Update
DD for July thus far is -13.90
but I’ve had worse
IF I may be so bold as to ask:
Why have you now done away with that Di Napoli thingy that @Trendswithbenefits went to great lengths to help you with???
I haven’t done away with anything, and TWB didn’t go to great
lengths to help me, he simply recommended DiNapoli over standard
Stochastic, and further recommended a setting of 6 3 2 as this
has worked well for him
Similarly, I haven’t done away with ADX. I have four different
templates I consult, however none are proving to be very helpful
lately.
I am not casting doubt on any of these indicators, not the traders
who are using them successfully.
The problem, as explained above, is with all these different
approaches I’m getting conflicting signals and more losers
DiNapoli is not a magic indicator. Any success TWB
is having is far more a reflection of his skill as a trader
than the indicator he prefers.
In other words, he would almost certainly be successful
with or without that indicator
Hello.
Fair enough. Was just wondering why I wasn’t seeing any psychedelic charts this morning is all!!! LOL!!!
No worries. Carry on as you were.
You may have hit on a serious point in jest - Psychadelic v Naked
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Prefer naked myself!!! LOL!!!
(Better watch myself here i.e. already at least one person around here that thinks I’m some type of fiend!!! LOL!!!)
It’s all there @Jerome32 … Settings, Indicator, Weekly Chart and application… I can open the positions for you as well…if it will make it easier… same settings… same Indicator…
(GBPCAD Weekly Chart)
Stochastic above 50… stay Long… Stochastic below 50… stay Short…
Pyramid in every week… you’d make a fortune at the change of ends…
GBP is strengthening… CAD weakening… Indicator and CSW present a long opportunity.
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Powerful post that backs up the longer term trading approach using daily charts as the lowest TF.
[quote=“Trendswithbenefits, post:687, topic:111462”]
CSW
[/quote] ?
Sorry to jump in @Jerome32 - not trying to hijack -
KC
Good old Boris!
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True. I like him as a matter of fact. Always have really. Interesting chap to say the least. Certainly never a dull moment with him. And I actually think he’ll do a good job. Only elephant in the room is that he’s apparently mates with Big Red (well so says Big Red for what that’s worth). He may want to bear in mind the old adage “people just you by the company you keep”!!! LOL!!!
Supposed fundamentals aside: that sure is an interesting chart posted by @Trendswithbenefits. Hell if I wasn’t going to be ridiculed for caving in and lowering my principles I could be tempted myself (mainly because even a blind man can see where support lies). Trade that with your stop placed as per my risk based position sizing and you’d be golden.
Oh well why the hell not.
Just went long at market GBPCHF. In at 1.23201. Stop is at 1.06737. Increased the stop i.e. don’t like that spike Week starting 2 October 2016. CHF involved here. No guarantees that ain’t going to happen again.
Hmmmnnn…
Full disclosure here before the fact.
Seems I may have gotten just a tad ahead of myself here.
My target for this pair would have been somewhere around 1.2879 which is about half way up that last retrace. This based on the Memory or Price system for trading double bottoms and tops and what not. So I slapped that into my platform and my potential profit on the trade is around 1.5K with that wide stop. That could take WEEKS to reach THAT target. Just not worth it for me. I’m averaging more than that in ONE week and certainly getting a lot more enjoyment out of it than watching this thing go somewhere. I could be dead by then!!! LOL!!! So my point is: it’s moved down a bit. But if it turns to a profit at some point I’m just going to close it.
I do believe though that if it’s your thing in life: it’s a good trade. So don’t mind me here.
Tell you this much though:
In just looking at that chart again: wouldn’t surprise me in the least if one of these rogue banks doesn’t try flush out the longs with a spike like that again. Look how many times it’s bounced off of the current supposed level of support or thereabouts. And every trader and his dog will have stops either just below the lowest of these tests or just below that spike. If anything: placing a limit buy order at the low of that spike would be the place to be. Or even half way down and add a second bunch of lots at the low of that spike if needs be.
BUT LET ME SAY THIS:
I could not help but notice how this thing today has been a pivot trade par excellence!!! Just by the way. Opened above the daily pivot and shot right up to R3. That’s a long on the way up and a short on the way down!!! BOTH on the same day.
Just thought I’d mention it. Now that trade (just ONE way) could have been worth 1.5K in ONE day today (as the stops would be much closer so the lot size would have been WAY bigger). You cannot argue with THAT trade let’s face it.
The above on the daily charts just by the way.
And something else I’ve just noticed:
Much (again) as I hate to admit it: this pair would have made a profit every single day just about going back WEEKS with Wilder’s Trend Balance Point System!!! I ■■■■ you not.
As a MATTER of fact: I think I shall start doing the TBPS calcs. for this pair and let’s see what happens. Have been keen to find out if it’d work on FOREX pairs (so that I could share with my FOREX minions!!! LOL!!!) (you know: those poor lost souls that are scared of stocks).
Sorry to hijack the thread. On your chart, there are 2 turning points on the stochastic that you didn’t trade, but are very similar to the one that you did trade a few weeks later (circled in green below). What was the reason that you didn’t trade at those points? I think I’m missing something that you aren’t…
edit: ps, why does it always quote somebody else when I reply to a post?
Dudes.
I’m out.
It’s not even fifty minutes into the trading day and I’ve closed out for 926.70 already. This POS hasn’t moved since I opened the position so took a 50 loss on the chin. Sorry. Just not worth it for me. I got bills to pay.
926 loss or gain?
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What do you think??? LOL!!! A gain. You think I’d be crowing that loud if it was a loss??? LOL!!!
Need to post it on my thread anyway i.e. markets took off like a rocket.
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In the first instance, DiNapoli didn’t cross MA. In the second instance…
answers on a postcard please
It looks like it did cross to me
Hi @chesterjohn, I didn’t trade this chart… I wouldn’t trade a weekly chart… Jerome posted a Weekly Chart so I posted this to show him that when the Indicator is used properly and not “compacted” into a Psychedelic Scalping Indicator just how the Indicator displays clear pivot points…
The first point you marked the signal line hardly moved so well skip over that one… The second point you could have traded for a possible gain of 250 pips with the usually risk management in place…
The only reason you would resort to weekly charts is to gauge long term price direction which is effectively why and what the Chart I posted displayed…from pivot to pivot you would be trading with the long (seriously long) sentiment of that particular pair…
I have posted in this thread numerous times (Starting around here) how to use this indicator and Jerome has stated “TWB didn’t go to great lengths to help me” when he has not once used the Indicator as he was shown multiple times in this thread…
Ahh ok, I thought you were showing where you had traded this chart. I didn’t understand why these were ruled out, although using my strategy I would have entered the same trades at the same time, except the one on September 2017, which didn’t meet my entry criteria.
I’m trying to implement a stochastic, because looking back it seems like it would filter out a few of the bad entries I’ve made, but I couldn’t get the dinapoli to work. However the standard oscillator seems to be good enough.
Thanks for the reply
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