Hi, you’re most welcome. That is correct, basically, within The_Baller’s strategy, it could be utilized for timing the entries/exits in a a bit more surgical way, if you like. I have been testing/using it like I first check the conditions that’s been laid out by him on the monthly chart and, say, it looks like a short trade. Then I would switch to the Weekly and see whether the last candle is red and it has pierced the mentioned baseline (or maybe even underneath already). If so, we’d be good to go. As I had mentioned before, I would add a 50 SMA (Simple Moving Average) for extra precaution to the chart. For our example, I wouldn’t pull the trigger unless the candle is under the line, this would ensure you’re not going against the trend. One last thing, I keep bumping into comments here and other platforms, people trying to figure out their entries/exits on 4 Hour charts in a swing environment. To me that is shooting yourself in the foot as there would be retracements coming left,right and centre, absolutely no need, imho. If you’re riding your trade through the Monthly chart projection, the lowest time frame I would go down to would be the Daily.
Hello everyone, I had planned to write in this thread once start to trade, I am a complete newbie …
But I have a problem with the Ctrader platform I find it impossible to view the full monthly chart in all years since the beginning of the pair, I pressing all the possible buttons but the result is the images below,
does anyone know how to solve it?
I want to see the bigger picture, Thank you!
As this is becoming a proper swing trade chat (or maybe not…), I would also like to share something I’d learned form Kreil’s Masterclass a while back: using the COT Report to gauge how the institutions are taking positions towards currencies. This report gets compiled every Tuesday but released on Fridays. It will add a very powerful weapon on your swing trade arsenal (quite possibly the most effective one, I would say). It seems a bit daunting at first but one gets used to it after a short while. So let’s begin:
Then scroll down till you see ‘Current Legacy Reports’ and from there, choose Chicago Mercantile Exchange’, ‘Futures Only’ - Short Format. It should bring up a page like this: CFTC Commitments of Traders Report - CME (Futures Only)
You are looking at all the compiled futures contracts officially listed weekly on CME, looks daunting but is simple once you know what you’re looking for.
Scroll down till you get to the currencies bit, you’ll see three sub-sections which are ‘Non -Commercial’, ‘Commercial’ and ‘Non-Reportable’. The last one, the ‘Non-Reportable’ is us, the retail lot (of which they call ‘stupid-money’). The one we are interested is the ‘Non-Commercial’ tab. These are the big boys, i.e. institutions, hedge-funds and the banks. ‘Commercial’ ones are the investors and private companies.
Underneath the ‘Non-Commercial’ tab of each currency, you’ll find net long and short position totals that the big fellas have opened. The way to use this report is, depending on the pair that your’e planning to trade on, simply compare the long/short positions of each one. The bigger number shows the sentiment of which you might consider taking a position along.
This report is the backbone of the fundamental gang. Hope this helps your swing trading perspective.
Cheers.
Not sure if thats the case from reading the thread. Feels like he is alot more active than he would be with his clients accounts after reading some of his other posts here. Just interested as to whether he uses the same strategy and just holds longer or if this strategy is completely different to what he uses for his clients.
My understanding is that the numbers are cumulative as there’s a tab of change since the previous week.
‘Generally, the data in the COT reports is from Tuesday and released Friday. The CFTC receives the data from the reporting firms on Wednesday morning and then corrects and verifies the data for release by Friday afternoon.’
Hi Baller, relative newbie to the forum, have dabbled in day trading on and off for a couple of years but am trying to take things a little more seriously now. I’ve read your thread with great interest, especially as it generally seems to be something that most of us could do given the relatively little time it takes up for you.
I completely understand why you’ve traded (ie closed trades) as you have, as it then gave you something concrete to post in the thread; otherwise, as you said, it woulda been pretty boring. However, I’m curious, do you know what the balance of the account would be now if you’d stayed in the first trade for each pair (most of your screenshots of trades don’t show the level you entered at)? I know you’ve jumped straight back into some pairs after banking a profit from a trade, but I wonder whether you would normally have just held certain pairs for much longer, if it weren’t for the need to have something to post here, and, if you’d have done that, would the account have a significantly different balance.
Many thanks again for your contribution to the forum
