Its Update Time!
I know this isn't a very popular method because most FX traders are looking for a systematic do A, B, C, and you make pips approach with indicators, but for those still interested in something that isn't subject to the problems those indicators bring up (fake outs, bad signals, entering after the move has taken) here are some more setups and information.
First and foremost, i've done some backtesting further with PSAR and some other indicators and MA setups to see if there was a better, more profitable way to establish trend bias but I came back to what i've been using. Whatever you gained on one setup was lost on the next, so the indicators remain the same. I've even pulled the JTHMA's off my 60 and 240 min charts as they were doing more harm than good. It is VERY important to realize that the grids have superiority over any ma value out there. If price respects the grid, you had best do the same regardless of trend.
The following uploads are the daytrade setups from Friday. You'll note that most of the plays were off the news reaction swing in the morning with Non Farm Payroll as it was announced in the U.S. Markets. I just played the pullbacks that signaled as necessary. They all worked out for at least 1:1 assuming you entered at the open price where the arrow is and set your stop 1 pip above 85%. Please note that on the AUDCAD setup I did not draw the grid from the swing high proper, but from the swing high of the news announcement. I have found that many times the markets respect the grids of major news announcements primarily than any other swing. If you had draw it proper it wouldn't have hit an exact 62% retrace. If thats the case and you want to keep things simple, oh well, no signal, no profit, no big deal. Move on to the next.
Also note that all the trades were just with the trend 100%. The GBPUSD trade was a bit more "sketchy" and because it had been sitting on top of the 89 EMA I took profit at the 89 EMA expecting that it could bounce from there. That is just the discretionary aspect of trade management. I decided to play it better safe than sorry in that instance.
Next up... Current swing setups and some more on grid measuring.
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