hi all, Im up 300 pips in Gold on my demo. Entered my 2nd after diveregence spotted. Do you think it will hit SMA?
I risk 5%, it looks like rjmah is risking more.
I don’t watch all the pairs. I tend to avoid exotics; at least with my broker the spreads are so huge (40+ pips) that it’s not even worth it to trade them.
Wouldn’t waste any time with binary… You’re at a fixed R:R of less than 1:1. Why trade this method that way when you can regularly find 1:2 R:R and even higher set-ups by trading spot?
Cool, great going. I think it will get to at least 1310.
I got into this audchf rubber band sell trade late last night. On the chart the 50 line was not completely flat but the candle on the 23rd yesterday closed lower then the previous 13 days. Currently up 25 pips. And there is no high impact news for the aud or chf all next week.
In the past 5 years trading I have learned this… You have to[B] LOVE[/B] your trade. You have to love everything about it. If you are trading the rubber band or any other method , you have to love what you see on the chart.
In my case trading rubber band setups, I have to love the way the 50 line looks, I have to love where I choose to enter that trade, at support or resistance. I have to love if there is upcoming news or no news.
If you dont absolutely love everything about your trade then do not get in at that time.
This is very hard to do.
Lack of patients or greed will make you get into a trade that you really do not love.
The GBPCHF still looks great . 100 pips from the 50 line and the line is sloping down.
I did not get into this trade yet. There is gbp retail sales news in about 5 hours . I may get into this trade when the market opens on sunday
closed audchf sell . up 16.8 pips. was not looking good anymore. Account up 82.7% this month. 6 wins 1 loss
Here are 5 weekly charts with rubber band set ups. If you have the stomach for trading the weekly charts some of these look pretty good. I’m not certain I can do it. HAHA . You have to love the trade and trust the rubber band.
AUDJPY
AUDUSD
EURNZD
GBPCHF
NZDCHF
I’m not sure I have the stomach for that either! Just the idea of locking money into a trade for potentially a month or more…
I still have yet to find a live trade I love but I’m still learning all the nuances of this method. Now I know that when the MA turns over and the S/R level rejection is there, it’s a signal to get in because the next move is going to be big (as we saw with GBP/CHF).
Hopefully today’s close brings something I like and can enter on Sunday. Enjoy your weekend mate.
Are cfds tradebale with this strategy?
[QUOTE=“rjmah319;623276”]Here are 5 weekly charts with rubber band set ups. If you have the stomach for trading the weekly charts some of these look pretty good. I’m not certain I can do it. HAHA . You have to love the trade and trust the rubber band. AUDJPY <img src=“301 Moved Permanently”/> AUDUSD <img src=“301 Moved Permanently”/> EURNZD <img src=“301 Moved Permanently”/> GBPCHF <img src=“301 Moved Permanently”/> NZDCHF <img src=“301 Moved Permanently”/>[/QUOTE]
Requires too much patience for me. … But maybe if the weekly sync’d up with the daily. Spot it on weekly, then find a matching direction on the daily, i’d bet my shirt!
That’s what I was thinking
I never traded cfds but I imagine you can spot the same set ups and test it
I am looking forward to the coming weeks. Maybe as Brutus said in his post. find them on the weekly then wait for the signal on the daily , then you are trading with weekly confirmation in some cases. Also, on fxcm’s trading station you can put a weekly 50 line on the daily chart. So you will be able to see the weekly line and the daily line on the same chart. For those that are rubber bands on both time frames.
I know we get many rubber band trades just on the daily chart. But it would be nice to get into the ones with weekly confirmation.
I love this strategy.
GBP/CHF is still looking good! I’m going to enter. We’ve got 80 pips to the MA, which is angling down nicely.
The spread is 6 pips right now so I’m going to wait until volatility picks up a bit to get into this trade.
[QUOTE=“jadd806;623708”]GBP/CHF is still looking good! I’m going to enter. We’ve got 80 pips to the MA, which is angling down .[/QUOTE]
In from last week. Looking good.
Yep the GBPCHF is the best rubber band trade out there at this time.
The daily chart here has a weekly 50 line added to it in blue. The white daily line is slopping down and the weekly is flat. Looks like a great trade.
From the current price you are 90 pips to the daily 50 line and 200 to the weekly.
The gbpchf trade looks great but for some reason I dont love it just yet. I want to get in but I’m gonna wait. Maybe tonight if the current daily candle leaves a wick a turns red. Then I will get in.
There is lots of support and resistance right at the current price. Basically 1.4800 . The pair opened with a gap and is going up closing that gap since it opened.
I’m gonna have to wait and see what all this support and resistance does to the price.
I think I am gonna pull the trigger right now on the GBPCHF sell trade.
Yup, sold it at 1.48018
I think we should get at least a 25 pip move down pretty soon
Good luck, I’ve got a 60 pip stop. I think if it heads that high, it’s probably not coming back anytime soon. TP of 80 pips. The first trade on my rubber band live account. Check my progress here: