All I can say is that there are lessons to be learned in this system. I didn’t think it was working for me 10 days ago when I started. The main things I have learned and am still learning.
Use the strict RBT rules - don’t force the setup by bending rules
Day TF works better in my experience
Flat 50MA is trade worthy but the size of the trade might need downsizing - setups are better when 50MA angles in the same direction of your trade
Look at R/R - I don’t like to take a trade setup if it means I need to put a SL of more than 30-40 pips
If your TP is 60-80pips or more, make sure you know where your SRs are along the way to your TP
Patience is key - if you need to be in a trade every day, then this system may not be for you
Also for advice on PA, not only a SL on your trades should be used but also a TIME STOP. This is highly critical as if the market moves sideways, it relieves the market from the overbought/oversold condition, leaving the actions of accumulation/distribution to take place. This may go against any setup, no matter how good the entry looked at the time you took the trade.
By the way, I see no entry to where there was an opportunity for a long trade on the USD/CAD. The 50MA was not flat or pointing up. That is why this is struggling for you to be winning on this. I personally would make sure you get out at the best opportunity or put a tight stop so it doesn’t turn much further against you.
Did you enter Monday? I do see a flat line on Monday but the candle was only a spinning top. No entry signal as a spinning top is not a reversal signal. Not trying to criticize, just trying to be helpful.
Yeah I guess I didnt look for a solid PA signal at support and just sold a support while line was flat… I know Rjmah has done this a few times too, maybe the luck of the draw hey
Mine is pointing up and the area to target is a reversal at key resistance level at about 1.85 since it is currently in the middle of a range. RR too small too.
Is your MA set to simple/open or something else?
I have Simple/Close. It doesn’t really matter that much; the SMA is just a filter.
If you have to nitpick the SMA to justify the trade then it probably isn’t a good one IMO. The best trades occur when the line is angled. If you’re going to trade when it’s flat, you should have other entry conditions which are themselves the basis for a strong trade.
On the NZDUSD I think you took .8696 as resistance, it was but the 2 candles at May 6th and 7th are also resistance. I put resistance zone at .8743 to .8779
The line is still flat. You can wait and get back in.
Went back all in again, and shorted. Was down -40 pips by the time of GDP figures of NZ. Luckily market acted the opposite of the data.
The price was as an all time high for 3 years. and last time the price was anywhere near it, NZRB intervened, and NZD went scorching down. So took that in to consideration in addition to the rubber band.
Im waiting for a PA signal to get back in but nothing so far… Or should I just take a blind entry and get back in putting SL just after resistance area?
[QUOTE=“roni25;636849”] Im waiting for a PA signal to get back in but nothing so far… Or should I just take a blind entry and get back in putting SL just after resistance area?[/QUOTE]
No man. I wish I could follow my own advice. But don’t do it.
ITS BETTER TO WISH YOU WERE IN A TRADE THAN WISH YOU DIDNT TAKE ONE.
The rubber band trade does not guarantee you wins. You have to combine it with patience.
I made $40 within this week using RB method.
Now I’m on the verge of losing those winnings, mainly because lack of patience, and impulse trading.
Not only PA. Check stochastic or RSI of it is overbought?
Also take into consideration MAcD, if the lines are above the histogram or if there is a signal?
