Okay, after yesterdays miss post, I think I got it right today, and thank you, Clint, for spotting that. I guess I need to put a disclaimer. Major come back for our GBPCAD* trade
Follow up to our "What is a pullback " lesson, after a three-day pullback, GBPCAD took back everything it had lost the last three days, now we need to see some follow through
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You admit to being bad at Excel, probably why you didn’t see that the formula =SUM(C5-D5)/C5 is a bit weird
There is nothing to SUM, all it needs is =(C5-D5)/C5
Which is straightforward math calculation
Good luck
Here is my first effort at doing the spreadsheet calculations. Results are very close, only the broker difference I think, as the pairs sorted the same.
The examples I have seen here show the input table as vertical, which means people are doing extra typing to then transfer the results into the main table.
I made the Price Data Entry table horizontal, I input the price data in the pairs sorted alphabetically as that is how they are in the Symbol Changer on the JPY chart, please see the pictures.
Once the data is entered, simple matter to sort the pairs by the Yellow highlighted area, by Percentage. Note: the lower box is ONLY to show how that works; I only need the top box for entry and sorted, lower box will be deleted by the time you read this.
After that, easy to copy and paste the sorted Pairs with Percentage into the main table for evaluations! A little conditional color formatting to make it pretty.
Good luck, wow, new users can only attach 1 picture, standby for the other 2
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Looks like you got the math right, now go make some money
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Thanks, I will once I get more data collected and there is a fresh signal. Seems NZD might be pausing here while the USD lost momentum. I’ll watch for retracement entry or complete reversal, hope you locked in the majority of pips from April 25.
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Hi Dennis,
Just want to say a big thank you for the time in publishing these reports, I just have a quick question. Do you ever look at the 1 week charts, I noticed on the GBPCAD* 1 week chart that there seems to be support around the 50 Ma. I just wanted to know your thoughts?
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The weekend is when I will look at the weeklies, and not just FOREX but the other markets I trade, support, resistant and reversals can be very powerful on the weekly. If you are trading on technical analysis price action on the weekly overrides anything from the daily, just the daily overrides the 4hr and 4hr overides the 1hr
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Hi Dennis,
Do you trade all 28 pairs using this strategy?
Attached is a signal on GBPAUD (22 Nov 2017), before market goes in the right direction it retraced about 366 Pips, how do you manage your trade in such situations ?
Green Arrows are when the pair is strongest or second strongest
Thanks
Thank you very much Dennis
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Amazing Thread @Dennis3450
I had a question regarding your analysis, Its something you said a while ago:
"I use the yen as my common denominator, % you see is distance price is above or below 200 ma on 4hr chart."
Why do use a 4hr chart as a source for data collection? and then do you use this data to trade daily charts? Has this approach given you a better chance at conquering the market?
I have a core list of 7 pairs I trade, but I am rethinking that as this year there have been a lot of Top SW pairs not in my core list
GBP with anything can be difficult to trade as it can have some big swings and cover a lot of pips in a day, there is good reason why GBPJPY is called " Riding the Dragon" one way to manage these swings is to keep your position small, no in advance where your support is and if hanging on during a 300 pip pullback will be too painful then you may want to skip the trade, another trick is to watch the 200ma on the 1hr chart, if you are long and the day closes with price below the 200ma you may want to exit the trade, but go long again when price breaks back above the 200ma, this way you protect yourself from a big loss but can have a second chance should price move back in your direction
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I learned Strong Weak trading using the 4hr Chart and 200 ma, It has always worked so I stuck with it, you could get numbers close to mine using the Daily and 33 or 34 ma. When making technical trades I almost always use price action from the daily. and yes this approach has turned me from one of the 90% who always lose, to the 10% of winners
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Whoa, what am I missing here? Please define the “right direction” before placing the trade. Because I see it moved, first 400+ pips in the up direction, and then if survived the down spike, it moved second to 500 pips in the up direction - both are larger than 386 pips down you mentioned.
Most traders would be happy to take 100 or 200 pips from this pair, even on a trailing stop loss. But obviously you must be looking to hold for weeks off a daily signal, so your target must be 1,000 or 2,000 or more pips, right? In that case 386 pips drawdown is nothing.
One thing I notice in the videos is, only maximum pips are shown, never any entries, stop loss or take profits are shared. Which is fair enough, I believe Dennis has said that he is sharing an analysis technique only and not a full trading plan.
And that trading plan is for each individual trader to design. In the example, how, where, what level would you decide to place the initial stop loss and take profit? If you have those elements planned, I think you can answer your own question.
Good luck
Hi Johnny,
Thanks for the reply. As you said “Right Direction” means different to every trader. And I accept this was a poorly picked example as it move 400+ pips before the retracement. I plan my trades on weekly charts and then I look for the SW to enter in the direction of the trend and in that terms I meant “Right Direction”, below is a my weekly chart of GBPAUD.
I’ve done some further research and Dennis first points out the GBPAUD in Post 909 on Oct 13, note - Consolidation remarks
There is a video in Post 912 where he mentions there is no action because the percentage between the high and low is so close together, less than 2%
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However, 2 weeks later when the market has moved, he then claims huge pip gains, but never fear, he says this about it in Post 932.
“No smoke and mirrors here as I document each of these trade setups in real time on this thread”
Well worth watching that video post 932, to see the pips claimed, but as it happens, that was the market top.
Certainly good advice to read all the thread, now to find the trade documentation.
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