The Bitza Trading Method

Thanks for sharing. Looks like very solid pullback trading method.
I am wondering, what is level of discretion in your trades. Are you always following the rules? So LWMA are in place, price goes back to weekly value area, closes outside and does it ALWAYS trigger a trade or are there any other “non rule based” factors?

Thinking about automating this strategy :slight_smile:

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Thanks for the simple Trading strategy. Let us know did you backtesting this strategy? If yes than kindly share the report.

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Thank you for adding to the thread. It looks as though I’m only allowed to make a certain amount of reply posts per day because I’m new here. I’ll check in again tomorrow my time.

Thoughts on Method Automisation

To be honest, I think there is a lot of discretion, and experience in the way I trade. That is the reason behind using the word “method” rather than “system”. I hope that makes sense.

I’m just presenting the framework here and by posting trades I hope some traders may find something interesting that may help them. It’s only early days, one day, so as the thread grows I’ll share more trades, both historical and real time and anyone who is interested will be able to gain a deeper insight into what I do.

Also, I always expect to lose every trade, so I guess that is not a method that would be very popular.

NOV 2021 - WEEK 2 - DAY 3

Mini Watchlist:

Totally understood. Thanks for clarification.
I thought this is heavy discretionary method. The problem with such methods is that it’s hard to have any expectancy and backtest :slight_smile:
Trader needs to go through whole learning on mistakes phase on his own. Backtesting the method is actually backtesting the discretionary part and results are not very reliable (repeatable).

It looks like you’ve put your screen time to make it work and it’s awesome.
Yet, beginners should be aware, that profitable replication of this method may be long, hard and even impossible :slight_smile:

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I don’t think I could have said it any better myself.

I’ll keep trying to post images and outline my thoughts as I go along in an attempt to give further clarification on how I take and manage trades.

EURAUD Making a retrace back to the WVA & LWMAs.

Nothing to do but watch and wait over the next 12 to 16 hours.

1st trade this week. Look to take partial profits at 114.50.

IMPT: I expect to lose every trade so I manage my risk accordingly.

Stopped out on the 1st trade.
I always take partial losses as well as partial profits so it limits the loss amount.

I’ve taken a 2nd entry on this current trade idea and got a little better entry as I wasn’t able to enter the trade at the close of the 4 hour candle.

As always, I expect to lose every trade so the risk is well managed.

Finally got the reaction I’d been waiting for.

Look to take partial profits at 1.55000 and will take partial losses if trade moves against me.
All this is done automatically so there will be little interference from me.

It’d be nice if this one plays out as I’ve used this pair as an example of how I trade.

As always, I expect to lose every trade so the risk is well managed.

Market kept wanting to go up so easily stopped out on this one.

Taking partial profits here at 114.50 and moving stop to breakeven.

Nice decision to take partial profits at 114.50 as Friday’s London & NY Session sold off strongly from there.

USDJPY
NOV WEEK 3 Analysis
Last week closed higher than its open and ended with a 100 pip wick to 115.00.

The LWMAs are still recommending BUY setups so it will be interesting to see how Monday trades given there is a Bank Holiday in Japan on Tuesday.

Even though it was a bank in holiday in Japan on Monday, news of Powell being renominated for the Fed pushed the USD further up.

Happy to wait for a return to this week’s value area and see if there is nice buying in that area.

The chart is fairly self-explanatory I guess. Just unfortunate that it is holiday time in the US.

Partial profits taken @ 1.2700 and stop sitting at breakeven.

I’ll close the rest before 3 pm New York time as I don’t hold trades over the weekend.

A bounce of previous week’s value area.

Even though price is under the LWMAs it can be a quick buy trade as price gets “pulled” back up because they are yet to crossover.

Just wise not to shoot for the moon on these types of trades and take partial profits especially since it is happening during Friday’s Asian session.

Very wide WVR to start the week on this pair.

I prefer to sell above this current area as we have already broken last week’s low but my preference would be a high to form here then look for a Sell on Wednesday or Thursday after these highs have been taken out.

I’ve marked that area in red and it lines up with the previous week’s WVR high.