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    Thread: simisola's trading journal

    1. #1
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      Default simisola's trading journal

      Hello everyone, I have finally picked up the courage to open a journal for a strategy I have been working on

      This strategy is very simple, it requires patience because it is based on the 4 hour time frame
      Before I go into how the system works, here are the settings:

      Moving Average
      Period: 200
      MA method: Exponential
      Apply to: Close

      Relative Strength Index
      Period : 10
      Apply to : Median Price (HL/2)
      Level : 50

      Time Frame : 4hr

      RULES FOR BUY
      When price breaks and closes above 200 EMA wait for RSI to touch or cross 50 below and form a V shape, as soon as the V is completed, enter buy at the open of the next candle.

      Stop Loss:
      Previous Swing Low

      RULES FOR SELL
      When price breaks and closes below 200 EMA wait for RSI to touch or cross above 50 and form an inverted V shape, as soon as the inverted V is completed, enter sell at the open of the next candle

      Stop Loss:
      Previous Swing High

      RR: 3-1 Minimum

      Find attached a chart of NZD JPY, the white arrows are pointing to where V got completed for the RSI, and the yellow arrows are pointing to the entry candles. I am starting with a chart illustrating conditions for buy, I will only consider entering a bullish position as long as price is above 200 EMA and RSI has met my rule.
      In the coming days, am going to look for pairs that fulfilled these rules and pick my trades, this is a work in progress so your inputs and suggestions are welcome.

      NB: the V may not be perfectly shaped sometimes.
      Attached Images  

      Thanks  

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      Congratulations Bro on this courageous work. Even though you called it SIMPLE but to me it does not look as simple as it should be. However, I will read it 4-5 times so that I can understand it well. Now I will wait for the time when you will apply this to your trades so that I can get the full benefit of your expertise.

      Thanks  

    3. The following 4 users say Thank You to allishanraza for this useful post.

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    4. #3
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      Default

      Quote Originally Posted by simisola View Post
      Hello everyone, I have finally picked up the courage to open a journal for a strategy I have been working on

      This strategy is very simple, it requires patience because it is based on the 4 hour time frame
      Before I go into how the system works, here are the settings:

      Moving Average
      Period: 200
      MA method: Exponential
      Apply to: Close

      Relative Strength Index
      Period : 10
      Apply to : Median Price (HL/2)
      Level : 50

      Time Frame : 4hr

      RULES FOR BUY
      When price breaks and closes above 200 EMA wait for RSI to touch or cross 50 below and form a V shape, as soon as the V is completed, enter buy at the open of the next candle.

      Stop Loss:
      Previous Swing Low

      RULES FOR SELL
      When price breaks and closes below 200 EMA wait for RSI to touch or cross above 50 and form an inverted V shape, as soon as the inverted V is completed, enter sell at the open of the next candle

      Stop Loss:
      Previous Swing High

      RR: 3-1 Minimum

      Find attached a chart of NZD JPY, the white arrows are pointing to where V got completed for the RSI, and the yellow arrows are pointing to the entry candles. I am starting with a chart illustrating conditions for buy, I will only consider entering a bullish position as long as price is above 200 EMA and RSI has met my rule.
      In the coming days, am going to look for pairs that fulfilled these rules and pick my trades, this is a work in progress so your inputs and suggestions are welcome.

      NB: the V may not be perfectly shaped sometimes.
      Wow, A Moving Average and RSI combo strategy! I don't used this indicators, but am interested how you can make it effective and profitable in your trading bro simisola. So what the pattern 'V' means for? you usually looking for it in your chart before opening a trade?

      Interesting and exciting way to trade you have here! Welcome to the journal section brother! Hope you will update this journal of yours daily as possible.
      Am still hibernating, will wake up one day, all depends on fate. Hope to see you all-soon! Miss you all friends!

      Thanks  

    5. The following 9 users say Thank You to NikitaBelle for this useful post.

      adewale (07-31-2017), allishanraza (07-31-2017), Asad Rafiq (03-25-2018), Bao Long (01-28-2018), dzin4aans (07-31-2017), Interlock (11-26-2017), penuelophir (07-31-2017), simisola (07-31-2017), Unregistered (1)

    6. #4
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      Quote Originally Posted by NikitaBelle View Post
      So what the pattern 'V' means for? you usually looking for it in your chart before opening a trade?
      Thanks for the kind and encouraging words, please note that the V pattern I speak of is in relation to RSI and not the actual chart itself, if you look at the RSI part of the chart I uploaded, you will notice something that looks like a V, sometimes it could look like a W, but it is mostly in V shape.

      Thanks  

    7. The following 6 users say Thank You to simisola for this useful post.

      adewale (07-31-2017), allishanraza (07-31-2017), dzin4aans (07-31-2017), Interlock (11-26-2017), PhantomTrader79 (09-27-2017), Unregistered (1)

    8. #5
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      Quote Originally Posted by simisola View Post
      Thanks for the kind and encouraging words, please note that the V pattern I speak of is in relation to RSI and not the actual chart itself, if you look at the RSI part of the chart I uploaded, you will notice something that looks like a V, sometimes it could look like a W, but it is mostly in V shape.
      Ah, I see, the V shaped should be with the RSI indicator, not in your chart, interesting! I maybe recalling a strategy before that looks for V pattern shaped in chart and somebody traded it profitably.
      Am still hibernating, will wake up one day, all depends on fate. Hope to see you all-soon! Miss you all friends!

      Thanks  

    9. The following 6 users say Thank You to NikitaBelle for this useful post.

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    10. #6
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      Quote Originally Posted by simisola View Post
      RULES FOR BUY
      When price breaks and closes above 200 EMA wait for RSI to touch or cross 50 below and form a V shape, as soon as the V is completed, enter buy at the open of the next candle.

      NB: the V may not be perfectly shaped sometimes.
      Thanks God ! I just got this rule after reading your text 2-3 times and combing your text with the given chart. Yes, this is a quite simple strategy as we have to look for 200 EMA and should be alert when RSI touches its lower point and after that starts moving upward and reaches near 50.

      Thanks  

    11. The following 4 users say Thank You to allishanraza for this useful post.

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    12. #7
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      You are welcome into the hood and I wish you all the best with your trades and may you start learning and developing new things because when there is a note about your trading activities then you shall begin to notice new things and even learn from your mistakes.
      Wisdom Is The Ability To Apply Knowledge And Experience To Any Given Situation.
      If you do not take control of your risks then you lose control of your trades

      Thanks  

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    14. #8
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      Based on the strategy as explained, I have seen two pairs that meet up with the conditions.
      NCAD and AUDNZD

      I sold NCAD and bought AUDNZD, I entered the NCAD a little late because I was busy with stuff and did not check the chart on time. As per the take profit rules, I am making a little adjustments for now based on what I observed while looking at the charts. There are trades in which 2-1 risk rewards will be my target.
      The AUDNZD for instance is a little above 2-1, I had to put my target at an obvious swing high.
      I will like adjust the take profit of the NCAD to the recent swing low, as we can see from the charts take profit is a little below the swing point , but for now I will leave it and just observe volatility.
      Like I stated, I am doing this on a demo account.
      Attached Images    

      Thanks  

    15. The following 8 users say Thank You to simisola for this useful post.

      adewale (07-31-2017), allishanraza (07-31-2017), dedy hari kurniawan (07-31-2017), dzin4aans (07-31-2017), Interlock (11-26-2017), NikitaBelle (07-31-2017), PhantomTrader79 (09-27-2017), Unregistered (1)

    16. #9
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      Thank you bro for providing explanation of your trades along with charts. Well, you have opened two trades, one buy and one sell. Now we have to wait till the closing of these trades so that we can see the results of your strategy. Wish you a good trading bro.

      Thanks  

    17. The following 4 users say Thank You to allishanraza for this useful post.

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    19. #10
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      Update :
      My system just suffered its first casualty
      My stop loss for Ncad was a bit too tight at 0.9384, ideally it should have been at 0.09412, which is the swing high that 200 EMA rejected,Lesson learnt, I will look for opportunity to enter a sell again once it presents itself, otherwise I would be considering buying if 200 EMA no longer stands as a resistance

      Thanks  

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