LOL, that is awesome. Dude you must be the most laid back Forex trader on the planet.
Ok, got an example of a chart that is hitting a 6 year low.
Take NZD/JPY below. 1st chart is 5yr, 2nd is 15yr. It’s in a serious downtrend on both weekly and monthly. I know you don’t do trend lines but my estimation is either it is about to bounce up or headed down toward 60.426. Since it broke lagging span at 69.454, I shorted it.
What do you think?
My personal opinion, short NZDJPY.
I am applying your system to the charts and to my eyes the GBPUSD and EURUSD are both in downtrends in the monthly and weekly charts. Looking over your posts I did not notice if you took any shorts on these pairs. Is there a reason you have not traded these pairs as opposed to others, like the AUDUSD which seems to have similar long term charts?
Firstly, each account has money I can afford to lose. I see people with 100K accounts and they’re not even using the full capital, so why deposit 100K.
Secondly, just because I’m in the red for a few days doesn’t mean I’m wrong, or that I’ve lost any money.
I’d be short.
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.
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.
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.
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?
I don’t have any favourites pairs. Anything that makes money is always good.
Yes those pairs, and a lot of the other minor pairs.
Indeed I am still holding.
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).
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?
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:)
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.
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
Strategy 2 - The Ichimoku Cloud Breakout
Thanks again
