Hello everyone,
Just wanted to introduce myself. My name is Jimmy Simon and I am an intern for Currency Analyst Navin Prithyani. I will be keeping this thread updated with pictures and trades. Feel free to ask any questions about the strategy.
JS
Hello how do you determine TP or when to exit? Thank you
Hi James,
There are several ways to take profit (TP).
- Go for 1:1 ratio ( example- risk is 20 pips and TP 20 pips)
- Move stop loss to break even as soon as possible and trail stop.
- Go towards the next support/ resistance level.
Hope the above mentioned helps.
Cheers
JS
I have been watching this thread with interest thanks for posting it.Can you set alerts with this strategy.This is similiar to what iam using with candles as entry points.
Thanks Les
Hey Les,
We actually have got a in house programmer to help with this. I will put in a word to Navin to have the programmer make a alert for this. I will surely keep you posted on the progress. Do let us on this thread know if you find anything on it yourself.
Cheers !
JS
Has your programmer backtested it for you? If so, will you share them with us?
I have never seen so many trend reversals across the 7 prs I trade with this strategy. Not a good morning for me but there was a lot of news which turned out to be a lot of nothing, mostly agreeable. Nevertheless, the mkt reacted. End of the week for me as Fridays have never enriched my acct to any extent. Have a good weekend all, d.
I had a similiar story with eur/usd Dobro.Two nights ago it kept being drawn to the double zeros like a magnet, kept giving me false signals.Finally had to walk away from the trade because the tears were starting to create a puddle and yelling at the trading Gods wasnt working.
Hi Davidee,
I’ll keep you posted on this thread. I just put in a word to Navin yesterday for the programming.
Thanks
JS
Oh yes, “THE NEWS”- My only weakness
Have a good weekend D
Cheers
JS
If the trading Gods do ever listen, please put in a word for me.
Cheers
JS
Here is a trade that happened on Friday 28th August on GBP/JPY.
Hope you guys all were able to catch this picture perfect trade.
Cheers
JS
hi, saw ur trade system today and been backtesting abit of it on the chart. just a few questions for jimmy…
- what is the time frame the system work best on?
- for buying short, do you need the price to be strictly below the blue MA AND also 3 consecative higher low in order to execute the trade??
- which currency the system work best on?
- lets say i having 3 consecative higher lows, does all 3 candlestick need to be green(positive) or it can be a mixture of green and red?
- if our 3 consecative higher lows candles are already inside the rainbow MA or almost breaking out, do we still continue to sell short or we go opposite?
thanks:)
Hey Bokoleng,
- As per Navin Prithyani (the creator of the system) it works best on 15mins.
- For going [B]short[/B], price must be below the MA’s then retrace back to the MA with higher lows, then the price must break the low for a short to take place.
- Nothing specific on pairs. I monitor around 12 pairs.
- As long as you have consecutive higher lows or lower highs, you are fine. Do not worry about the green and red.
- Yes, as long as the close of the candle touching the MA is not outside the MA on the other side. This shows a trend change.
Cheers
JS
Thanks for sharing this. I’ve picked up two nice trades this afternoon on eurusd and usdchf. I’ve been running MACD along side this strategy to help me weed out noise, but wonder if you might recommend any other indicator to help verify the trend?
