moneybaggy, Thank you for sharing your strategies and ideas. I found your thread when @BabyPips mentioned your system in a tweet this weekend. I’ve read the referenced links including tutorials available on profiforex.com. I’ve tried to set up charts using the indicators mentioned on the thinkorswim platform. It appears this trade was successful and hit TP just after the BOC rate announcement Wednesday morning 12/2. I saved a screen capture around the time of the trade here.
Referencing the linked chart above, I am guessing your entry was at the vertical dashed yellow line. The duration of the trade is highlighted using the gray box.
I am curious about the entry, TP, and SL. I am using USA Eastern Standard Time on the chart. I understand from you comments that you primarily use the hourly and 4 hour charts. In this case, using the hourly chart, I think there may have been a buy signal after the 12/1 Tuesday 10pm EST hourly bar with entry long at 1.3371 upon the open of the next hourly bar at 11pm EST.
I am guessing this may be the case because there was an active buy signal using the Moving Average, Parabolic-SAR strategy with the 10 ema having already crossed above the 20 ema with price trading above P-SAR.
The Awesome Oscillator may then have triggered a “saucer” buy signal when the indicator bar went from red to green above the zero line.
The Acceleration-Deceleration Oscillator also triggered a buy when there where 3 sequential green bars with the first 2 below the zero line and the 3rd green bar then trading above the zero line.
If these are not the signals used to enter the trade, what factors did you use for your entry? I am also curious how you determined your target and stop loss for this trade? Do you consider the ratio of reward-to-risk when taking trades? Were you comfortable taking this trade knowing that volatility would increase with the coming BOC announcement? Thanks very much.