hey thanks for the info. I would love to know more about your methodology
Well the basic aspects are shown here and in my other thread Video Analysis of the Daily and 4 Hour Charts.
More details of it including how to use it etc… you can email me for that. My address is in my profile. Placing it here would be considered soliciting.
Regards
Duane
i wanted to clarify…the 4 hour charts are used to determine entry points and the daily for the s/r levels? or did i totally get that wrong
No…no Support or Resistance used for Entry. Just as targets. Candlesticks used for entry. Daily used for Direction…4H for entry.
Hi, i very much use price action but i realise that swing trading might be my cup of tea. However i am trying to figure out what is your initial stop loss and incorporate trailing stops. I ma interested in the initial setup
Please i need more on the methods… really tired of day trading
Hey man, sorry for the late response.
Any improvements?
I was focused on testing my new strategy over the last few months that now targets 6% to 8% Returns Per Trade, to complement the one that targets 3% to 5%.
These larger Returns will allow for faster turnover and larger Monthly Rates of Returns.
Yes I agree with you. Day Trading is not recommended. It can be profitable but it eventually becomes tiring.
In fact, this recent 6.5% Rate of Return on the EUR CAD showed how Large Trading Gains are possible from the Forex each month, when we ignore the Smaller Time Frames and enjoy the Stable and Reliable Setups offered by the Larger Charts.
Check out this preview of the Full Video Analysis which will explain how I used the following Technical Factors to capture this trade.
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Downtrends and Downtrend Lines
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Consolidation Setups
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False Breakout Reversals
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Support as Trading Targets
The full video will also use the EUR CAD trade to show how to solve these main Trading Challenges that the Forex presents every week…
Here are my recommendations for switching from Day Trading.
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Close all Charts below the 4 Hour
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Have only the Daily and 4 Hour Charts opened.
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Focus on Trends and Consolidations in identifying trading opportunities.
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Practice identifying and correctly drawing Trend Lines and the main types of Consolidations
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Become familiar with the Candlestick Signals that provide the best entries with little volatiility.
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Practice trading first on a demo for several months before going back to live trading.
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Aim for large Pip Ranges of between 70 to 100 Pips and up to 200 Pips. These will offer large Rates of Returns but will require a greater level of Patience.
Regards
Duane
1 Like
Hey Triniatlarge! How goes it neighbour?
My Stop Losses are placed either on the 4 Hour or 1 Hour depending on the situation.
The Risk is kept to less than 2% in most cases, but in rare cases, up to 3% when I am targeting larger ranges.
In Pips, it can be anywhere between 20 to 50 Pips depending on the Currency.
I dont use or recommend Trailing Stops since I cant be sure if the market will temporarily pullback before resuming the move. I dont want to get in the way of the markets temporary reversals at the cost of missing out when it finally resumes the trend in the dorection of my target.
However, if the market apppears to be taking too long to hit your target and you have a identified a new Resistance/ Support formed, then you can manually move the Stop to this area.
Regards
Duane
Hi FxRipp, I have also similar situation with my day job as you have described. So I have also plan to backtest based on 4H and daily. But for now what I realized is stop loss value huge, so TP in order to get just even 1:1, most cases price is going close to TP, but not hitting and going back and hitting Stop loss. how is with your trading?
Hey Nikius
How large is your Stop Loss in Pips or in percentage terms? What is your average target in Pips/% ? What strategy do you use/planning on backtesting?
Your challenges are the same ones that led me to the strategy I now use.
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Risk 2% to 3%
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Target 6% to 10% Per Trade
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Trade 1 to 2 setups per week
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Enter using Daily Candle (5pm EST) or 4 Hour Candles
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Use Entry Orders when necessary .
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Hold trades for 3 Days.
This allows you to trade just a few times per week at predictable time intervals, while aiming for large trading returns.
I will be showing the main aspects of this trade for free in this thread, which come from my new Trading Manual.
The only problem is the large risk. But in the 2 years since I been testing, most have required 3% risk using 1:30 leverage.
But the benefits of the strategy outweigh this disadvantage…
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Setups have a High Probability of being Successful
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No need to trade everyday
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No need to watch charts.
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Large Returns and wide Risk /Reward Ratios
Duane
Swing Trading Master
Hello DRFXTRADING,
First of all, let me thank to you for your effort to create such nice thread with a lot of useful information. So, my stop loss starts from 20-30 to 50-60 pips depending on pair and my SL levels mainly based on 4H. As I use daily candles to find a direction and levels, then 4H to define an entry. As Im beginner my risk % is for now only 0.5% as Im still struggling to get profitable.
Well I think the first thing you should do is trade on a demo…if you are trading live. If you are already on a demo then great
Get profitable on demo with a confirmed/tested strategy for around month before trading live. Make sure it satisfies your conditions based on
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Amount of time you can dedicate to trading
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Your personality
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Risk Tolerance - maximum risk % you can manage without it stressing you out ESPECIALLY if you have to leave it overnight.
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How long it takes for you to recover from a trading loss. Very important as you want to space out your trades to give you time to recover so that you remain objective for the next trade. Very important to avoid REVENGE TRADING!
Thank you very much! Quite helpful tios. I will try to follow them and after some time I will come back to this chat to share results.
Whats going on all? Been a long time.
How are things going with your trading results?
I am going to be reviving this thread by showing my results with TopTier every week.
My strategy is still based solely on Candlestick Patterns, but it has been significantly improved upon to provide more consistent gains.
My most recent trade was a 131 Pip Gain on the GBPNZD last week, which took advantage of a Consolidation Breakout on the 4 Hour Chart. This will be posted later on with general highlights of the technical factors supporting the trade. Going forward, what you will see from me after each trade are:
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The Graphs of the Setup on the Daily and 4 Hour Charts
- The Entry, Stop Loss and Trading Targets -
The Graphs of the results on these time frames
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The Holding Period for the trade (Usually 24 to 36 Hours)
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The type of setup (most will be Consolidations)
A short video will also be provided with the general points of the trade. Naturally, not every aspect of these trades will be provided (good to keep things close to your chest- was difficult to figure these out, so not gonna be giving these away for free), but it will be enough to show you a very good way of trading without Indicators nor Economic Analysis.
Of course if you have any questions, I will be more than happy to answer, but this will be limited to things that I want to disclose.
Duane
Whats up all, how’s the trading going so far today?
As I said earlier, I am now trading on one of the Funded Accounts with Top Tier.
I passed the 2 Step Challenges last year and am now focused on growing the account.
The strategy used to pass the challenges has been now been complemented by another one that provides more precise signals to trade the following setups:
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Consolidation Breakouts (used exclusively for the Challenges)
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False Consolidation Breakouts
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Sharp U-Turns to resume the main Trend Direction.
Of course, all of this is done on the Daily and 4 Hour Charts, to ensure greater reliability of the setups and signals traded.
The latest trade was done on the GBP NZD. As you can see, this was a Consolidation Setup on the 4 Hour Chart that was about to be broken.
Now, there are many ways/signals that people use to trade these types of setups. Some try to enter before the breakout to maximize on the gains while others wait for the break above/below to confirm the move. Which one do you use?
After seeing the signal that told me that the breakout was about to start, I entered with a Pending Order to take advantage of the expected bullish breakout.
As can be seen below, the market broke out as expected to hit the Resistance target at 2.09139.
You’ll also see that the market almost hit my Stop Loss after entry. Some may call it luck, while some may say that this confirmed the accuracy/strength of my Stop Loss placement - below the low of the Candlestick Formation.
This trade took advantage of 1 of the 2 secret signals that the market provides that tell us when a breakout is about to take place. This 1st secret used in this trade is useful for Breakouts, while the 2 signal can be applied to Trends and False Breakouts and other Market Reversals. These allow us to enter the trade with a smaller Stop Loss and increase the range of Pips that we can capture.
So in summary, this trade highlighted the following aspects of trading that we need to be aware of in order to be successful
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Never look at your trade after its opened - This will prevent you from closing trades too early if you react to temporary/sharp pullbacks such as the one you see in the graph above.
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Trade the Higher Time Frames - these offer greater reliability with fewer False Signals
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Enter Consolidations before the breakout - using the secret signal allows us to trade more of these setups with wider Risk/Reward Ratios
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My trades aim for setups that take 24 to 48 Hours to reach their targets - a happy middle ground between the stress and volatility of Day Trading and the uncertainty of the market with 3-5 Day Swing Trading.
See the summary of the trade below as well as some of the lessons that are given in the full video.
Duane
Lovely to see the return of someone who has actually made it to consistency in the meantime - quite a rare phenomenon on BP! 
Congrats on passing your challenges… 
Thanks SovoS
Hoping to continue posting more to show how this market with my approach can reap tremendous rewards for us all.
Duane