This is my first post here but I’ve been trading forex for a good few years now.
I’ve written a simple e-book outlining one of the methods I’ve been using recently with success and I’ve attached it below for anyone interested.
The method uses the daily charts - best for those who can’t spend a lot of time in front of the screen. The book is written with the new trader in mind, but anyone who’s looking to use the daily charts more might find it useful too.
It comes with no promises of riches, just an outline of what worked for me and pointers to take it further. Feel free to post any questions or comments about the book here and I’ll do my best to answer them.
I do yes, I keep a trading log of all my trades. I’ve been trading the 8and8 since nov. last year putting my trades on at 10pm GMT and managing them once per day.
I don’t want to give specific numbers. The reason is, if you look at the e-book there are many variables for entering/exiting trades and to post my results would set a false benchmark. Two traders can take two exact same trades and come out with totally different results.
I will say it’s been plenty of pips and I mostly use the 70% ATR trailing stop method for with-trend or what I see as good set-up trades and use small target points for counter-trend trades.
Try it on demo or a micro account for a couple of months - if you’re happy with the results then take it from there. Sorry if you wanted specific numbers but I’ve been on forums long enough to know they don’t do any good.
Hi,
I like your system it is simple and direct- after trying to scalp the Forex I realize the bigger money comes from a longer term view and in so doing less trades and less computer time.Thanks for your input much appreciated.
DM
Here’s a trade I’m in the the moment. Aud/Usd, entry at 0.8244 and looking for it to go up to the double top at 0.8390 again. I’m also short usd/jpy from the 8th. Both are not moving much but in the black at least.
Market’s been choppy lately so bit of a tough time. Looking for a buy cross to get back in on eur/usd and gbp/usd. Wait and see for now.
I found this system to be of interest and would like to try it but unfortunately my charting package doesn’t allow me to put a moving average over the RSI.Any alternative strategy or advice would be appreciated.
I subscribe to a charting service by a company called “Data Signal International”.
Cheers.
Nice trading opp on the eur/cad yesterday netted 80 pips.
I tend to keep the target conservative when against the bigger trend. Also nice support with the double bottom. This made back some losses on the usd/jpy!
I’ve been doing the fozzy on a live mini account for about a month now. I use the absolute orignal method with the bbands. I’ve found this to be a very good system.
My only gripe is when you get a cross candle, the market closes, everything looks good, you place an order, then the trade moves against you and then the rsi crosses again the opposite way. It doesn’t happen all of that much but what it does do is create false “backtesting” results. You can go back through months of trades and most all will look good, but you can’t tell on some of them if they double back quickly after open or not.
I give it a thumbs up though. I use the original method but I only take 10 pip profits on each trade so I even win on some of the trades that double back.
The dotted lines just separate the months - they’re not daily lines. If you want a grid on your chart, right-click on the chart, select properties, click the “common” tab and check the show grid box.
I downloaded the system a few weeks ago. Have been studying and checking out, so far I like it. I downloaded MT4 from North Finance for the charting and I already have an account with forex.com (mini). It appears that the price difference between the two is fairly close. About 1 to 2 pips difference at most when I checked. Is there ever any times when the prices between the two are really out of whack? I guess what I want to know is if I’m watching the charts from North Finance(MT4) but trading with forex.com will I be in for any big surprises?
I have been trading though forex.com and using MT4 too, 1 or 2 Pip diff does not bother me. This system works for me, seem to be winning more trades than loosing.:rolleyes: Time will tell, every system has its loosers. Have not had any yet.
Take a look at the chart below to see how the 70% ATR channel kept us in a recent GBP/JPY upmove. Long signal got us in at the green circle on the chart. That’s the way to stay in a strong move. Doesn’t happen a lot but feels good when it does - (actually DOES happen quite a lot on this pair).
For tomorrow, looking at the GBP/USD daily chart to get in short if it can push a little lower and give us a cross. Target either the 50% retrace line of the recent upmove at 1.9820 or the 28EMA a little higher. A 70%ATR stop here would put us above recent highs.
Just how I’m seeing it, make your own trade decisions.
I didn’t take that trade as the cross didn’t form, instead made a blue hammer and an invitation to get back in on the uptrend.
I posted what I might be doing IF the cross forms to give help in what to look for before the candle closes but it’s suicide to go short when there’s no cross and the daily is blue.
But anyway, glad you’re finding it useful in general and keep posting your experiences.
I’ve been asked to post more of my trades so here’s one I took at the open today, GBP/CHF.
I like it as I’m rejoining the main uptrend and, as the chart shows, the price has spiked down only to retrace - fib levels penetrated but not closed under plus we’re on the right side of the 28EMA. Stops placed at 70% ATR. No t/p set, will monitor closely and see if price stalls.
Note: these are just my ideas, not trading advice - always make your own decisions.
