The Most Profitable Trading Pattern You Will Ever Encounter

[ForexJer]

Thanks Philip, as I am new here I can’t upload my chart, can any one check GBPJPY now is it valid setup for short

sorry I mean GBPCAD

Yes, it is valid.

[Nebula9]

[QUOTE=“ForexJer;732302”] Yes, it is valid.[/QUOTE]

I wouldn’t go short on pound crosses just yet. It can go higher before it goes down given that there’s no catalyst for either pound and the rest of currencies today.

Anyone trading AUDNZD long ?
NZDCHF short might be a good one to look out for has been testing resistance 4h chart days already Mr. Wheeler is up on Thursday.

[Ashrafalshayeb]

Thanks Rookie39;
I am long AUDNZD from 1.07587 and short NZDJPY all are OK so far, already shorted GBPCAD and GBPCAD all in demo.

let us see

[PhilipPirrip]

@Pippylongstocking

PhilipPirrip,

If you don’t mind my asking where did you get long?

I highlighted when the Stoch was overbought and the 20 cross over the 50 and then from my understanding one should wait for the Stoch to become over solid which occurred. Would you have gotten long around the 86.75ish area with a stop below the red line at 85.42?

Any information would be greatly appreciated.

Thank you,

Your stochastic consists of a red line and a purple line. We wait for the red line to cross below the 20 area of the stochastic. Then we want to see the red line cross above the purple line. We enter after the close of the candle that satisfied this criteria.

So if you look on the chart on the area you highlighted. Count to your right three red candles, then one very tiny green candle. Then two red candles. And another small green candle. We entered at the close of that green candle.

[Wearethechamp]

Hi Philip,

I noticed recently yohec posted a numbers of pairs that are valid in 4H system.

But he enter without using RSI 50, i just want to confirm is the RSI 50 still necessary in 4H system?

[socoman]

What is your setting for the stochastic oscillator in your screenshot?

[Ashrafalshayeb]

https://www.tradingview.com/x/lGQP5PRx/

CALL TRADE USDCAD ?

[Ashrafalshayeb]

https://www.tradingview.com/x/tn14CzKY/

SHORT TRADE NZDCHF ? need some time to be ready?

[Ashrafalshayeb]

https://www.tradingview.com/x/jrHmXb8C/

SHORT TRADE GBPUSD ?

[PhilipPirrip]

Yes Ashraf.

[Pippylongstocking]

Your stochastic consists of a red line and a purple line. We wait for the red line to cross below the 20 area of the stochastic. Then we want to see the red line cross above the purple line. We enter after the close of the candle that satisfied this criteria.

So if you look on the chart on the area you highlighted. Count to your right three red candles, then one very tiny green candle. Then two red candles. And another small green candle. We entered at the close of that green candle.

Thank you PhilipPirrip for the very clear explanation!

[yohec]

Watching GBP/USD for a potential short entry. Waiting for the stochastic to cross below 80.

[Pippylongstocking]

@yohec

Watching GBP/USD for a potential short entry. Waiting for the stochastic to cross below 80.

Hello yohec,

Where would your stop loss be on this trade?

Thanks

[yohec]

@Pippylongstocking

Hello yohec,

Where would your stop loss be on this trade?

Thanks

If you follow the original system rules, the SL should be around 1.5500. This is the swing high before the EMA crossover. There is also a strong resistance at that level. If this pair gives an entry signal, the SL will be about 350 - 400 pips.

[Pippylongstocking]

Thank you yohec, that confirms what I thought!

[r2theb2thec]

There was a perfect set up on the EURUSD. Going short. Unless any big news comes out, I believe I should be good.

USDJPY also looked good on here. Going Long. This is the 3rd or 4th signal since the crossover, so wouldn’t expect too much here.

USDCAD, going long. This is the 1st signal since the crossover, so hoping to hold this pair for a while.

NZDUSD and AUDUSD also had good opportunities to short using Philip’s system.

GBPUSD is already in the overbought zone, so it is setting up to SELL, however, RSI seems pretty strong for now in order to enter the trade.

Let me know what everyone else thinks about the pairs listed above.

[tonyro44]

This would be a huge S/L , i can’t take that kind of a trade because it would hurt my account.

@yohec

If you follow the original system rules, the SL should be around 1.5500. This is the swing high before the EMA crossover. There is also a strong resistance at that level. If this pair gives an entry signal, the SL will be about 350 - 400 pips.

[Pippylongstocking]

r2theb2thec

Have you found any difference in win rate when taking the 1st signal after the cross over versus the subsequent signals?

tonyro44

I had a similar thought about stop size. I would need a pretty decent target to justify the r/r.

[tonyro44]

i have not found any difference on win rate . Now a days i don’t focus on win rate , i focus on the average amount of pips i want to make in a month. I do how ever want to make sure that i get at list a 1to1 R/R .

r2theb2thec

Have you found any difference in win rate when taking the 1st signal after the cross over versus the subsequent signals?

tonyro44

I had a similar thought about stop size. I would need a pretty decent target to justify the r/r.

[PhilipPirrip]

This would be a huge S/L , i can’t take that kind of a trade because it would hurt my account.

You should adjust your lot size so that 400 pips is 1-2% of your account.