TheBulltrader
Short

Daily Delta+ Bollinger Bands for Following Trend

FX:USDCAD   U.S. Dollar/Canadian Dollar
80 7 5
I am testing my indicator on on usdcad             as I am trying to find alternative ways to invest. I have posted the hypothetical gains pf             past performance and will be taking a small short position in testing this trade idea. I however will be using a trailing stop to lock in gains throughout the process. Based on my indicator, usdcad             should be breaking out soon maybe in a few weeks with usdcad             continuing the downtrend.
Rocketman PRO
2 months ago
Its a funny thing how "they" always say follow the trend. Everyone says that, but somehow are still consistently wrong.
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TheBulltrader Rocketman
2 months ago
People use the term to follow the trend because if you have a longterm view of "months" your like to be profitable. We're not trying to time the market, we're just trying to join the market in the longterm direction. Currencies can trade against the trend for long periods as well but eventually they do resume the longterm trend until a new trend is established.
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Rocketman PRO TheBulltrader
2 months ago
Yes, I agree. I think maybe for some, follow mini patterns in the direction of larger mini patterns will be more meaningful? I like to look at it in that way since I do look at specific patterns. That is why I brought of the conversations. I just think it is interesting. :)
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Rocketman PRO
2 months ago
What is your draw down on that daily chart? Do you limit yourself to 200 pips? That would be nice. A 200 pip limit and a 400 average gain.
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TheBulltrader Rocketman
2 months ago
I trailed my stop down and closed positive at 1.2861; I posted this chart so that I can predict forward direction and look back in time if I was correct. So far, usdcad is still in upward/sideways channel so neither direction has taken place. I am still however bearish and have short position here:
usdcad Short near top of channel
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TheBulltrader TheBulltrader
2 months ago
Since I have a negative bias on usdcad, i look to short usdcad after it rallies up. I dont set definite targets such as 200 pips. Instead I take profit in increments and let a small portion continue if I think I can make more.
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Rocketman PRO TheBulltrader
2 months ago
For you, then it is an easy decision, just follow a sell signal with risk management. Get in and get out with a small loss or a big profit and follow the system.

It is hard for me to do this, because then it feels like a card game at a casino without facts and figures. Maybe because I am tired this afternoon, but when I see the red risk/reward sign on your chart and on mine, I see Los Vegas blinking lights. lol! Maybe I will put Los Vegas lights on my next post.

I haven't looked at oil this week like I should. I am going to get some rest. Take care!
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