Sorry for the late response. Yes, I use both at the same time. This is effective because it helps you identify false signals. Sometimes all indicators corresponds and this is a very strong signal.
Based on this strategy I present to you a signal for today
USDCAD
TP - 1.3389
SL: 1.3324
Trade is active now. you can join
moneybaggy, Thank you for sharing your strategies and ideas. I found your thread when @BabyPips mentioned your system in a tweet this weekend. I’ve read the referenced links including tutorials available on profiforex.com. I’ve tried to set up charts using the indicators mentioned on the thinkorswim platform. It appears this trade was successful and hit TP just after the BOC rate announcement Wednesday morning 12/2. I saved a screen capture around the time of the trade here.
tos.mx/yL1uKR
Referencing the linked chart above, I am guessing your entry was at the vertical dashed yellow line. The duration of the trade is highlighted using the gray box.
I am curious about the entry, TP, and SL. I am using USA Eastern Standard Time on the chart. I understand from you comments that you primarily use the hourly and 4 hour charts. In this case, using the hourly chart, I think there may have been a buy signal after the 12/1 Tuesday 10pm EST hourly bar with entry long at 1.3371 upon the open of the next hourly bar at 11pm EST.
I am guessing this may be the case because there was an active buy signal using the Moving Average, Parabolic-SAR strategy with the 10 ema having already crossed above the 20 ema with price trading above P-SAR.
The Awesome Oscillator may then have triggered a “saucer” buy signal when the indicator bar went from red to green above the zero line.
The Acceleration-Deceleration Oscillator also triggered a buy when there where 3 sequential green bars with the first 2 below the zero line and the 3rd green bar then trading above the zero line.
If these are not the signals used to enter the trade, what factors did you use for your entry? I am also curious how you determined your target and stop loss for this trade? Do you consider the ratio of reward-to-risk when taking trades? Were you comfortable taking this trade knowing that volatility would increase with the coming BOC announcement? Thanks very much.
Can you post some screen shots and Share strategy. Thank You
One thing I have realized over years of helping people learn how to trade, is that most traders tend to try and tackle too many variables at one time, especially traders in the beginning stages of learning how to trade.
I agree. I am not much of an expert trader, but I know that it is better to focus on a particular strategy and be a master of it. Trying to use this one and that one same time can create a mess in one’s head.
Hello Friends!
For all those who have taken the time to Watch the Videos and have been implement this strategy, I say well done! A simple strategy that is often over looked can bring you income if you are patient and careful. The main and basic idea is described on the blogs provided at the beginning of this thread.
I am still blending fundamental analysis to this technical strategy, which helps alot. I cannot provide you with a Full screenshot or file since I started using this, but I can give you a glimpse. I have tried so hard to get a myfxbook, but for some reasons it does not connect with my account.
Please note: This simple strategy will not work for you if you are using a complex platform or a broker that is known for glitches, Freezes and Slippages. Choose your broker wisely. Profiforex is the broker I use and it provides a very calm, fast platform that honors pending orders and Stop orders exactly as you want it. Happy trading.
This is a very good result. You really need to share your strategy in details. How do I contact you?
Time of observation:August 30th
10.00 AM GMT +01:00
On the D1 timeframe for the USDJPY making use of a 10 exponential moving average (10 EMA), a 25 EMA, 50 EMA and a Parabolic SAR set at the default setting of (0.02,0.2). The 10 EMA is approaching the 25 EMA and could break above it. The parabolic SAR is very close to the candlesticks; signal to buy is forming. If you must open a position ensure to place stop loss at 98.91.
Very interested in your future performance!
This is the Moving average strategy. captured for AUDUSD.
This is the Red Zone that indicates a Sell Order. Grabbed 15 pips from this. 8 AM GMT
Based on this strategy I present to you a signal for today
EURUSD
Action: SELL
TP - 1.1162
SL: 1.1212
Trade is active now. you can join
You may follow my trade if you can
USDCAD
Action: BUY
TP:1.3302
SL:1.3182
You can still enter the trade now
Please can you post your results after making these trades. This will help us know whether to follow or not
One thing I love about this strategy is that it works on any pair regardless of the timeframe. But for me I usually prefer using smaller timeframes. This way my stop loss is low so I can quickly enter and exit the market. Using a low small stop loss will also give you an improved risk:reward ratio.
Trading strategies with the highest level of simplicity are often best. Trading with a simple strategy allows for quick reactions and less stress. If you’re just getting started with Forex trade, I advise you seek the most effective and simple strategies for identifying trades and stick with that approach.
Hello Moneybaggy,
Just wondering if you are still trading this strategy - and if so have your great results continued.