 1.9734
Profit: 10 pips x 2 lots x $10/pip = $200
Happy PIPpinā !
uptick - good for you, i donāt trade USD clone currencies (AUD, NZD etc).
