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    Thread: simisola's - Trading journal

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    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  

    2. #2
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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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      Quote Originally Posted by allishanraza View Post
      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.
      Almost all the strategy are said to be simple probably because they understand how the market use of them for the buy and sell position, but for the beginners like you and me of course we really don't find that simple to understand or use, but if we can take time to learn of course it will be easy for us too.
      Why should you boast? You are not saved by your works but by the grace of God.👆

      Thanks  

    5. The following 2 users say Thank You to Eneregha for this useful post.

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    6. #4
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      Quote Originally Posted by Eneregha View Post
      Almost all the strategy are said to be simple probably because they understand how the market use of them for the buy and sell position, but for the beginners like you and me of course we really don't find that simple to understand or use, but if we can take time to learn of course it will be easy for us too.
      Strategies can be quite simple to understand either for beginners of professional as most of them use certain instruments of the forex tools to help us get a better understanding of a certain pair movement and helps us analyze it for a better result in our trading. So we would make more profits rather than losing money.

      Thanks  

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      Sixteen (11-20-2017)

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      Quote Originally Posted by hossamcoch View Post
      Strategies can be quite simple to understand either for beginners of professional as most of them use certain instruments of the forex tools to help us get a better understanding of a certain pair movement and helps us analyze it for a better result in our trading. So we would make more profits rather than losing money.
      Lots of strategies are built up with some indicators helping traders to follow a point in trading as they look to maintain profits for themselves. As long as you understand when best to use your strategies, then you are good to go. But there are strategies that are very complex and will require adequate time to study them and understand how to use them.

      Thanks  

    9. The following 4 users say Thank You to Sixteen for this useful post.

      adewale (11-20-2017), Eneregha (11-20-2017), penuelophir (11-20-2017), simisola (11-20-2017)

    10. #6
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      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  

    11. 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)

    12. #7
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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  

    13. 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)

    14. #8
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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  

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

      adewale (07-31-2017), allishanraza (07-31-2017), dzin4aans (07-31-2017), Interlock (11-26-2017), simisola (07-31-2017), Unregistered (1)

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      Quote Originally Posted by NikitaBelle View Post
      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.
      Back when I still used indicators based system, a lot of people actually use this kind of similar setup and indicators.

      I think this kind of strategy is very common out there.

      However, I didn't manage to really gain good result with this kind of strategy and indicators based strategy so I switched my attention to naked trading which gives me better result so far compared with indicators based strategies.

      But I guess I wasn't really quite disciplined enough.

      Traders can make any profit with any strategy as long as they are well disciplined and use proper management.

      Thanks  

    17. #10
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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  

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

      adewale (07-31-2017), dzin4aans (07-31-2017), simisola (07-31-2017), Unregistered (1)

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