USD/CAD: one would have fetched a decent number of pips, 318 pips to be precise.
Thanks for sharing your great strategyn juste one question
For the trade of the 05/27/2008 where have you set your stoploss ? Not the lower of the candle because at the 05/29/2008 SL will be taken no ?
Have you enter new trade at 06/17/2008 because we have a great setup according to your strategy no ?
Hi, and thanks for your question.
If you look in the manual, you'll see this is a Second Strength Trade, because the Stochs has crossed the 50 line, which is why the initial SL would be placed at the swing low, which is 0.9818, making the SL = 119 pips to be precise.
So, like I mentioned in the PDF, we always enter two positions of equal size lots. We enter at the start of the next day at 0.9936. The first TP would be equal to the previous candle's close minus it's low, which is 0.9937 - 0.9867 = 70. I.e. our first TP on our first position would be 70 pips. As soon as this is hit, we move our SL on our second position to break even, i.e. new SL is @ 0.9936.
We let the remaning second position ride until the AO closes as a red colour, which happened tonight, thus price closing @ 1.0184. Which meant our second position made us 248 pips.
So in total, for that USD/CAD trade you're looking at 248 + 70 = 318 pips. Hope this makes sense.
Ok I see now great explanations thanks.
Even if just after we close the second remaining trade according to the AO which became Red, we do not enter again a trade at 17.08.2008.
Because, if we were not in a trade at that date (perhaps we were sleeping just before ), all rules were right to enter a SELL trade at 17.08.2008 at the close of the candle, that's right ?
Finally can you tell us which currency are you trading success with your strategy ?
Hope you understand my question lol.
According to the pdf file, we would only be taking positions the following day if the conditions are met?
That is correct. I actually sold at that point and made over 60 pips.
perhaps a great trade on the USDJPY today see next week.
This is what everyone should be seeing for USD/JPY:
I'm still long on Eur/Jpy from the 5th of June. It looks as if the AO will be exhausted today and close as red, at which point I'm exiting.
A cool few hundred pips collected there...
Wow Forexmoments you get around.