I note that you are long on Yen in 3 of those top 5 trades. You don’t worry about being triple exposed to the one currency? Or do you just assume smaller positions if opening a second trade in the same currency? I follow your rankings, and obviously when there is a clearly dominant currency, like Yen right now, it is tempting to go long Yen against anything weak. I do worry about that - in fact I opened a short trade GBPCAD a few days ago as it was the next best strong-weak pairing. I do this with a smaller position than the dominant pair. By the way I really appreciate your sharing this simple analysis, it is a rewarding methodology for a struggling learner.
First, congrats on your GBPCAD trade, from looking at the chart you should be doing well, I do not take every trade that my SW rankings signals, I try to limit my personal account to no more than 3 open trades, and you are correct having three or more trades in one currency does add risk, taking smaller positions is the situation.
The last few months my SW rankings has given us a large number of profitable trades, limiting myself to 3 trades I am missing some of these moves, so I will be reviewing my trading plan and adjust my risk to allow more trading entries.
My personal goal is to bank 50% of the max pips my Top SW Trades produce, and adjust my trading plan as needed to achieve this
What a great example of excellent money management. I highly admire your discipline and commitment to your trading system.
I haven’t reached the point of being comfortable with banking out portions with my winning trades yet. My account size is still too small to consider taking profits! I guess it’s still a growing “business idea.” Ha!
on post #772 I noted this flag pattern in EURUSD , we broke out on Monday and pushed to new highs today, +140 pips from original posting, and I am trading this one
Here is my weekly review of my Top Strong Weak trades, YTD Top Trade EURUSD had a break out move on Friday, Long term SW trade EURGBP is over +500 pips, 5 out of 6 trades are in the money
I came across this charting web site, tradingview.com basic charts are free and they cover Stocks, Currency, Metals and Crypto Currency, so it is one stop shopping for all your charting needs, I will be giving this a try
Another good day for the Euro as our Top SW Trade EURNZD tops +500 pips
Can trading be any easier, just match the strongest to the weakest, had you done that on Aug 9th, you would had been long EURNZD and up as much as +520 pips
Tradingview is amazing. Free features are good. You can try the paid versions for 30 days free. Packed with pure awesomeness. One of my favorites is having up to 8 charts on 1 monitor.
I posted this EURUSD trade on Maryo Charts thread on July 7th, sense price has moved up +570 pips, there is no overhead price action resistance for over 1000 pips from here. There will be ups and downs and periods of consolidation but unless we see central bank interference, look for this one to continue higher.
I’ve been using tradingview for several years now, it takes a little while to get used to but it is absolutely fantastic. You can manipulate the charts to however you want and the abundance of indicators/plugins etc. is brilliant.
Be careful though…you’ll never want to go back to your old platform
Also, I’ve been toying with the idea of simply opening positions on the first day of a new SW pair. I remember reading somewhere your ideal #pip stop loss on the Dail TF. Was it 200?
When you get into real trades having a fixed 200 pip Stop Loss for all trades may not be the best thing, first look were your support is, both price support and moving average support, in a long position your stop should never be above the 200 ma on the 1hr chart. In some cases that could mean having a stop or over 300 pips, In those cases you would need to reduce your position size so to limit your risk. for my personal trading I do not like using market order Stops, I will identify the support, decide how far below that support I am willing to place my mental Stop ( a red line on the chart) then have the discipline to exit the trade if price closes below my stop on the Daily candle. To often we get intraday reversals which could take price back in my direction and for that reason I will not act until the close of the daily candle
Top SW Trade EURNZD hit a new high of +625 Pips before reversing, this does look like a pin bar reversal, and this pair has come a long way in a very short time, so a pull back might be in order
of the two I like GBPAUD short better, Both AUD and GBP are having a strong day against the Yen and that could very well continue, Just off of today’s pin bar reversal
long AUDJPY might be one to look at
Quick post here, rankings unchanged from yesterday but that does not tell the story, Pretty strong reversal today, Yen got hit pretty hard, I will be back later with some charts
