My trading strategy is very simple. I wait for a trend, wait for a pullback then use support/resistance to identify the best entry price to open a position in the original direction of the trend. So far so good, after 5 weeks of trading. I will constantly update this post to show my live account’s latest performance numbers on CTrader Copy.
Here’s the link to my CTrader live trading account and the MyFXBook link to my live forex trading account as well.
Screenshot Date: February 1, 2021
Mind you, while you’re waiting for a pullback you’ve lost the opportunity of a trending trade making a sizable profit, and even if and when the trend continues after the pullback, there’s no certainty it will continue.
Itrade on what I see on my charts - not wait for a pullback and the possibility of a brighter future. Unless you’re a forex time traveller, or a pro technical analyst, entry points on a trending market is immaterial. Just jump in on the third consecutive candle trading the TFs 1hr and below.
Trading into a trend off a pull-back is a classic and profitable basic principle. There are multiple sound ways of defining a trend and a pull-back and an entry position and a stop-loss position. A number of well known candlestick patterns simply confirm the principle of buying on the recovery into a trend from a pull-back and you can even see certain technical indicator reactions that generate signals in parallel to the pull-back price action.
There are two optional tactics I have found particularly relevant when trading this way. One is to enter from a pre-set order, not live - for example when a daily high is breached by price recovering into an uptrend. Secondly, adding to a winning position as price continues in my direction.
Hahahahaha
Yeah, I agree. If yoy’re waiting for pullbacks, you’re missing out on the profits from the bigger swings.
Unless you’re not interested in those bigger moves. To each his own.
However, you could trade the swing with one position. Then go short in another account…unless your broker allows you to hold opposite positions at the same time.
What I used to do, I used to focus on trading ranges, and trading breakouts from consolidation periods.
But I realised I was missing out on 90% of the action.
So, started learning swing trading also.
I trade the daily timeframe only. I believe lower time frames are mostly just noise and not indicative of the real movement of the market.
I opened a sell position now.
Pair: NZDJPY
Direction: Sell
Entry Price: 74.795
Take Profit: 73.695
That’s a little too gung-ho for my taste. How profitable has your trading been, with this approach?
Yes, my mistake. Apologies for my flippant response. I only trade the I hr chart providing it is in synch with the 4 hr and daily chart trend according to Ichimoku.
My emphasis was aimed to suggest that with two candles already in place the third candle would be a slam dunk confirmation the trend is actually trending, and to wait for a pull back could be missing out. As an extra precaution , I use MACD 3-10-16 bars to confirm trend is strong.
While both december and january trading has been contrary at times, over the last 5 months my APR is well over 20%. Which signifies I’m learning to make profitable trades using my strategy…
I opened a buy position now.
Pair: AUDNZD
Direction: Buy
Entry Price: 1.07131
Take Profit: 1.04821
can u check out my new post, and pls try to answer if you know more about candlesticks 
I use ADX to confirm the strength of a trend. My trading account is now exactly 1 month old and my Absolute Gain (according to myfxbook) is 279%. I’ve made a total of 20 trades so far and have won all of them. My account though, shows 1 loss which happened when I partially closed a profitable position on USDCZK. i closed 50% of my position to secure profit and let the other 50% run. Weird enough though, the 50% position I closed registered as a loss. I was expecting that when I close half of my winning position, I’d end up with half of my profit secured. I ended up with half of my profit showing up as a loss instead. I asked IC Markets for an explanation but their explanation was too technical for me to understand. Haha
That’s an amazing run of good fortune. Excellent. Are you sure you’re not a forex time traveller?
BTW - how did you go about closing 50% on IC Markets MT4?MT5? Brokers seem to have differing methods - that’s if they accept it.
I can’t put a link on my posts yet as I am fairly new on babypips but here’s a screenshot of my live trading account’s myfxbook. You can manually search for my account (thesufitrader) there to verify. I use CTrader. I simply click “Modify Position” and adjust the lot size down to the size I want. I find MT too ugly. It’s interface looks like Windows 95. LOL
Lol, I can’t agree more about the interface of MT, they really need to update it!
I opened a buy position on XPDUSD without knowing how big the spread was. Also that the lot sizing for it is 10X bigger than the usual forex pairs. I entered at the price of 2330.79. I hope I got it right and that the market moves my way soon or my drawdown will suffer. I’ll have to remember to always have the Bid Price and the Ask Price line visible before opening a new position from now on. So I can see the spread!
View of XPDUSD hourly chart
I opened a buy position now.
Pair: EURCAD
Direction: Buy
Lot Size: 0.1
Entry Price: 1.55927
Take Profit: 1.51327
That could have been a very costly mistake. I was down by as much as over $500. Good thing I was able to get out of that position with a $59 profit instead of a big loss.
Not bad
