No worries - I wouldn’t call it insight exactly I’m still very new at all this.
I’ve attached an image of a daily chart with the crossovers I will and won’t take. s the trend channel is heading down I will only take short trades.
Sure I’ll miss out on some nice upward moves but that’s why I look at all the pairs I do as the trend channel effectively filters out 50% of the EMA crossover signals.
I’m trading live with GFT and demoing on MT4 with One Financial because Alpari doesn’t support all the pairs I want to trade.
I’m trying to get the signals and indicators for this system to work in Dealbook360 (GFT platform) but it looks like I’m gonna have to start potting the trend channels myself - which I suppose isn’t exactly a bad thing :rolleyes:
This is very 9-5 friendly this system. the pips gained per hours spent trading are very good. Say if you spend 1.5 hours a day trading then 2.5 hours on the weekend reviewing trades and picking out the watchlist and average 500 pips per week that’s about 50 pips/hour.
Then you can assign a growing and compounding $ amount to each pip you make and it get’s quite exciting
Many thanks for your experince you share in this forex community.
Now i have $200 in my live account. May i ask may be i can be using this signals on lower time frame with small lot for a scalping trading with small small profit.
Pls tell me the best indicators i can be using to trade this my account seize.
I haven’t tried that one for a while and I don’t day trade. That was FF who posted that system (like this one) before he moved to daily charts as well.
Here’s an interesting and popular day trading system:
i looked at lots of pair as well but some of them tend to move the same pattern… eg. gbpjpy and eurjpy
it will be great if the directions are on profit but if i lose, i’m going to lose both of the trades… have you had this problem before?
Yeah this is why I started a thread about developing a fundamental system to add to this. Just something to quickly try and get an idea of what a certain currency might do over the next week or so based on recent news/performance as well as upcoming news and forecasts.
We want to know that as well as a strong technical signal that there is a nice strong/weak relationship that supports the direction we’re trading in.
Last week was good because I was short on GBP and EUR which both have been floundering recently and from what I can see don’t even get stronger when positive news comes out.
I have real problems understanding JPY and almost skip any pairs to that involve it at the moment except for the USD/JPY I took last week just because the other currency was USD.
This afternoon I’ll have a look at the pairs and build a watchlist then go to the daily economic roundup section and see if that can help deduce and strong/weak pairs that will make the technical signals any stronger.
I know some people might think I’m overcomplicating this system but for me I want to do everything I possibly can to maximise the chances of taking a winning trade.
I’m going to trade live this week as well as on a demo.
EDIT I forgot to mention commodities and correlations as well. If we see a cross trade - ie gbpjpy we can see how they have both fared against USD this last week. Just off the top of my head if the signal for this was long GBP I’d not take it, if it was long JPY and short GBP I’d jump on it.
But then again it’s JPY which I don’t feel comfortable with.
Now I shall do the last bit of work I need to do today then learn about the COT report
This is the site I read that helped me understand swing trading and using trend channels a lot better:
swingcurrency.com - I think it’s written by someone from babypips as the images used for market hours are the ones from the babypips school
Also this is an indicator for managing take profits and trailling stops etc. So when I have more than one position and more than 1 T/P I’ll use this to close position 1 at T/P 1 and move the S/L on position #2 and trail it by x amount of pips:
Well I’ve had a look through all the pairs and I’m not seeing anything that jumps out at me. A few semi-OK looking ones but that’s not solid enough.
It look slike some of the good moves from last week that I caught are still going to play out a bit longer.
I’ll have to check again tomorrow morning and throughout the week for some good trades. Not going to try and force them.
Of all the pairs I can see NZD/JPY looks like it’s moved already too far as the WMA’s crossed a few days ago. It look slike it could go a while yet but if I entered now I’d have to place my stop about 210 pips away which would mean T/P#1 would need to be around 450 pips… on a JPY pair.
Think I’ll chill for a bit and see what happens during the week. So far on the radar:
[ul]
[li][B]USD/JPY - long[/B] - already in this one on the demo, will check fundies to see if it’s looking promising for a live trade.
[/li][li][B]USD/CAD - long[/B] - if it turns, maybe a crossover in 2 or so days? stochastics oversold
[/li][li][B]NZD/USD - short[/B] - could be a good one in a day or 2
[/li][li][B]AUD/USD - short[/B] - could be good in a day or so, stochastics overbought.
[/li][li][B]AUD/CAD - long[/B] - just exited this one manually after it doing almost nothing all last week… Oil vs Gold - fight fight fight!
[/li][li][B]NZD/GBP - short [/B]- possibly mini trade for about 100 pips or so, crossover imminent.
[/li][/ul]
Of those I quite fancy the USD longs - [B]USD/JPY, USD/CAD, NZD/USD, AUD/USD[/B]. Gosh - the scalpers are going to accuse me of making a “de-facto bet” if I take all those this week
Apparently the dollar is supposed to be running out of steam but I’ll believe that when I see it.
Let’s see what happens tomorrow morning
In the meantime, I’ll be watching this post very carefully:
i see… that’s what i’m trying to avoid to analyse the fundamental news. … for me, it’s very subjective to perceive the outcome of the news and one need lots of times and depth understanding abt the fundamental news…
apparently at some point one has to know the news to b successful trader…
anyway, i don’t think i have time for the news & the truth is i’m real bad in this (lol) so i think i will just stick to the mechanical entry… lets see how it goes nxt week…
how do you determine yr profit? do you use fino or S&R? or you use the cowabunga profit taking method to the nearest 00 or 50?
i assume you set ur SL at previous high and low… then your take profit at SLx2. so, if you have a SL at 200pips then ur profit target would be a massive 400pips… is that right?
i used to trail stop loss of 75pips without any profit targets but it didn’t work v. well…
Trying to go for too many pips didn’t work out well and was making this system fail for me. You can do both with 2 positions in the same trade. Set a conservative T/P at S/L x 2 for position 1. When the trade has moved a certain amount of pips in your favour (say breakeven + 100) move the S/L for position #2 to breakeven and trail it by 50-75-100 depending on stuff like how near the trend line, stochastics, ADX etc.
That way you always get your risk x 2 (in a successful trade) [B]and [/B]you can ride the move for more pips as well.
The asian session looks to have changed the direction of some of the trend lines. I’m now looking at:
NZD/GBP - short
GBP/CAD - long
GBP/AUD - long
AUD/USD - short
USD/CAD - long
NZD/USD - short
So that’s a few long GBP :eek: :eek: as well as a reversal of the AUD/GBP that did me so well last week.
Just checked the news for today:
varies CAD Canadian Markets Closed for Family Day
varies USD US Markets Closed for Presidents Day
Gonna be a quiet day, no trades this morning - will wait and see what happens by this evening and do some fundamental analysis on GBP, looks like it’s possible long GBP and USD this week
