Never mind the BBand, that is just for scalping (notice I’m using the 15m charts). If price hits any LWMA during the grey box area (6:30-9:30) I take the trade regardless of trend direction. That’s where me and RC differ, he doesn’t do that and only trades with the longer trend. I’m also seeing a range for GBPJPY with upper bounds near 135.9.
RC’s version is HA candles for trend, and only trade in the direction of trend. Wait for PA to hit the LWMA and then pay attention to it. Look for signs of PA reversing and enter.
RC, that’s so weird, I could have sworn I had one of your screenshots with like a zillion pairs all tightly close together with only like one or two bars visible. It must have been my imagination, probably just an optical illusion since you use bars instead of candles. I’ll definitely zoom out the view a bit, thanks.
Speaking of which, I know you prefer the bars on the Daily, but do you think having HA candles in this context would further help - or confuse - a relative noob in determining trend direction? I’m pondering the possibility of keeping trades open intraday, should the Daily Heikin-Ashi indicate an ongoing trend favorable to the direction of my open position(s).
So I’m considering using your template for the Daily, with price alerts sent to my phone after price touches my desired LWMA (lower for Longs, higher for Shorts). I then return to the comp and switch down to the 4H chart template for that pair, using HA candles (and possibly the 20:2 boll – everyone says you should have a secondary indicator to complement HA candles and I most trust the std Boll) for placing my orders.
It’s more something that actively manages the trade for you, it can’t pick a trend direction after all not with the same frame of mind you can with a chart.
RC - I thought you mentioned on the weekly strat that you target the opposing side of the LWMC tunnel?
scoobs mentioned the middle in the last few posts…
Worked out nicely today on the buy side (coinciding with a support area)?
BTW, how do you get yesterday’s daily high/low onto your charts with the lines moving up/down accordingly?
That’s the one :p. The reason you can see the updating is because I’m using a lower TF than the daily (15m). It will only update on the current candle so you can’t see past PA for the MA other than the closing values but for the current day it will expand.
If you take the “against trend” trade then sure, exit at the middle.
With the trend, you’ve got to at least consider taking off half at the middle and letting the rest run at be if you want to lock in some profit.
For those who have traded off entries in the direction of the trend and targeted the other side of the range, can you give me an idea of what sort of win percentage you enjoy - specifically with those trades?
I’d say better than 75% but it will be different for others where tight stops come into play. I have five trades in play currently, four are positive one negative.
Going long on AU? I can see it’s with the trend. There is some argument for the resistance here and AU going down in the next few days/weeks?
Haven’t used it long enough on the weekly. What I can tell you is that it made a very decent amount of pips so far this week - I’ll put some results up on Friday (and this is only on 12 pairs).
A/U has eight long HA daily candles… waited for PA to hit lower LWMA and went long now at plus 34. Yea could go over the top next week but trading the daily now.
lol. What’s wrong with dreaming?
