What time frame are you looking at, if daily, looks like most MAs are not in line, not sure if flat either tbh.
Some RR would be average at best, including the NZ pairs.
I think 2-3 (A++) RBT a week is what we aim for, so I would keep looking from the sidelines right now and keep a record of the trades that could have been and maybe even fine-tune the strategy further.
I had been in NZD/JPY for the past three days locked in some profits luckily, so I can break even at least.
Took the CAD/JPY too. That ones not going so well though.
You might be right, Iād have to re-look at might charts for R/R. Itās a very important consideration.
Iām short in CAD/JPY using other chart analysis but I have really tight stops on this one. I thought maybe JPY news last night would have stopped me out but Iām still in this morning. Itās not the best setup but the top might hold support. If I can get a TP within the next few hours, I might close early as it seems to be forming a higher support.
Anyone in NZDCAD? Iām inside.
[QUOTE=āYoelGenin;636581ā]Anyone in NZDCAD? Iām inside.[/QUOTE]
Yes, currently -7 pips
Hi All,
can you confirm if we only take RB trades in the direction of trend? I noted the aud/jpy was against the trend, Rjmah took a short at resistance when the long term trend on the daily was bullish. Please advise guys!
Hi Roni,
Usually what happens is that trades that are with the direction of the 50MAās slope are with the trend (Also according to the creator of the RB system mr. Burns says in the videos that this is the trend direction indicator for him as well as simple understanding of the term ātrendā)
I say usually because sometimes the MA will slope to the direction of a sudden serious move in the market.
When talking about trading when the MA is flat, you are right it could be either with or against the trend because the price could be on either side of the MA, usually consolidating around it and thats why we hope it gets back to the MA, and I guess thats the reason people took this trade.
I prefer to take trades with the trend, and if you want to do so, I suggest when taking āflatā trades, look a bit backwards and see which direction was the last slope of the MA, and trade in that direction.
For example: Im currently short in the NZDUSD but the overall trend on the daily chart is bullishā¦ Any takers?
I took NZDCAD - prefered it because the slope is better - NZDUSD is sloping a bit upwards, but I think theres a good chance it will get there,the MA it matches with a Fib. retracement that could come. strong resistance at the top tooā¦
So PA means wait for SR lines right? Do you all [U]only[/U] look at the daily charts for the RBTs? even on the entries?
When did you get in to this trade? Itās a little dicey given the slope but I could see myself jumping soon.
I jumped in to the AUD/JPY a little before rjmah, after a strong downward movement forced me to reconsider my S/Rās, which were higher. I honestly canāt say that my analysis was more rigorous than that, still learning the method. Iām still in the trade; up about 39 pips, about 24 from my initial T/P. (This is on a real mini acct).
You can use the Rubber Band Method on any time frame. Since the markets are fractal the set-ups occur on every time frame.
However, on small time frames you will have trouble overcoming the spread so your expectancy will be negative. Also you only have to check once per day using the Daily charts, so no fear of missing trades while you are sleeping.
Had a mixed day today.
Got some pips off CAD/JPY, not much though.
Am negative on NZD/JPY currently, around 20 pips. I think I will wait for NZ GDP figures before deciding to stay in or minimise loss, that is if my SL is not hit before that.
On the other hand, got wipsawed out of a GBP at -25 pips on news, but gained back that much again, so happy about that
I got in after the pin bar that occurred on the 16th, down -20pipsā¦ Still holding.
Price Action is not just analysing the SR. Although I donāt claim to be an expert on PA, this is viewed differently by a lot of people. For my PA analysis, I like to use candlestick trading according to Steve Nison. This is where I judge SR as well as check Fibs, use BBs and check the EWs. For some, they consider volume a big part of PA analysis. I think if you asked a dozen people what is PA, you would get varied answers.
Aud/nzd might be ready to go back to the line ā¦?
I closed my CADJPY at +8 pips. The spread on this pair is killer for me. I used a 200 MA on 1H chart as an exit. Not a bad exit for that last hour, nearly pin point perfection on 200MA. Shot up nearly immediately after and I think it will be a while before we see the low again.
As for GBP, I eliminated the pair last night when I was deciding what to trade because the news event today had no forecast. As it was just BOE minutes, anything could have happened with no incline to whether the news was going to be good or bad.
NZDUSD hit SLā¦ 1 loss, 1 win so farā¦
Still in USDCAD Long, Not looking goodā¦ Imo I dont think the RB method is too far greater than other strategies out thereā¦ Then again I may be just trading against the trend but regardless thats my opinionā¦