Yes sir, the hedge position works just like a SL to help protect the account.
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Congrats, MattyMoney. USDJPY dropped like a brick today.
Just curious. At what price was your order filled?
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If only they were all that easy!
I hope you caught that one too.
Did you grab some pip on US CPI release yesterday?
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I hesitate to go against the Yen right now, but NDJPY is worth watching:
If price goes back up then it would be following the long-term, weekly trend:
I will definitely be waiting for some confirmation before going long right now.
EURCAD - This type of price action usually signals a reversal:
But we can’t ignore the current uptrend. If it breaks above that resistance level then it could hit the moon.
Here is a powerful snippet taken from the original Turtle Trading system. I’m not so much interested in the strategy itself as I am in the fundamental value behind the system:
"Using a mechanical system is the best way to consistently make money trading. If you
know that your system makes money over the long run, it is easier to take the signals
and follow the system during periods of losses. If you rely on your own judgment,
during trading you may find that you are fearful just when you should be courageous,
or courageous when you should be fearful.
If you have a profitable mechanical trading system, and you follow it religiously, then
your trading will be profitable, and the system will help you survive the emotional
struggles that inevitably result from a long series of losses, or large profits.
The trading system that was used by the Turtles was a Complete Trading System. This
was a major factor in our success. Our system made it easier to trade consistently, and
successfully, because it did not leave important decisions to the discretion of the trader."
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A couple of updates.
That was a nice move, 234 pips and counting…
.
There she goes…
You don’t need big positions
EURGPB 1D - Went long on support bounce. Hopefully that holds:
Same with NZDCAD, hopefully I didn’t get in too late:
Silver keeps testing this support. Probably should have waited to see where it closed, but it’s going good so far:
USDCAD 4H - Keeps testing support so I went in. This trade is against the shorter term trend, but with the long-term trend, so beware:
GBPUSD 4H - could be forming a double top, it’s bounced off that resistance level nicely. Be careful with this one as well because it’s been in an uptrend since Sept…
AUDJPY 4H - What price does at this resistance level will determine which direction I go:
I’m hoping it breaks through and resumes its weekly uptrend:
It’s been a while since I posted here. Why? Because I’ve revised my strategy to include the 1H charts as my primary TF, which kind of goes against what I’ve preached in the past.
However, this strategy has been working well for me, so how can you dismiss something that could have great potential?
I’m still trading using price action and S/R, I’m just looking at it a little differently. Here’s an example of what I’m doing:
At the very top you can see what would look like a double top on a higher TF. Price is now falling and has dropped below what I consider a SR zone. However, it’s still respecting this ascending trend-line:
Zoom out to the 4H chart:
And you have what looks like a very promising sell signal if price breaks that trend-line shown on the 1H TF.
That’s it, that’s all I’m looking at right now. 1H & 4H charts, no indicators. It is a difficult strategy to back test because it’s subjective, so I’ll be forward testing it and studying it in detail and using it exclusively as long at it continues providing consistent profits…
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