As mentioned I’m no mathematical genius. If it wasn’t for computers and spreadsheets I’d have trouble making the toast in the morning.
But looking at the $20,000 example, wouldn’t you be getting closer to 3.15 per pip and $150 instead of $100 stop loss? 3% instead of 2%.
And if you increase the bank to $25,000, $500 as your 2%, you are going to need around a 40,000 lot size at a 85pip s/l. This figure I arrived at by trial and error.
I figured it would be nice to have a spreadsheet that would give you the correct lot size to maintain a precise 2% usage of your bank. As Oanda does allow you to use odd lot sizes, it would be nice to use that ability.
Maybe the thought is an impractical one. Anyway Pipdreams, thanks for your input.
No, these can actually be some of the best trades!
That said, i would be more wary when it happens, keep a closer eye on it, when you have candles like that, they’ll normally either go your direction very fast…or retrace very fast.
You would however adjust your TP, so if it has already hit the central b/band, your TP would now be the opposite b/band, target 2 10 pips beyond that.
LOL, when i first started trading Daily charts i s**t myself!
I was determined to get over my fear because the potential profits are huge.
The way i got around it was that i just used a much smaller lot size, like, ridiculously small, that way if it went against me it wouldnt hurt too much, if it went my way and kept on going to my targets the win would be smaller but still worth it, i watched how the price moved on lower pairs with the crosses (this just happens when you use this system as much as i do) and started getting a feel for the pairs i was trading on, i then went back to the dailys and just watched for the same things, but on the daily timeframe, once i got my confidence i began upping my lot sizes to match my confidence.
Just like the lower timeframes though sometimes you’re gonna lose…ya just have to face it, take it on the chin, maybe give it a rest for a day, then go back to it with fresh optimism.
Firstly, can i just say, that if you’re a conservative trader just after 20 pips a day, this can be done easily most days on a 15/30min timeframe with the conservative strategy.
Time shares are the most lucrative aspect of this system, so it stands to reason they’ll be the most rare and difficult movements to trade.
The example i gave in the EBOOK although correct and how i reccommend doing it…isn’t exhaustive.
If you would prefer not to enter a new lot when entering a higher timeframe, thats cool, and to be honest alot of the time, when you find a movement like that, you simply don’t have the time.
I personally have always thought that a Timeshare trade finds you, you don’t find the Timeshare.
The movement normally slaps you in the face and leaves you struggling to keep up…the most IMPORTANT thing to take away from the Timeshare trade isn’t how many lots you use, it is in following the bigger and bigger price movements by using bigger and bigger timeframes.
What we are trying to avoid is sticking on a 5min timeframe…watching price plummet, then retrace 20/30 pips …and suddenly panic thinking the movements over…whereas if you followed that movement with a higher timeframe you’ll be able to guage the context of any retrace…in the right context.
So on a 5min chart it may look like the world is about to end…on the hourly it just looks like the market farted.
I’m in GMT -8 (west coast of Canada), so I mostly trade the US session in the morning and the Tokyo session in the evening. I’m usually asleep during the London session, but sometimes I catch the beginning (depending how late I stay up) or the last couple of hours if I wake up early.
Right now it seems that most of my trades are on the 30 min or hourly charts.
I was long on USD/JPY off the 30 min chart this morning, but I got out when it became clear it was a fake out. I only lost a small amount though.
I think I’m having trouble identifying those fake outs, and seeing when a trend is reversing.
hi guys same thing happen with me iam in ontario canada i saw some time we get cross candle but after next candle ema cross reverse how we can identify exact candle?i
Hi Maurizzio,
Could you or someone with a copy please send me one? Id like to read it and practice on it. Thanks a million and keep the good advice coming.
I wasn’t too sure about this, but it ended up being a decent trade. I entered a really small lot however, so not much profit. I was never very confident in it, and I think there may be a reversal soon so I’ll be keeping an eye on it.
I’ve been reading this thread over slowly, and re-reading the ebook.
Thanks to Maurizio for starting this and for posting all the information and help in this system.
Today I found a good signal, for how I use the system personally…
GBP/USD - checking daily and 8 hour TF
I live in GMT + 11, so the new daily is at 11am.
Looking at the daily, I noticed it was almost about to cross upwards. Then checking the 8 hour (attached) at 11am it had indeed crossed and was about to start a new candle… with the SS and CCI in the right position.
Buy=1.3848
Sold at 1.3870 (it has reached 1.2871 at time of writing). ie. +20p
I liked this one because the daily, 8hour and 4hour were all moving in the same direction (ie. up). There were others to try out, but this was the clearest… I did enter short on USD/JPY as well and made 15p downward, though this wasn’t a strictly perfect setup like GBP here.
Hy everyone!!!
I think this is my first post here on babypips,I’m a newbie and I want thanks to Maurizio for sharing this system
I’ve been reading this thread and the ebook and I find a simple and eficente sytem that I fully understend.
I’m successful with this system,I realized to double my initial 1000$ account in a week.I’ll post the statement with all the position that I’ve been taken, in a new post.I’m a little bit hurry now.
Sorry about my english but is not my native oane
Chears everyoane!
I just wanted to stop in and say what an excellent, simple method this is. Thanks so much maurizio77 for your selflessness in sharing this information.
Ive been having some problems with the system .
its easy to understand but a lot of times the cross happens in-between candles so I have to wait till the second candle closes .but by that time the market has made a big move .some times thats all there is to it and it reverses .Also the slow stochs settings are sometimes not crossing when all other indicators are green.What should I do in these situations.
Also there is problem I have identifying the lay of the land. Sometimes a clear trend may be ending and I mistakingly enter against it.Some times its a range and trend combined and I cant make up my mind when the step occurs and when it becomes clear Ive missed the move.A little help here please.
Also Id like to know if anyone could covert this to an Expert advisor it would be so much easier
thanks
Yeah you need to use EMA1… EMA is too slow. I think I read a post similar to yours back in the thread… someone had similar problem on that platform… there’s a way to do it…
This morning (11am) when the new candle stepped, I bought long at 1.3935. It was a bit touch and go all day, but just now since London opening it’s been going up, as indicated by the daily and 8hour TF… got out for +50pips.
b=1.3935
SL=1.3849
TP=1.3990
It was possible to get over 100p however, since it touched the 14SMA at 1.4070 and went back down.
