Well said. Sounds very much like the way I trade the strategy. The flip side to the coin is to base the trades on mean reversion, whereby price tends to gravitate back to the 21 MA.

Daily green/red candle

Thanks for your input - it's obvious you have a solid trading background. And, also, thanks for going to the trouble of running the backtests. I'm sure everyone here appreciates your contributions. I try to trade "what I see," which means actively ...

Daily green/red candle

I usually start with 20 pairs and drill down to the best four or five candidates. My entries are exactly per dimdel's rules, with 0.0 fib as SL, and 100.0 as the entry. My primary goal is 160.0 fib, but it can end up at a lower/higher number, ...

Daily green/red candle

Excellent work - I'm impressed. You epitomize the saying, "The bullsh*t stops when the green flag drops."

Daily green/red candle

There are several posters, here, who are doing well with the strategy(myself, included). I appreciate that dimdel started this thread. You are entitled to express your personal opinion, but I believe your remarks are heavy-handed.

Daily green/red candle

How do you determine TP?

Daily green/red candle

Yes, this is 100% true. I always adjust my lot size, so my risk is exactly the same for every pair I trade. If my entry candle is 200 pips, my lot size will be smaller than for a candle that is 50 pips.

Daily green/red candle

Hey Steve, My exposure is typically 2-3% for the entire basket. If I have five trades in play, each pair gets 20% of the total risk. My primary goal is consistency. I'm not interested in home runs at this point, just hits.

Daily green/red candle

My arsenal still consists of 20 pairs, but if I see nearly identical chart patterns on several pairs, I choose the one with the best PA. I do my best to take pips off the table - IOW, I'd rather take a small 10-20 pip gain, instead of taking a BE+5 ...

Daily green/red candle

I'm up 68% in three weeks, with a profit factor of 6.2 and less than 3% DD. This is a solid strategy, provided it is kept to bare-bones simplicity.

Daily green/red candle

You can see, already, that it boils down to how you interpret price action. And, as you can also see, it varies from one person to the next. That's cool, because a trader has to be comfortable with his trading criteria. Once I've decided that a ...

Daily green/red candle

Steve has it nailed on this. Keep it simple and stick with the basics. The last thing you want to do is add lagging filters to a strategy that relies on price action. You can learn a lot by doing a visual backtest with your preferred trading rules. ...

Daily green/red candle

100% correct. I set my risk to 2%, so my MM varies according to how many pairs are being traded at any given time. That's total, combined risk for all pairs. I always figure a worst case scenario for my basket and adjust my lot size accordingly. ...

Daily green/red candle

Actually, the red candle's close is below the green candle's close. You're looking at the red candle low, which is above the green candle low. I really don't think you can apply any hard/fast rules about specific candle formations(from my own ...

Daily green/red candle

All you need is a D1 chart and the fib tool. Mark up the chart per the rules and see for yourself.

Daily green/red candle

Hey Steve, Good explanation and solid approach to smart trading. Our methods differ, somewhat, but we are after the same goal. Like you said, you have to be comfortable with how you manage your trades. I find that spending some screen-time with my ...

Daily green/red candle

Thanks for the input. Are you running a hard TP? The reason I ask is because I can see that a little discretion could have pulled a lot of green pips out of those break even trades. The first BE trade marked by a blue x has me baffled - it looks ...

Daily green/red candle

I tried dragging the indy onto my chart, but I'm not seeing anything.

Trap Breaker

Good work, Erebus.

Daily green/red candle

I closed all my positions last night and I'm glad I did.

Daily green/red candle