Another decent day. More losses this morning than I wanted, but I should have known better than to trade the morning after FOMC. Great afternoon session though.
It was tough this morning. It’s my own fault. But I broke even in the morning and then made my money like you, after 10:00 a.m. by time.
Unfortunately, trading from my phone while trying to drive and work is just terribly difficult. I get the signals sent to my phone but I still find ways to miss out on some of these trends. I can only follow one of them at a time.
6% is a great day!
I can’t seem to be able to focus on more than one pair. I’m sure I miss a ton.
I keep saying, I miss out on at least 100 pips a day. But if eur/jpy is going up, usd/jpy probably is too.
It is hard watching $600 slip away on days like these.
one can’t help being very impressed by this whole thread, and its kind contributors
tomorrow i intend to re-read the whole thing from top to bottom, set it all up on a trading platform and examine in fine detail (and might be back with questions, by the weekend!)
thanks for posting all the above, anyway, though
Glad you are here Flamingo!
Let’s get some pips tomorrow.
That’s quite a mine field for a Friday!
Hello, it’s me again. I’ve been demo trading this
Strategy and so far I win 6 out of ten trades. Might not be much but I like it. Now the thing is my psar is just for decoration cuz I have no idea what to do with. How does it work in this strategy. Is there a better way to improve my win rate
The PSAR could be like a plan B. Its true you don’t need it for the channel strategy, unless you want to use it as a guide for a bigger stop loss. The signals it provides are very close to the channel strategy signals. You could also consider that if you are already in a trade for a while and price reaches the PSAR change, it could be used as a second signal suggesting you stay in the trade.
You can also use the PSAR and a 100 ema to look for Octopus Nest signals. The Octopus Nest win rate is much higher than 60%. It does not require long trends to work. Of course, I contend that the win rate for the channel strategy is also much higher as well. You just have to get experience on closing trades and reopening them when your stop loss got hit and immediately price reversed back in the right direction.
In my opinion, The chart set-up provides signals based on channel, PSAR changes, and Octopus Nest. That’s a lot of signals. The chart is super-charged to give you every opportunity to make daily profit.
Simple trading signals, patience, and not stressing about several little losses in a row, makes a happy, successful trader.
60% is actually a pretty decent win rate
Are you looking at the overall trend direction? Are you trading in consolidation instead of a trend? This is meant to be used best with general price action, and counter trend trades are much more risky. What sessions/times of day have you been testing?
One thing I do is I wait one candle. Yes, it makes my stop a little larger, but I’ve been cutting losers before I get stopped lately. What I’ve found is the majority of the time when a signal is generated, if it’s a good one, the next candle won’t retrace much into the signaled candle. The image shows what I consider a bad signal (green arrow) and a good one (red arrow) Look at the next candle after the signal.
I use the 5 and 15 min tf and usually during price consolidation.
@AmericanTrader I’m sorry for being dumb but this channel strategy, is it referring to the moving averages (6white, two 32 greens and one blow/yellow?) Aleo I’m not familiar with the octopus nest signal
Also is the octopus nest strategy one that you came up with like the moving averages or is it the same as the onses I just googled
Yes, “channel” strategy is the moving averages.
Yes, the Octopus Nest strategy is the one you Googled.
(use the 100 ema as a filter).
Sounds like you are doing pretty well so far. Good work Art!
Selling Eur/Jpy and Usd/Jpy.
Already 60 pips.
100 pips achieved.
Trading day is over.
Nice job AT!