I just wish I had the initial GBPJPY buy entry with a lot of add on positions to show
Pips are nice but seeing the $ sign is better
I just wish I had the initial GBPJPY buy entry with a lot of add on positions to show
Pips are nice but seeing the $ sign is better
@FOK, now this is a really cool addition to this thread, Kudos to you for posting it and showing traders how simple it is to track their progress and document results while trialling and trading a strategyā¦
Captainās Logā¦ niceā¦
for the enter on retracement part you mentioned, here this might help
i use the below which has been proven good in most cases for my to monitor retracements.
i look for something the shape of below in EURSGD when the larger TFs are in the direction i need & daily or h4 are opposite, while smaller TFs are picking up again, this is a signal to look into the charts to look for the rebound (whichever method or indiās you use there).
When Dennis makes the call for something new & i find it like GBPCAD below (smaller is opposite direction) then i dont enter, i wait for it to match like EURSGD, then i go to charts
prob is when all are in one direction then after entry it reverses.hard, this method does not work, you have to wait a few hours after the call , but then you might lose part of the move. but as i said this way helped me, but i do not trade all shots that Dennis that comes, sometimes i am not around and with the time diff etcā¦ & it is a live account
(((answering in advance in reply for the private msgs i will get after this post> if someone is wondering this is Nih ADX free dashboard, it is easy to find in most forums. Mt4 , i dont think there is mt5 as i remember he passed away 1 or 2 years back))))
Nice work @FOK. Iāve got an overly useless summary of data that has grown as my strategy evolved. This is a fresh reminder to keep it simple. Are you considering sharing a read only view of this sheet? Perhaps the Captainās log can be paired with each of our strategies. DM if youāre keen. Either way Iāll get onto remaking something similar this week. Cheers.
This is why I run this thread and have made this strategy public, I new some creative minds would take my work, innovate it and take us to the next level.
Great work everyone, letās keep making those pips and $
Aye Aye captain s/w
Not much change over the week, so we hold the course
I hope all of you have at least a small amount in Bitcoin, we hit 61K yesterday and what Bitcoin does in the next few years will make our FOREX trades look like a penny-ante poker game
Keep up with Bitcoin at my thread below
we start the week with a mixed day, With US stocks mostly higher today there is still a disconnect between currencies and stocks
Top Trade CADJPY had another closing high and has hit the +100 pip mark, this is where we like to lock in our 100 pips of profit on half our position move our stop to breakeven and let the rest run.
This our general rules, everyone trades a little different
Hi all, I know this is an individual matter thatās probably discussed less often.
Iām just working on my entry and exit strategy for the SW pairs we identify and I wanted to share it with you all to see if anyone does anything similar. Iāve initially set my entry to be when the CCI is oversold and crosses up past -100 (for an uptrend).
Taking GBP/JPY as an example I think from an entry point of view itās looking positive. I did set the trade exit to be when the CCI is overbought and crosses down pas 100. However as you can see from the screen shot it missed out on the main gains. Even though each trade was in profit.
So as an alternative I was looking at using support/resistance and fib extensions for targets with a trailing stop loss. Another thought was just having an exit checklist that looks at if it fails to make a new higher high and high low, and if a reversal pattern is forming, or a combination of both.
For the initial stop loss at entry Iām using the ATR, and therefore defining the position size based on 1% risk.
Of course, as far as entry signals are concerned, its each to his own. But it seems from your work with CCI in this particular trend that the indicator value was irrelevant to a successful outcome.
Why please are you therefore now looking at even more contentious and subjective measures such as s/r levels and fibonacci?
Hi Tommor, thanks for the reply. Youāre right on this one in regards to the CCI. Either way it would have been a positive outcome with these examples. But my thoughts were it seems like a good indicator to identify an entry point on the dips during a strong uptrend. Back testing it on some other SW pairs it also gives the same results.
The other points such as s/r and fib levels, these are just ideas Iām considered to identify price targets for the exit once Iāve entered the trade based on CCI. Itās the exit part of my strategy that needs work.
Fair enough.
Exits are the difficult question in trading. These days I follow ultra-simple price signals for entry and exit - enter (in an uptrend) on the breach of a lower daily high , and exit at the close of the third consecutive day (or nearly consecutive) with a higher close. Its quick and dirty, so far so good.
Iām slowly learning that ultra-simple is the best way! Thanks for the feedback, and for sharing your exit strategy with me. Itās much appreciated
Hello tommor, is there any chance you could upload an image of the above scenario that you have done recently?
Cheers
Sounds very interesting. I am going to keep an eye on this thread. Thanks a lot for sharing your trading ideas.
Happy to respond to questions on specifics.
Lots happening on the last 4hr candle of the day,