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

[michaeldunbar]

Hi,

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.

Cheers,
Michael

[mike1349]

Originally Posted by michaeldunbar

Hi,

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.

Cheers,
Michael

Hi Michael,
I was wondering do yo have any record of pips you,ve earned or lost?
Thanks
Mike

[michaeldunbar]

Originally Posted by mike1349

Hi Michael,
I was wondering do yo have any record of pips you,ve earned or lost?
Thanks
Mike

Mike,

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.

All the best
Michael

[michaeldunbar]

Thought I'd bump this up to the first page again as people seem to be finding it useful.

I'll post some charts in the coming days of trades I'm in.

If anyone wants to start a dialogue about the method - I'm here.

Michael

[n_aftab]

hi,

I`ve read through it, looks good, you get a thumbs up from me!

look forward to the charts

Cheers

N

[darkmonk]

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

[michaeldunbar]

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.

Just my own plans.

[mustang]

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.

[n_aftab]

try metatrader, its free and is the same as above.

[michaeldunbar]

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!