Yes it does. Wanted to say thank you for taking the time to answer everyone’s questions. I know it is time consuming but it really does help a lot of people out. I did not see that Babypips allows for private messaging as I have a few more questions that are more discussion oriented and until I work a couple of questions/ideas in my head out, it may just be to much noise on this topic post to dialog back and forth. Are you ever in a chat room for discussion etc.? I could also possibly give you my email address to ask a few things?? Thanks!
Calm day for our strategy … no trade opportunities so far.
Anyone found something?
That’s right njokie, that’s the most important thing…you welcome!
Hi 43north, no I don’t enter the chat room as I only post on this thread that I started, please feel free to ask anything, I’ll spend the rest of this year posting to give back, after that I am unsure if I will continue…thanks
SR Player whats your take on the usd/cad trade for last week meaning as much as price had gone down u choose to take a loss rather if it doesnt hit ur tp?
am looking at gbp/usd looks like its retracing should we be looking for a buy?
yes njokie, stops dont phase me, its part of trading, accept them and move on is my moto, I always stick to the ratios I implement as this is what makes the difference in the long term…
Hi all,
I have just shorted usd/chf on 0,9153 - I am expecting a retracement here as it tops previous low (1h chart).
SL - 0,9171
TP - 0,9120
Let’s see how it goes.
PS: Many thanks SR for your support also.
great am encouraged to move on thenx well one year most of us will have grasped the strategy pls dont go away we//i need you
yeeeee i saw that ok am just exited at seeing the same setuops with you
SL activated: looser trade!
I am a little confused… prior to reading these last few posts from this morning… When reviewing the weekly and daily charts for GBP, I understand that it is in an overall uptrend, however the current weekly and daily bar suggests that it is going to pull back a little bit before continuing up.
When I moved to the 4 hour and 1 hour charts, it looks to me like it was indeed going to pull back. At least enough to sell short with a T/P 1.60621 where that last level of support is. I put in a sell order and set my limit and stop.
I see why you think it will continue up after this pullback but initially I was thinking it was going to continue to go down, at least for a day or so and then rally back up. Can you shed some light for me?
ETA: SR, using your method, what would you guess your win/loss ratio is? Also in regards to the trading room you mentioned in earlier posts, to your knowledge, are the calls that they make for entries/exits on trades fairly accurate?
is anybody else seeing a possible nzd/usd short entry soon?
Finally I got home and have a calm time to see the market and post a trade I introduced in my demo account:
I shorted gold and highlighted the top for the retracement; it seems gold is coming back down; I hope!
Can you comment SR?
I will post other if it appears …
Regards
Hi Psalda
The zone you used was fine however look at the candle I have market with an arrow, it went back and re-tested the zone for the first time, the next red candle went down about 75 points, there was some profit to take in there, always be cautious that you dont take a second re-test, sometimes the re-test occurs a candle later after the key lows have been broken and the zone comes into play…
Hi TopFroxx, the kiwi came down nicely yes, post a chart if you like next time so we can view what you are seeing…
Hi 43north
I don’t look at individual weekly or daily bars as part of this strategy.
The chart posted indicated a LONG not a SHORT off the GBP/USD off the hourly chart. After a new high was generated which coincided with an Impulsive move, followed by a retracement back to the support blue zone which warrants a BUY.
In terms of win/loss ratio I was use a 1:3 so I can make money at 50% success rate, dont get caught up with the forex industry’s perception that a great system is 80% etc, this is all about making money long term, not about a win/loss strategy, the only time the success rate is important is if your risk vs reward is 1:1 because you will need the probabilities in your favour if you are using this type of risk magement. I am not saying you cant make money with a 1:1 ratio, I know traders that do, however they need a very high success rate of 70%+ all the timeto sustain their profits…Ask yourself this, what if the success rate falls to 50%, will these type of traders make money? The answer is no…Having a much higher reward than what you risk will do 2 things, mentally it will relieve the pressure of trying to be right almost every time you trade and also it will enable you to grow your equity as you are taking greater steps forward when you win compared to fewer steps back when you lose.
Imagine your game plan consisted of you only being right 30% of the time but you still made money consistantly…How much pressure would there be on your shoulders when you execute a trade? Very little…This is what a higher ratio will do for you.
But to answer your question my win/loss ration is around the 60% using a 1:3 ratio…When you do the math you will understand what I am doing.
In terms of the tradingit Live Trading Room, they trade ranges in there, I actually find it valuable information as it is similar to trading the zones the way I do. They wait for a range to break then wait for an entry off a range zone as such, so yes very similar to the way I trade. Their instructor is quite educated and knows what she is doing (it must be a woman thing lol)…Good education and indepth with a lot of focus on Gann aswell which I find valuable.
hope this helps
Yes, your replies are always very helpful. I need a couple of things clarified… While you say that you do not look at the individual daily or weekly bars, are you litterly just do a very quick glance at these high time frames just to see that the entire pattern over recent time in general is either in an up, down, or sideways pattern? If so then that information does not change often I would imagine since overall big trends on those time frames seem to last for a while…
Back on the GBP this morning, are you saying that the big jump up two days ago is the impulse move? What I was looking at is that it had tested a long term high, one from back in October and failed to punch through and was going to start to retrace back. Then as the day went on it seems to have started forming a double top on the 4h chart. Can you please continue to help me understand why what I am seeing is not valid?
Over the last two days I have executed a total of 9 trades, 6 were profitable while the other 3 hit SL. The profit was were around 125 pips on average. I will continue to work at it but still struggle with some of these setups as mentioned above.
P.S. As far as it being a woman thing, why do you think I am asking your advice. Women seem to be more level headed and analytical as traders. I submit to that…
