If you watch the the last 5-6 live stream replays you will have an EXCELLENT understanding of how I use the indicator with the strategy I use for trading day to day.
I highly recommend that. Talk about an education. Worth the investment of your time.
In the days ahead I will try to summarize as well. Although it is methodically it is not black and white as the system shared on this thread is. There is a discretionary aspect. In todayâs replay that is explained well with examples.
I am very interested in youâre method, so I download the Oanda platform and it doesnât seem to give me the option of adding this crossover into the system. Your platform is totally different to the one I opened. Any help is appreciated.
Thank you
Mungo
Connect your Oanda FX Trade account to TradingView as shown in the video. Here is the portion of the video showing how that is done.
Trade directly off fo TradingView which is super easy because of the position sizing and take profit/stop loss levels into your Oanda account (demo or live).
Do have any experience with trying to set the TP level of the 3rd trade to 1:8 Risk-Reward?
That way weâd also catch those huge trends, but not lose out on profit on some of the longer trends that tend to return to where we entered.
Also, what are the best TFs to trade the strategy in your opinion? I have been backtesting and paper-trading the strategy on D1 charts, but it seems like there are rarely signals. Whereas on the 1h chart, there are too many fake changes in trend, thus resulting in several small losses and fake signals.
What about the 4h chart? It seems to deliver a bunch more signals, but not allow too much noise.
No, it is simply a modified version of the CCI I discovered while trading.
Why share a profitable system for free? Because I know what it is like as a trader to struggle blood, sweat and tears trying to figure out something that works in the markets. The vast majority never well. This gives anyone who comes across a way to profit in the markets.
I let the 3rd trade run without a TP. As you have noted sometimes there are rarely signals on the daily as a trend that catches can really run a long time. During the Crisis in 2008 some of my 3rd orders (smallest positions) went on to run for over a 100% account gain. This was on the GBP/JPY.
Three choices (are best):
8 hour
12 hour
Daily
Daily is the best but will give you the fewest signals. That is a good thing EXCEPT you will want to be taking trades as a trader most likely you have yet to learn the great value and skill of patience. Donât worry that is norma.
So practice on the 8 hour, practice also on the 12 hour. But trade the daily.
Trading a smaller time frame such as the 1 hour during London & Early NY sessions may be great. I would absolutely experiment with it. I am unable to trade this during London and use the higher time frame to best fit my schedule.
You may not get a lot of signals on the daily but it is the easiest way to trade, learning how the strategy works will open your eyes on what it takes to create a successful system and can then be incorporated into other areas of your trading.
Again, the 4 hour is tough for me to trade. Lotâs of back and forth. Perhaps trading this during certain market hours during London and early NY would prove itself worthy. Please keep me updated if you begin exploring as well as feel free to look to me to bounce ideas off of regarding this approach such as the best hours to focus in on.
That shows you have a solid understanding of a lot of things namely how difficult finding a profitable edge is. Please follow along and check in from time to time.
This strategy, shared in this thread, is enough to be profitable. Full stop. That is everything.
Anyone is not yet generating a return in the markets needs to start here. Learning how it works is easy enough and through trading it for a period of time it will teach you a ton about money and risk management.
All of that can be translated into everything else you do during your career.
I trade multiple strategies. As a trader you always need to be experimenting and trying new things. View this strategy as a stepping stone OR stick with it alone.
This strategy is black and white, you simply follow a set of rules and stick them no matter what taking each signal.
The trading view of the market shared daily and the trading off of support and resistance and off of chart patterns is discretionary. It is a learned art. Following the live streams or watching the replay daily will help anyone up their game and teach them how to view the market on their own.
I understand, thank you. May I ask how many signals does this strategy usually produce? I will be able to get an answer on my own in a few days once I am done backtesting it, but it would be helpful to know directly from someone experienced using it.
Simply my preference on both time frame and pairs.
Re: What is the best time frame to trade using this strategy
Three choices (are best):
8 hour
12 hour
Daily
Daily is the best but will give you the fewest signals. That is a good thing EXCEPT you will want to be taking trades as a trader most likely you have yet to learn the great value and skill of patience. Donât worry that is norma.
So practice on the 8 hour, practice also on the 12 hour. But trade the daily.
Trading a smaller time frame such as the 1 hour during London & Early NY sessions may be great. I would absolutely experiment with it. I am unable to trade this during London and use the higher time frame to best fit my schedule.
There is an upcoming buy signal on GBP/JPY today at the close.
While this is not one of the five pairs I follow for this strategy I want to help those that do confirm their trades.
GBP/JPY Buy
Entry = Close/Open of price on daily. For this example I am using the current price of 141.45 and will update later.
Stop loss (same SL on all three orders) lowest price point of the previous move = 126.55 -1 pip = 126.54
*The stop loss is 1,492 pips away. Most likely the close is the next sell signal.
Order 1 (size of position 0.6%) = take profit 2x distance of sl = 2,984 pips Order 2 (size of position 0.9%) = take profit 4x distance of sl = 5,968 pips Order 3 (size of position 0.3%) = exit is next zero line cross or trend change = 0
As it sounds like you are not aware I will take the time, Oanda does not offer anyone an affiliate or incentive program. Unless you have an extremely large account a cent account is needed to follow the money management on this strategy. By offering the solution of FX Trade to this problem it is solely to help you and everyone else.
