TraderJoeForex » Mon Feb 23, 2015 2:19 am wrote:
54 trades taken last week in total and 49 won (mainly M15 so only 5-10pips each) which was positive but got 120pips of drawdown on a short EURNZD H4 trade I got into during the crazyness on Friday which has carried over to this week .. (although I already made most of them pips back trading the other way on M15).. I am fairly certain it will head back down so holding it. I didn't find enough H4 trades with a decent entry hence turning to H1 this week as perhaps a better compromise so we'll see.

zyx » Mon Feb 23, 2015 5:42 am wrote:TJF you're a boss.

My set up for the week is to pick the best 12 charts off the daily using ADX and CSS. Trade on H1 in the direction of the daily trend.

Entries: When both 9/18 and 30/60 line up, or if there is a trend wave enter if at least 1 hurst indi agrees.

Exits: When 9/18 changes color close half the position and move the stop to BE. On range wave do the same. If 30/60 changes color close all open positions.

I'll be tiling my windows and checking at the close each hour. Let the week begin!


Also hopefully this will help someone: I always start out on my default profile. But before I do anything, I save a new profile and trade off that one. That way I can close down the charts and not care about losing my layout.

TraderJoeForex » Sun Feb 22, 2015 2:19 pm wrote:Ok so here is my plan this week on H1. I am just sharing as I go for anyone that's interested...

I am going to use MATRIX to alert range wavy, trend wavy and trend arrows once candle has closed and I will have two filters before opening a position:

Current hurst cycle must be 4+ bars closed red for shorts, blue for longs
(as shown by i-trade-hurst-tma indicator 5/10)

Next candle must open outside TMA band (0.2 ATR). I use TMA true as more accurate looking back on chart when posting.

Enter at market at candle open OR If next candle opens inside TMA band place order to enter at the band (less spread). Red band shorts, blue longs.

If an opposite signal (like a range wavy) comes before a position has been filled then we discard that previous signal and now act on the new signal.

I will be using SL for this strategy as planning to trade this H1 timeframe in isolation and will place SL a couple of pips (to cover spread) behind the HGI signal we are trading.

If an opposite signal comes along before TP is hit then early exit rules will be the same as entry .. I will probably wait for 4 hurst cycle bars to close against and then either next candle open or 0.2TMA band to get out at best price.. or it may be prudent to get straight out - tbc!

For TP I will be using Murrey Math Lines which are based on Gann Octaves.
(Plenty of info out there on these... in a nutshell my understanding is that the high and low of the last 256 periods are taken as 0/8 and 8/8 lines, with the lines inbetween providing 8 octaves which price tends to range between. Beyond 0/8 and 8/8 we have -1/8, -2/8, +1/8, +2/8 as extremes which price will usually reverse from until broken through which creates a new octave and a new trend breakout).

For this strategy as a TP I will count the next even line from the point of entry i.e. 0/8, 2/8, 4/8, 6/8, 8/8.

Once TP is hit I will aim to re-enter with another order at the TMA band and the same rules. If an opposite signal comes along before new order is hit then I will delete my order and trade the new signal.

If a signal in the same direction comes along then I will trade this signal seperately and additionally (i.e. I have entered off a range wavy and then a trend wavy comes along.. this will be a second trade in the same direction.. then a trend arrow comes and that will be another.. so potential for multiple trades on each pair = plenty of action to keep me busy on H1).

If price action goes beyond 0/8 or 8/8 I won't enter any further position away from the center 4/8. I will await a reverse signal back towards center or a breakout and a new octave to trade.

I will post a few live trades this week as examples as I did last week. Bring on the pips :hi:

TraderJoeForex » Mon Feb 23, 2015 2:42 pm wrote:
I am thinking there is no need to set TP if around to watch the trade. Better to wait for opposite signal and exit rules simply the reverse of entry.. i.e. wait 4 bars, open outside TMA or limit order at TMA to get out.

This will let the runners run.. perhaps just using the MM lines as TP when it's convenient to do so.

zyx » Mon Feb 23, 2015 3:31 pm wrote:So if you got in long you will wait for 4 red hurst bars before you exit?

zyx » Mon Feb 23, 2015 6:04 pm wrote:Short AUDNZD right before the close of the candle. Next one opened higher on the hurst. My rules would make me close half of the position, but that seems wrong right now.


Edit: because of this trade I'm adding the centered TMA 10 back onto my charts. That would have made it obvious this trade was not good

TraderJoeForex » Mon Feb 23, 2015 8:05 pm wrote:
I think you will do ok if you hold it. My rules would just wait for the 4 bars red first although that does filter out quite a few trades where the move has already happened.