My MM strategy is copied from Luminous NEOs.
The only difference is at times he ups his risk based on the calculated SL.
I on the other hand treat SL as a budget to spend on, on a particular lot size.
Other than that its compounding all the way.
As long as its relevant to the trading methods being discussed here, please treat it as your own thread.
Ok I made a promise to make a video on here what is some good software for this. I have no Idea what I am doing and my first attempt didnt go so well. Didnt matter the trade was never entered anyway. However I dont feels that matters to put up some vids of this style of trading. Even if the trade does not get entered or does not pan out at least you see thought process and everything before the trade during the trade and after. But I dont know how to do it. I guess I got to go buy some stuff like headphones and a mic. I go on vacation soon but when I get back in a couple weeks I will try again. Sorry for my absence I have been studying (about the same as when I got in this business except I got a few years to go lol). Good to see people still intrested in this thread.
Bob are you using a MacBook by any chance?
If you are, screen flow is a great program to record your screens. You could speak into the phone and record your voice at the same time and do some editing work on it.
Not too sure about any other methods to do it though.
No I once had a mac book that made me mad so I took it out back and shot it 
I have an hp now for recording with windows 7 ultimate.
Then Iām not sure what programs are there. I just switched over to Mac not too long ago lol.
I was wondering about this for quite some timeā¦
Do you guys decide to enter trades at the close of a candle or at any other time?
Thanks.
For me it really depends on the setup. For example if you are entering on a hammer how would you know it was a hammer untill the candle closes? For this set up I would wait for the next candle to pullback to the 50% retracement of the hammers wick then enter. This way you get in with the smallest SL as possible. There are other entries where it would be best to enter as it appears such as using lumiās fib entry strategy. I think that has been posted on here a few times.
I went over and read about Lumiās fib entry strategy, but right now I wanna focus on Nikiās first. Iāll take things one step at a time.
The main problem I am facing right now is my hesitance in entry.
I was looking at a potential setup like two hours ago and I was unsure whether to enter
This is a chart of AU 1H. DTF on both AU and NU were showing a bearish bar on the previous day and the waves seem to mean that its going in a downwards bias. I saw the hammer formed, but was hesitant in entering as I am not sure whether price would break upwardsā¦
I have indicated the SL, Entry and TP areas in the above picture and the arrow is the area where I supposedly should have entered.
Can I have some comments? Thanks.
Lumis strategy is very powerful, but you must be very competent in the basics of money management, risk management, price waves etc etc.
Or you have to be a complete noob and just follow the method.
Its not good if you are hesitant and its plain dangerous if you start thinking based on your experience so far.
Your chart set up seems valid enough. If you draw a horizontal line at where the hammer appeared, you can see price touching the previous support on H1 and below. What it did was bounce off that level, break the support and now its retesting. This is the classic entry that we look for in this method of trading. Its called a BPC. Break out, Pullback and Continuation.
The BPC pattern appears on all TFs and the bigger the TF, the bigger the move would be.
I took a sell on EU because that chart was clearer to me, but I did not hold for more than 30 pips because if we look at D TF, EU is a clear buy. Hence I entered with a smaller risk and smaller TP.
The other reason why I choose the wait and see is Friday market movements usually does not reflect the true market bias. It is usually influenced by alot of profit taking etc etc as its the end of the trading week.
The same can be said for Mondays. Market might test a lower S&R area before continuing upwards. Hence the down move now. Nothing can be said concretely on Mondays and Fridays, especially with correlation on the four USD pairs being out of whack at the moment.
So these things above are some of the things that I consider before I do something crazy like risking 5 or even 10% on a trade.
Patience is the key.
Learn how to look for BPC patterns on H1, H4 and D TF. The best is when BPC forms on all three.
Boob thanks for your intention to do the video, I am really looking forward to that.
Awww Nikita, thank you for that. Not sure that I have quite done enough to deserve such high praise, but I will take it in the spirit intended and thank you for it, brought a humbled smile to my face in a rainy Peak District. You talk an awful lot of sense with decency yourself.
Apologies for not being around much, recently - our broadband was down, our builders have been busy, our kids have been ill, it has just been generally chaotic!
I have traded a little, though - currently short EUR/GBP which is going okay so far.
Nice thread, glad that it continues.
ST
Ahhh I totally forgot about EU not correlating with AU and NU. My bad. I will remember to keep track of that in future. Thanks for reminding me Niki.
I think i have some problems with reading price waves though. When the wave has passed and all, I can label them properly.However, I could not put down any thoughts about the current wave until it has passed and thats the reason for my hesitance.
Sometimes price stalls nicely at a resistance or support zone and forms some a spinning top or some kind of candlestick. Sometimes price just shoots up suddenly and down back again. I could not identify where the top of this wave may be.
What do you think about this? As in where may the top of the wave be. Are there any steps to look at this problem?
Thanks.
I attempted another trade today.
Correlation for the 4 pairs are still out of whack at the moment, with GU being downwards, AU and NU upwards bias.
Price seems to be making a BPC on a downwards bias on EU and a doji has formed. I decided to put a limit at the close of the doji as follows.
I hope Iām doing this correctly.
Update: Stop loss hit after 2 hoursā¦
Bias is the direction of the daily candle, trade in this direction.
Mark up daily, 4H and 1H S&R and then trade off them in the direction of the daily candle.
Comments on this welcome:)
For what it is worth, that is certainly along the lines of how I approach things. I would not, however, take the Daily candle in isolation - I always look for some context to what I am seeing on the Daily chart on the Weekly and Monthly charts, and then when drilling down to a lower timeframe for an Entry I would keep an eye on cyclicity and any lines of S&R carried over from the higher timeframe charts (unless you use one chart and adjust the timeframe - personally I have four charts panelled so I can easily overlay multiple timeframes at any given moment).
ST
Hi, I have tried doing another trade today.
The 4 currencies that I was looking at, EU,GU,AU and NU were all upwards yesterday. Hence, it should be a upwards bias.
I chose EU as the trade was the clearest to me, and I entered at the close of the long legged doji. It seemed to me that price was retesting support line as depicted by the yellow dotted line.
Iām not sure if nikita will agree with me or not, but that support line just doesnāt seem very clear to me.
For newebies like you and I, I think it is better if we trade the S/R lines that are very obvious.
Oh man, I was wrong again. The market totally fell instead of going upwardsā¦ I really wonder what I am getting wrong here
Sorry to hear that. Bernanke spoke a while ago forecasting modest growth for the US economy, which wonāt have helped the Euro, particularly with weak underlying fundamentals at the moment already.
Personally I always look to the Daily to give myself a steer on which Pairs I want to trade on a given day, and then in which direction I want to take them. I did not fancy EUR/USD at all today, looks a bit unclear to me (although others will disagree). I chose EUR/GBP on Monday instead, shorted it off the Daily - although entered tight off a lower TF - and it wass running at +4% or so last time I looked in on it, but I was trading out of a very clear level with fundamentals on my side.
I would strongly echo tebās point and suggest going with very clear levels of S&R, particularly as a newer trader. Look at the EUR/GBP chart for an example, my trade from Monday: I have a level on there at 0.8502 or so. Price tested and rejected that on Monday and I was straight in, it was a no brainer setup for my strategy. Compare the EUR/USD Daily for this week and to my eye it just isnāt as clear. If anything, there is a soft level around 1.3494 which I might have looked at for a Short, but I didnāt like the chart so have just monitored it rather than trading it this week.
Anyway, not sure that that helps much, but hopefully it gives you some small insight into how someone else looks at the charts, as well as giving you hope that good pips can be taken from the current market. To me it is all about having solid rules and then applying them to the right chart.
ST