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BONIFACE TRADING JOURNAL

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This topic contains 60 replies, has 4 voices, and was last updated by Boniface Akhuiwu Boniface Akhuiwu 3 weeks, 1 day ago.

Viewing 40 posts - 1 through 40 (of 61 total)
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  • #95476
    Boniface Akhuiwu
    Boniface Akhuiwu
    Participant
    • Topics: 1
    • Replies: 99

    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
    Boniface Akhuiwu
    Participant
    • Topics: 1
    • Replies: 99

    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
    Ben Aqiba
    Participant
    • Topics: 2
    • Replies: 1379

    Hi Boniface,

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

    #95490
    Boniface Akhuiwu
    Boniface Akhuiwu
    Participant
    • Topics: 1
    • Replies: 99

    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
    Boniface Akhuiwu
    Participant
    • Topics: 1
    • Replies: 99

    Thanks Ben

    #95501
    Moaied Suhail
    moaied suhail
    Participant
    • Topics: 1
    • Replies: 575

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

    #95512
    Boniface Akhuiwu
    Boniface Akhuiwu
    Participant
    • Topics: 1
    • Replies: 99

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

    Thanks

    #95519
    James NM
    james NM
    Participant
    • Topics: 0
    • Replies: 37

    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
    Boniface Akhuiwu
    Participant
    • Topics: 1
    • Replies: 99

    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
    Boniface Akhuiwu
    Participant
    • Topics: 1
    • Replies: 99

    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
    Ben Aqiba
    Participant
    • Topics: 2
    • Replies: 1379

    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
    Boniface Akhuiwu
    Participant
    • Topics: 1
    • Replies: 99

    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
    Boniface Akhuiwu
    Participant
    • Topics: 1
    • Replies: 99

    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
    Boniface Akhuiwu
    Participant
    • Topics: 1
    • Replies: 99

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

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    #96194
    James NM
    james NM
    Participant
    • Topics: 0
    • Replies: 37

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

    #96195
    Boniface Akhuiwu
    Boniface Akhuiwu
    Participant
    • Topics: 1
    • Replies: 99

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

    Yea, it’s possible

    #100399
    Boniface Akhuiwu
    Boniface Akhuiwu
    Participant
    • Topics: 1
    • Replies: 99

    AUDCAD monthly

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    #100406
    James NM
    james NM
    Participant
    • Topics: 0
    • Replies: 37

    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
    Boniface Akhuiwu
    Participant
    • Topics: 1
    • Replies: 99

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

    #100523
    James NM
    james NM
    Participant
    • Topics: 0
    • Replies: 37

    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

    #100535
    Boniface Akhuiwu
    Boniface Akhuiwu
    Participant
    • Topics: 1
    • Replies: 99

    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

    James I got what you mean on AUDCAD weekly. Don’t worry about it. AS Chris said middle band is a tricky area to trade. And also he said sometimes when setup gets to middle band if fools around it. Check the daily. Bollinger Bands are already and gradually pointing down. Setup has been established and there is sometimes retracement move. I think I said in the journal that my first position on NZDJPY long triggered my SL. And I said I waited to get entry again using lower band rejection. Why did I wait and get in again? It’s because the strategy has already established a bullish setup and will most likely obey. But it was hit by retracement. I got in again and close the position before the US election with over 400 pips, then get in again, the third time. Am still bullish in it.

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    #100537
    Boniface Akhuiwu
    Boniface Akhuiwu
    Participant
    • Topics: 1
    • Replies: 99

    If anyone fails me it will be on record and find out why. The ones I did not take, but recorded them down are still doing welly. I was already in NZDJPY before some JPY begin to form according to the strategy. GBPJPY is an example.

    #100538
    Boniface Akhuiwu
    Boniface Akhuiwu
    Participant
    • Topics: 1
    • Replies: 99

    If anyone fails me it will be on record and find out why. The ones I did not take, but recorded them down are still doing well. I was already in NZDJPY before some JPY begin to form according to the strategy. GBPJPY is an example.

    #100539
    Boniface Akhuiwu
    Boniface Akhuiwu
    Participant
    • Topics: 1
    • Replies: 99

    James, GBPCAD, long is also not moving well because of the weekly middle band. Bullish candles line up along middle band.

    #100554
    James NM
    james NM
    Participant
    • Topics: 0
    • Replies: 37

    you are right boniface about GBPCAD seems mb on weekly is rejecting the price breaking thru

    #100557
    Boniface Akhuiwu
    Boniface Akhuiwu
    Participant
    • Topics: 1
    • Replies: 99

    It will finally break above, am so sure

    #100615
    James NM
    james NM
    Participant
    • Topics: 0
    • Replies: 37

    will wait until it generate another setup

    #100617
    Boniface Akhuiwu
    Boniface Akhuiwu
    Participant
    • Topics: 1
    • Replies: 99

    will wait until it generate another setup

    yea, Forex is a game of patience.

    #100618
    Boniface Akhuiwu
    Boniface Akhuiwu
    Participant
    • Topics: 1
    • Replies: 99

    I see explosive trade coming on the way in AUDCHF and it’s correlated pair, EURAUD. This is because both weekly and the daily are rejecting both upper and lower band. They’re moving sideways. Am monitoring them with eagle’s eyes.

    #100635
    Boniface Akhuiwu
    Boniface Akhuiwu
    Participant
    • Topics: 1
    • Replies: 99

    AUDNZD is completely trapped.

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    #103865
    Boniface Akhuiwu
    Boniface Akhuiwu
    Participant
    • Topics: 1
    • Replies: 99

    A very strong continuation trade setup yesterday. Is the pair really ready to break the monthly now?

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    #103875
    James NM
    james NM
    Participant
    • Topics: 0
    • Replies: 37

    Am also waiting for support level breakout on monthly but the market is its kind of ranging i.e bb lines are horizontal

    #120999
    Boniface Akhuiwu
    Boniface Akhuiwu
    Participant
    • Topics: 1
    • Replies: 99

    Few hours to the end of today market close EURUSD again closes below lower band. more bearish days ahead.

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    #121004
    Moaied Suhail
    moaied suhail
    Participant
    • Topics: 1
    • Replies: 575

    yep your position nailed it Boniface, all the price ups and downs lately payed off.

    #121026
    Boniface Akhuiwu
    Boniface Akhuiwu
    Participant
    • Topics: 1
    • Replies: 99

    yep your position nailed it Boniface, all the price ups and downs lately payed off.

    Power of patience

    #121229
    Boniface Akhuiwu
    Boniface Akhuiwu
    Participant
    • Topics: 1
    • Replies: 99

    GBPNZD ready to fly now base on my strategy. The weekly has finally closed above the middle band. The weekly candle would be used for my SL. Though the weekly SL is wide, it can withstand strong retracement, before it finally moves in the direction. Am using another platform, because I have been in long position in NZDJPY and has been moving accordingly. The 6th November strong move on the weekly was stopped by the middle band and so the daily, though closed for two days above the upper band, could not make any move on the daily because of the weekly middle band.

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    #121233
    Boniface Akhuiwu
    Boniface Akhuiwu
    Participant
    • Topics: 1
    • Replies: 99

    EURUSD bullish move on the daily could be just a profit taking and nothing more. The bears would be back and stronger. There was already a continuation trade setup on 8th October, the red mark. Also the daily, after up and down movement, has again closed below the lower band. According to our great master, Chris, when candles have been moving sideways and finally closed below lower band it shows that the downward wants to continue.

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    #121239
    James NM
    james NM
    Participant
    • Topics: 0
    • Replies: 37

    hi boniface good work your doing am waiting for market opening also to either go long on GBPAUD OR GBPNZD but for the latter i will not because am already short on NZDUSD

    #121241
    Boniface Akhuiwu
    Boniface Akhuiwu
    Participant
    • Topics: 1
    • Replies: 99

    hi boniface good work your doing am waiting for market opening also to either go long on GBPAUD OR GBPNZD but for the latter i will not because am already short on NZDUSD

    Thank you. You’re doing great. Chris has given us eagle’s eyes to spot trade setup. Am already short on AUDUSD in another platform and it’s doing great.They’re all based on the same strategy. Happy Sunday.

    #121242
    James NM
    james NM
    Participant
    • Topics: 0
    • Replies: 37

    do you trade NZDCHF if so is the weekly bearish engulfing strong for short

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