Are you worried about any BOJ action in the coming weeks that will push Yen higher? I’m wondering if we’re at a new shift with rate increase talks gaining steam.
Add the talks about US rate cuts and BAM! We’re setting up for some movement.
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Hi Mike.
Sorry, I do not have myfxbook stats.
As for copying trades, I do not intend to offer signals as a regular thing. Honestly, its because I don’t think that works.
Early on for this forum, some of us scalped together and it was a lot of fun. But as each member eventually took a big loser, they look for other strategies and move on. This is, in my opinion, due to the psychology of the trader, not the result of the trading strategy. The trader makes the strategy work or not work. Although I have no doubt that many traders who moved on have found strategies that work better for them.
I do not want to be responsible for anyone taking a big loss, so I will just be focusing on my own forex business.
I currently spend most of my time scanning the D1 and Wkly charts and frequently have SLs in the hundreds of pips level.
This is the setup I am currently using on mt4.
Purple parallel lines are Cap Channel set to 30.
Green/Red line is Indo Trend.
TicksSeparateVolume.
Chimp2 (MACD Oscillator).
Notice how the price moves up and down from the lower Cap line to the upper Cap line, then back down to the lower, then back up to the upper, etc etc etc.
If the weekly trend shows upward, enter long when price is bouncing up off the bottom Cap line. If the weekly trend is down, enter short when the price is bouncing below the upper Cap line.
We are still experiencing an anomaly due to the Bank of Japan monetary manipulation that is causing price to go wildly below the lower Cap line on Jpy pairs. I suggest stay away from them on this setup until we see the USD or Eur, or GBP show some green candles against Jpy.
Yes. I took a good loss on a Jpy pair recently. I closed it before it would have gotten MUCH worse.
I don’t know what to expect or how long Jpy will continue to be so strong. I’ll need to see the USD or Eur, or GPB put up a few green candles against it before I spend more time on Jpy pairs.
I’m currently just in a USD/Huff long and a Cad/Nok long.
It is exciting that Jpy is strong enough to give us some monster pullbacks. But I’m just going to play the long trades on non-Jpy pairs for the rest of this month and August. Even the rest of the year if Jpy still scares me.
I’m hoping the dollar will show some good strength after the election.
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Hope you’re having a good summer! Are you finding trading the Daily charts more relaxing and freeing for your time? Also, do you have any particular preference with the Super Trend versus Indo Trend indicator?
Thanks Birwi12
It is a good summer. We enjoyed the lakeshore and a boat ride just last night to see a spectacular sunset. Not even giving a second thought to my Usd/Huf trade being down 150 pips. I still think it will turn around and get me 200 or more pips profit in a few weeks.
I do like the D1 for the setups, even if I only stay in the trade for a quick 10 - 20 pips. Its more relaxed just because I’m trying to go with the long-term trend.
As for Indo vs SuperTrend - I don’t think it matters. I use them for illustration purposes more than for trade signals. On my phone’s platform I just use a 14 ema.
Funny thing about me always wanting to work from scalping to using D1 for longer trades - Now that I have been doing D1s, I want to get my account up enough so I can go back to more scalping but with bigger lot sizes.
Anyway. I hope you are doing well too and enjoying a Summer of profit!
Got a great big win the other weak, and now I got a couple losers running.
Man, I’m feeling the same. I think from what I’ve been reading that with US rate cuts and maybe BOJ rate increase, we’ll get some movement before the year end. But does that mean a US rate cut this week? Or Sept? Or what?
I keep reading and listening about USD strength is bad for business and US debt payments, so Fed has to step in to weaken it.
Oh I’ve been listing to this guy, Raoul Pal’s podcast. But his website has a bunch of smart folks on it.
Gets kind of heavy, but it’s an interesting listen.
96% chance of rate Hold & 4% chance of 25bps rate cut this Wednesday.
90% chance of 25bps rate cut & 10% chance 50bps cut in Sept.
https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html
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That’s a cool link! Thanks for sharing that. I read through their methodology. Super complex!
Still never beat the US’s 5.5% no matter what they do. These down moves in XxxJpy are temporary. The carry trade is about to resume course.
So even with a US rate cut, and BOJ rate increase, the rate difference would still keep the carry trade alive? Since they’re only talking like .25 or .5% for the US and .25% for the yen?
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That is very good news!
What a crazy last 24 hours. Caught some really good moves on the yen rate hike. How about you guys?
Hi,
I’m interested in this strategy, but it seems to have changed quite a bit from the original.
Can someone direct me to the final version so I don’t have to go through 3000+ messages please.
vmd
Hi vmd108
You don’t have to change anything from the original. Several strategies have been discussed here and many options to personalize them.
Why not? You should actually give it a shot. See what’s works, because several versions have worked, and even some of the stuff now doesn’t really work for me.
It at least lets you see the evolution of the system/systems presented and gets you thinking about what works for you.
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Crazy day today. Actually crazy week. One of my best weeks ever trading!
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someone using the strategys here on prop firms ? how its going?
just discovered this post today, Took a look on that 1% strategy but guess what ? you have to pay 130 dollars to learn it fully, I don’t think its today
Honestly, I bought it, you don’t really need it to get started. Just watch a bunch of his YT videos, set up a demo account and practice. I demoed the strategy for a number of months along with the MA strategy. I much prefer the MA strategy but they both work hand in hand depending on market conditions. I started a live account a while back and took $1000 and turned it into over $2500 in about 5 months. If you make the strategy work and start making money from it, buy his course… its the right thing to do.
With trading both demo along with the live account, I have been working this strategy for probably close to a year. It definitely works. I do not think the 1% strategy would work well on prop firms. Their rules aren’t going to work well for this strategy. Some people have managed to pass but I think the odds of getting through the challenge are not in your favor.
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