The best way to stay consistent!

[njokie]

hi traders just seen this setup forming we could be looking to short

SR am trying to understand when to avoid a trade when a SR level has been tested this will help take high probability trades am reading the thread again

[njokie]

i guess i love posting charts how are you able to post the right side of the chart to be seen more clearly

ok the chart below i have looked to previous lows way back in the 1h chart and now looks like it was a case of repulsion again? well we cant judge as yet till it retraces back to zero

[njokie]

In my effort to grasp the concepts of this awesome strategy i would like SR to clarify for me about picking the lows/highs after the retacement of the wave indicator back to zero

sometimes u find that there are soo many lows/highs in diff levels and one is confused on which to take and place a trade
does one pick the level that is the low in the chart av posted that coincides with the retacement back to zero
the wave shaded blue is the impulsive wave

[njokie]

[B][B][U][/U][/B][/B][B][/B][B][/B]I first visited this site many years ago and looking back now it was the smartest thing I ever did. A big thank you for the people who got me to where I am today with my trading, you know who you all are!!!

The world of forex trading as we all know has evolved so much in the last 10 years, and as traders we all undergo a process to learn how to trade so we can generate some great money consistently. We are all aware that what constitutes success in trading involves a process from a great trading system, risk management, psychology, structure, planning, execution and managing. There are many great trading systems/strategies out there, it’s really up to us to implement them in a way that we find this consistency.

I wanted to take the time to be as blunt as possible and run through what I have found to have helped me the most in my 10 years of experience trading FX. Firstly I would like to run through the trading set ups that I take. I am not here to say the way that I trade is better than anyone else’s way, I just feel obligated to share my system and thoughts because I have been fortunate enough to have come across some great profitable traders that taught me this way…If this has an impact on 1 person than I am more than happy.

This system is based on technical analysis. One of the most important things that I was taught was to train my eye and look at reocurring patterns in the charts. Pull up any currency pair on any timeframe and you will notice that price will act as a magnet to certain previous highs and lows in the market.

This system is based on pure price action and involves using price as a level of support and resistance. Lets focus on what I deem to be support and resistance. I do NOT consider double bottoms/tops as a form of support and resistance (for you conventional traders out there please don’t yell at me lol). What I do consider support and resistance is basically when price makes a new high then comes back and retraces to a previous high, I consider this as Support, when price makes a new low and retraces back to a previous low then this is considered resistence to me.

I have attached a chart of the live market on the EUR/USD, watch the green zones I have highlighted, once price has penetrated a high it retraces back to the green zone for a BUY entry. For a SELL, the red zone comes into play once a low has been broken forming a new low then the price retraces back to the red zone for a valid short.

The old saying comes into play what was once support now acts as resistance, and vice versa. This is the golden rule!!! For me I have found that this way of entering the market is the best form of entry with no or little heat against you in most cases.

Go through the charts and you will be pleasantly surprised how these types of set ups are everywhere, ocurring everyday in any market and on any timeframe.

The hardest part to any trading system is to define the trend, as this is the most important element to trading this system…As the days, weeks and months unfold I will be sharing how to clearly define the direction you want to trade along with specific entry and exits points…Here’s a hint let the market do what it wants to do, we do NOT have any control over this, let it decide then we execute…

Hope this helps

am back to reading the thread again according to the way i have understood the chart above the only buy signal would have been the third one after wave retraced back to sero and the only sell signal would have been the first one from top after wave retraced back to zero the other signals seems like they wouldnt have fitted in the strategy am i wrong SR?

[jankes]

@njokie

am back to reading the thread again according to the way i have understood the chart above the only buy signal would have been the third one after wave retraced back to sero and the only sell signal would have been the first one from top after wave retraced back to zero the other signals seems like they wouldnt have fitted in the strategy am i wrong SR?

Hi everyone, I’ve been following this thread for some time now and would like to thank SR Player for her great contribution.
It calls for some proper dinner-man-to-woman thank you anyone up to the task ?

Now on to my doubts about njokie’s quoted inquiry. The screen you’ve posted in #323 has only 1 sound support-turned-resistance level from D1 time frame visible to me and it’s marked with the middle red stripe:

The trade would result in around 60 pips.
Why would you care for those other levels you marked - they all seem to be intraday thus invaluable from this strategy’s point of view, right ? Elaborate on this SR please, cause I have a feeling I’m missing something obvious.

[TopFroxx]

thank you SR

[SR_Player]

In my effort to grasp the concepts of this awesome strategy i would like SR to clarify for me about picking the lows/highs after the retacement of the wave indicator back to zero

sometimes u find that there are soo many lows/highs in diff levels and one is confused on which to take and place a trade
does one pick the level that is the low in the chart av posted that coincides with the retacement back to zero
the wave shaded blue is the impulsive wave

Hi njokie

Good to see you are thinking about the approach to this strategy…

Bottom line is noone knows at which SR level price will bounce off, just wait till the wave 4 has retraced by the indicator reaching the zero then apply the right risk ratio, if it fails use the next level, as long as the zones are taken of SIGNIFICANT highs and lows, you’ll be pretty safe.

[SR_Player]

am back to reading the thread again according to the way i have understood the chart above the only buy signal would have been the third one after wave retraced back to sero and the only sell signal would have been the first one from top after wave retraced back to zero the other signals seems like they wouldnt have fitted in the strategy am i wrong SR?

The right SR level could be off a higher timeframe also way back, don’t assume the resent data only, if that makes sense…

[SR_Player]

@jankes

Hi everyone, I’ve been following this thread for some time now and would like to thank SR Player for her great contribution.
It calls for some proper dinner-man-to-woman thank you anyone up to the task ?

Now on to my doubts about njokie’s quoted inquiry. The screen you’ve posted in #323 has only 1 sound support-turned-resistance level from D1 time frame visible to me and it’s marked with the middle red stripe:

The trade would result in around 60 pips.
Why would you care for those other levels you marked - they all seem to be intraday thus invaluable from this strategy’s point of view, right ? Elaborate on this SR please, cause I have a feeling I’m missing something obvious.

Spot on Jankes, thats where I would of used the parameters for the zone…Well Done!

Here are both short and long marked on the chart for you njokie with respect to the USD/CAD

[SR_Player]

thank you SR

You welcome TopFroxx

[SR_Player]

We had some brilliant trades this week so far, none better than the EUR/USD and the EUR/JPY, take a look:

[SR_Player]

@njokie

i guess i love posting charts how are you able to post the right side of the chart to be seen more clearly

ok the chart below i have looked to previous lows way back in the 1h chart and now looks like it was a case of repulsion again? well we cant judge as yet till it retraces back to zero

Yes you’ll have to wait but if you disect the chart to a lower degree timeframe to a 15min on this GOLD chart you will see the nice short that arose, with the same set up strategy we use on the higher timeframes. DOESN’T THE CHART LOOK FAMILIAR?

I will teach you how to use the lower degree timeframe to break each move down into what is known as sub waves!!!

[njokie]

Yes you’ll have to wait but if you disect the chart to a lower degree timeframe to a 15min on this GOLD chart you will see the nice short that arose, with the same set up strategy we use on the higher timeframes. DOESN’T THE CHART LOOK FAMILIAR?

I will teach you how to use the lower degree timeframe to break each move down into what is known as sub waves!!!

wow wow the Gold is already on well yes am missing alot in not dissecting the charts in lower timeframe i need the subwaves tips well thats why am here to learn thenx SR

[TopFroxx]

SR would you say this is an exceptional good week? what is it compared to the “average” week with your strategy, what do you think?

[SR_Player]

SR would you say this is an exceptional good week? what is it compared to the “average” week with your strategy, what do you think?

Great question TopFroxx, average week yes, I look at around 400 to 500 pips a week, about 2000 per month if I can with this strategy. A loosing month would be about 100 to 400 pips, over the last 8 years I have averaged 10 winning months and 2 loosing months per calender year.

[njokie]

Great question TopFroxx, average week yes, I look at around 400 to 500 pips a week, about 2000 per month if I can with this strategy. A loosing month would be about 100 to 400 pips, over the last 8 years I have averaged 10 winning months and 2 loosing months per calender year.

thats very encouraging thenx SR its rare to find honest people like u going down to entries and details well am glad i found this thread early enough we/i cant thank you enough

[jankes]

Here’s a before mentioned GBP/USD opportunity. Where would you enter SR ? A have a limit order pending at around the middle of the zone it’s approaching.

[StephA]

Hi SR Player, looks like I am trading what you identify as sub-waves presently. These are the setups I can easily identify and am comfortable trading. The recent being the AUD/USD on a short May 7th at 1.0217. Looking forward to more details regarding sub waves as well.

[SR_Player]

thats very encouraging thenx SR its rare to find honest people like u going down to entries and details well am glad i found this thread early enough we/i cant thank you enough

Thanks for the kind words, slow steps njokie, find the consistency over a long period before you increase your lot size…

[TopFroxx]

Great question TopFroxx, average week yes, I look at around 400 to 500 pips a week, about 2000 per month if I can with this strategy. A loosing month would be about 100 to 400 pips, over the last 8 years I have averaged 10 winning months and 2 loosing months per calender year.

thanks for the answer. so do you think this week is average (I personally think it’s possible to book more than 400 to 500 this week, but what’s your opinion)? i’m not quite sure if you drectly answered my question. your answer was nevertheless helpful, thanks.