As expected on the Usd/Jpy that I exited.
A pullback to trap traders into staying in before economic impact news comes out.
Probably will be ok to stay in, but could drop and keep traders in a bad position for days, or worse.
Been there, done that. More times than I can count.
Should’ve stay in
But, I’m still in the Cad/Jpy that has the same setup. I would have doubled down on stupid had I entered trades on both pairs and things went against me. But I think we can see that typically, the market follows the rules,
Looking at
G/Cad long for Monday.
Good morning.What are the rules please?can you also provide the settings for the indicators or a template.TIA
Does this work on smaller timeframes like 1 or 4 hours?
Hi naren,
Just to be sure, are you talking about my most recent trades, or the original strategy that I started the forum with?
My current main template is this:
Main 2024 SHA.tpl (7.5 KB)
#FS30_4.ex4 (3.3 KB)
200 EMA
Versatile Super Trend.ex4 (56.5 KB)
b_Regression_Analysis.ex4 (40.5 KB)
(I have the Regression Analysis set to 300)
heiken_ashi_smoothed_alert_bar1.ex4 (5.1 KB)
Supertrend MT4 Indicator.ex4 (12.5 KB)
I use it for all timeframes, but I adjust the Regression Analysis dp-limiter (lookback) on lower timeframes. I still like the Cap Channel and VHP Channel as alternative channel indicators too. They are all good.
I was asking about the two trades on daily tf you mentioned above GBPCAD and GBPNZD.I guess the SHA template works for them. What setting do you use for the 4and 1 hr please? Since these are longer timeframes is it possible to share some trades as we enter them and as we exit so we are all on same page and gives more confidence in our trading method as we learn or this is something more personal that we should not. Not sure if this agrees with the forum moderators.
I use the same settings for M15 and up. So no changes to base settings when you load the indicators. The one exception is I like the 300 lookback on the Regression.
On D1, Wk1, and Monthly I can add a second Regression channel set to 100.
I tend to exit trades long before TPs are hit. But I’ll try to show entries as they happen when I can.
I have pending orders set because if price hits them, it will be where the indicators will show a signal and they are not up against the 200ema.
This is mid trend
Active trades:
I think you can see that I enter whenever it looks good. I hope to get better at just entering on signals, but I like to see the account grow monthly, so until the account size is large enough that 1 or 2 trades a month will meet my needs, I’ll keep doing what I’m doing.
I tried to understand how you trade. It looks like you place trades depending on the 200 ema position. But you are not waiting on the indicator signals what are the other criteria?
Also I am in USA too. What broker are you with for your account?TIA
I mainly try to focus on H4 or H1 trades.
I don’t really look at those. I’m trying to see if my performance changes for the better if I focus on a smaller batch of pairs.
My broker is Tastyfx (Formerly IG US).
Its true I don’t always wait for the indicator signals. I also do price action, which gives me signals before the indicators do.
I show the system, which is extremely simple. Just waiting for any one of the indicators to give one when price is near the channel edges.
If anyone is searching for a system to use that works, this does, along with many others (once we master them).
For beginners or noob traders - Please just follow the signals.
Yea, I was stuck for the longest on setting TP and SLs the same or TPs bigger. Then I switch to larger SLs compared to TPs. Now I’m still 50/50 on using SLs. I definitely don’t use them all the time. But that’s got me caught in some big, fast moves, and then needing to hold those positions open for weeks and months. Not fun. But it works for me.
There’s definitely nothing wrong with doing that.
I have so many charts open just because waiting for signals can be a loooong wait on the H4 and D1 tfs.
Also, the 200EMA is often a target point for traders all over to use. So if price is rising up to the200, it often stops there and is a good exit point. Same if price is going down.
If you enter a trade when price is already about to hit the 200, its probably not going to give us much profit. But if price is bouncing away from the 200 after just recently crossing it, that is one of the best times to expect big profits!
