Hi all
Anyone got anything or in on anything?
Not in any trade at the moment. All the pairs I trade are looking flat.
[QUOTE=“tedm;720608”] Not in any trade at the moment. All the pairs I trade are looking flat.[/QUOTE]
Thats what i am seeing too. The lwma’s are hugging each other lol
Evening everyone,
seeking some advice. NFP will be out tomorrow. With what’s happening with the Dow, China and other issues, is it best to stay out of the market or should I just continue to focus on the technicals?
David
NFP and Bank rate are the top 2 news events, DO NOT trade at all tomorrow. It’s going to be a crazy day!
Hi guys,
How is everyone?
Yes NFP will be out later but is it still safe to trade the London open and close before news of NFP comes out if there is a valid setup jay?
This week was profitable for me on demo. Today is the last day. Tempted to squeeze a few more pips if it is possible but then again, there is the fear of erratic price movement.
Thoughts people?
I find that when I think I’m on a roll and try to squeeze out a few extra pips
the market turns on me and I end up losing all my gains … and more
I’m trying to discipline myself to take small profits and shut my computer off
… but that’s easier said than done.
Im with Jay on this.
The craziness today is not worth the risk.
Im merely observing
Okay then. That’s what I’ll do. Thanks.
Hey team,
Sorry i got caught up at work. But I’m happy to hear that everyone stayed out of that Friday mess! Monday is labor day and will be quite and could have random spikes so becareful. But it IS a tradable day if you wanted to. But bank rate and NFP… Just please stay away, as someone i know says, NFP= no forex please!!
Happy trading
Jason
Yep NFP is a no go day for me. No need to be greedy.
Been reviewing my notes and think got to complex where this is a simple system. Will go back to basics again. very tricky only when market is ranging or choppy. Have since explored some back up systems when this occurs so as not to see trades when there is not.
Hi team,
Hope everybody’s weekend is good! Been observing USDCAD and wanted to place a trade on Friday because I believed that it will continue on the uptrend further (which it did!) but decided not to take the risk due to the NFP and was glad I didn’t. As the saying goes, ‘It’s better to be out of a trade and wishing you were in it than in a trade and wishing you were out of it!’
Anyway, was thinking if anybody is keen to share his/her win-rate with the current method so far? It will be good to have a rough idea of how it works in relation to each individual’s way of trading as I understand that some of us may use it with price action or other indicators. This way, at least we would have a sense of how the base method functions in different variations. I’ll start with mine.
So far, I use 1/2/4 LWMA on my chart and I trade largely with trend. I do counter-trend occasionally but it depends on whether I feel that the market is volatile enough for me to do so. Otherwise I believe with trend is the best way to go.
I’ve placed 27 trades since 20 Aug 2015 and 21 were winners (80%) (doesn’t have to hit TP. I calculate winners if the trade is in profit by the time I close them)
I usually put a S/L of 100 pips and so far, only 1 has gotten hit because the moment the 1 LWMA starts to flatten or reverse significantly, I close my trade entirely whether it is in profit or loss. Credit goes to Jay as I believe I adopted it from his way of managing S/L.
My Reward/Risk varies because I seldom put a T/P when I open my trades. I just let them run till they are 75 pips in profit before I close partial position and move my S/L to B/E. The way I see it, my R:R averages 1:1 that way.
I’ve made 12% of my account in 3 weeks and overall the strategy is very effective IMO.
Assuming that it is this consistent, 12% in 3 weeks is around 16% a month which translates to 192% per year. (which bank gives you such an interest rate!?!?)
Therefore, this strategy is the most effective one which I’ve came across to date.
Well foto that’s great to hear! To be 110% honest i have not kept a record of winning or losing trades myself, but i could safely say I’ve had at LEAST a 70% win rate overall, which is great! But remember you could win only 30% of the time and still be very profitable. It comes down to money management! But having the higher win ratio is always a great thing to see for sure, so keep up the great work!
Happy trading
Jason :38:
I like this…
‘It’s better to be out of a trade and wishing you were in it than in a trade and wishing you were out of it!’
I will start keeping record again this week but have been profitable for sure. Got caught up with trying new filters. Also don’t use T/P but have S/L of 100 and then adjust accordingly.
That’s my favourite forex qoute lol. The system seems strong, keeping it original seems best. Having a open TP isn’t a bad idea!
Hi guys Entered EurAud buy @ 1.61305 CadChf Sell @ 0.73282 S/L 100 pips open T/P
I just sold CADCHF too. All the best!
[QUOTE=“Snipes;721281”]Hi guys Entered EurAud buy @ 1.61305 CadChf Sell @ 0.73282 S/L 100 pips oped T/P[/QUOTE]
-82 EurAud wrong TF on my chart.
Thats cos looking at different strategies on same chart.
EURAUD is in a uptrend it does tend to make large pullbacks, sometimes 200-300 pips in a DAY. For this pair i’d recommend a larger stop loss to give it room to breath. Gbpaud, EURNZD, Gbpnzd are all high volatility there is more too. But those ones move like 300 pips a day lately and sometimes even 500!
[QUOTE=“jayboii478;721323”] EURAUD is in a uptrend it does tend to make large pullbacks, sometimes 200-300 pips in a DAY. For this pair i’d recommend a larger stop loss to give it room to breath. Gbpaud, EURNZD, Gbpnzd are all high volatility there is more too. But those ones move like 300 pips a day lately and sometimes even 500![/QUOTE]
Tx Jay! Just closed shop as I had it on wrong TF. The daily shows LWMA way to close for my liking