can i go long for contertrade with usd/jpy now? it seems it looks good
I dont have a favourite cross… just keep open 12 pairs on the daily TF chart with 20:2, 10:2, 10:1 and 2:1 boll for estimated PA direction in the short, medium and longer term and a 2 high/ low regression line to highlight the candle wicks.
Currently shorting USD/JPY, GBP/JPY and USD/CHF.
Added a screenshot of my set up… might need to expand to 500% to get a better look.
Thank you so much.The screenshot is nice.I will study it.
Now, i want to be trading 1hr chart while using daily and 4hr charts for direction.I dont have appetite for irregular movements of 5m and 15m charts.One or two trade a day is enough for me because i may use multiple lots.
what are your tips on this?
Thank you.
Just two things I can think of. Conventional wisdom is to trade several non correlated pairs at once in order to spread the risk. I dont trade multiple lots but entering a trade with 2 lots then selling 1 lot at ‘X’ profit is claimed to be a better system than using only one lot. If your up 20 pips on two lots (40 pips) then sell half you could afford to drop back to original entry point but still be up 20 pips. Of course the flipside is the trade goes the other way and your out double. 
Now,i have question.On your chat for USD/JPY, all the bbs point up but you went short? Why
Your right its a counter trend trade. But PA will not move constantly in one direction. My reasoning for taking the trade was PA at top of 20:2 & 10:2 boll, 2:1 boll flat topped and PA stepped back into the 2:1 boll. Additionally, center line 20:2 boll and 100 day ma at roughly the same point so room for PA to drop some.
Ok. Sometimes,you professional traders say things as if it is all that simple but in reality,it is not and you have some extra inputs that are not well known.I think i will be better off trading 15m instead of Daily charts because i may not know important things that you know and i will just based my analysis on overbought/sold upper/lower,wicks and 20:2,10:2 and 2.1.
This trade is eye-opener for me.
And thank you for providing trade today.
As good a system as any… more than one way to skin a cat. 
Yes.I am using the compounding trade you designed along with TalonD for these trades.You know initially it will be one lot but latter move to multiple by compounding.
Not sure what you mean? I’m not clever enough to design anything. 
TalonD I believe likes the 1h boll band crossover… but I’ll not speak on his behalf.
The idea of compounding is related to account balance building i.e. you keep risk small relative to account balance at all times. But as the account builds you are incresing the $ trade size but not % size of trade.
Well said.Thanks for helping us out here.I may budge you everyday for daily trade.Hope you wont get mad at me.:D:D:D
lost 30 on my first trade from last night and closed my 1.4282 buy limit at +1
definitely going to stick with my trading plan from now on missed out on 150ish pips, also goin to try to wake up earlier
I think he’s referring to the Excel spreadsheet.
Yep, I’m still doing the 1H thing but looking at other things too, evolving along the way.
1H charts are awesome
RC,
i mean the excel you and TalonD designed sometimes.and what do you mean by “But as the account builds you are incresing the $ trade size but not % size of trade.” Are they not the same thing as you guys stated in the excel?
Correct.You got it.
Thanks
RC,
Looking at your chart,what is the importance of 10.2?
Boll bands are simply Moving averages (center line) with an upper and lower band. On an X:2 the upper and lower band is two standard deviations from the center line. On an X:1 they are one standard deviation. You can get both an idea of market sentiment and over bought/ sold using just the 20:2 boll.
But I think the 20:2 is a blunt instrument on its own especially on the daily where the upper to lower range might be 500 pips. Therefore I put up a 10:2 & 10.1 on the chart because it gives me an idea of where my 2:1 boll is in relation to the bigger 20:2 boll picture.
If you really must trade below the 1h then the 2:1 will not be much good as its tracking PA too closely. You can keep it simple and just use the 20:2 and perhaps a 5:1 as a tunnel within the 20:2. Its all personal preference and I’m sure you’ll get as many answers. I think weve had quite a few set ups on this thread usually on the 5-15m charts. Maybe decide which TF you want to use and throw out a question on a good BB/MA set up?
Say for the sake of argument and to keep the maths simple your trade size is 1% of your account. When you start off with lets say $1000 your trade size at 1% will be $10 = $1 a pip. Now say over time you have grown your account to $10,000. Your still trading 1% of your account but now the trade size is $100 = $10 a pip. So as your account steadily builds the 1% of balance trade will increase (dollar wise). This is compounding up an account and will build your account faster and more safely than any other method. This was just an example… dont risk more than 2% of your account calculated on the stop loss.
Thank you.I am trading 1hr and using Daily chart for overall direction.In one of your posts that i digged here,you mentioned two strategies
a)Look at Daily chart for an entry and place trade.Next manage the trade with hedging on the 1hr chart.
b) In front of the monitors,trade 1 hr set up and hedge the retrace.
Now it seems my system doesnt fit in with the first one because i am looking to trade 1hr with the overall direction of Daily chart in my.I am not interested in hedge for now.I just want good trade daily with maximum success.
Your input will be highly appreciated.
Daniel.