Hi, ok Iāve started to try and put all the theory that Iāve been reading into some demo trades. Iāve been trading for some time but I would like to say that learning this new technique has been very enjoyable and Iād love to get to the point where I might be able to run it alongside my other trading strategies.
ā¦anyway, Iād really appreciate any comments on these demo trades, thanks.
There are 4 trades marked A,B,C,D. The Xās mark the extreme candle and where my PCI SL is placed. The blue lines are my entry points. The currency pair is the USD/CHF on a 30min chart.
TRADE A: SHORT FAIL
The extreme candle was one of those that goes right through the mid BB and could have just been left as a no trade. Two reasons why I took it 1- we were in a BB squeeze and 2- the BBās were flat.
I cut the candle in half but the next candle failed to hit my entry and went without me (see i)
TRADE B: LONG SL 20pips, TP1=16pips, TP2=40pips, TOTAL 56pips profit.
Extreme candle getting right out to the 3.3 BB this time, again big candle that I put the entry in the middle. After hitting TP1 I moved SL to BE. Closed out TP2 as it hit the other BB.
TRADE C: SHORT SL 30pips, TP1=20pips, TP2=49pips, TOTAL 69pips profit.
Entry this time was possible at the wick end of the extreme candle which is smaller than the preceding candle, and BBās flat. TP1 hit quickly and SL moved to BE but had to bite my nails for a bit before collecting TP2 and even then it was only just :eek: (just is good enough )
TRADE D: SHORT SL 20pips, TP1=39pips, TP2 not reached closed out trade at ii for 20pips. TOTAL 59pips profit.
Again the extreme candle so big that I had to cut it in half, the opposite BB was flat at the point of entry. TP1 reached fairly quickly, but TP2 never came so I closed out the trade, anyway it was way past my bedtime
So an interesting experience that actually netted 175pips when all the spreads are deducted, I pay 3pips for this pair.
Again if you can help me in any way, if Iām missing something glaringly important , please let me know, good trading to you all.