Well said Cloud.
You can’t be blamed if somebody p1ssed in his cornflakes.
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Hey cloud, are you still sharing the clips for the daily setups that you’re taking? It’s been a while since I have seen one. Felt good to follow them.
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Hey, as mentioned quite a few other times in this post, my circumstances has changed due to work and life commitments around this whole Covid thing, so unfortunately now I am heavily occupied around London open time which means I cannot monitor hourly to take trades. I am now just focusing on my swing/position trading strategy mostly.
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You can try to analyse 1 to 2 pairs first. You can also focus more on the chart and look closely if you find something with the help of the structure. Try doing this on a demo, it will be helpful.
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Hi CloudNinee/Others, I see that last 2-3 weeks this strategy didn’t work well. What is your experience? Any idea why it is happening please? for lesson learnt purpose.
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Hi @supshin, thanks for your comment. This should rather be very obvious, the election.
I have not been trading this for a while now as mentioned before, I have other commitments that do not allow for me to be able to trade this strategy.
But any strategy trading on the lower timeframe during such a volatile period will become incredibly risky. This is also exactly why I’d much rather trade on the higher timeframe like 4H or D1 lately.
That Breakout filter works good in avoiding many SL hits (and a few TP hits as well), but, back testing on EURUSD & USDJPY, seems the major trend lines, pivot lines, over bought or sold areas and candle stick patterns, general sentiment of the market & of course effect of breaking news still play an important roll in leading the price. The system alone seems to have a fewer than reliable successful results.
Limiting the high and low of the last 3 candlesticks to the body of those 3 (so only open and close prices) makes the SL closer to entry point. The upside of this is that TP is then closer and more reachable in those few trades you enter, if the breakout has happened indeed, and the downside of course is narrower SL may result in trade being closed with loss due to high volatility.
I’m sorry but what?
Not sure if I see your point?
I like your strategy but I would like to backtest it before I use it on my live account.
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Yea that’s the point. Don’t copy, make the strategy work for you and only apply it if you think it’d work.
Which part exactly?
Hey, Claudien, is this strategy still working for you?
HI Cloud,
Have you tried this with an OCO order? Wondering if this would prove to give more positive results in the event it goes the other way?
Thanks for putting this up!
I’ve tried variations of LBS and never find it profitable. I just did some backtesting in trading view and I think just looking at the Asian into London session on its own is no good. You need to look at market structure and key levels before the Asian session. Doesn’t matter if you go back 3 candles or the whole session too many times it breaks out one way then the other.
Let’s face it the institutions know tons of retail traders are going short as soon as a candle closes below the low of the range and vice versa for the high and the manipulate price to hunt stops.
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Hi mate, fellow Aussie here, I’m fairly new to trading and really trying to get my foot in the door with some consistent trading. I’ve been back testing some strategies and was wondering if you still trade this strategy as you posted in your first post? I’ve read heaps of the thread but it is quite long now lol
Hey Cloudninee, i would love to know the pairs that you recommend for this strategy and your criteria for not taking a trade.
Have replied to your dm.
Hi, nice to see another fellow oz. I have provided an update here that I have not traded this strategy for a long time now. Not because I personally don’t find it profitable BUT, rather work and life commitements no longer allows for me to be able to do this consistent enough anymore. Rather I trade off the daily and 4H chart now on a different strategy.
hey can you please let us know the 4H strategy? thanks.
How has this stragety panned out this week for everyone?