With the recent and sudden drop all over the board of the EUR, I dont trust it to bounce easily off the resistance level.
I’m waiting for a clear PA signal before I dare enter long.
Better to be out of a trade you want, than in a trade you dont want…
Along with the pairs that have already been posted I’m watching AUD/NZD, we are near the top of the 6 month range which has presented a couple of good trades in the past, should the MA flatten out.
I agree. Waiting for the right entry and being patient is key to trading the rubber band. The best thing is the big up trend since July 2012 is on our side with the eurjpy
I like this pair, already had a winner with it.
Down loaded the fxcm mobile app on my company smart phone in my big rig yesterday . It works !! haha . Now I can monitor and close trades at work.
Don’t forget to check the news before you get into a trade.
Forex Calendar: Economic Calendar for FX Trading News & Event Risk
Bloomberg has some good forex videos
Hey asiagetcom, I missed this post of yours, sorry. But here is the current chart of the eurgbp . It has reached its low of Feb 17th . The 50 line has a curve down at this time, so keep an eye on it. When the line flattens out look for a price action signal to buy it
Hey Brutus2 you should be looking real good on the gbpnzd and nzdcad right now. great rubber band trades !!
Hi there, I’ve been following this thread for a few days and the system sounds very interesting. I’m still trading on demo myself as I learn the in’s and out’s of the forex market.
Given that you’re trading on the 1-day charts, what is the average length of time that you stay in one of these trades? Are we talking one or two days or a few weeks? Also, do you only focus on crosses or is the USD ever involved?
The best trades will last a day or two. I just had a trade on USD/JPY that I opened last Wednesday and closed on Sunday for a small gain. It was going nowhere fast so I got out when I was in profit rather than waiting around for the market sentiment to change.
I watch about 30 different Forex pairs plus a few commodities. Majors, crosses, whatever. If there’s a valid trade and the volatility is there then I’ll take it.
Those of you who traded the USDJPY it went right to the 50 line. We have to trust the rubber band when it gives us a good signal. About 70 pips in 3 candles
Cadchf looking good. 143 pips to the line. May run into support around 70 pips. It is at resistance now but there is higher resistance . keep an eye on it. Big down trend for months. You will be trading with the trend.
As you can see above , I just flipped through a few pairs and found rubber band trades . There are more. Some for 50 pips some for 80 and some more.
Some are ready now , some will be soon.
One thing I have noticed is that the rubber band trade works. And it works nearly every time.
What makes it not work is us, as the person making the trade.
I am guilty of not trusting the rubber band . In fact, just this morning I woke up and checked my gbpnzd sell trade. And I was up just 7 pips from almost 50 last night. So I got spooked and closed it. Then later at work I got back in. It is still 100 pips to the 50 line. And the line still has the best angle on it of any other trade that I see. We have to trust the rubber band strategy .
Entry is crucial , probably the most crucial, because we want to go into profit as quickly as possible and stay there. Stop placement is the next crucial choice. We don’t want to get stopped out just to watch the trade go right to the line. And it will.
Use support and resistance on the daily chart , find the current trading range of the pair you are looking at. Then use price action candles to enter the trade. If you have an indicator you are using that’s fine also.
Love your trade
Be patient.
Don’t over trade.
Don’t get into a trade early thinking the 50 line will flatten out. It may not.
Don’t be greedy, the trades will come and your account will grow.
Trust the trade. Good Luck
Rj, two questions:
1.- Entries only on daily timeframes? Could you spot entries on 8h/4h with price action patterns?
2.- In your experience, what patterns get best results: Pin bars, engulfings, insides, et…
I jumped on this pair, yesterday morning ET (12 May). At that point the SMA was about 103 pips above price and trending slightly downward. This was just after one positive candle on the 1-day chart. I set T/P at 50 and SL at 50. Made the 50 pip profit around 3:27 AM ET today. The pair has since fallen back below my initial buy. I think the signal still looks good to move back to the SMA but since I was up most of yesterday, I’m a little glad I had only set T/P at 50 pips.
[QUOTE=“rjmah319;627665”] …One thing I have noticed is that the rubber band trade works. And it works nearly every time. What makes it not work is us, as the person making the trade. I am guilty of not trusting the trade. …[/QUOTE]
Worked out for me on 3 trades in a row. Usd/jpy (even though i initially chickened out n took a 20 pip loss, i got back in for 50), nzd/cad for 75, gbp/nzd for 100 (after a bit of a ride)
This method is great and everybody sharing ideas helps a lot.
