thanks i have been using your chikou span under the clouds on 4h and it has been making me good money, im happy thanks to you
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After 6 months of testing.
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Hi Baller,
Thank you for starting this thread. I’ve enjoyed being apart of your journey. It has been very cool and very informative. I just had a quick question regarding drawing support and resistance lines. Do you just the Chikou Span for that purpose or do you use the candles as well? And when drawing the lines do you just use the most recent information or do you look back several years in the past to draw them?
All good Kevin.
I use it to plot support and resistance like the below, on the monthly.
When you put the chart on the monthly, there’s not that much going back, you’re going to see a snapshot of everything.
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That is perfect, thank you.
What lot size are you working with now? 1.0?
Not yet Dev, 0.7 for now.
The current year. Slowly but steadily doubled the account.
I don’t believe in giving the market my money, when I don’t have to.
It took 110 calculated trades to go from £10K to just over £20K. It can be done.
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Good to know, thanks. Max 4 x 0.7lot on a near 20k account. I see that I’m often getting above this proportionally, which accounts for my occasional dramas. Cheers
always risk 1% per trade
How many pips SL do you work with?
You could go to 1 lot on a 20K account but its better to be safe than sorry.
Especially when each trade is risking 10%, having 0.7 lot sizes ensures a slightly wider SL.
Hey Baller, I caught up on this thread in a couple of days, really great stuff! I will definitely be incorporating it into my strategy when the time comes, but I’ll stick to my dummy account for now! I’m curious about the exit strategy though. If you are working on such long time frames, why bag the profit right away and not use a buy and hold strategy?
I totally get not being greedy and everything, but why leave the position if you suspect it will move in a particular direction for a considerable amount of time?
You’re right - and others have mentioned this already here. The main reason being this thread was just an experiment to show what’s possible.
Otherwise I’d still be holding the first batch of trades I took in May and it would be a very boring thread.
In one of my other accounts I hold trades for 3-6 months. If you feel its going to move in a certain direction for a considerable amount of time, then yes the sensible thing to do is simply hold it.
Hey Baller,
When you place a trade and find that price has moved against you about how long on average (days or weeks) do you find you have to wait before it returns in your favor?
It depends how sloppy your entries are. If they are very sloppy like mine, the longest I’ve waited was about 2 weeks before that loser turned into a winner.
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Baller, good job and an informative journey for those following your progress.
Baller, what now?
Hey @The_Baller, I’m still really enjoying this thread, one question I have is on how you view Currency Correlations?
Do you ignore the fact that certain pairs have a tendency to move in the same / opposite directions over a longer period of time and open positions on both pairs?
Or do you only trade pairs that are more likely to be completely random of each other?