WklyOptions
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Hi, NVP,
Been plugging thru the posts and reading the comments on this thread.
I use Correlations primarily for the forex marketplace - using the Correlation charts from the Complete Currency Trader website/methodology.
Once I track the strongest and most stable Correlation(s) across the higher time frames, I then begin to look at the various pairs to identify pull-backs that are setting up against the dominant major trend(s).
Then I use smaller time frames to enter in the direction of the dominant trend.
I know - nothing original - and well used and described by you and the other forex experts here in T2W.
But still - my point is that in using both:
1. The strongest and most stable Correlated pairs
2. Multiple time frames to isolate and exploit pullbacks
The win-rate has been fantastic. I am a strong proponent of high win accuracy. I know the "holy grail" is really getting a high profit ratio (avg win vs avg loss ratio) of > 2.0 to 1.
But I have found that most traders suffer some degree of "ego" erosion if they lose 3-4 in a row! And even worse, like lose 3, win 1, lose 4, win 2, lose 3,....
As you know well - it is very possible to achieve high win rates (and also high profit ratios per trade). Requires a bit more work, more patience, and MORE PRECISION/SELECTIVITY of picking only the very best setups.
I'll try to post my next forex trade here on this thread if it's ok w u. My trades are usually off the H1 and H4 setups.
Thanks for keeping excellent dialog and forex commentaries/observations. Keep on sharing and teaching!
WklyOptions
Been plugging thru the posts and reading the comments on this thread.
I use Correlations primarily for the forex marketplace - using the Correlation charts from the Complete Currency Trader website/methodology.
Once I track the strongest and most stable Correlation(s) across the higher time frames, I then begin to look at the various pairs to identify pull-backs that are setting up against the dominant major trend(s).
Then I use smaller time frames to enter in the direction of the dominant trend.
I know - nothing original - and well used and described by you and the other forex experts here in T2W.
But still - my point is that in using both:
1. The strongest and most stable Correlated pairs
2. Multiple time frames to isolate and exploit pullbacks
The win-rate has been fantastic. I am a strong proponent of high win accuracy. I know the "holy grail" is really getting a high profit ratio (avg win vs avg loss ratio) of > 2.0 to 1.
But I have found that most traders suffer some degree of "ego" erosion if they lose 3-4 in a row! And even worse, like lose 3, win 1, lose 4, win 2, lose 3,....
As you know well - it is very possible to achieve high win rates (and also high profit ratios per trade). Requires a bit more work, more patience, and MORE PRECISION/SELECTIVITY of picking only the very best setups.
I'll try to post my next forex trade here on this thread if it's ok w u. My trades are usually off the H1 and H4 setups.
Thanks for keeping excellent dialog and forex commentaries/observations. Keep on sharing and teaching!
WklyOptions