I do have active positions but try to limit myself to three open trades at a time ( limiting my risk), so no I am not in all those positions at this time and have not been in many of them. Once I have a break even stop in place then I can look to add a position on the next setup or entry signal. I also do most of my trading in USD pairs so I do less with the crosses and CHFJPY is not one I trade very often,
As far as an exit strategy, I have had good success with taking profits on half position at +150 pips then let the rest of the trade run with a breakeven stop, at that point, I would hold until a reversal signal against my trade. Now some of my Top SW Trades will give multiple entries and exit signals, so I could be in and out of the same trade several times on a good long lasting trend.
Now with all that said, my personal trading is still evolving around my Top SW Trades. And by the documentation from this thread, we see these trade signals have had a very high success rate and I will be adjusting my trading plan to capture a larger percentage of the gains from these trades. Markets change over time and you must stay up to date with what is working, and right now the trade signals from my Strong Weak rankings are working very well
after those big moves last week we are seeing the market contract this week, Top SW Trade short NZDUSD has been the top trade for 11 days but has not hit a new low since last Friday. The Pound also took a huge hit today,
chart below is EURGBP look how price reversed right at the 200 day moving average
After watching your video on making my own strong/weak ranking, it seems nowhere I go, there is no such thing as a table chart that shows the SMA 200 value next to the current value. Do you have a recommended platform that can show one similar to yours?
I use FXCM Trading Station, Marketscope is what they call their charting platform, below is how I have my multi-window chart setup, You can get this by opening a Demo Account.
Not a whole lot happen this past week, US dollar saw mild pullbacks and consolidations, hard pullback in the Pound after hitting some new highs on Wednesday, Best trade still looks like the Head and Shoulder top in EURUSD
EURUSD is back below 1.1600, this was an area of support last week, if we can get a close below 1.1600 that should clear way for another step-down, my target is still 1.1300
It is easy to have patience when you trade more than just one market, while I wait for something to happen in FOREX I am enjoying nice profits in Bitcoin and FANG stocks. Speaking of FANG stocks, the VIPER should be all over them
USDCHF is the first new Top SW Trade in 3 weeks and it’s not even a new trade, we have been in USDCHF since Oct. 18th hitting a high of +224 pips on Oct 27 since then we have been on a sideways consolidation at the 1.0000 level. I am already short EURUSD and USDCHF is just the inverse of the Euro trade. Seeing how Euro is stronger than CHF. If I am right about the EURUSD trade then USDCHF should do even better. Time will tell
And what is the lifetime for this strength figures? In which time they expire?
Regarding the price is it opening daily high, lows? Which part of the candlestick?
So what do I do for excitement when the FOREX market is doing nothing, I buy cryptocurrencies, Bitcoin has pulled back $1,000 from it’s Wednesday high. As a buy the dip investor, this is not a bad place to add a little.
Now I am not trading Bitcoin, I am accumulating, growing my position size with the expectation that we have not seen the high. Any selling I do will be during a price surge where I will back out my original investment and let my profits ride the uptrend
This statigy over time allows me to build my holdings will limiting my out of pock risk
Nothing new this week, just more consolidations and pullbacks, Market is very tight, that could mean a big breakout is due. Don’t force a trade, stay true to your trading plan and have patients
