Hi G -
I haven’t contributed here as I’ve been slaving away on trial trades for various day-trading systems. Long story short - I’ve finally proved I can’t make any money from day-trading so I won’t be doing that again. Its back to long-term stuff for me.
My preferences are for D1 charts with W1 for a bit of trend strength comparison and then get in with the trend on continuation signals.
Right now I’m short AUD/CAD. I’ve also got Buy orders on AUD/NZD, EUR/CHF, USD/CHF and Brent: Sell order on GBP/USD. I’d prefer to only have 3 or 4 of these running at any time.
An entry signal I’m trialling is price rejection from the 5EMA in the trend direction, as indicated by the position of the 50EMA relative to the 20, and its slope. So e.g. AUD/NZD’s 50EMA is below the 20EMA and is sloping upwards: price broke the 5EMA and closed above it Friday so my buy order is just above Friday’s high: SL is below its low, TP is at 1r ahead of entry.
Actually, I regard rules for entry as just guidelines, any price other than a new extreme in a trend will do. The important thing is to find the best trends and get in.