₦airaland Forum

samfelly:
THE GOOD GUYS SHOULD WIN, SOMETIMES . . .

Cashhy11:
You see that Jpy pair is a devil and drawdown legend if caught at the wrong side. I learned heavily during Boss Infofirst competition last year. I hate erratic instrument, and that Jpy pair is the worst out there. Ordinary Jpy yellow folder news sef can spike up to 100pips and above in 1min. Imagine trading 1% of your account with 20pips SL. That's daily drawdowns already.

If I would advise, I'd say just stick to one JPY pair, trading EJ, UJ and GJ all at once is synonymous to putting all those lots combined on just one of them. GJ is the most volatile amongst the three, so just pick it alone and let go of the rest. Having 3 opened positions simultaneously on JPY pairs is suicide if caught on the wrong side. It's even worse if you're trading like that on a prop account.

Seems you are a swing trader, you're good to go with Jpy, just reduce the the simultaneous positions you have on them.
Look at the screenshots below and see how similar they all looked. I drew those lines on Monday and only adjusted after CPI on Thursday, and see how they are all rejecting at supports on Friday. So taking them all because they gave signal is just similar to taking just one of them and put all the lots on it.

Cashhy11:
GU for a quick short scalp on the lower timeframes, I don't see any reason why GU won't drop from this zone downwards a little, Currently at a Weekly and Daily resistance level, even slightly above it is another H4, all you will see is a wick because price will try enter but it will reverse and create a wick.

The only reason it will break this zone is the news coming up this afternoon, and if the news is against the USD. If there was no news today, God knows I would have shorted it right away. The 4hr candles are already looking weak, so a drop is imminent till 1:30pm at least.

FXcandles:
This week the British pound sterling seems to be one of the stronger currencies. This can be seen from GBPUSD soaring and EURGBP falling.
EURGBP on Friday extended its downward streak and drew a long-body bearish candlestick with a small shadow on the top candle. Price reached a low of 0.83911 from a high of 0.84210.

The strengthening of the Pound Sterling is thought to be due to the stable political conditions in England. the direct victory of Keir Starmer's Labor Party in the parliamentary elections resulted in the most stable political conditions in the UK.

UK GDP data also shows the country's economic performance experiencing unexpected growth that may reduce the possibility of a BoE interest rate cut in August.

According to Forexfactory data, UK GDP rose 0.4% from a forecast of 0.2% and previous 0.0%. Rising GDP growth provided fuel for the strengthening of the GBP.

However, there are other concerns about high service prices and rising wages said Bank of England Chief Economist Huw Pill in Reuters.

Happy weekend

Cashhy11:
I think if forex Stoplosses works like the betting method, we'd all be better off. In the sense that once you enter a position and state down your SL, it should be deducted straight away from your balance, so it's either you're paid if it hits your TP or not paid because it hit your SL. I think Trading will be easier

That's why they always say only risk what you can lose, because we forex traders really hate that word. Football bettors knows this and accept but we don't. Set and forget is the way to go if you want to achieve something similar to such a mindset too and not tamper with your trades after entering.

We put a SL because we believe it can go against us, but same us are not mentally ready once it starts going our SL direction. Most trade will always show patterns we are wrong, some will even turn your Short position to support and use it to target your SL lol.

What I do is, once i enter trade, I don't monitor it on the lower time frame I entered from but on the higher timeframe I spotted it. So if it wants to go against me, I will watch from there. Imagine getting a trade signal on 4hr timeframe for example, before another 4hr candles form, there will definitely be ups and downs, watching the ups and downs unfolds on a 5mins timeframe will drive you nuts and make you doubt your position and see why you shouldn't have entered the trade.

But on the 4hr timeframe, the trade is still going as planned, you were just disturbing yourself on the lower timeframe with the headaches on the lower timeframe. Forex is designed to confuse us, it must not be clear to us for them to make money off us, it must always look as if it could go up or down at any point in time. So if you're not sure of your stand, you close early even when in profits and close early before it goes your way too.

Image below was a backtest I ran sometime last month on AudNzd and the result was massive. Very simple method and it's what I also use to day trade currently. Support and resistance on Weekly and check for rejections candles around the zones on the daily. Most of them were around 1:3rr or slightly higher. In the image below, that's 4wins and 2losses, should easily give up to 10% if risking 1% per trade since a win has covered for the two losses already and even added additional 1r.

If I wanna start swinging it, I know well enough not to tamper with checking lower timeframes like 1hr etc to know if to close or not but the daily only. And also make use of set and forget, TP or SL. I've just been busy with prop account that I don't have time to properly forward test the swinging method live to know what my win rate would be if all taking all the pairs into consideration.

Aremolekunowo:
Thanks very much boss Cashhy11 for this great insight into jpy pairs, you are very correct about them because both on Thursday twice and once on Friday all jpy pairs reversed with over 80 pips in less than 2 minutes I was watching my trades reversing from good profits to big loss clearing all my SL and dipping into valley. I was just watching helplessly and sweeting profusely inside code weather.sorry about your DD bro.. again I think u should komot body for jpy pairs for now.. it's in overbought zone. There's further room for it go downside more before bullish continuation. We mostly lose because we think it's the best to stick to one pair which isn't totally true. Pair that is doing well this week may not do well next week or next month. If you can scan all the pairs and look for the ones that are promising stick to two till your favorite will be back in shape. My 2 cent.. don't be loyal to any pair if u want to be profitable
From next week market open I am cutting off Aj, GJ, Cj, and sticking to only Eurjpy and Usdjpy.
Main while at market open all them man like fly away from that support climbing over 100pips between Monday and Tuesday.
Thanks for your words of wisdom great Cashhy11. More oil to your head more blue 💙 pips to your charts and more dollars to your pocket.
Shallom my people.

samfelly:
CONGRATULATIONS, boss!

t2sco:
We mostly lose because we think it's the best to stick to one pair which isn't totally true. Pair that is doing well this week may not do well next week or next month. If you can scan all the pairs and look for the ones that are promising stick to two till your favorite will be back in shape. My 2 cent.. don't be loyal to any pair if u want to be profitable

Geovanni412:
There is no rule, only guidelines

One pair is enough if it is the right pair

If you trade only sp500 index, you need no other pair

At the same time, trading many pairs is also good

But make sure it is connected to a single market or two, for instance, you can scan gbpchf, gbpnzd and gbpaud on very slow days (before ppi and CPI) releases and use it to grab some pips. Those pairs gave good pips even before ppi.

No one size fit approach, it all depends on your mental fitness to juggle the pairs and the simplicity of your approach

LincolnOnyeabor:
My boss, I like how you're marking your candles H4, H1, D.

I will add it to my Markups

Bimmarlykay:
Omo! you've added more to this bollinstoch strategy,How do you execute using all these?

samfelly:
Boss, abeg, check am again if Gold Weekly HnS don dey pronounced.

XAUTrader4L2:
Not yet o baba, still waiting on that daily LH. But if price breaks the ATH then all my sell analysis enters the toilet.

Actually I am even concerned for gold sell at this point because that drop from the ATH was supposed to give a LL but gold has now confirmed another HL. A LH will give gold sells hope.

XAUTrader4L2:
Not yet o baba, still waiting on that daily LH. But if price breaks the ATH then all my sell analysis enters the toilet.

Actually I am even concerned for gold sell at this point because that drop from the ATH was supposed to give a LL but gold has now confirmed another HL. A LH will give gold sells hope.

Alexas58:
I think it’s too early for a sell at this point!

Let’s see if that up region would be rejected!


Nice analysis

nzechu:
be among the first set of sellers,

Pre empt the sell and enter. If e enter e enter if e go e go.

The sell move will be with the speed of light

Alexas58:
Loll
I’ll sell if gold breaks its downward support
But for now… I’ll be a spectator
Loll

It’s too early to sell, even rsi is beginning to trend higher
Which shows we are clearly in a bullish structure !

I’ll be looking for possible entry around 2351 region!

Let’s see how this week will look like

But my most profitable set up might be to short btc at about 64k
I have open orders for that
And I’ll try to get some short on eth too
Let me just watch till I feel it’s safe to try and short

But for now, I’ll wait and see possible up legs on Gold!

If it breaks downward support
I’ll short it

Cashhy11:
It depends on what you wanna use it for. Make sure not to have them too clustered that you don't even know which of the lines to take serious. Only mark the significant ones that reversed price.

Like very obvious market turning points, leave those minor ones in between, they are just ranges. Target those ones that stopped a strong bullish or bearish move and reverse it the other way.

I hope this BtcUsd chart illustrates better. The green arrows are the zones I see as ranges in between and the red arrows are the ones I really take as S&R because they stopped price and reversed it the other way when they are moving up or down at a strong pace. So I believe there should be some form of reaction when next price gets there again.

Having fewer zones means lesser trading opportunities, that's why you can add as many pairs as possible so you don't wanna fomo when it hasn't really reached your POI.

The thing is just make your charts less clumsy so you are really know what you are looking for, where you are looking for it and you strike. That's it. You will be fine trust me.

Another thing to note is, instead of having two important lines so close to each other. For example: A resistance that tick the boxes at 59850, another one at 60900. Leave the one at 59850 and pick the one at 60900. Since it's higher, shorting from there is more favorable as it is at better price.

If you get stopped out taking short from there, it's because price wants to continue the uptrend, instead of jumping on the one at 59850 and price goes further up to retest the 60900, which you'd already be stopped out before it now start dropping.

samfelly:
THE GOOD GUYS SHOULD WIN, SOMETIMES . . .

PriceActionZ:
What does this chart mean? Can you break it down? Prop account? Funded? Size? From drawdown? Percentages?

Alexas58:
I think it’s too early for a sell at this point!

Let’s see if that up region would be rejected!


Nice analysis

samfelly:
Correct 👍💪, I dey believe your govt. pass the present Aso 'Stone' administration own 🙈

BeginnerTrader:
Is like there will be blood bath tonight on market open, if you are holding position on Gold hmm, sorry your stop-loss won't save you 😉

samfelly:
Me right now: 'who say make I remove SL from that trade, during News?'

BeginnerTrader:
The gap go favor u nah, buy position is OK. But it will be massive. This stuff is kinda rigged, political tensions always on weekends that you can't do anything on the trade.

samfelly:
Me right now: 'who say make I remove SL from that trade, during News?' Treating 'Democrazy' account as real. Now I don forget to add am back

24hrUplift:
Oya shine your eyes 👀 before market opens...