There is something of a dichotomy here which is a great word
You surely need total focus to succeed at anything, you need to
keep at it, consistently.
with Forex trading I need to completely detach from outcome,
and just let the market carry on without me.
I’m trying to find some middle ground, and the truth is that
simply might not be possible
Another aspect, is I believe I am addicted to Forex, I have been
involved for many, many years, mainly on demo.
I just love ‘obtaining’ systems and indicators, cannibalizing systems,
mixing and matching indicators etc
that is probably obvious to anyone who may have followed this
thread historically
but I am still not opening my Live platform, i have no idea if I’m
winning or losing, or what currencies I am trading, and if I did
look, I probably would have no idea why I opened those
trades, even though I remember having total clarity at the time
so it is essential to take screenshots and thoroughly explain
why I did what I did, and even if here, it comes over as playing
the great Forex mentor, it really is only for my reference, I
literally don’t remember what strategy I was using at the time
the trade was opened
that’s the downside to ‘set and forget’, forgetting things I
need to remember and take careful note of
i will re install my Live MT4 platform Tuesday morning and try
to make sense of what I see - hopefully, not too much carnage
in the meantime, I’ve had a great weekend on demo, playing
around with different approaches, ‘something old, something new,
something borrowed, something blue’
that doesn’t even make sense
I have a new template I can’t wait to use this week. It is still
based on deviation from the Bands, but also based around
the Envelopes.
There are various ways you can use it and I have three
powerful confluences in two windows
ADX, RSI, and Market Sentiment which is extremely reliable.
These three don’t all need to be present
If just one gives a decisive cross that’s enough, if the chart
and candlestick patterns are compelling enough
It isn’t a mechanical system at all, even though it is taken from
various mechanical systems
basically the combination of the Bands with the Envelopes
is phenomenal! but, I would guess most will not succeed
with this approach, due to the subjectivity involved, not because
they are a lesser trader, or anything like that
I’ve been obsessed with the way that price interacts with the
Bands for several months now so have a feel for them
as has been noted, they can shift a bit, so the envelopes help
to solidify the strategy as they are rock solid
Actually the Bands are good as gold on higher time frames
providing the trade doesn’t drag on.
so getting in and out as quick as possible is key
I think I will win most trades, on demo at least, then when moving
over to Live, set and forget, and just walk away
The screenshot illustrates the main strategy, although there are
many variations
Price has moved away from the Bands, it should return and usually
does.
Price has also moved outside the Envelopes and has now re entered
the upper zone of the Envelopes.
Note also the preceding Pin Bar and Engulfing bar - price really
telling us something here
so we enter if candle closes in the upper zone and is confluent
preferably with cross of ADX green over red. we don’t have that, but
we have a decisive cross of RSI over 70
Exit is simple set and forget - we see the prior level at base of yellow
box just above the Distal Band.
price did move down a bit further but never forget Prime Directive
move only through WOS, just want plain sailing, which also makes
for a faster trade and we can get out before the Landscape starts changing.
I’ve combined
