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AUDUSD 15 mins (+30 pips)

Was going through Rob Booker’s strategy again. Perhaps I’m doing it all wrong. Perhaps I’ve missed out some cues.

Here’s what I deduced I was doing differently from him:

1) NO mention about confirmation of reversal around the EMA 62 was mentioned.

– More agressive when it comes to price entry. Hence a typical 25-30 pip target is more attainable (according to him).

2) Trailing stops to be used.

– Reduction of losses to below 2%/trade if price goes against you in the middle of the trade.

3) Lowest time frame recommended by RB is 15 mins.

– Less signals, i suppose quality improves? I did find that even though I had set my FXCM trading account to email me alerts of crossovers, due to the sheer volume and frequency of crossovers, I was not really making decisions from the alerts I received. This kind of defeats the whole purpose of setting alerts??

So. This is what the REAL Rob Booker 5/13/62 EMA trade will look like on the AUDUSD 15 mins:

I can’t say that I am not swayed about the effectiveness of this just because I made a 30 pip profit. But supposedly both signals were taken, that would have made about 50 pips in total. Awesome eh?

I believe the essence of doing it this way is that through experience, one could eventually filter away times to NOT take a signal. This will effectively increase the quality of trades. Also since it is slower than the 5 mins chart, one will not get whipped out so often in a shitty market like the past 3 days and still be able to execute high risk reward trades because of the trailing loss.

The ultimate goal RB is trying to put across is still execution without emotions. Execution without hesitation. Knowing is winning half the battle. Doing it is what matters.

So that wasn’t that bad. Brings week 3’s results up to -15 pips after this 30 pip win. Effect of winning more when you are right and losing less when you aren’t.

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