Am home now!!.. and the pairs am watching are:
cad/jpy - sell (the tunnel for this one is bullish!, so my tp will be less)
usd/cad - long
will see how this week does!,
hi ddinnov,
can you show me where to get the SHI channel from? i downloaded one from another site but the settings are different. my AUDUSD channel is showing long. my settings are 240, i think its too much
These are trades I’ve entered now:
CHF/JPY sell
EUR/JPY sell
USD/CAD buy
CAD/JPY sell
AUD/USD - sell stop order placed at 0.9060
You can get the SHI indicator here:
It’s showing AUD/USD in an upward channel for me as well, I’m ignoring it as the price is making lower lows and lower highs so to me that’s still a down trend.
I might stop using SHI soon :rolleyes:
Hey ddinov it looks like we have two trades in common! in on
cad/jpy - sell at 87.52
usd/cad buy at 1.0287
gbp/jpy - sell @ 134.680
Yup we do 
I’m in AUD/USD short as well now - 0.9080
CHF/JPY sell- 83.98
EUR/JPY sell- 123.02
USD/CAD buy- 1.0283
CAD/JPY sell - 87.45
Lets hope for a good week
Our entries are fairly close!, so far
chf/jpy - +40
eur/jpy - +103
usd/cad - +73
gbp/jpy - =+40 (was at +73 at one point)
cad/jpy - +50
now i believe my demo has 3 orders on the cad/jpy, set to take at 30, 40, 50 pip intervals, so all three orders would be out, making a total of 120pips!, i don’t think i did the same for the gbp/jpy or the usd/cad, which again would have netted another 240 pips, making a grand total of 360pips in just under 3days!
in the morning i entered short in E/J and G/J and both gave 100 pips each !!! i have a fixed target 100 pips and fixed SL 75 pips. now E/J is still bleeding while G/J recovered.
i added tunnel/channel, stochs, ADX settings today. but i can see some good trades against the tunnel direction too which we could have missed.
now i am looking into other pairs.
wow !!! i missed CHF/JPY, CAD/JPY (they are not in my radar).
Looks like a good start for you roundrock :), am not sure why i ruled out chf/jpy oh well… can’t win them all! but so far, pretty pleased with this week’s results. i did see the cross on the gbp/jpy earlier, as i was up early, price was at 135.05, but did not trust my eyes, so waited!, still a good entry,
If i can trade this system profitably and consistently for the next two weeks, will start taking more live trades on it, Goal is to triple my very small live account by the end of the yr! 
EUR/JPY is the clear winner so far
In retrospect - I’ve got 3 long JPY positions, that’s a bit risky…
Goal is to triple my very small live account by the end of the yr!
Good goal. I’m aiming for 5% a week.
In fact my trading plan ‘mission statement’ is:
“To consistently capture substantial profits from the FX markets with minimal time spent trading, minimal risk and minimal stress”
Great mission statement ddinnov!
I have been away from this thread for a week or so, i have missed so much!!
ddinnov, would you mind going over your current set up / indicators and conditions for entry. It looks like you have improved the system by avoiding the fakeouts.
Looking forward to being more active on this thread again!
Thanks 
I pretty much just trade sing the SHI channel indicator, stochastics and price action candle formations for confirmation.
I’m not using the original indicator at all now so maybe we should have a new thread? I’m using a method that is explained in a fair amount of detail on this website here:
The indicators I’m currently using are:
SHI channel – although sometimes I disagree with it and draw my own trend lines and channels.
Stochastics (10,3,3) – very similar to using the original indicator set to 2,8 instead of 1,4. Mainly for overbought/oversold and divergences
SMAs – 150 and 200, not really using these for much except to see if the price above/below to get an idea of the trend
For an entry set up I’ll look for a long trade if the price is trending up and it’s just bounced off the lower trend line on a corrective move, stochastics oversold – ‘buy the dips’
A short trade is the reverse – the price is trending down and the price has bounced off the upper trend line on a corrective move, stochastics overbought. – ‘sell the rallies’
Ignore any moves in the middle of the channel, only take bounces off the outer trend lines. These are the set ups I look for and wait for.
For entry I now wait for confirmation. I want to see that the move is confirmed before jumping in, that means missing the beginning but I prefer a confirmed move to a bad trade
The entry triggers I now use are specific candle formations. Some of which you can read about here:
swingcurrency.com/learn-how-to-swing-trade/japanese-candlestick-charts/
If the price has bounced off the upper trend line for a short trade I want to see a red bearish candle that is one of the above, the reverse for a long trade. Using price action instead of indicators I find far more interesting and also profitable. It also stands the test of time. It’s a massive subject that I’m only starting to learn fully, I’m following this ‘path of learning’ about it here:
Money management – 2% always, the less risk the better. S/L x pip value = risk. If risk > 2% of account then no trade
Stop losses – a few pips (about 10 or so) above/below the trend line (this can rule out moves that have already gone a fair way or are in the middle of the channel)
Profit targets – I currently have 1 target profit as I only trade 1 micro lot per trade. It’s a conservative risk x 2, so I calculate my stop loss, multiply it by 2 and then find the nearest fibo/psychological level. I know this leaves pips on the table but a major problem I had was trying to take too many pips and not knowing to exit. With this method good trades hit the T/P almost every time. IMPORTANT - If a T/P of risk (S/L) x 2 does not look viable – no trade! I’m only going to risk 2% of my account if there’s a strong probability I’ll gain no less than double what I’m risking.
Those are my money management, profit/loss, risk/reward rules. If a safe stop is above 2% - no trade. If at least double the risk does not look viable – no trade. This means losing trades are 2% and winning trades are 4% - a 50/50 win/loss ratio is still profitable 
When my account is large enough so that I can take out more than 1 micro lot per trade I’ll put 2 positions and go for more pips with the second position using trailing stops etc.
That’s pretty much it.
pretty much it!! really appreciate the detail ddinnov.
I could not agree more about the “jumping in to bad trades” i seem to do it alot!
I am also looking for a reliable system that’s not too complicated and i am drawn to systems that look more at price action rather than a load of indicators. Indicators are good for confirmation but sometimes they can make your life difficult by giving too much info! I work 9 -5 (GMT) so need something that i can quickly check when i get home from work and see a possible entry for the morning!
Not read much about candle formations so i will read the things you have suggested.
Maybe a new thread would be a good idea as this looks to have moved on from the original system?
What time frame are you using for your entries?
Yup price action rocks. It removes dependence on indicators and systems that don’t last and enables you to be able to see what price is doing and trade in the right direction. Also if you can get good at it you can trade pretty much anything – stocks, commodities etc. So if there are no signals for your FX pairs you can head over to check out gold, oil, rice, beans etc as well 
The other place where I’m learning about it has 2 25,000+ page threads about it. There’s so much to learn about it but will be very worth it when done. I’ve been reading another thread on it that’s referred to on this page:
It uses price bars instead of candles but can easily be translated. This morning though I found myself switching to price bars in MT4 looking for entry signals.
The last couple of hours have just reversed some of my trades quite drastically – did anyone else notice that? The JPY ones are still in profit but he USD longs tanked a good few pips and AUD/USD got 7 pips form my S/L.
They seem to have settled now… for now…
I trade the daily only now. I tried 4H but I prefer the daily – for now…
good to know so many things about the price action here, thanks ddinnov. hopefully i can pick up a fraction of that knowledge and practice it to make some pips
ddinnov,
Would you say this is a good entry signal based on your methods?
USD/CAD daily - setting up to go long? (inverted hammer forming??)
I think i should wait for a bullish confirmation tomorrow, if so would you wait for the close of tomorrows candle before entering?
No worries. I think there a few books worth of information on PA in those links, it will take a while to learn but there’s no doubt that the pips will follow. I’ve only been reading them for a couple of weeks and it seems the more I read the more I realise there is to learn…
Maybe I’ll start a new thread about PA and trend channels on the daily. maybe tonight when I get back if I’m not too tired.
Yeah I would wait for more confirmation. My trade I entered today was great until the US FX open today 
Same with AUD/USD
Luckily the JPY trades mean I’m still profitable this week though
ddinnov, are you trading this method live?
Yes I am. I know it might be a bit crazy but I don’t seem to be able to make the really tough decisions and learn the really tough lessons without real money on the line.
That’s why I have such strict money management and risk/reward rules. I have no intention of ‘blowing up’ this account as this $500 USD I have saved up to trade with is my ‘wealth’.
Stopped out of AUD/USD for 60 pips, another couple of beers gone to the aussies there… Just dissecting what went wrong there. The signal was quite weak I suppose - there was a bear candle that engulfed the previous day’s candle but they are both very small candles, the previous day’s candle was a spinning top so I guess that doesn’t count. :o
Fundamentally I think the positive NFP on Friday means risk appetite is strong again so USD is going down while the carry trade is rallying. Should really have seen that coming
Both short CAD trades are in the negative as well nowbut the JPY trades are up more and overall I’m about 1 beer in profit…
Now I’m wondering what to do about the USD/CAD long that is -30 pips. Looking at it now it’s similar to the AUD/USD in that the yesterday’s candle is very small and doesn’t actually engulf the candle from Friday. :o
Oh well - losing trades = education I suppose. I read somewhere that a loss should be viewed as a business expense that every trader has to cover.
It’s still a fair distance from my S/L so I’ll keep it open, I’ve seen these take a couple of days before turning around in the past and my S/L is where it is for a reason.