Very easy and profitable trading strategy - page 7
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Hi Val,
Generally I move my stop loss to BE when I'm up over 50 pips. I'm guilty of not being very consistent on this because sometimes it's up just 15 or 20 and I move to BE. After that I trail it with last swing and lock in some pips. This does come back to bite me once awhile because the big move happens after it barely knocks me out of the trade; but such is trading!
j-Great short signals yesterday, specially on eur/jpy and gbp/jpy. Cable also moved a little. I made money jay as I never had before, but you know why ? Because I didn't exit early, actually I'm still waiting exit signals.
So, I think it's a big mistake to put trailing stops and close the entire position at 20-50 pips. Don't bring day trading money management strategies into swing trading. Because this is what your trading system is, we're trading 4H bars ! this is not day trading, we watch our charts every 4 hours, remember ?. Our SLs are also bigger than 20-30 pips... we need to win big time to time to make out for the losses. And this is what your system does, keeps us in the big moves, but we need to follow it
.
My money management so far is to close half position at 40-50 pips and move the SL closer so to make a break even if the market turns against me and this is what I was questioning you about. Honestly I'm not sure about this, may be the best is to go with the whole position all the way.
PS: Currencies are moving 1-2 times per week and we have to be there in order to make a living out of it. But it seems not to be enough to have a good trading system. We need to have the brain, the discipline, to follow it. I was watching your signals in the last 3 weeks but not capable to follow it, my account dropped to almost nothing.
Decided yesterday to forget everything I knew about trading and to follow your strategy like a teenager. It worked
. Val
Cable stopped me out at +30 but can't complain about that.
Couldn't agree with you more about the big winners! Yes, definitely takes discipline... that's why I turn off the monitor =)
Glad you are having success with it!
j-
current trade
gbp/jpy long
gbp/jpy long
didn't get a signal on that one, I'm now short again on eur/jpy. As I have a small SL I did take half profit @ 20 pips. I think this is a fair strategy, to close half position in profit at a nr of pips = SL. How is the MF Timing indicator helping you in top of Fisher ? Val
+50 pips.. moving SL to BE and letting her ride!
I use the MBFX timing to find exits.. or get ready for one.
j-
Jay nice strategy, thanks for sharing .
Any info shared for free is worth a look....nice sharing
Thank you for your posting and sharing your strategy, it is very interesting. Keep a professional trading journaland start track your records and you will see periodically your trad actions repeat.
Hi All,
It has taken me over 6 years and I've finally become a consistent profitable full time trader thanks to this strategy.
The strategy is very simple and would only take a few minutes of screen time per day (using 4HR candles).
I'd like to thank 'bigbear3391' for his guidance and inspiration!
GONE FISHING STRATEGY
By jay_x
Platform: Metatrader 4
TIMEFRAME: 4HR, DAILY (Shorter timeframes work but reduced winning %)
INDICATORS: FX Fish, MA_CROSS_OC (I overlay bigbear's FTC as well to spot possible oversold/overbought)
SHORT ENTRY:
DOWN Orange arrow AND Red line on FX Fish indicator
ONLY ENTER AFTER BAR CLOSES!
STOP LOSS: Last swing
TAKE PROFIT: I personally slide to break even at +50 then wait for closing signal
LONG ENTRY:
• UP Blue arrow AND Green line on FX Fish indicator
ONLY ENTER AFTER BAR CLOSES!
STOP LOSS: Last swing
CLOSING SIGNAL, STOP LOSS, AND TAKE PROFIT SAME AS SHORT ENTRY
CLOSING SIGNALS:
• Opposite arrow appears (take opposite trade if FX Fish turns a different color as well)
• FX Fisher gets an opposite line color (no arrow needed)
See attached pics for samples.
And that's all there is to it. Works with most pairs (I use majors and yen pairs).
Check the charts every 4 hours for signals then turn the monitor off and come back again in 4 hours (or next day if using daily).
Any copyright infringement is accidental. I DID NOT CODE THE INDICATORS.
Happy fishing!
jayThanks for sharing your strategy Jay, and nice trading.
thank for sharing your system...
still develope to made the best system for all...