We are back to a + 2% spread in our 1 and 8 spots, CADJPY will be our newest Top Strong Weak Trade, Yesterday’s top trade GBPCAD hit a new low today giving us a new high.
Note; CADJPY gave us 500+ pips earlier this year making that the best trade of the year
Dennis–Do you take most SW trades if it is over 2%?
Main suggestion is too read the thread; at least that is the impression I got…
…when I read the thread, that was all they told the noobs…
However, still some great information there
FX_Johnny points out the flaws in the method, very interesting
But, they shot the messenger, so sad
Every day it seems, a new member joins the discussion here by asking which Strong/Weak trades to take, what entry prices to use, how large stop-losses should be, when trades should be closed, etc., etc. The answers to these questions should all be contained in a comprehensive Trading Plan. And those members who are asking Dennis, or anyone else, to provide these answers clearly do not have workable Trading Plans.
Any “trader” who does not have a comprehensive Trading Plan will not have a clue what to do with the analysis Dennis is providing every day.
Here are what I consider to be the 7 major elements of a Trading Plan. This list is not, in itself, a Trading Plan. Instead, it is a summary of what a Trading Plan should contain. As such, it can be viewed as a template for a Trading Plan.
The 7 major elements of a Trading Plan
Identify a potential high-probability trade.
Evaluate the trade for direction and probable duration in light of (i) the market fundamentals, and (ii) the higher time-frame technicals written into your Trading Plan. If the trade satisfies these criteria in your Trading Plan, continue to evaluate the trade in the following steps.
Evaluate the trade for (a) potential profit, and (b) implied risk. Then compare (a) to (b) to determine the potential Reward/Risk ratio associated with this trade. If the calculated Reward/Risk ratio meets the criteria in your Trading Plan, continue to evaluate the trade in the following steps.
Determine whether to enter on a market order, or on a pending order. If the entry is to be on a pending order, determine a specific entry price. Then determine specific Profit Target and Stop Loss prices.
Calculate the correct Position Size for this trade, based on the pre-determined risk percentage in your Trading Plan.
Enter the trade on a market order, or place a pending order to enter at the specified price determined above. Add the Stop Loss order determined above. And add a Take Profit order, if your Trading Plan specifies this.
Manage your trade according to your Trading Plan: (i) move your SL to break-even, after a certain profit has been achieved, or trail your stop, if these steps are in your Plan, (ii) scale out of pre-determined portions of your trade, after certain profit targets have been achieved, if this step is in your Plan, and (iii) follow any other trade-management rules written into your Trading Plan.
What Dennis is providing every day in his Strong/Weak Ratings and Rankings is a potential high-probability trade which you should consider, in light of your personal, comprehensive Trading Plan. In other words, Dennis is offering suggestions for item #1 in the list above.
Items #2 through #7 are NOT the subject of this thread. They are your responsibility, according to the criteria which you have written into your Trading Plan.
Those “traders” who have not developed their own comprehensive Trading Plans should take care of that chore, before doing anything else. Then, they won’t have to ask other people how to enter, manage, and exit a trade.
When it is a pair I trade yes, I do not trade all pairs
Dennis, I am an S / W believer and I have studied and tried to find the most coherent and logical way to do it. You have developed and perfected in my concept the best method of all. I wish I had known your thread a long time ago.
Thank you very much for your contributions and I will continue learning and following it with great interest.
Clint–Where do I go to find someone to tell me ALL the good trades to enter so that I don’t have to do any hard work?
Just a little pullback today, it could be a better price to enter CADJPY if it fits your trading plan
People like to have trades handed to them so they have someone to blame when things don’t workout
Lots of people seem to want a complete trading system with my Strong Weak rankings, so here we go
During our 21 trade winning streak earlier this year, the above system would have won all 21 trades with a net total of 2100 pips gained. The above trading system is only a basic system to get you started and I would encourage you to make modification to fit your own trading style, maximize gains and limit losses. While the above system has worked in the past there is no guarantee it will work in future trades so use at your own risk
Good luck and let me know how you do and what modifications have worked for you
I just did a review of past Tops SW Trades and look at the GBPUSD, this became a Top Trade back on May 2nd and for you long term hold guys this one is still going, topping 600 pips a couple weeks ago. this is our Top Top Trade of the year so far
Hello Dennis, I’ve been reading and I’m currently trying to make my own chart like you have, I’ve watched your youtube video on it as well but I just can’t get the same outcome as you can see on the picture. Can you see what I’m doing wrong?
Kieran.
Multiply the result by 100, and format the cell to 2 decimal places, it will look the same.
Perfect thank you!
K
Top Trade GBPCAD returns to the top of our list closes in on +300 pips, NZDCAD also had a good day, Yesterdays Top Trade CADJPY has pulled back a little, but still on our radar. The pips are starting to flow again
Thanks for this post Dennis it explains it very well.
Hello Dennis
Which moving averages are you using? EMA? MA?
Top Trade GBPCAD* hits a new low ( new high for our pip total) NZDCAD topped +200 pips and CADJPY still is not play ball for us. I have found the Yen to be the least reliable when it comes to holding the #1 or #8 spot for more than a couple days, as I have pointed out in the past during the year the Yen will make multiple trips from 1 to 8 to 1 and so on
I use MA but it is up to you
Simple? Or exponential?
