I will start to focus on my personal trading from tomorrow and will only check this thread once in a while, as I believe this thread contains enough information for those who have their own trading system and using the MADDY dashboard as a tool to:
1. have a fair idea of the strength and weakness of the currency groups
2. get confirmation of the setup of their system as to potential trade(s)
3. begin to time their entry(s) and prepare to pull the trigger
4. avoid late entry(s) by entering in anticipation of the dashboard confirming their trade(s) when they have other supporting confluence for the trade(s)
Now let us look at my GBPJPY trade:
1. price was under my trend channel - so my decision was clear, SELL
2. I look at the MADDY dashboard (MADDY1):
(a) GBP was obviously very weak
(b) JPY was very strong on my M5 settings but pulling back on M1 TF, which is the perfect setup I like, as this is the way to turn lagging indicator into a leading one
(c) I noticed AUD would have been a better group to match against the GBP
This currency group is all highlighted implying that the group has been on the move within the last 30 minutes and may therefore be a candidate for pullback. This is why we enter trades and it immediately turns against us because we entered after we saw the highlight :!: (d) I will therefore stick to my GBPJPY trade and prepare to sell break of the last swing low in anticipation that JPY M1 will recycle in the direction of the M5 TF and turn strong on the M1 TF
(e) Now look at MADDY 2 as it confirms my decision and my negative trade with little or no DD turns positive with 9 pip
(f) Another trader looks at MADDY 2 and sees the highlighted GBP + JPY and jumps on sell trade will find the pair move few pips and then reverse, and be wondering why?!! Notice also what the AUD is now doing
: Beginning to loose strength. If this was my choice from MADDY 1, I will start to babysit a small DD until either the trade turns around or closed at a loss. See the GBPAUD chart below.
I trust this gives additional clarity to how I use the MADDY dashboard to turn lagging indicator into a leading one, to trade the NOW trend for 5 - 10 pips, looking for only 3 to 5 of such trades. And if the big one meets me in the process, I will be grateful to God for the additional pips the market gives me.PATIENCE & DISCIPLINE IS THE TWIN RECIPE FOR SUCCESS IN THIS BUSINESS
Shalom :hi:
