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BONIFACE TRADING JOURNAL

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This topic contains 51 replies, has 4 voices, and was last updated by  Boniface Akhuiwu 2 weeks, 4 days ago.

Viewing 20 posts - 1 through 20 (of 52 total)
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  • #95476

    Boniface Akhuiwu
    Participant
    • Topics: 1
    • Replies: 111

    I wish to hereby have my trading journal, where I will be sharing some trade setups/analyses with members. I have been sharing and analyzing here and there, but now decided to have all my analyses in one place – my journal. I will be sharing even the ones I will not be taking, even though they meet my entry point to avoid overtrading. I have been backtesting a strategy that has been working so well, but requires patience as usual. As I have said earlier, I have been backtesting this strategy with “Seven” platforms. This is to avoid placing all that met the entry point on one platform. Overtrading would certainly mess up my aim – catching a trending pair right at the beginning. It works more when market is not trending strongly and it’s about to break away from sideways. I back it with some charts. A picture is more than a thousand words.
    Here comes the strategy. When the pair is not trending, you have to be patient and wait. Monitor the movement of both the weekly and the daily charts. ” If the weekly is either closing/has closed above the Middle Band strongly and at the same time the daily successfully closed above upper band, then we know that a strong uptrend is starting”. Opposite is the case with downtrend. I wanted to back the strategy up with my equity curve. That would come later- no need of delaying sharing the strategy. I will share my equity curve later. Here comes the charts.

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    #95485

    Boniface Akhuiwu
    Participant
    • Topics: 1
    • Replies: 111

    Please the white chart was a mistake and could not delete it by editing. Only the green charts.

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    #95489

    Ben Aqiba
    Participant
    • Topics: 2
    • Replies: 1216

    Hi Boniface,

    I wish you all the best in your trading and in your journal .

    #95490

    Boniface Akhuiwu
    Participant
    • Topics: 1
    • Replies: 111

    When sL is triggered during retracement, don’t worry. Wait for lower band rejection for bullish position. My initial position was triggered on NZDJPY. I got in again when the candles rejected lower band and I got in again. I closed this position with over 400 pips before US election. I got in again after the election. The I got in again in NZDJPY is the fact that this strategy has already established trend beginning, but was unfortunate to have been hit by retrecement. My NZDJPY is still on. EURUSD short still running; AUDNZD long still on; My new position with this strategy is GBPCAD long.

    #95491

    Boniface Akhuiwu
    Participant
    • Topics: 1
    • Replies: 111

    Thanks Ben

    #95501

    moaied suhail
    Participant
    • Topics: 1
    • Replies: 438

    good going Boniface, and thank you for sharing… we will support.

    #95512

    Boniface Akhuiwu
    Participant
    • Topics: 1
    • Replies: 111

    good going Boniface, and thank you for sharing… we will support.

    Thanks

    #95519

    james NM
    Participant
    • Topics: 1
    • Replies: 71

    Hi boniface good job your doing aah your long on GBPCAD and i see on weekly its below MB what if it get rejected

    #95521

    Boniface Akhuiwu
    Participant
    • Topics: 1
    • Replies: 111

    If you check with my analyses you would observe that according to my strategy 6th November was closing above the Middle Band and the daily, 1oth November successfully closed above upper band. That was where I got in. It only retraced. My SL is not triggered yet. You would also observe that I used the weekly bullish candle. When I use the weekly chart to set SL I significantly reduce my lot size. I use to run away from any setup on weekly and monthly. I was really missing some valid setup. Until Chris answer my question I asked. He said when setup is made on any TF he takes positions on the same TF. I thought that the SL on the weekly will be too much on my account, and so I have resolve to always take the weekly and then reduce lot size. They’re doing well. Here are some:

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    #95526

    Boniface Akhuiwu
    Participant
    • Topics: 1
    • Replies: 111

    Hi boniface good job your doing aah your long on GBPCAD and i see on weekly its below MB what if it get rejected

    Get rejected and SL triggered? I will share later how to recover loss when SL is about to be triggered using “Buy Stop” and “Sell Stop” Order. I have been practicing and backtesting it also. If I had knew this strategy also my NZDJPY would have recovered the loss and made profit also during retracement. I used it with my last position on EURCAD. After entry short position on EURCAD, all of a sudden a strong Dragonfly/Pinbar formed. I did not close my short. I hedged it with Buy Stop order. It really magnified my account.

    #95528

    Ben Aqiba
    Participant
    • Topics: 2
    • Replies: 1216

    When candlestick is break upper band, it means bulls are strong, but it also means the price could retrace. The best setups are when bulls break upper band, and next candlestick closed with strong Bearish body.Trend will not change so easily,and you should wait to trend become exhausted to enter.
    Also, you have the solution to find support/resistance level, or line in lower time frames when you locate setup in higher time frame, and enter after breakout.

    #96068

    Boniface Akhuiwu
    Participant
    • Topics: 1
    • Replies: 111

    All the bands are risky sometimes. When bullish candle closes above upper band, one can get in only to be ambushed by strong bearish candle forming Bearish Engulfing/Dark Cloud Pattern. Opposite is the case with bearish candle which closes below lower band. Bullish Engulfing/Piercing Line can also ambush our position. No place is 100% safe with bollinger bands. With same entry point on CADJPY, CHFJPY and NZDJPY. NZDJPY triggered SL when it strongly retraced, while the others continues without retracement.

    #96087

    Boniface Akhuiwu
    Participant
    • Topics: 1
    • Replies: 111

    Since 30th November,2014 this pair had not been able to close above upper band weekly. This time it has done it. I believe the Bank Of Japan ( BOJ ) should be happy now, since it cut into negative interest rate. BOJ had really desired to weaken the Yen. This, according to analysts, is great for their exports. After cutting into negative interest rate the Yen was still strong to the extent that market was expecting/speculating using Helicopter Money to weaken the Yen. But this never happened.

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    #96183

    Boniface Akhuiwu
    Participant
    • Topics: 1
    • Replies: 111

    NZDJPY is closing above middle band on the monthly chart. Am still riding on it.

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    #96194

    james NM
    Participant
    • Topics: 1
    • Replies: 71

    NZDJPY is trending strongly lucky you boniface but is it possible for middle band retesting

    #96195

    Boniface Akhuiwu
    Participant
    • Topics: 1
    • Replies: 111

    NZDJPY is trending strongly lucky you boniface but is it possible for middle band retesting

    Yea, it’s possible

    #100399

    Boniface Akhuiwu
    Participant
    • Topics: 1
    • Replies: 111

    AUDCAD monthly

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    #100406

    james NM
    Participant
    • Topics: 1
    • Replies: 71

    AUDCAD monthly setup shows good setup but the bb lines are pointing up and also the bearish c.s has a considerable lower shadow

    #100438

    Boniface Akhuiwu
    Participant
    • Topics: 1
    • Replies: 111

    There is already a good trade setup base on my entry point. The monthly added more confidence

    #100523

    james NM
    Participant
    • Topics: 1
    • Replies: 71

    Boniface let me ask you what if the first candlestick in weekly breaks the middle band then second rebroke again and third one breaks it, like the case with AUDCAD weekly do you still consider it good to go

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