100-300 Pips Per Day Any Pair Any Timeframe Using 2 Indicators - page 45
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OK, of the 4 pairs in my last post, only the EUR/CAD looked like the correct setup, so I took it. I also took USD/CHF and USD/JPY:
I did NOT take GBP/USD, although with my understanding of the rules, that could be a good trade next hour.
Jeff
Um, actually, looking again, GBP/USD would have needed a dark blue MACD on the last hour for an entry this hour. By next hour it will have been too long, and I'll have to pass on this one.
Joe, is my understanding of this correct?
Also, it appears that it missed being a dark blue bar last hour by probably 5 pips, and if the others were good setups, I am actually guessing that GBP/USD could have been a good setup this hour.
I also realize that trading during Asian open is not the most opportune time, but whatever movement early Asian session does give I have experienced to be fairly smooth and uniform.
On these trades, I have placed the targets at the ATR(20) +1 +spread numbers, which are 63, 54, and 41 respectively. But I have also attached a 25-pip trailing stop to all of them, because I've had a LOT of early Asian trades that get within 3-5 or 10-15 pips of my target, then turn around and stop me out. So I figure that any pips is better than a loss if that happens, and so I like to use both a target and a trail on early Asian session trades.
Jeff
OK, this hour which is 6pm Pacific, I have three new "3" balls, on AUD/JPY, CHF/JPY and NZD/JPY. So these will be pairs to watch next hour and the hour after for setups.
My three trades from last hour: I'm out of EUR/CAD. I saw +39, but later saw +14 which my trailing stop did hit. I saw what would've been +29 again after that; that's the only thing I dislike about trails.
I have seen as much as +17 on the USD/CHF and as much as +11 on the USD/JPY. Both are at -3 right at the moment. I really wish I could do something about that situation, to protect what would have been a small profit. No picture of chart this hour, none needed - -
I may not be back any more tonight, but will resume again later on if not tonight --
Jeff
Jeff
OK, the EUR/CAD did what I already said, +14.
The USD/CHF later saw +37, and then the 25-pip trail took it out with +12
The USD/JPY never saw more than the +10 it showed in the first 30 minutes of the trade, and stopped out for the full loss of -33
If I had left them all just to run to the targets, the EUR/CAD would have hit the target a couple hours later, which was +50, but the USD/CHF never would have hit the +49 target, and would have stopped out for the full loss. So I did do better with the trails than I would have if I'd just let 'em ride.
But in the first half hour of the trade I saw +38, +17 and +10 on each pair, and it is normally in my nature if I see +50 or so I will often just take that and move on to look for the next setup. I miss some large winners that way, but I also have taken profit on what would have later been three losers.
I guess that is what is generally meant when sometimes people say the "difference between just blindly following exit rules vs. knowing the market and deciding when to exit on a case-by-case basis".
I have been a trader for about a year, but have never considered my self a "successful" trader.
I am not as consistent with my time schedule as I could be, and did not trade any more after those trades, but will try to follow this thru the next few hours.
Jeff
In case I haven't said so, please do not anyone think I am trying to "teach" anything; quite the opposite, I am only posting as much as I am because I want to learn.
OK, 2am Pacific, these are the potential setups I see:
The current bar on all of these is already 15 minutes in, because I took these pictures at about 2:15am Pacific.
AUD/CAD - I am not thinking this to neccessarily be a good setup, because the MACD did not just peak.
GBP/CAD - Same as AUD/CAD, and further on both of these there is only a few pips to the support line. I don't know if that makes any difference for this method.
NZD/USD - If this one forms a dark blue MACD bar this hour, then I think it could be a good entry.
NZD/JPY - This one the "3" ball is just forming, so I'll watch it over the next two hours to see if a setup forms.
My observations for this hour
Jeff
The EUR/CHF had a "3" ball at the bottom of the last candle, and with this candle moving lower, the "3" ball is now at the bottom of this current candle. It is not a totally smooth trend down on the MACD, but over the next couple hours we'll see if it shapes up.
Here are the same charts I was watching from last hour:
AUD/CAD, the ATR is 29
GBP/CAD, it is 60.
Both gave good movement down last hour, with good downtrend on the MACD, but again neither was just over the peak of the MACD. I entered them, we'll see what happens.
Jeff
OK, the EUR/CAD did what I already said, +14.
The USD/CHF later saw +37, and then the 25-pip trail took it out with +12
The USD/JPY never saw more than the +10 it showed in the first 30 minutes of the trade, and stopped out for the full loss of -33
If I had left them all just to run to the targets, the EUR/CAD would have hit the target a couple hours later, which was +50, but the USD/CHF never would have hit the +49 target, and would have stopped out for the full loss. So I did do better with the trails than I would have if I'd just let 'em ride.
But in the first half hour of the trade I saw +38, +17 and +10 on each pair, and it is normally in my nature if I see +50 or so I will often just take that and move on to look for the next setup. I miss some large winners that way, but I also have taken profit on what would have later been three losers.
I guess that is what is generally meant when sometimes people say the "difference between just blindly following exit rules vs. knowing the market and deciding when to exit on a case-by-case basis".
I have been a trader for about a year, but have never considered my self a "successful" trader.
I am not as consistent with my time schedule as I could be, and did not trade any more after those trades, but will try to follow this thru the next few hours.
JeffIts the pitfall of trading to say "if only I....." We do not know if price will go with us or against us, be grateful that you grabbed whatever PIPs you were able to get instead of turning winners into losers.
I saw no setups from the previous hour to bring me back at 4, so I took a break.
This was at 4:40 Pacific:
AUD/CAD went no more than about 7 or 8 pips in my favor and stopped me out at -35, but,
GBP/CAD went no more than about 50 pips against, then hit the target of +65
NZD/USD looks like it would have been a good setup if there were one less candle in between the "3" ball and the first dark blue MACD. But with no verification yet, I still look upon those as no-trades so I didn't get in that one.
And NZD/JPY is still climbing, so it will still be another hour or two before we would see a setup on that one.
I won't put up another chart this hour, but GBP/JPY and EUR/CHF look like they may be forming, I have "3" balls last hour for both of those.
EUR/GBP is also shaping up on the "3" balls, but the MACD has not made much of a move below the water line, and Joe said it's better to see the peak (or bottom) after a large move.
And several other pairs are showing "3" balls, but not shaping up right now to look like any entry.
I plan to watch them again about 5:45, after the CAD announcements, and see if anything is shaping up for the 6am hour.
Jeff
6am Pacific -
EUR/CHF could have shaped up if the MACD had turned up last hour. Price action makes it look as though it would have been a good entry this hour, but since the MACD did not turn and that's the rules, I didn't take it.
I see nothing else this hour.
Jeff
Looks Promising
I combined JS's with other TSUs i summed up to my own System entry/exit strategy and guess what ? this is my first trade with the discovered combination
I'll really test it for a week then go live, but with this result on the first trade i am more than convinced that this setup should be profitable in the long run.
Suggestions and comments welcomed.