This is the same only automated …the 4hour charts using the 200 SMA as a dividing line…above is strong, below is weak. Each of the 7 currencies, is assigned a 1 or a 0 accordingly based on that relationship out of the 28 pairs, and then the 1’s are added up for each currency. The table is updated on each tick. I only load it on one chart…doesn’t matter which one.
Thanks for the quick response and link. Very good explaination to by the way. I really like sound rules or guidelines that go along with the KISS philosophy. :45:
This week wasn’t as good and ended in overall loss. Took 2 full loss trades and the winners only recouped half. However ended up positive for the month. I was not focusing this week very well while I was trying to finish my newsletter for it’s publication deadline. I took screen shots of some trades but can’t recall all the details now.
Here are some screen shots of the trades that failed:
AUDUSD Short…used a tighter stop because the strength relationship was closer…just hit the stop and then went in my favour.
Actually I’ve only traded real $ on one method…and yes lost some…and yes then doubted the method and went looking for another. So after a whole lot of more demo trading/learning since then, I am here, and should I get to 3 months and remain as impressive then I will go live for a 2nd time…or not. If I can’t do it in demo, I certainly can’t do it with real $. :31:
5:00 pm (PST) - Early Asian session
Long EURJPY (5 min chart)
Strength Chart=7 & 0
Direction of pair - up
Cycle of oscillators - leaving oversold on several t/fs
VSA background (loosely) - Higher volume at prior support (yellow line) to indicate some continued buying activity there (white dashed vertical lines)…?
S&R areas - Reach up to retest lime line?
News timing - few hours until high impact news
Spread - low
Other - trying to buy in the pullbacks to a prior support (yellow line).
Well, I have said I’d be going live many times now and I’m sure that’s become very annoying to some…lol…even to me.
No, scraping up the $500 bucks is not a problem. I guess you could say it is about the fear of losing but not the way you put it. It’s trying to find a way to trade that works during the Asian session where I can capture an average of 20 pips a day. Lately I keep going back to the days when I took my demo account from $1k to $5k in a few months or so doing just that… which prompted me to start using real $. However I wasn’t using a stop loss back then and took a few big hits by not doing so. Yes that scared me. So until I could find a way to incorporate a stop loss that wasn’t going to be the death of me by a thousand small strokes, I wasn’t prepared to go live again and everything I’ve tried since did just that…so it isn’t fear thats holding me back, but common sense…if I use real $ again, I will lose most of it.
I appreciate your concern and will deal with the “real” fear again when that time comes
Pretty rude and condescending comments. Especially from someone that has been a FX trading failure for over 4 years, lost a ridiculous amount of real money, over 20K, has a “no responsibility” J.O.B. Sounds like you didn’t do any better in high school either.
Just saying, folks in glass houses should be careful about throwing stones.
PS sorry Sweet Pip, I’m an old fashion guy and get pissed when bullies pick on the cute girls!
Well I’m glad I’m not live right now after pulling a bonehead trade last night…shorting the EURJPY right at support…now I’m -200+ pips because I didn’t set a stop loss when I opened the trade (and went to bed), and I didn’t have my trade manager EA on either…which would actually have gotten me a small profit before going to BE. This is very painful even for demo (PAIN & NO GAIN)…I’m so mad at myself for going against the rules and should have just stayed out. :mad:
Unless one has kids and and a demanding lifestyle, it’s hard to understand what it’s like. The nights I’m lucky enough to be home by 830, reading my daughter a story before bed is a million times more important than looking at charts, and I love looking at charts.
I like your thread Sweetpip, and have been thinking a lot about lining up weak currencies against strong ones. I need to look into this more.
Yes, first responsibility is to one’s family. However, my youngest son just moved out this month, so I’m an “empty nester” :17: But it will give me a little more flexibility in my schedule now.
I’ve been trying to use the strong/weak correlation more or less with the 3 ducks method for choosing pairs to trade. It usually narrows it down to about 4-6 pairs out of a possible 28, and then I out of those I drop any that have high spreads. I prefer to call it “getting my ducks in a row” rather than “duck hunting” (that’s a guy’s thinking although I really enjoy watching Duck Dynasty…they’re such a bunch of quacks…A HA! lol).:10::10::10:
Anyways, after last night’s trade meltdown, I have some issues to seriously work out now.
Have switched gears…again…quite dramatically this time. Going to daily charts…daily candle ends at 9pm PST on which to assess trade decisions…perfect time. Will not be using stops or targets to start with. Will open a portfolio of trades based on a few price action & indicator conditions. I’ve restarted my demo back to $1k and will trade with micro lots based on account “equity”.
I’ve started a couple of trades with 0.01 lots for the following reasons:
Long EURAUD
Strength Chart=7 & 2
Direction of pair - up
Cycle of oscillators - leaving oversold on several t/fs
S&R areas - Lime line is a recently made weekly high…but might not be set yet. Following a channel, it hasn’t hit upper channel yet…about 300 pips away.
Candlesticks - An elephant bar on 2 days ago followed by a spinning top yesterday…this bar likely to continue same direction as elephant bar.
Currently up +55 pips = $5.50
Long USDCHF
Strength Chart=4 & 6 - strength fairly equal
Direction of pair - down - could be ranging
Cycle of oscillators - leaving oversold on several t/fs
S&R areas - Orange line is daily support…triple bottom
Candlesticks - with a bullish doji a couple of days ago
Other - rising volume…not sure how meaningful on a daily…just noting could be buying pressure
Currently -18 or -$1.80
What I need to do this weekend is to compile a list of the interest rates per currency and use that as part of my criteria when choosing pairs to trade. By not doing that, I can lose money just because I traded against the interest relationship. When holding trades long term, interest (swap) is either earned or deducted daily…and Wednesdays are double dip day accordingly!
Opened 2 more trades:
Long NZDCAD
Strength Chart=4 & 3
Direction of pair - up
Cycle of oscillators - leaving oversold on several t/fs
S&R areas - at retest of broken resistance now support.
Candlesticks - decent looking bullish pinbar
Target areas: Resistance approx 60 pips above…if breaks that, next resistance 60 more pips above.
Long NZDUSD
Strength Chart=4 & 5
Direction of pair - up
Cycle of oscillators - leaving oversold on several t/fs
S&R areas - at retest of broken resistance now support. Also lower channel line support area.
Candlesticks - decent looking bullish pinbar
Target areas: Heavy looking resistance about 100 pips above.
After looking up the interest rates for each currency, I decided to close the losing EURAUD Long trade @ -150pips (-$15). A long position actually costs money…a short position earns it. My NZDCAD & USD are both earning interest for being long, and the USDCHF interest rates are the same…so it doesn’t matter. I made a new indicator to display the interest rates applicable to the chart I’m looking at so that should help.
Long EURGBP
Strength Chart=7 & 2
Direction of pair - Up
Cycle of oscillators - leaving overbought on several t/fs - a concern
S&R areas - daily support established 3 days ago at 38% fib
Candlesticks - bull elephant bar with really high tick volume
Other - possibly heading to 127% fib extension at top of weekly channel.
High impact news coming out in 20 mins - another concern
