240 MA BUY.ABOVE_SELL.BELOW

Post by **nanningbob** » Thu Oct 16, 2014 11:07 pm

OK I was 7 wins 5 losers yesterday but up almost 100 pips. I have also changed my lot sizing. If I am going to play SL I must play larger lots so I went with 10 cent lots per 1000 dollars. NOTICE--- I did not say .10 lot or .01 lot I said 10 cents lot size per 1000 of USD. This can vary from broker to broker. Doing this allows me to increase my account 1% for every 100 pips I gain.
My best winners were aud/jpy, aud/chf, nzd/usd, eur/jpy, I will show charts of nzd/usd and eur/jpy this post.

Playing bounce off of common R areas is a great trade. I like the 240 line and when Arrows are grouped around the same area. Look for the bounce and be confident when the arrow show up.

Post by **nanningbob** » Thu Oct 16, 2014 11:20 pm

aud/jpy and aud/chf were a different kind of trade. How do you get in when price is strongly trending. Like we did with 10.7 we go to lower TF when its obvious you are not going to get a signal with 4H chart.

4H is showing strong DT so 1H chart looks like this. Early signal missed but picked up the trade at the break of xxx.000 line. 4H showed me price action. 1H showed me 2 entrances. A red arrow which I missed but the break of Support area at the xxxx.000 line was golden.

Post by **nanningbob** » Thu Oct 16, 2014 11:29 pm

aud/chf trade yesterday. Re entering the strong trend trade.

DO NOT TRY TO PLAY THE CT TRADE ON STRONG TREND MOVES.

Post by **nanningbob** » Thu Oct 16, 2014 11:43 pm

gbp/jpy 4H chart. I tried to play off the reversal of the spike. Usually works, in fact it would have with a looser SL but when playing against a strong trend this can happen. Most traders would blame their broker for SL hunting but it is nothing more than a very common double bottom.

Post by **nanningbob** » Thu Oct 16, 2014 11:53 pm

How about making the same mistake twice losing trades usd/chf.

Post by **nanningbob** » Fri Oct 17, 2014 12:03 am

usd/jpy trade I just took.

rex · Post by **rex** » Fri Oct 17, 2014 12:26 am

Very educational charts and commentary - thanks for posting these.

Post by **nanningbob** » Fri Oct 17, 2014 3:07 am

1/2 way through the jpy session so closed my trades. +17.

Post by **ianp** » Fri Oct 17, 2014 6:39 am

nanningbob » Fri Oct 17, 2014 1:07 pm wrote:1/2 way through the jpy session so closed my trades. +17.

Hi Bob,

Do you still open and close trades based on session times as you did when you were trading v10.0 ? and enter of the H4 chart .

Post by **nanningbob** » Fri Oct 17, 2014 7:24 am

Sometimes, depends on the trade and my schedule. I have a busy day today and dont have time to babysit trades. I set the trades, taught a class, ate lunch, saw no movement so cut them off and went back to work. I only have 1 trade set for the EURO session and I wont get back to the computer for 4 hours. So I wont be setting a lot of trades today. I may look at how this works at the EURO close. I used to trade the EURO close on FRIDAY nights when there were big moves but I havent done that in a while. I trade the retracement as some traders close their trades for the weekend and I will take the ride back down for 10-30 pips.