My e-book for trading daily charts - have a read

[redrum]

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.

[paulfx]

Hi michaeldunbar!

I was just wondering how did you draw the daily lines (doted) in your MT4 template?
Thanks !

[michaeldunbar]

Originally Posted by paulfx

Hi michaeldunbar!

I was just wondering how did you draw the daily lines (doted) in your MT4 template?
Thanks !

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.

Regards
Michael

[deecee]

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?

Thanks,
Dave

[richrichie]

Hey Deecee

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. Time will tell, every system has its loosers. Have not had any yet.

Richrichie

[michaeldunbar]

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.

Michael

[richrichie]

Hey Micheal

Looks like the gbp/usd turned on us at the close. OUCH!!!!!!

Still have the odd loosers with this system but its still a good system, dont have to watch it all day

[michaeldunbar]

Originally Posted by richrichie

Hey Micheal

Looks like the gbp/usd turned on us at the close. OUCH!!!!!!

Still have the odd loosers with this system but its still a good system, dont have to watch it all day

Richie,

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.

[michaeldunbar]

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.

[Josef Benjamin]

Thank you for the ebook! just scanned it, will be reading it in detail after a good nights rest