Made 1000 pips last week using my trading systems

Trading Systems Free Forex Trading Systems
344

i read all chapters in this site.
but still some confusion plz would u help me??
i dont know how to draw trend lines n channels
i m sending u 2 charts plz tell me
how can i draw trend lines and channels in both of these graph
mention rate to take position
hope u will explain this to me so that i can do it myself

Copy of eur.jpy.bmp (626 KB)

Copy of gbp.usd.bmp (550 KB)

346

Closed with 10 pips of profit. Not much. But still something.

347

Ya, it went were I predicted. Of course, I am out. Unfortunately only 10 pips this time. :smiley:

348

Waiting for US data. Looking most at eur/usd. If it goes down 1.3423 or 1.3410 would be take profit zones.

349

Boring. Removed the orders. Guess more action could be next week. Unless the pair breaks through 1.3489 my trading week is over. Around 500 pips of profit. :eek:

350

So, no trade on friday. Wednesday and Thursday 37 pips. Monday and tuesday were much better. Did a small video on that. Lots of manipulation in the market recently. Second Sunday some pairs open with huge gaps. Now gbp pairs have huge gaps.

351

So, just look at cad pairs and say whether my news trading system works or not. I bet it does. Splendidly.

352

What time frames do you use?
What indicators do you use?
What are your entry/exit requirements?

Sorry if this is already written in this thread, there was too many pages to look at.

Thanks

353

No problem. My favourite time frames are 4 h, 1h and 15 min charts.
Indicators. They do not play very important role in my trading. I like RSI 14, 200 sma and 8/21 ema.
Entry/exit requirements are too long to explain. But here they are:

  1. Identify which piece of news you are going to trade. A beginner should choose only that which is of high importance. (go to DailyFX - Currency Trading News, Forex Trading News, FX News, Forex News and see which news if of high importance) Sometimes news of medium importance also creates big moves, but there is too much to explain when I trade news of medium importance how much I risk, how many positions I take.
  2. Identify support and resistance places. I call them channels. I use 4hour candles to determine those and then check if I need to move my lines on 1 hour and 15 minute charts. There are different kind of channels. Horizontal, rising, falling. In each case your support and resistance lines would be identified differently.
  3. Decide which currency pairs have the best channels. Not too big distance support from resistance.
  4. Draw those lines 2 hours before the news. Do not place any orders yet.
  5. Come back to your charts 30 minutes before the news and see if you have to modify channels. Maybe they are already broken.
  6. If they are broken modify them. Decide where you place your sell and buy orders. Decide where you place your stops. Sometimes I place only buy or only sell orders as sell area or buy are is too far away. Decide where you take profit. First position should be closed to the nearest support or resistance. Do not place orders yet.
  7. When you have 3-4 minutes left place the orders first that are further from the price. When you finish that place orders that the price is closer to. (If price is closer to resistance you place your sell orders first. Below support. And vice versa).
  8. When news hits the market one of your orders are opened move stop below/above 15 minute breakout bar as soon as you can. I do not always do that .
  9. As the price moves, move your stops placing them either below 15 minute candle bars, or 1h/4h candle bars. Too much to explain which rules I follow for moving stops.
  10. You either exit the position when your t.p. is triggered or when your stop is hit, Which is most probably in the plus zone already.

so much so far.

Best regards,

fibo777

354

Hope to do a video about monday and today trading tonight.

355

Ahh, but how will you know which direction the news will send the charts?
Also what if there isnt much news that week?

This has been helpful though.
Thanks again

356

I do not know which direction the news will send the chart. I just follow the market. I am ready to go any direction with limit orders. The more important question is which news can affect the market most. And that is more difficult to do. If there is no news I have other methods to trade the markets.
Technical stuff.

357

395 pips for monday and tuesday. Most of it from today’s cad news. 70 pips from a technical trade gbp/jpy on monday. Done a video on that already.

358

traded gbp news on gbp/jpy. - 11 pips. :cool:

359

Some good profit on gbp news. traded gbp/chf. :smiley:

360

good going man!

361

Thanks. Same to you.

362

How long have you been trading and would you think about using and or designing an expert adviser? I am looking at all of my options right now and have come across something new… FOREXRUSHAB. Does anyone know anything about this EA and what have your results been?

363

I have been trading since April, 2004. Have not thought of using or designing an expert adviser. Do not know anything about the site you mentioned. Maybe other folks can say more about it. Generally I tend to rely more on my own experience in trading and not follow somebody advice. Although I read quite a lot about other people experiences in trading. Especially succesful ones. :slight_smile: And not so succesful, from time to time.

364

As I said in my today’s video, I entered gbp/jpy breakout at 145.10. Looking to some 146.90 level for take profit.