Basic rule is buy/sell the 1 and 8th ranked currencies on day one of them becoming a Top Trade, after that it is up to you how much of a stop lose to use and where to take profits, I like wide stops so I might go as much as 200 pips on a stop but each trade is different, I like taking profits on half my trade at 100 pips then let the rest run with a break even stop. Other people will wait for a pullback and enter near the 200 ma on the 1 hr chart, but how you trade is up to you,
Dennis3450, thank you very much for your posts. It’s wonderful to see such commitment in transmitting your ideas and helping other traders.
Big Football weekend so I am posting the week in review a bit early, for the most part, it was a week of consolidation, we also got a bearish engulfing on stocks so we could see a little bit of Yen strength early in the new week. Everyone have a great weekend and GO PACK!
Are you a Head?
I am old and pre-date the whole Cheese Head thing, But we did WIN ,
Our first new Top Trade of 2020 CHFJPY had a nice breakout move, 16 more pips and we will put this in the win column, if you got in at the entry price there would be nothing wrong with moving your stop to breakeven
I’m from New England everybody is happy we didn’t!
Another up day for Top Trade CHFJPY, we can now put this one in the win column, our basic rule would be to take half profit here and let the rest run, how long you let it run is up to you
Rinse and Repeat
Please what is your entry trigger ?? I had read somewhere that it is the break or 34 MA or 200 MA on daily timeframe. I don’t understand how you get in CHFJPY !
CHF is strongest and JPY is the weakest, and there is more than 2% difference in the two SW values.
The basic rule is to open a trade on the day a new pair takes the first place… but as Dennis stated before it is up to you: what do you prefer.
I am following this topic since a few months and I am following the basic rule at the moment: open when a pair becomes top pair, and use the view Dennis has on the current market condition.
But you can also use the signal as a heads up: use the nr 1 pair as “best pair” to watch and create your own entry point: for example: wait for a pullback (to a certain moving average eg).
While the rest of the market is in consolidation mode our Top Trade CHFJPY just keeps on giving. If you are in the trade I hope you are enjoying the ride, if not in the trade I will try to identify a secondary entry point on a pullback
Thank you Sir !
Another small gain for Top Trade CHFJPY as we close in on the +200 pip level
Love this thread.
FWIW, I have been out of CHF/JPY but agree its top trade for another week - have buy order set above Friday’s high, TSL below Friday’s low: 2% account capital risk.
Also have similar pyramid orders set at +1%, +2% and +3%.
It was a great week for Top Trade CHFJPY but Thursday we had a small pin bar reversal with confirmation on Friday, there is nothing on the weekly chart to suggest this move is over, after a big run we might just need to pull back a bit before the next leg up. I will be looking for support at the 200 ma on the 1hr chart for a re-entry. The rest of the market is doing nothing so be greatfull for this one trade
Not much happening today as most US markets were closed