If I may, you have more than enough information on this thread to get started trading. Take two days, read the whole thread and go through Dennis’s youtube channel and you will have all your answers.
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Wow such good information for a newbie !Thanks Dennis
where can we find these rankings ?
By reading the thread.
Guys what just happened to the Euro today.
Did anyone else other than me got caught out in the Euro turmoil ???
It was definitely a day I wish to forget quickly.
Only trade you should have gotten hurt on was the EURJPY reversal, EURUSD had already hit first profit target and you should had a break even stop in place, we will get into all these tonight
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Oh ok I just joined up ,Is it updated everyday
Yep I got snotted by the EURJPY
But hey I closed out the GBPCAD for 212 pips so its all good
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Yeah GBPCAD was difficult to hold but the BOC came to the rescue and I also got out with a bag of pips
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Big reversal in the Euro but did anything really change, Sure our EURJPY is deep in the red, but the price is still below the 200 ma on the 1hr chart, same goes for the EURUSD. Other Top Trades hit new highs , GBPCAD after a pullback moved lower today hitting the +200 pip mark, and GBPUSD spiked lower yesterday giving us +300 pips on that one. It is too early to say EURJPY will end our winning streak but the short GBP trades should more than` make up for this little bit of Euro strength
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More house keeping
GBPJPY* became a Top SW Trade today, now this is the third day in a row we have had a new Top Trade, in the past when we get these clusters of new trades it signals a lot of uncertainty in the market and consequently these trade signals are not as reliable. But that was in the past and nobody knows what will happen this time
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5 days, 5 new Top SW Trades, lots of risks jumping into all of these so be picky about what you trade and there is nothing wrong with sitting out this period of market uncertainty
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I reckon GBPCHF has been a sell since 1.35 and still good for another 200 pips winner.
If you check, 7 & 8 are steady - I never understand why people trade EURGBP, it is pure choppy.
Also, follow the path of USD weakening, 1 - 1 - 2 - 3 - 4
While safe haven currencies JPY and CHF occupy 1 & 2
Great pep talk in post 1432 coach, life is good, price action pays
Trend Trading is fun until you get a reversal, and that is what we are seeing with most of our resent trade signals, This is the time when you learn how good of a trader you are, it does little good to make profits only to give it all back when the market turns. I have always found that a losing trade teaches you far more then a winning trade, and we will be examining each of the recent trades and how best to protect our capital in the future.
This is all part of the trading process
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I had a little extra time so I am putting out my week ending rankings a little early, what a week, every day we had a new trade signal, and as I warned a few posts ago, this is not a good thing. I will throw some charts out later in the weekend
everyone have a great weekend
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It looks like market is resetting(reversals) itself for some big moves
Might be best to look at all our trades from begining of May and see just were we stand and see if we see any patterns
GBPUSD* entered on May 2 maxed out at +368 pips on May 29th, has pulled back with price just above 200 ma on 1hr chart, a break below this ma would be a good place to reenter a short, I see nothing to suggest this is more then a normal pullback
GBPCAD* entered on May 10th maxed out at +200 pips on May 30th, price has also pulled back just above the 200 ma on 1hr chart. you will need another spike in oil prices for this one to move lower
EURUSD* entered on May 28th , maxed out at +114 pips on May 29th, big reversal on May 30th, price has stalled on at the 200 ma on the 1hr chart, next move wins
Now here is where things get a little crazy
EURJPY* Entered May 29th maxed out at just +48 pips, big pullback on May 30th, price has stalled at the 200 ma on the 1hr chat
GBPJPY* entered May 30th, maxed out at just +40 pips, price is just above 200 ma on 1hr chart,
GBPCHF* entered May 31st only a + a few pips before reversal , price is just below 200 ma on 1hr chart, if that ma holds this could still work for us
EURCHF entered June 1st. this one is interesting as it has not had a new low since 3 days before this trade signal, price is still below the 200 ma on the 1hr chart, price could move either way from here.
In summery all of these pullbacks have stalled at or near the 1hr chart’s 200 ma, except for EURUSD, most of this action looks more like normal pullbacks then a trend changing reversals. I say we stay the course, SW has been good to us and as long as we use sound money management and not try to trade every signal when we get these clusters we should be fine.
lets have a great week everyone
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Here is a good risk management rule for your trading that will help when we get these clusters of signals. Never have more than 2 open trades that could lose you money, ( if just starting out make it 1 open trade.) only after your first profit target is hit and a breakeven stop is in place, eliminating any risk of loss can you look at adding another trade. Do this and your downside risk will be capped while upside profits will be limitless
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Hey @Dennis3450, great thread you have going here. I have only read the very beginning and very ending, but overall very intriguing. I noticed you mentioned something towards the beginning of this thread about not setting hard stops because it locks in a loss. I am assuming you have a loss tolerance but it’s something you dynamically figure out rather than a static mechanical value. Your one of the only people I have ever seen make this statement. I find it interesting because this is something I have begun to search out and implement in my trading as well.
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