Surfing the wave and the big break.

[robwin]

That is of course AUD/USD and not AUS/USD you spotted that I'm sure!

 

[robwin]

Martin Luther King day and a bank holiday in the U.S. but still plenty of movement with all the pairs.
The Asian session produced some nice trends with the EUR but too early for me so I stayed with the Ozzie.

Didn’t trade the charts below unfortunately as it was too early but the trades were there to see!

 

[scottypip]

Did you catch the Eur/Usd move at 9:30am and again at 12:30pm?

 

[robwin]

No scotty, the possible entry at 8.30 (uk time) was too high and away from the channel and I can't see an entry at 12.30 but I've posted a chart for analysis anyhow.

 

[scottypip]

the 12:30 pm EST move ended up just fizzling out ( no waves to surf) and now there is a 3 touch support. Let's see how it plays out the rest of the day.

 

[robwin]

Some nice up trends on the pairs this morning but annoyingly during the Asian session again and too early for me. If I don't enter on the first wave I tend to leave it. Even more annoying the one trade I did place turned into a loser!

I'll post all the trades anyhow, its good for analyticle practice.

First the loser

Like I said if I don't get in on the first wave I'll probably leave it as in an advanced trend price will often be a fair distance away form the main channel and could be due a retrace
but lets see how the trades set up and progressed

 

[scottypip]

Robwin EUR/USD has a set up right now! Hopefully you are up to catch it!

 

[robwin]

Why not post a chart Scotty so I can take a look at what you're seeing.

 

[scottypip]

Robwin, I was trying to take a screen shot and copy and paste it, unfortunately, I had no such luck in providing a graph. I will try again later on tonight. There was a good long entry around 7:15am EST on the Eur/Usd - scooped up 45 pips. How did you do today?

 

[robwin]

The price stalled after 8am uk time so if you took 45 pips out of that market great stuff but I'd still like to see your entry and exit point.

 

[robwin]

Some nice trends at last and no excuse not to make plenty of pips......

 

[scottypip]

What do you think about the set up right now on the GBP/USD? I wish I had a screen shot, but I can't put them up right now.

The price is 1.5910 and it's 4:13pm EST.

I got a light position.

Let's see how it plays out!

 

[robwin]

One down candle of 7 pips wouldn't qualify as a retracement in my book. You'd be better of waiting for a more substancial down move and for the break of a more obvious new high to place your buy stop.

 

[scottypip]

Yeah, I got stopped out for a 12 pip loss. However, another good move presented itself at 10pm on the GBP/USD.

 

[robwin]

A couple of examples of when I would and would not enter on a secondary level. And if you don't know what the hell I'm talking about then you haven't read or understood this method, might be an idea to go back and start again at page one!

 

[scottypip]

Robwin,

How are you doing? I haven't seen you post any of your trades the last couple days. I did well in yesterday trades, but today I got burned twice bad by the EURO/USD. My entries possibly could have been better using your strategy, but the trades have just been fakeys with quick retracements.

I was short at 8:55am and it burned me, and I was long at 10:25am and it burned me. They both were in the money 10-20 pips for awhile till they both turned negative real quick.

Hope all is well

 

[robwin]

Can't see a decent entry level on EUR/USD you need to post a chart. For a sell trade I wait for the price to come off a high, for a buy trade to come off a low. If you trade when the price is in the middle ground it could go either way. I call this method surfing the wave, and like all good surfers I bide my time and wait for the wave to build. Sometimes I get it wrong of course due to impatience or just the market giving me a slap but don't feel you always need to be in a trade!

 

[robwin]

This method I’m using is ever evolving and as I trade, 8 hours a day 5 days a week watching every tick up and down I’m always looking to improve the win rate and searching for that extra edge to eliminate losing trades and to give me more certainty of a successful outcome every time I enter the market.

I’ve now added another rule that while reducing the number of trades will mean trades entered have a higher probability of a successful outcome. Because this new rule reduces the number of trades on the 4 pairs I watch it will allow me to add another 4 pairs to my watch list giving 8 pairs to trade in total.

GBP/USD EUR/USD EUR/JPY AUD/USD EUR/GBP USD/CHF USD/JPY USD/CAD

This sounds like overload on a 5 minute time frame but because of this new rule only perhaps 2 or 3 pairs will qualify at any one time for a trade and the other 5 or 6 can then be put aside until they in turn qualify.

I need more time to test this new additional rule before putting it up here so I won’t be posting for perhaps a month or more and that will give me chance to evaluate what I hope will be an improvement to this method.

 

[jimmc]

Thought you'd been a bit quiet - looking forward to seeing the new rule. Good luck.

 

[ffchaci]

Hi Robwin
I've just found this thread and enjoyed reading through it. It is a simple to follow and has a good set of rules to follow which as a relative newbie, is great for me.
Just a favour to ask though. I have just set up a demo account with SML and downloaded the Metatrader 4 platform. I can't seem to find your channel indicator or the correct settings for the MACD. Could you help with pleade?
Also as I work full time I am unable to trade the 5m tf. Would this method still be profitable in the 1hr or higher? I realise I would receieve far fewer trades but am willing to be patient to catch big moves.
Thank you