@Vaczak
I should have included coffee in the strategy description.
My bad.
1 Like
My chart shows price needs to break over 1.08550 to become a breakout.
45 minutes to medium impact USD news.
Details
Impact:MEDIUM
Country:
Currency:USD
Latest Release
Previous:4.5
Consensus:-1
Actual:-11.2
Next Release
Date:Jan 17, 08:30
Time left:43 min
Consensus:-9
26 more pips on my Chf/Jpy re-entry.
61 for the day.
Thatās enough for me.
Done by 9am my time again.
Love it.
Happy trading!
1 Like
How would you summarize the best setups (best performance up to now) for EU, EJ and FJ in M5,M1 and Trending or Range bound?
@FedeRomero
This is what Iāve been doing now for going on 2 weeks.
Check the economic news:
If Iām awake in time for the London open and it doesnāt take off right away on a good trend, I go directly to EJ and CJ 1M and 5M charts to look for easy money until NY session.
I check the higher time frames, 1H to see what the nearest highs and lows were.
Then I decide if I want to wait for official EMA signal or if it just looks too good to wait. Todayās entries were not waiting for signals. I entered on pullbacks during a steady rising price trend but with entry candle closing above previous candle.
Trends on these other pairs seem to not be tied so much to session opensā¦perfect.
Then check ED after NY volume hits, which is usually around 8:30am for me.
3 Likes
thats great! Iāll try to do the same. Thanks
Iām no expert trader, but its working for me, and its a lot of fun. Iām finding that I donāt care about letting those non - ED trades run. I close them when they reach resistance and it builds my confidence for the day. Then, if there is another good setup, I re-enter for a small trade that cannot wipe out what I already earned.
Iām no expert neither but it seems you re getting a good trader mindset to become one
1 Like
Hey buddy, what is the role of PSAR? is it final SL for emotionally weak trader?
Love the post!
Answer:
Could be. But my opinion is that most indicators provide the same information, just in different ways. The PSAR seems too simple to most traders I talk with. But the results are undeniable.
I have posted over and over again how the entries using the PSAR can closely mirror the entries using the EMAs (which I also feel are a very simple indicator).
Iāve tried to make clear that the PSAR is just something for now to assist with SL placements and closing trades, Its not an official part of the strategy. I am also using it for pending orders as I am so often not at home to trade.
Btw: Welcome.
Glad you are here and please share any tips you have any time.
2 Likes
Thank you, Iām new in this community will backtest this in gold, and will do minor tweaks if require.
@AmericanTrader 28 days passed by since you open this topic. Do you have statistics of your trades so far? I know you are in good profit, but it would be inspiring to see the results.
Hi Vaczak.
I do not have statistics. I did post early on a string of winning trades and when I lost, three, I think.
But every day has been profitable, even with some losses. The short SL is the key for me to walk away every day in profit. That string is still going on. That is the reason for this forum and is my main goal. To show people they donāt need to worry about big losses and they can be profitable nearly every day. I lost too often in the last couple of years and I didnāt like how it felt.
I do not plan on ever disclosing more about my own account. But I enjoy sharing # of pips earned and I encourage others to do the same. I have been off strategy a number of times as part of testing (which I always do live). Ruining my statistics, even though the testing has also gone very well (like today!).
You inspire me, its not the other way around.
I bet there are several traders on the forum who have done much better than I.
2 Likes
Noticed this. Thanks!
Actually been trading this on USDCAD today as well as EURUSD, but last week traded plenty on USDJPY and USDCHF, but also NZD and AUD USD pairs, without changing any settings.
Too much chop in GBPUSD had me lose some pips.
But overall more winners than losers, and the better I get at sticking with the actual rules, the better!
As far as picking pairs, I tend to use the Marketmilk Market snapshot tool here too, looking at strongest and weakest currencies for the day to get overall trend and then work my way down to 4h and 1hr and so on, of course only after looking at EURUSD first.
Its a pretty cool tool once you get the hang of what youāre looking at.
1 Like
Hey, does this indicator autoupdate, so as soon as I load up TV, itās got the most recent changes? Thanks again for putting this out there!
I donāt believe thatās a feature of TV, I could be wrong. I believe you have to remove it and reapply it to the chart.
/Daryl