Gotcha, just thought I’d share.
Take it easy,
Jake
HI all, I have been searching for a new strategy lately and stumbled upon this thread, I am really intrigued by this as it is so simple, I am 90% a swing trader so the one or two setups a week that this system generates are really geared toward my trading style to begin with. I am wondering if you guys think a NZD/USD short would be the right call based on this strategies rules? I feel it is at a strong resistance @.8700 and the 50 sma has a slight curl down. My entry would be .8675 and a SL @.8710 with a TP@ .8592 being it coincides with the 50 sma line? Any insights to if this analysis is correct would be greatly appreciated!!!
[QUOTE=“wyley187;636089”]HI all, I have been searching for a new strategy lately and stumbled upon this thread, I am really intrigued by this as it is so simple, I am 90% a swing trader so the one or two setups a week that this system generates are really geared toward my trading style to begin with. I am wondering if you guys think a NZD/USD short would be the right call based on this strategies rules? I feel it is at a strong resistance @.8700 and the 50 sma has a slight curl down. My entry would be .8675 and a SL @.8710 with a TP@ .8592 being it coincides with the 50 sma line? Any insights to if this analysis is correct would be greatly appreciated!!![/QUOTE]
Sounds good as per the figures you e mentioned. (I’ve not checked the charts yet)
But do keep an eye on GDP figures in a couple of days. Also Australia bank minutes also might impact as Aud and NZD are both correlated.
I think that I also spotted a setup in NZD/JPY I see resistance@ 88.65 and the 50 sma is angled down, I would enter [email protected] with a tp@ 87.65 and a sl @ 88.70 just a touch above resistance. I will quit posting all my rantings now and let you guys answer to see if I’m on the right track here
Hi thanks for the reply!!! I appreciate the time, if you look at those charts and have time please let me know if I am doing this method correctly.
[QUOTE=“wyley187;636091”]I think that I also spotted a setup in NZD/JPY I see resistance@ 88.65 and the 50 sma is angled down, I would enter [email protected] with a tp@ 87.65 and a sl @ 88.70 just a touch above resistance. I will quit posting all my rantings now and let you guys answer to see if I’m on the right track here[/QUOTE]
I’m already short on this at about the same price.
Currently in profit. Though it’s been slow, and at times going into the red and coming back down to around 10-15 pips profit.
did you use this rubberband strategy to enter into that trade Irfann?
[QUOTE=“wyley187;636094”]did you use this rubberband strategy to enter into that trade Irfann?[/QUOTE]
Yes I did. That’s why I’m posting it in this thread. 
I’m thinking there’s a better way to set these TPs on slower moving pairs… Seeing that they move sideways a lot, maybe a more conservative TP like 50% the ATR? Gives time to enter other trades if you’re like me and don’t like to be in more than one trade at a time…
ok thanks, I was just confirming
What does your backtesting show?
It is at strong resistance at 8700 but it can go all the way up to 8777 the previous high. The 50 line looks good . It is a valid RB Trade at this point.
The hard part now is entry. It is about 84 pips to the 50 line from the current price. I may wait to see what happens.
The strongest RB Trades are when the 50 line is angled in the direction of the trade on the daily chart
Took 3 days but getting a nice move down now . I have my limit at a support level lower then the 50 line. But I may close early as usual. haha
[QUOTE=“rjmah319;636150”]Took 3 days but getting a nice move down now . I have my limit at a support level lower then the 50 line. But I may close early as usual. haha <img src=“301 Moved Permanently”/>[/QUOTE]
Congrats! I pulled out of this trade with around 15$ profit a couple of days ago. Was moving in uncertain ways for my liking.
Any other open positions?
I just closed it haha. Did not want to get stuck in a retrace. Just 23 pips. But now I am up 132% since April 2nd. I messed around and lost some trades in May while waiting for RB Trades ( no Patience) Now that we are finding them again . 3 wins in a row RB Trades. 5 losses in a row in May ( not RB Trades) All the rest RB Trades. The RB Losses are bad entries not bad RB Trades .
No Open Trades … Looking Now
AudJpy still dropping . That was a good RB Trade. . I am convinced in RB Trades. They work every time!!
Just the entry is the hard part. Finding S & R and PA to enter. Once you do that , the Rubber Band Trade takes over and that 50 line sucks the price right to it.
I have never had a losing RB Trade. The ones I lost it was my own fault , Bad entry. My 1st RB Loss I actually got back in and it was a winner.
The Rubber Band Trade is it.
Be patient and perfect your entry
It was only a suggestion for thoughts… I haven’t backtested.
I took one for the AUDCAD. Closed out 39 pips. I wish I had the guts to stay in but I’m out!
RIGHT THEN!!! Out of all 39 indices I can trade, these are the top ones in order of probability (only in my opinion) in which there is a setup for a Rubber Band Trade. I’m not going to post screen shots. There’s too many and everyone knows how to do their own homework. Don’t ask me about entry and exit or SL, I don’t claim I’ve done enough RBT to be an advisor.
- NZDUSD
- NZDCAD
- GBPCAD
- GBPUSD
- NZDJPY
- EURSEK
- GBPCAD
Some you may notice I am slightly lenient on the slope and the 50MA is only near flat.
This to me is not equally but valuable.
I’d appreciate your opinion and/or feedback.
Thanks,
Dan
I would be cautious about NZD/JPY because the price has just been hanging there for 3 days with very little movement. When that triple inside bar consolidation breaks, the move is going to be quick but I’m not willing to put any money on which direction it’s going to go.