This is the Yen currency basket for this week. As usual, trail stops at 40 pip profit, and set a BE+5/10 stop for lower risk. Position size should be small initially, for a whole account 3-5% risk based on all pairs hitting the stop. You can scale in on the winning trades, and drawdown will be minimal if some turn into losers.
Thank you very much for these charts, I'm following them with great interest. Results have been very good. Have a great day. Kind regards Iefan
IvanLabrie
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Thanks for the comments iefan, good luck and have a great week!
IvanLabrie
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IvanLabrie
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Covered 70%, stop at BE+10.
IvanLabrie
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Second try, wide stop, 10x leverage total.
IvanLabrie
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I'll refrain from trading on Monday and Tuesday from now on.
So the methodology is as follows:
-Perform analysis after the daily bar close, before the Wednesday bar opens.
-Ascertain the relative strength figures, and pick a basket depending on wether there is a valid technical setup in the daily or 4h chart or not.
-Open trades at Asia open, and close them before the NY open the next day (normally you get a 40-50 pip move on each, which would let me move the stop to break even + 10 pips, and close 70% of the position at 40-50 pips profit).
Rinse and repeat!
IvanLabrie
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JPY pairs are not playing along nicely, good thing these baskets use small lot sizes. You can find a re-entry to average down the price but depends on the trend. I'd wait a bit, maybe Wednesday will bring good entries.
Thank you very much for these charts, I'm following them with great interest. Results have been very good. Have a great day. Kind regards Iefan