Our ideal setup spotted in GCHF

Ideal based on:

1. Recent and strong Resistance region
2. Confident and significant breakout
3. No activity to the left.

Once prices retraces to our best entry point, we will ride.

Most likely, i will double my trade on this.

First Update: Price finally kissed our bet entry point and we have entered the trade. Lets see where it takes us.

Final Update: Trade won. Even though the odds were stacked in my favour, i reasoned to the voice of reason and discipline not to double mu stake.

In addition to Patience, Discipline is a virtue. Follow your staking regimen to the latter.

We will keep hunting for more setups.

Who is riding this with me?

Price broke a significant Support region, but still ended within a Support region, very weak one, albeit.

We will take a fall trade if it retests to our best entry point.

We will watch it

Update: Price came well into our Support region, but did not retest our best entry point. So we couldnt ride on it.

A setup has presented in GJ (first picture), but it is very similar to the trade we lost on UCHF yesterday (second picture) in that the breakout candle confidently broke a resistance/support region, but ended within or very close to another strong resistance/suport region.

We wont ride this setup, but we will watch the outcome after it retraces to what would have been our best entry point.

The market repeats patterns, and as a trader, you should keep a library of your lost setups so that you can always reference and identify them when they present again in the future.

This will be a learning curve for us.

We are watching

Update: For some strange reasons, GJ changed pattern when we exited and re-entered the window. I think it is a network issue. Check out the 3rd picture to see what the setup actually looked like. There was no way we could have entered that trade as the setup is far from our ideal one.

Support and Resistance levels on hourly timeframe for nearly all Currency pairs are holding amazingly!

See wicks everywhere! Checkout ECHF as an example

If a candle eventually breaks through any of the region, the breakout will be massive. Good for Forex traders too.

I just hope it breaks out before trading ends for the week.

A breakout finally emerged in UCHF.

We will cautiously place trade if price retraces to our best entry point

Update: Trade ended up in a loss. We could have sworn that Support region would hold as a Resistance, but the market decided to have a mind of its own and defy all rules.

Perhaps, the breakout candle had an unusually long wick. We will add this to our Learning Library and reference it when a similar setup emerges in the future

odimbannamdi:
A breakout finally emerged in UCHF.

We will cautiously place trade if price retraces to our best entry point

Update: Trade ended up in a loss. We could have sworn that Support region would hold as a Resistance, but the market decided to have a mind of its own and defy all rules.

Perhaps, the breakout candle had an unusually long wick. We will add this to our Learning Library and reference it when a similar setup emerges in the future

Can I have your WhatsApp number pls

suxex4ever:


Can I have your WhatsApp number pls

Do you want to reach out me regarding trading? If yes, i would prefer you drop it here so that others can learn too

Hello guys,

I trust y'all are keeping safe amidst all these Coronavirus crises. Obviously, the lockdown period will be extended to this new week for those of us in Lagos, Abuja and Ogun state. Hopefully, we will put this extra week to good use.

The market will be quite uncertain this week as this Coronavirus scourge continues to disrupt critical operations in economies of different countries. The result will be erratic and unprecedented movement in currency exchanges.

So, this week, we will cautiously enter trades, ensuring our setup ticks all our required boxes.

We may also take trades that replicates those in our Losses Learning Library (3L), only that we will reduce our stake on them by 50%. For instance, i stake 5% on my trades, but for them, i will go with just 2.5%. The idea is to note the most probable outcome over time.

I am also considering ways to make our 3L more robust and easily accessible. Please share your ideas, guys.

Last week, we made a net profit of less than 4%. Hopefully, this week will bring better earnings.

odimbannamdi:


Do you want to reach out me regarding trading? If yes, i would prefer you drop it here so that others can learn too

Okay No P...just that you are one of the few faithful here, most are here to make money from others by selling things.

1. Do you place trade through binary options website or through trading application.
2. Which mt4 do you monitor? is it from binary or where

Trade Setups alert.

In order of priority

1. EJ
2. EU

We will wait for price to retrace to our best entry point before riding

Updates: EJ got into our Support region, but did not retest our be entry point. EU retested and even ended above our best entry point, resulting in a loss, but good a thing we were too engrossed watching EJ for a retest and we missed entrying EU.

There is a place for luck in trading...

suxex4ever:

Okay No P...just that you are one of the few faithful here, most are here to make money from others by selling things.

1. Do you place trade through binary options website or through trading application.
2. Which mt4 do you monitor? is it from binary or where

Hello,

You need to get the terminologies and concepts right. Binary Options is a type of online trading, with the second being e-FOREX trading.

Independent websites on which you can place trades are called Brokers. Most Brokers these days have their own Forex Charts (MT4 and MT5 kinda charts), which are sourced from a universal algorithm that ensures all charts have a consistent reading with a very slight deviation.

For FOREX trading, your account with the broker is synched to your MT4 and MT5 helping you place trades in real time on the chart platform. But for Binary Options Trading, you have to toggle between the chart (an MT4 or MT5 of any broker at all) and the broker to place your trade.

I use ThinkTrader (formerly known as TradeInterceptor) to read charts and make analysis, then place my trades on Binary.com. Aside the convenience TT affords me, i have never like the idea of using Binary.com charts since i place my trades there. We need to eliminate any possibility of broker manipulation.

I hope this helps

Breakout spotted in ECHF.

We will wait for price to retrace before entrying

Update: price did not retest our best entry point. So we missed the train

Meanwhile, we just entered this in GNZD

Price already retested our best entry point and we are in the train now. Lets see how it pans out

Updates: Trade won

Trade setup on UCHF

If price retraces to our best entry point, we will enter the trade

I am on this trade on GU presently.

Price retraced to our best entry point and i hopped in.

Lets see how it goes

Update: Second win of the day

Significant breakout now emerged on AU.

Once price retests our best entry point, we will take a rise bet for the end of the hour

Update: trade won.

3 wins today

odimbannamdi:
Significant breakout now emerged on AU.

Once price retests our best entry point, we will take a rise bet for the end of the hour

how much minimum can I use for a start and can I safely apply the martingale strategy to avoid long-term losses?

Lamb101:
how much minimum can I use for a start and can I safely apply the martingale strategy to avoid long-term losses?

If you are going for a straight-bet staking regimen, then i recommend you stake 5% of your capital at a time. This will give you the chance to fight at least 20 times before you lose your account, if your village people is on your case Besides, if you get an average payout of 80% per trade, 5% stake will bring you a profit 4% of your total account. If you make 10 net wins, that is 40% of your account

That said, the minimum stake in Binary.com is 0.5usd, and this sum is 5% of 10usd. So, i will recommend a startup capital of 10usd if your staking regimen is straight-bet based.

Martingale is a different ball-game altogether and there is no hard rule about minimum startup capital and others. Just like you opined, it does make sense in avoiding long-term losses (as it takes at least 2 trades to recoup the loss of a trade and make profit, considering the less-than 80% payout on Binary.com these days), but you have to be able to manage the inherent risks

In Martingale, you need to factor in the win-rate of your strategy, the maximum number of consecutive losses you want your account to be able to cushion before it burst into flames , desired profit per trade. These variables will determine the size of your account and consecutive stake per trade

I personally will recommend that you employ a strategy with a win-rate of at least 60% (based on the high probable assumption that you will incur a maximum of only 4 consecutive losses before your winning cycle kicks in again) and structuring your account to cushion at least 7 - 9 consecutive losses.

I am a Martingale champion, having employed it as a staking regimen in Randoms (now known as Volatilities) on binary.com, odd or even goal market in bet365 and virtual soccer as well. For a little fee, I could help you set up a fool-proof long term martingale regimen that will bring you at least 20% of your capital, all other things being equal

Pls i dont know where to impute booking code on bet365 pls put me through

odimbannamdi:


If you are going for a straight-bet staking regimen, then i recommend you stake 5% of your capital at a time. This will give you the chance to fight at least 20 times before you lose your account, if your village people is on your case Besides, if you get an average payout of 80% per trade, 5% stake will bring you a profit 4% of your total account. If you make 10 net wins, that is 40% of your account

That said, the minimum stake in Binary.com is 0.5usd, and this sum is 5% of 10usd. So, i will recommend a startup capital of 10usd if your staking regimen is straight-bet based.

Martingale is a different ball-game altogether and there is no hard rule about minimum startup capital and others. Just like you opined, it does make sense in avoiding long-term losses (as it takes at least 2 trades to recoup the loss of a trade and make profit, considering the less-than 80% payout on Binary.com these days), but you have to be able to manage the inherent risks

In Martingale, you need to factor in the win-rate of your strategy, the maximum number of consecutive losses you want your account to be able to cushion before it burst into flames , desired profit per trade. These variables will determine the size of your account and consecutive stake per trade

I personally will recommend that you employ a strategy with a win-rate of at least 60% (based on the high probable assumption that you will incur a maximum of only 4 consecutive losses before your winning cycle kicks in again) and structuring your account to cushion at least 7 - 9 consecutive losses.

I am a Martingale champion, having employed it as a staking regimen in Randoms (now known as Volatilities) on binary.com, odd or even goal market in bet365 and virtual soccer as well. For a little fee, I could help you set up a fool-proof long term martingale regimen that will bring you at least 20% of your capital, all other things being equal

oluwaemi:

Pls i dont know where to impute booking code on bet365 pls put me through

I place my bets directly. Kindly ask folks on the betting thread for assistance as this thread is for only Binary Trading

I am.on the verge of gleaning this.

With less than a minute to expiry, it is definitely a win for me.

Won! First win of the day

odimbannamdi:
I am.on the verge of gleaning this.

With less than a minute to expiry, it is definitely a win for me.

Won! First win of the day

You're doing well bro.

Well done

Manweysabi:


You're doing well bro.

Well done

Thanks brother

Set up on GA.

If prices retests our best entry point, we will buy

Lol...i spotted this setup, but couldnt wait for it to retest as i went to sleep almost immediately. Just woke up to see that i would have lost if i had entered the trade, as price ended way beneath our entry point. Luck got me again..

As an after-thought, i am beginning to agree that a region gets stronger if it has been tested at several "groups" of time before eventually breaking. We will add this as a learning curve

Set up on NU.

If price retraces to our best entry point, we will take a rise bet

Update: Trade won!

I am on this trade on GCAD as a learning process.

Lets see if that lone wick that makes up the support region below our breakout candle will allow price run through it

While on the GCAD trade (i regret entering GCAD though) i noticed AU, EA and UCAD had breakouts that were perfect for me so i entered all 3, making it 4 different open positions.

But, a safer method of entering trades when there are several setup positions is to identify those with unique pairs so as to prevent situation of current correlation working against you.

So, in this case, i should have chosen either GCAD and AU or EA and UCAD.

This is a risky move and i wont advise a newbie to try it. I personally wont try it again. But lets see how it all pans out

Update: Just like i feared, Currency Correlation caught up with me. GCAD and UCAD lost, while EA and AU won. I even made the mistake of placing same directional trade on GCAD and UCAD. This is almost same as staking twice on GCAD, Very risky

Major takeaways

Place a trade per time. If you must place more than one trade, do so on on two unique pairs. E.g. UCAD and EA. If you feel so confident of yourself that you want to place trades on pairs with similar currencies, trade in opposite direction as this will act as a sort of hedge.

We just entered this thread on EA.

Lets see how it goes

Update: Trade won!

Ideal breakout setups on ACHF, EA and ECAD.

We will ride on which ever retraces to our best entry point first. If we will place more than one trade, we will very very wary of Currency Correlation

Update: Only ECAD came closest to our best entry point. It dangled a lot around a point very close to our entry point so we increased our entry a little and entered the trade.

Trade was won. First win of the day

Please how do I contact you

odimbannamdi:
Who is riding this with me?

Price broke a significant Support region, but still ended within a Support region, very weak one, albeit.

We will take a fall trade if it retests to our best entry point.

We will watch it

Update: Price came well into our Support region, but did not retest our best entry point. So we couldnt ride on it.

I missed good setups on GN and EN within the last 2 hours.

Something is brewing in EU. but i am skeptical about it because the top wick of the supposed breakout candle is within a strong resistance region.

We will place a trade with half our usual stake and see how it goes

Update: Trade won

Macabs:
Please how do I contact you

You can ask your questions here bro