[QUOTE=“jayboii478;724121”]BIG news guys!! I think I might be having a break through with the cross over! What I mean is, by using a daily trendline/ weekly trendline. I place my trendline on the daily chart and confirm it lines up with the weekly as best as it can, wont always be perfect though. Then I find a support and resistance area around there that is a major one on the daily chart, that also confirms on the weekly chart. Then once the price touches that trendline that has a support/resistance area near there, I look for a entry on the crossover, As long as it is going with the trend, and the 200 EMA is agree ( being for long price is above or for short price is below 200 ema. ). So far reviewing it, it seems quite powerful all together. it does add some to the system, but it does filter out some more false signals, because you now have a direct area you are looking at for that crossover. IF PRICE is below the trendline on a uptrend, I stay away from it, unless it is coming up on say like the 200 EMA or a very strong support zone ( weekly support zone that is a major one is a good example ) for best accuracy… and if price is ABOVE a trendline on a DOWNTREND than same rules apply but it would be a strong resistance area instead. Also be careful with correlated pairs, some pairs you would not expect to be correlated, for example the USDCAD and GBPNZD are correlated, like what lol, that is just doubling your risk if you trade 2 pairs that are correlated! https://www.mataf.net/en/tools/01-01-correlation great place to find out what pairs are correlated[/QUOTE]
Been looking at correlation and instead of shying away I’m just more aware of it. Think the bigger risk is when u guessing ur trades and not aware of major news coming. My view at least
[QUOTE=“jayboii478;724324”]<img src=“301 Moved Permanently”/> <img src=“301 Moved Permanently”/> Those are 2 screen shots of the GBPCAD on the daily chart, one is a clean chart, the other is the set up one with the trendline and support area for the daily/weekly area. Once price would hit that area I would look for a entry on the 1 and 4 cross to go long. Ignore the current order on my chart. Happy trading Jason[/QUOTE]
So weekly support as well as daily support on the daily chart?
[QUOTE=“jayboii478;724694”]FRom earlier in the week : GBPNZD +100 pips NZDUSD +120 pips yesterday-today EURCAD +120 pips EURNZD + 50 pips. SO far so good, how is everyone else doing>?? Happy trading :46: Jason[/QUOTE] brilliant!!!
Well yes, what I mean is that, I go to the daily chart and find strong support or resistance, then I look to see if it matches up properly with the weekly S/R level, if it doesn’t, I take a S/R from the weekly but leave the daily one too, because sometimes the weekly can be 500 pips away and the daily is 150 pips away lol. But it works best when daily and weekly S/R line up, it wont always be to the pip, but as long as it is very near that area, there might be a difference of 20, 30 or even 40 pips but for daily and weekly charts that’s not much.
For the trendline, I make a trendline on the daily chart, then I see how it lines up with the weekly chart, if it lines up nicely then you got a strong trendline, but if its way off on the weekly, make a trendline on the weekly and see how it fits the daily chart, sometimes for me what happens is I make the trendline on the weekly chart, go to the daily chart and its off a little on my daily chart ( not on candlesticks kind of floating or halfway through a candlestick etc… ) , so I move it into place on my daily chart then that trendline lines up with the daily an weekly. It will be off slightly on the weekly chart but it will line up overall.
Then once price hits the area that intersects with the trendline and S/R level, I look for a crossover, or if it has already happened and price is hitting that area, I enter when price touches. but that is only if the crossover has already happened.
All trades still ongoing at the moment. Haven’t move S/L to BE yet.
Earlier on this week, I learnt a lesson. And that is to never enter until the MAs cross. I got in early due to temptation thus resulting in a few pips loss. I assumed that the MAs will cross just because they are touching each other but then again, the markets can change.
My advise: Stick to the plan. Don’t deviate from it. The filters that are included here are excellent enough.
Morning all,
glad to see that this strategy is still working wonders. I have not been able to do much trading these last two weeks due to work. I do however, monitor the posts and feedback provided in this thread.
Continue to keep up the good work.
My work disrupts my trading performance too. That is why even though the strategy is positive, it is not as consistent when I’m busy. All the best to you too David!
Indeed there is a weekly trendline there! Very good job! Price has broken below the trendline on my chart though on the weekly chart ( it could be different for you depending on what timezone you use for your candlesticks ). So i would wait for price to close above the trendline ( if it did close below for you too on this week ) on the daily chart, then i would look for entries. But well done spotting the trendline, it is a good pair to keep a eye on for the week ahead, it will be on my radar!
Yes it close below for me too. Are you looking to long or short if that is the case? Because it seems like the MAs are gonna crossover to the long side
I will look to long only once price closes above the trendline on the daily. Then I’ll look to long on the MA cross. A short looks riskey at this point in the game.
thanks jayboii , nice monday for me ,i hold some positions from friday to this monday ,monday is alway a busy day for me, so i set a short T/P because i can’t watch charts during my day job time , and here is the result
