The £10K Gamble - [The Journey]

Because pairs like these are too crazy, when they move one way they move a lot and move fast.

I prefer slow and steady pairs that just chug along and get to where I need them to go.

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Thanks for clarifying. That’s very encouraging to hear.

So how frequently were you checking this account once you’d entered the trade?

Also, given that you’ve had success with this strategy for a decade, do you have any reason to believe that it will cease to be so successful in future?

You’ve mentioned earlier that you’re working on a new one: why would you need another when this seems to fit your lifestyle so well and gets the results?

Thanks again.

Every few days.

It’s possible. Nobody knows the answer to that, until it happens.

I have many strategies for different markets and market conditions. I just happen to use this one.

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Blockquote I have many strategies for different markets and market conditions. I just happen to use this one.

Awesome, I’d hoped that would be the case. I’m guessing this is the best one to use when there’s a strong trend on the monthly chart that can then be applied to the weekly?

Does this strategy scale up/down well to the other time frames? E.g. if I looked at the weekly trend, then applied it to a daily chart.

If your other strategies for other conditions are anywhere near as successful for other conditions, I hope you’re willing to share them in future. I’ll be remote ordering you pizzas if I get the hang of this.

The simplest way to make money is by jumping into an existing trend.

This works well with all time frames, as long as you have a top down approach, starting with the monthly and weekly.

Just because a pair is in a downtrend on the monthly, doesn’t mean it can’t be in a little uptrend on the weekly or daily.

In future I will be sharing some others, but right now, if it ain’t broke, don’t fix it.

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What is your favourite currency pair for this strategy?

That is such an insightful comment for me, The Baller. So you mean mostly CHF and JPY pairs?

Hi @The_Baller, Can I ask if you are still holding these positions?

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I don’t have any favourites pairs. Anything that makes money is always good.

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Yes those pairs, and a lot of the other minor pairs.

Indeed I am still holding.

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Cheers. Thank you

Amazing thread on a forum filled with nonsense @The_Baller !!

I have a couple of questions as I am currently trading this strategy of yours (live money, no demo shit).

  1. In your screenshots I see you often take profits at small pip amounts (20 pip tp, 4 pip tp etc) but you mentioned at first that you have a stop loss of at least 300 pips sometimes. So why do you not take profit at lets say 150 pips? Why such small tp’s?

  2. Do you only sell resistance levels when the monthly is in a downtrend and vice versa for a buy? Or do you buy/sell on any weekly/monthly support/resistance levels?
    For example: MONTHLY TREND = DOWN - PRICE MOVES TO SUPPORT LEVEL - YOU BUY? or do you wait for the price to reach a resistance only?

Thanks a lot! Very good thread of yours and I look forward to making big bucks trading like you:)

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No worries.

Firstly, so its not a boring thread. Taking 5 positions and coming back 4 months later doesn’t click with most people. Secondly, some trades just don’t get moving and end up being closed at a few pips.

If its a downtrend on the monthly, all I’m looking at is where is the most obvious level of support, and if there is still room, I’m in.

Likewise if its an uptrend on the monthly, all I’m looking at is where is the most obvious level of resistant, and if there is still room, I’m in.

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I’m thinking how to enter a trade magazine through Exel.

Hi @The_Baller so going over this thread again to make sure I’ve got it before trying out in demo (been busy with other stuff), and correct me if I’m wrong, but you’ve actually provided two strategies: the one you’ve been using for this experiment, and another which uses the same indicator?

If so, I’m trying not to get the two mixed up as they seem pretty similar. So, is the following correct?

Strategy 1 - £10k Gamble

  1. Pull up monthly charts and determine if its an uptrend or down trend (forget range bound).
  2. Draw support and resistance (using the Chikou Span?)
  3. Drill down to weekly chart.
  4. Draw support and resistance. (using the Chikou Span?)
  5. Find an entry in there somewhere.
  6. Set your stop loss well away

Strategy 2 - The Ichimoku Cloud Breakout

  1. Use the daily chart to plot support and resistance (.Work out your own support and resistance to maximise profits, don’t rely on the cloud.)
  2. Use the Ichimoku Kinko Hyo indicator.
  3. Remove the Tenkan Sen and Kijun Sen elements.
  4. You should now have a chart with the Chikou Span and Ichimoku Cloud.
  5. Wait for the Chikou Span to pierce the cloud completely and enter the trade (trade the 4 hour chart)
  6. If an uptrend it will be above price, if a downtrend it will be below price.

Thanks again

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Sounds right to me.

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How things currently stand.

image

Thanks for confirming.

I think I prefer the concept behind the 10k gamble strategy more, but for playing around during the day, cloud breakout could be a good experiment.

Are any time sessions better/worse for using the cloud strategy?

Many thanks

Just closed a few of those on my account with that sudden move this afternoon. Nice bit of profit for the week.
Will celebrate with a pizza. Can’t do the Hut though. Girlfriend’s Italian, she’d have a seizure we go there.

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