HaHa … Yes … What happened was lack of patience . I always felt I had to be in a trade. When I didnt see any Rubber Band Trades I took it upon myself to trade without the RB . And thats what happened. Pretty bad. But yes I did learn that for me . . . The Rubber Band Trade is what works. I will not trade anything else.
Patience is key to trading. Trading is addicting . Getting control of that is so important. I still struggle with having patience. Waiting for a RB set up , I will trade my demo account while I wait.
If you want to see what lack of patience can do to your account , check out my own myfxbook account.
slipp3ryWhippit asked me above , What happened between May 13 and May 21st.
You can see it here.
Pretty Bad
Only Rubber Band Trades from now on for me.
5 losers in a row, 2 big ones. Ruined all my percentages
Another potential rubber band involving the Aussie.
Please note that this pair is directly a negative correlation to GBP/AUD
Any takers?
Where did you set your S/L? I stayed in the AUD/JPY overnight so I’m down about 20 pips right now and you’re down as well. Could be a bumpy ride!
This RBT did not work out in the end, what a shame.
I was up 30+ pips on both aud/jpy and gbp/aud
But now in loss. Should have taken them when I had it.
RIGHT! I’ve been a trader for about 7 years but this was my first week doing RBT. Mind you I have not tested this enough, what I am seeing is that charts are giving good signals but maybe the TP on these trades are unrealistic? One trade I was waiting for a TP of about 60pips which I thought was reasonable considering a day chart but at max it only went about 30pips and then my trade went against me. After holding the trade for a few days and noticing a rejection at the same zone, I said to myself “this is now resistance and won’t give more”. After more waiting, I became impatient as I had been holding for nearly 3 1/2 days, so I closed at +5.3 pips.
This was ok with me as it was my first trade and I wanted to close to open another opportunity.
On my second trade, “great, another opportunity!”. I open it on the change of the next candle. I had a good stop and a TP set for about 60 pips again. Overnight when I was sleeping, I noticed waking up that the trade had again went down in my favour but only about 35 pips and turned against me again…
Does anybody else think that this method works well but in most conditions the TP should only be 20-30 pips give or take?
I’d really appreciate some input from people who have traded this way for a while or even new RBT traders.
Thanks,
Dan
[QUOTE=“keydcuk;635302”]RIGHT! I’ve been a trader for about 7 years but this was my first week doing RBT. Mind you I have not tested this enough, what I am seeing is that charts are giving good signals but maybe the TP on these trades are unrealistic? One trade I was waiting for a TP of about 60pips which I thought was reasonable considering a day chart but at max it only went about 30pips and then my trade went against me. After holding the trade for a few days and noticing a rejection at the same zone, I said to myself “this is now resistance and won’t give more”. After more waiting, I became impatient as I had been holding for nearly 3 1/2 days, so I closed at +5.3 pips. This was ok with me as it was my first trade and I wanted to close to open another opportunity. On my second trade, “great, another opportunity!”. I open it on the change of the next candle. I had a good stop and a TP set for about 60 pips again. Overnight when I was sleeping, I noticed waking up that the trade had again went down in my favour but only about 35 pips and turned against me again… Does anybody else think that this method works well but in most conditions the TP should only be 20-30 pips give or take? I’d really appreciate some input from people who have traded this way for a while or even new RBT traders. Thanks, Dan[/QUOTE]
I think the best way would be to lock in some profits at around half the target TP (let’s say 30-50 pips) and wait for the market to continue.
That way, even if it does not go as expected, we could at least break even.
I have faith in this system, as it back tests perfectly, and also, the trades I’ve taken ended up well, except for a couple on which I was stopped out because I didn’t give enough space for the market to move.
The key is patience and withstanding the frustrations.
After going negative on my Aud/jpy, the market just came back to somewhat it’s expected course, and I’ve locked in some profits already!
GBPAUD looking like a prime opportunity.
Going to wait for candle close and then get in
[QUOTE=“ivanyo;635325”]GBPAUD looking like a prime opportunity. Going to wait for candle close and then get in[/QUOTE]
I went in yesterday. Was almost stopped out today. Now at 80 pips plus. Locked in some profits already.
Got stopped out on AUDCAD, -60 pips. Ouch! Better luck next time…
Why the sudden turn around on GBP? The think nearly moved 100 pips on the GBPJPY in 1 hour!!
[QUOTE=“keydcuk;635330”]Why the sudden turn around on GBP? The think nearly moved 100 pips on the GBPJPY in 1 hour!![/QUOTE]
Some BOE person said they may increase interest rates sooner than expected.
Yeah, Mark Carney… Canadian guy comes to the UK and thinks he’s going to be UK’s financial saviour! End of the day he is just a pawn showman. It won’t be him changing the financial system, it will be the players behind the scene…
Interesting. Although this system does not work with low time frames on Forex, it works particularly well with S&P 500 e-mini futures on the 1M chart.
Guys, which time do you use to set your charts? 17:00 New York or 00:00 New York?
In this one now, looking promising so far.
Do you have a TP at the MA50? Do you run one or two TPs?
