MoneyTec 2.0 - Online Forex Traders & Brokers Social Networking Community » Trade Recommendations » Long Term Trade Recommendations

[popoola]

et_phonehome_2

Thanks for your comments. I will get to grips with this system. I am trying to iron out all its nuances. My last trade was stopped out @ -80 pips. I am trading this system with real money albeit mini lots and my hope is that I will be able to scale up to trading multi full lots on the system. After the trial period I will write a small summary of adaptations and observations. The best way to be profitable in this business is to become an expert in 1 or 2 systems and to trade all the signals.

About the pivot trading system. It is the simplest of all systems and has been used for years in the markets.

[popoola]

Just looking at the Euro\Yen. We have divergence on the 4hourly. A short from here might just do the trick. Looking for the low 146s. Note this is not an ICWR trade and as such will not show up on the ICWR trade summary.

[et_phonehome_2]

I am always interested in seeing what others may recommend for trades compared to what I may see on the charts for the pair. Last night, I did a SHORT on the EURJPY [based upon your divergence, I had never traded on divergence] even though my charts had indicated to go LONG, I had gotten stopped out via the SL. As I look at the chart this monring, its trading at 148.16. So much for divergence via the RSI, I had always thought that MACD was the way to go, unfortunately, I do not use MACD did in trading....

[popoola]

et_phonehome_2

Sorry for your loss as a result of my observations on this thread. I am not one for trade reccommendation and what I expected from that 'reccomendation' was an argument for or against the 'trade'. I did say that it was not an ICWR trade.

By the way the Euro/Yen is just about flagging a buy. Not quite there but just about to. I will look at it again after 1.30 uk time to see how its doing.

By the way can you post a chart on why you thought you should have gone long? I would like to see how you trade.

According to ICWR, Last night when I wrote out the 'trade' the yen was showing strength and the euro was showing weakness. This meant that if things continued we were going lower. However japan results showed a weaker than expected economy and my 'trade' was derailed.

If it is any consolation I lost a few pips as well on that 'trade'.
So please keep on visiting this thread and providing food for thought as you always do. If you've got a thread you bet i'll be there.

[popoola]

The Euro is showing weakness and the ICWR is about to signal a sell. It is not quite there yet but close. I will give an update as soon as it signals a sell. The RSI is trending down and is exactly 50 as we speak. A little lower and we have a sell environment. The Euro is also in the 'sell zone' according to the ICWR system. I put that sell zone in commas because this trade is actually a buy zone according to Ruffen. I really hate it when my trades are opposite. But I have to follow the system

[popoola]

Using the ICWR Short Term System I went short the euro @1.2773 stop 1.2823.

Closed out the trade @ 1.2736

Now as discussed above the Euro has signalled a sell on the ICWR Long term trading system and so I have put the trade below on:

Short Euro @1.2731 stop @ 1.2831 TP(using for the first time) @1.2560

Chart is as in the last post

[popoola]

Nothing much has happened on the trade. 1.2700 is holding really well. I need it to be broken so that we will be on our way. Stop moved to 1.2765

[gfxtrader]

I don't use the system, But I can tell u stops should be around 1.2809, if broken by wave-b then can expect 90% or higher retrace of current downmove(w(a)).

I'm planning to go short at around 1.2795 or so..twt..

Also current wave down should be ending soon, as I see a diagonal which is signaling a smaller w(5) of wave a...my crude way of counting waves...twt

Here is a hourly chart,

[popoola]

Thanks gfxtrader for your input. You are correct that the stop should be around 1.2803 or so. I was thinking in the same lines that you are that the downmove on the euro was nearing the end. I expected the trade to have progressed much further than where we are. That is why I tightened the stop. The stop was originally @ 1.2823.

Thanks for your input. By the way your count makes sense.

[popoola]

Stopped out of the trade @ 1.2765 (-34pips)

[popoola]

The last trade was dissapointing. But this is how it is in this business.
Was glad that I tightened the stop when I did. It turned out that even the higher stop would have been hit as well. I felt the behaviour of the euro around 1.2710 didnt look as if it was going lower. We learn every day. That is some more experience and 'feel' gained.


We now have to look to the possibility that we have seen the low of the last down move and that one of 2 things will happen.

First that we will range between 1.2700 and the high 1.2910 or that we will ultimately get a brreakout above 1.2910 onwards towards 1.31 etc.

The daily RSI(14) on the EUR\USD has turned to up and so we will be looking for long trades in the euro

The pound is much stronger because its daily RSI(14) never went below the 50 mark throughout this period of weakness.

I have attached a chart of the euro and a long will be indicated in the mid 1.28s. I will be on the sideline for now.

Many thanks to all who have been reading this thread and all who have contributed. Hope we all attain financial stability whether it is by ICWR or pivot points or any other trading technique.

Please continue to read this thread.

[popoola]

Hi Folks

Just to drop a note to say I am still on standby as the markets have been ranging. And throughout the thread I have emphasised that Ranges do dot work for the ICWR system. Part of the signal of the system is the necessity for a clear 150pip run on the 4 hourly chart. The chart for the Aussie is posted below. Check it out and see that is no clear direction on the 4 hourly chart.

Well what have I been doing. Sitting on my hands? No. I have been trading but using techniques suitable for short term trading. The other methods I use in trading include

Pivot Points, Bollinger Bands breakout fading and RSI overbought/oversold trading all suited to range trading.

Today appeared to be the breakout we were waiting for on the euro but believe it or not we are back in the previous set range. So as per ICWR the waiting continues....

[popoola]

Sold GB @ 1.8920 stop @ 1.9020


Didnt have time to post the trade when it happened. As discussed previously the market has been ranging for a while. The ICWR needs swings of 150 pips or more for action.

Chart below

[popoola]

Moving stop to 1.8850. The icwr strategy say dont move the stop but I've moved it as I think we are nearing support and we could rally hard in an instant

[pointtom]

Hi popoola and all,

i just found your thread, as since yesterday i´m testing the ICWR system myself on demo-account (majors, the 5-min-version, that is).

I´m quite impressed by its performance (19 trades, 10 still running, 9 in profit, about 300 pips net if closed at the moment, since the start yesterday morning, ), but of course the number of trades isn´t big enough to filter out simple luck and say anything "solid" that early, but at least it helped my biggest problem even now: My impatience and taking wins too early. I simply couldnt develop enough trust in the possibility of bigger profits, to balance the fear of leaving too much on the table, and therefore was grabbing too small profits.

Now, for the first time, i experienced a single over 100-pips winner (and the secon one is short bevore that)... which is a great experience after having so little net-success, despite all the experimenting. Its really true: Its the EXIT, not the entry. And thats, what makes the ICWR working in my eyes, the equal stressing of entry AND exit (not to speak about positionsizing for the moment.)

I´m thinking about improving it, too; in fact, i did so in my former demo-trading. Especially the stoploss i assume can be carefully (=widely) trailed without any loss of profit by just taking the zeroline of the newest "action-wave" as the stoploss! Because, if this line ever should be crossed, in most cases the pattern is giving a turn-signal anyway (except, when one long candle would reach it from the 0.25- line down/up just with its hi/low, and not as a candle in total; but the worst thing happening by that rare event would be, that you get some few pips less profit, as would be theoretically possible - i can live with that for the gain of having only, say, 20 pips of SL instead of 50...).

The other thing i´m still researching, is, whether one should take the RSI-value "pureley", or only, if it is convergent with the direction of the RSI-line.

I´ve checked the last days on the majors, and i´m still not sure, whether it would pay off to do so, or if it would decrease chances. Up to a clearer result, i´ll stay with the over-under-50-authority of the pure value.

Anyway, i will follow the thread and try the longtime-version next week; should be helpfull for letting some trades run, when going to holidays soon.

All the best, and happy trading!

bye
pointtom