Picture is worth 1000 words so I won’t say much, last claimed S/W on 15-NOV-2018, did you hold a large position during 300 pips drawdown? Check your charts please!
Waiting on Dennis to clarify the Stop Loss and Profit Target rules.
Hi Jahruhay,
I see our troll is posting unhelpful information again, please ignore him
GBPNZD is a good case study, after a small gain we then had the pullback, we can see from back in June support ( now resistance) was at 1.900 we reversed back down just below that, looking at the 1hr chart to the right we hit and 200 ma and never got much above it before heading low, breaking below that 200 ma would have been a good secondary entry point. And price has been in free fall last two weeks. We can see here that the 1.900 resistance area would had required a stop of over 300 pips. If your stop loss rule calls for no more then a 200 pip stop as in my example from Post 1650, then you would have passed on this trade or waited and go in on the pullback when a stop could be placed above resistance
Also note that GBP/??? can be very volatile and will often require a wider stop loss than say USDJPY, this is why I suggest focus your trading on a few pairs and custom your trade rules for those pairs, the rules for a GBPJPY trade will be greatly different than for USDJPY
I hope this helps
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Hi Snow
How is your Thread coming, lots of people here are eager to visit it once it is up and running and offer you their points of wisdom like your comment above
Mr. Snow , below is the meaning of FRAUD, would you kindly explain how I or anyone else on this site is making “unfair or unlawful gain” I don’t give out trade recommendations, I receive no money, this is a site that we share information, maybe you should look up the meaning of the word “Slander” before any more post like the one above
Fraud
In law, fraud is deliberate deception to secure unfair or unlawful gain, or to deprive a victim of a legal right. Fraud itself can be a civil wrong, a criminal wrong, or it may cause no loss of money, property or legal right but still be an element of another civil or criminal wrong.More at Wikipedia
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Note: those rules were meant as an example and should not be blindly applied to all trade setups. Do your own testing and make your rules fit your trading personality
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Still waiting for you to clarify, in that example, if the Stop Loss is 200 pips, the Take Profit is 100 pips, why do you claim the trade to be 370 pips in profit?
Just admit it, you just bend everything to put this method in good light, forget the drawdown, forget the stops, nobody ever questions anything, except me, and then I’m the bad guy
ha ha ha ha ha
The snowman is just a sore loser… Spoon fed and still can’t work it out for himself.
Banks take the strongest currency and trade against the weakest.
This is the GBPNZD hold for weeks… With Dennis’s method plus a 50 SMA - A unique method with my own way of buying and selling that one pair with Dennis’s pair and a 50SMA on the daily/4 hour and hour chart! All under sma50 on those timeframes. More to it then that but that’s the basic method.
I could go on and explain how I have used Dennis’s method all year and have very few losers and big winners but this place is getting like forexfactory and has constant idiots and trolls who can’t think for themselves and want spoon feeding the whole entry and exit… Stop loss etc.
I have only posted on this thread once or twice after trying different ways of using this method… Why do people constantly ask questions on it when you need to go figure some things out for yourselves… If you can’t do that then it’s best to take up knitting and don’t trade forex EVER,
Edit. It is sort of like this method shown here but with just the daily, H4 and H1 timeframe.
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Can you politely leave? A couple of months ago we offered you an olive branch to stick around. You add nothing to the thread but negativity! Dennis nor anyone else has time to babysit you. If you don’t like the system, Why do you keep coming back?
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Yeah, that’s it, just call me things like loser when I ask logical questions about the 300 pips drawdown; how can he claim a 370 pips winner.
And I was the 2nd person to ask that; why not rip into that other guy as well, you’re such a knight in shining armour!
it was other people ask him how he would trade it, then when it doesn’t work on a pair, then it’s, well, I don’t trade that pair, but I will report the huge wins for that pair ha ha ha, then maybe you need different settings
Yeah, like no stop loss, that is all I see working here , just gets funnier and funnier , day by day
Life is funny. Best way to look at it and go get your own approach if you wish to trade…
I cant answer your question because I trade the top trade from this method then use it with my own techniques so I never had that drawdown…
I might open the GBP/NZD trade again if the Gold/NZD strength is twice the amount of the Gold/GBP
I even use gold as a strength/weakness…
Edit… The CAD is missing as its 5am and had no sleep yet
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Hi MonkeyFx,
Where do you get the data displayed in you post.
Thank you
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Tradingview platform and it’s free.
Just use the add symbol with XAU/GBP etc or what ever symbol you want and it will display the percent gain/ loss etc
Its a great help in seeing what is strong and what is weak…
Sometimes I even add the way Dennis does it and see how each currency is doing against the JPY
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Hi,
Thank you so much
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At this point Snow, the best thing you can do is start your own thread and post your own ideas there. You’ve got your approach and I like it. I also get a lot from Dennis’s approach and from Trendswithbenefits’. You’re all three posting similar material using similar principles and objectives, but you differ in detail. The healthiest thing for me would be to read all three but I can do my own critical analysis thanks.
You have valid things to say which I want to read and I’m sure others do too, so start your own thread, post there what you think and stop camping on other people’s threads.
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Thank you Dennis for sharing another idea about that S/R level.
If the price breaks that 1H 200MA and makes HH and LL. Do you consider that and close the trade?
I think snowman is using this strategy and doesn’t want everybody to trade like this maybe because of some selfish interest, yea? Because he can just leave and open another thread which is a win/win situation. Just me two cents 
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Hi @MonkeyFX,
Is it possible to ask regarding your 50SMA? How are you going to trade around it? Thanks.
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Top SW trade NZDCAD is on the move again as the decline in Oil price is hurting the CAD. Here in Florida gas is down to 2.09 a gallon.
And for Snow’s benefit I included the drawdown in the NZDCAD trade
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Correction, I have been using the wrong date for the NZDCHF trade, this hit on Oct 19th, adjusting for that we hit a high yesterday of +372 pips against a snowman drawdown of -105 pips.
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We seem to be stuck in a rotation with EUR, GBP and CAD each taking a turn at the #8 spot while NZD has a firm grip on the #1 spot going all the way back to Nov. 1st , that is a good run and what we want to see to get trending trades
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Pullback day for GBPNZD, now keep an eye on the 1hr chart, lets see if we hit and reverse at the 200ma, that has been a good place to short this pair
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Have you considered turning this into a web app so you don’t have to keep posting screenshots, maybe a few bunts for users to access.
If you knowwhatimasayin.
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