The last 8 days of trading showing the Yen’s rise to the top, NZDJPY* is our new Top SW Trade, Note chart below and how the NZDJPY did the last 4 times it was our top trade. but also note that only 1 of the last 5 Yen trades has worked out for us. If Trading was easy …
Here is how our top trades from last week finished up. If still looking to trade these watch for pullbacks to the 200 ma on the 1hr chart
Not too sure myself about lower than 4 hour chart. Just doing the 4hr collapsible to Daily chart at the moment. I would prefer the longer trade myself as any less would not suit my lifestyle. Unless I can figure out how to export live mt4 data to an excel .csv file. I have not figured it out yet but I think it is possible somehow.
Hi @PipPhil, Sorry, wasn’t clear…was referring to you tabling (Excel) the USD as the common denominator.
Hi Trendswithbenefits, I am doing both the JPY and USD now but am trying to quicken the process up by making it more automatic in some sense. Updating every hour or less (not tested that yet), would take too long manually for me, but the system may work on the shorter time-frames. I think the differing readings are just a snap-shot at that time of JPY strength against certain currencies vs the USD strength against certain currencies, which are different. So in that sense I would say the Dollar is weaker than the Yen at this time (against other currencies).
Not sure why everyone wants to reinvent the wheel, there a ton of indicators available that do everything you want and more. Strength by the hour, 4 hour, whatever you need, JPY, USD, EUR, no problem, quicken the process, sure, define your trading style first, how about that?
Why not just leave this thread as is, daily readings of strong / weak as posted by Deneis?
Hi Dennis,
In your former thread, you wrote that one of your resolutions for 2016 was that you need to “place stop loss wide enough not to be prematurely taken out of trade.”
OK, but do you trail your stops? If so, how?
Thanks,
Norm
Hi Dennis, Got a monster reading off the NZD at 6.00am this morning, -4.08%. Will look for entry now. Lowest since 2016.
I could do a thread on just Stop orders, they can do a lot of harm to an account if not used properly and most traders don’t. You think you are safe with a 50 pip stop loss, then a big news event hits, price gaps lower and you are out of the trade not at -50 pips but at -200 pips. only to see price come back later in the day but your loss is locked in.
Personally I manage risk with position size not stop loss orders, once I am up say 100 pips I will use a break even stop loss, I also use limit sell orders to take profits when those gaps go in my direction. Trailing stops to lock in profits is fine, I don’t use them, most of the time I will exit a bad trade manually, but this takes discipline
Be careful when chasing overnight moves,
we saw a lot of opening gaps today but most were filled and overall market was little changed from Friday,
Will percentages differ based on broker? Here are my rankings:
From these numbers:
Do I need to do something differently? I’m nervous I’m off because of something that I did.
Ok, if we want to trade on NZLCAD for short, what chart will have the more weight to get an entry?
this pair has moved sideways last two days, I would wait for a pullback to the 200 ma on one hour chart . Note this pair has already had a big move, if you are getting in for the first time you have lost most of your advantage over the market, any trade from here is a coin toss unless we see a strong price action signal
We flipped the coin and it came up CAD, Look for the CAD to take over the #1 spot by days end
Hey Dennis, how is this year working out for you?
I pulled these numbers about 20 min before the daily close, we basically have half the market strong and half weak
Not happy at all with 2018, sure we have had a lot of small winners but the trends that last for months that have been my bread and butter in past years just are not happening this year. But that is trading, you take what the market will give you.
Yeah been a little rough for me lately. With a new #1 spot do you normally get in that same day if entry permits?
