Hope im not boring you guys:D
Daily USD/CAD below SMA, looking to short into strength. Looking at 4hour chart, another inside reverse bar. Stops at high give a few pips, entry low minus 1 pip, first target and same amount risked, second bottom bands or twice the amount risked.
There is nothing new about the ideas presented on this thread.
If asking for sources and references to substantiate dubious claims is “wanting to get into a fight” then I’m guilty as charged.
There is also a way to state your opinion without having to resort to making stuff up about other posters. No one here attacked or belittled anyone.
A trend is defined by each individual trader. If you look at hourly charts, you might think you’re in an up trend, while someone else looking at a daily chart might think he’s in a down trend.
This is why a blanket statement such as “markets trend n% of the time” is completely meaningless.
Thanks for posting examples Cooldude!On your risk do you use the end of the candle stick you enter on or half the bollinger width or something else?This seems to be a good method for price action and staying in the trend.I know you got people looking in,you got over 200 hits in 12 hours after i last posted keep us posted, thanks for the details.
Thanks for the kind words Letseethepips.
In the examples of the inside reverse bars, I enter 1pip above the high of the reverse bar and stops are a few pips below the low price.
Hope that answers your question.
Hello again
Im not going to get into this much as I prefer to trade with the trend, but this is counter trend trading.
Pin bar on the hourly after the 4hour touches top bands.
Hey
Just an update on the counter trend trade, My first target of same amount was reached, I closed half my position and moved my stop to breakeven.
Im going to close the second half when I reach either bottom bands or twice the amount risked.
Again, I prefer trading with the trend but I also counter trend trade.
Cheers
Here we have the daily USD/JPY trading below the SMA, looking for weekness we found a pin bar on the hourly chart.
We enter 1pip below the low of the pin bar, have our stops at a few pips above the high price. Both targets were reached.
Hey reread the thread, pretty interesting. Are you going to be in that skype room while you are trading?
Hi Poca
Yes im going to be on there while I trade. Im not going to carry on with this thread.
Cheers
Thought I would try this thread again.
Hope some people might find it helpfull.
Here is an example of applying the same rules to shorter time frames. Taking the hourly chart as your trend using the SMA as guidence. On shorter time frames I just look to make the same amount I risk on everytrade, I dont close out half and hold.
In the chart below, the hourly price was trading above the SMA so SHORT term trend is up, the 15min retraced back to touch bottom bands and closed above the bands, reverse bar. Entry is 1pip above the high with stops 5pips below the low. Stop is 27 pips, target is 27pips.
If you risking 1% or up to 5% you just divide your amount by the no. of pips.
Hi,
Interesting system
Can you indicate where you place your entry trades on the charts and also where u take your profits on the chart.
Also are you placing an entry order based on the reversal candle or the candle before the reversal candle.
thanks
Hi Jatoki
Sure, let me give you an example of the trade I did today. First I took at the direction of the daily SMA, the EUR/JPY was trading above the SMA, then I looked at the hourly chart, I saw a pull back to the SMA.
The pair did close below the SMA BUT it was still pointing up, onto the 15min it pulled back and closed below the bottom bands, then the next candle was still a close below, the following candle then made an inside bar that closed above the bands, that is the reverse bar I speak of. I take the high of the bullish reverse candle and add 1 pip as my entry, I take the low point less 5pips as my stop. My stop was 22 pips so I add that to my entry. Closed out at target. I use 3% of my account for each trade, so it doesnt matter what my stop is, I divide my risk by the number of pips to get my lot size.
Cheers, hope that helps.
Great!! that clarified it alot thanks. How often do you see these moves when trading the daily/4hr chart. Also do you have to wait for the daily candle to close or almost close before looking at the position of the sma on the 4hr chart and inputting our trades. hope my question is clear. thanks
Hi again
I always start on daily, If the daily price is below the SMA im already thinking to short. You must also take into mind the slope of the SMA, if flat on daily its range bound, thats for my personal view.
I then work my way down TF to see a bucking of trend, or should I say if you looking to short then you looking for a TF thats touching the top bands.
Here is an example for you, a trade I just closed out.
Hi CoolDude. I get the sytem now. Very interesting system. I will test it out. Thanks for sharing.
Hi cooldude,
Great Sysytem you have here. What pairs are you must sucessful with? Do you use any alerts that tell you when the pairs are hitting/nearing the ousides of bolinger bands?
Howdy
I just trade the majors. I like to see at least 3 TF on the charts at all times.
If you look at any charts you will find it works well.
Todays trade
Hey,
That would be great. PM me your skyp ID and the times you are on. I am in the GMT time zone. Thanks
Can you use the daily chart to trade smaller time frames like 15 min or is it safer to use the 4hr and 1 hour charts to trade 15 min time frames. Caught some action on the GBP/USD. Short term up trend on the 1hr charts. reverse inside candle on the 15 min chart. able to land 19 pips.
