by the way ouf ot 4 losses 2 were made accidently, and 2 others i had yesterday bcs havn’t check news and FOMC report was comming arghhhh
Which ones did you trade? If you don’t mind sharing, let’s take a look at them.
Like you said sometimes this strategy gets pretty busy, so one way my manage my risk is adjusting my lot size. My SL and TP are always per the strategy, so I adjust lot size if needed.
And then there is the other side too, where it feels like nothing is happening, but just remember that’s ok. No since in trying to “hunt” a trade and take a bad set up. Something I think we all face from time to time.
Yes all my back testing was done using 1.0 lots through each trade.
does it make sense to always adjust lot size so that risk per trade in terms of capital % is the same with this strategy? We move Sl agresively trailing it after each significant bar, some trades are anyhow low risk/reward ratio due to entries in the mid of the channel/range. Perhaps you did it both ways, for the purpose of statistics and easy life I started that demo with fixed $/pip and thats it.
EUR/USD i spotted next strond swing level, so exited manually
USDJPY , stop was already moved up and news spike took me out
USDCAD, same story as above, this is what happens when both trades are with similar pair and news come up
ehh i can post only one photo per post as a newbie
do you trace news??
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I did the back testing with same lot size for everything. It was to make it easier and see what the strategy could do.
I have certain drawdown rules I have to be aware of, so if I have quite a few positions open I always make sure that how ever many I have open that if they all went south at the small time I would still not be in violation of the drawdown.
I see, you seem to also give your trade more room to breath.
I don’t follow any news lol. Only pay mine to the NFP.
I have placed a couple blue marks where I would have had my stops per the strategy. Once we get a solid movement like those candles we want our stop there. I know it seems tight but we want to protect our position and take some profit if we get stopped out.
Trade I have opened this evening.
8/22/21
XAUUSD
Trade ended up hitting my stop. How it goes at times on to the next one.
Hi @Alg626
I have come across your strategy yesterday and have taken a keen interest in it as it seems simple and clear to follow rules based strategy.
I will be looking to forward test this on a demo.
So I have been going over this thread again and concentrating more on the trade examples you have posted. I think these have made it a little more clear - just need confirmation/clarification.
If I understand the rules better now, if the RSI crosses and closes ABOVE the 50 from below = Buy.
If the RSI crosses and closes BELOW the 50 from above = Sell.
Is this correct?
The reason I ask this is that coming from an overbought/oversold area to me, means having gone INTO the 65/35 territory before crossing the 50.
Please confirm.
Yes you are correct. And yes you want it coming from the oversold/ bought area. Just helps from getting whipsawed, if you tried to trade every time it crosses the 50 regardless where it came from you could get snuck overtrading or just being whipsawed.
The EURGBP looks to be a good setup based on the strategy. Even has a engulfing bar as well.
For USOIL it would not be a valid buy based on the system due to the RSI did not come from oversold.
It was overbought came across the 50 from the top. But never went on to oversold territory before it came back up across the 50 value.
Not saying this won’t or will go on up but based off the system it would not be a valid entry.
Thank you for the feedback.
Will keep an eye out for that to see how it plays out (am on demo so…)
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No problem. Good you’re practicing on demo first. You may find that tweaking something here or there for yourself will work a little better for yourself as well.
@Hamran, know this is an old post and I haven’t been in here for a bit. But just a reminder that the system rules is once the trade moves down in profit, you trail your stop. I usually move it along with the trade once I’m in profit(see first post about rule). With the system you’ll have a lot of small wins and loses but still be profitable, but then once you catch the good moves that’s were you make your big profit.
But also remember to put your own spin on it if needed, it needs to become your strategy for it to work.