The pairs I am watching now are eurusd, gbpusd, audusd, nzdjpy and audjpy. If you look at the monthly charts these could be ones to get some nice entries on at break even and then just hold them for months.
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DislikedHi Hugh
Im new to this post . would you mind posting charts when convenient
thanks
mikiIgnored
DislikedHi Hugh.
If you don't mind , can I throw a chart at you for some feedback.... ...
Its a pretend/demo trade , no risk... just trying to figure out the Market....
Draw up what I think I see using the methods talked about here.
Cheers
SRIgnored
DislikedThe pairs I am watching now are eurusd, gbpusd, audusd, nzdjpy and audjpy. If you look at the monthly charts these could be ones to get some nice entries on at break even and then just hold them for months.Ignored
DislikedThe Heiken Ashi on GbpUsd monthly is red and the stochs are high, we could be in for a good drop here, maybe open 2 positions and manage one on the daily and one on the weekly or even monthly until it turns?Ignored
DislikedMontly and Weekly looks like sell indeed, but when I look at the Daily the stoch is oversold.
Also the EMA 100 and 200 are slightly up with the 100 above the 200.
I think I'll wait until a retrace on the daily before entering.
I did went short on USDCHF and EURCHF today with help of your system.
I am a bit late in actually, because on both pairs there have been some down HA candles already, but I just started today with this system.
The pairs you suggested I didn't take. Mainly because the pairs go against or are circling around the 100 and...Ignored
DislikedThat's in and out a bit quick for me. If you've sold with the trend just hold it until the HA candles change colour against your trade. Preferably once you've got a good trade at break even then move up a time frame and manage the trade there.
The Heiken Ashi on GbpUsd monthly is red and the stochs are high, we could be in for a good drop here, maybe open 2 positions and manage one on the daily and one on the weekly or even monthly until it turns?Ignored
DislikedProbably better to wait until theres a retrace then take the trade when both line up in the same direction.Ignored
DislikedAt the start of this thread (or maybe the original one?) I spoke at length about new traders needing to only trade daily charts until they get it right. I'm still of that opinion but over the summer whilst it has been quiet I have been trading 1 and 5 min charts using a very similar method to my daily system.
My own personal view is that you shouldn't be afraid of trading the smaller timeframes. Daily takes a lot of patience because you can sit and watch the charts for weeks and not have a clear and valid signal and then you get one and promptly...Ignored
DislikedGreat thread and system Hugh. I've been trying to find a simple, proven system that I can trade on both long and short time frames and just come across your thread.
I'd love to hear how you trade the lower time frames using this method and see how it differs and your thoughts on how well it works. How does it vary from the daily system? What time frame/s are you working with? Do you use different MA and Stoch settings on the lower TFs? Does your win/loss ratio drop at the lower TFs?
Thanks,
JIgnored
DislikedHi Hugh
I've been reading your thread with interest. Through long and sometimes painful experience (blow account), I've come to the conclusion that higher timeframes are the ones to trade. I've attached a chart of GbpUsd. Can you tell me if I've setup the trendlines and resistance lines correctly ? and if so is my assumption regarding the next trade correct ?Ignored
DislikedHi PB, the lower timeframe system is a work in progress at the moment but I'm making progress slowly. At the moment I am just trading eurusd on a 5 min chart and the indicators have stayed more or less the same. The win/loss ration is lower at the moment but I believe with experience and practice it will be improved. As soon as I have settled on the plan I will start a new thread to discuss it.Ignored
DislikedThe chart looks fine to me and that is definitely a good place to look for a trade. You've got trendline and horizontal s/r. Wait to see a clear heiken ashi change combined with the stochs crossed and moving back up above the 20 level. Remember to keep your position size relatively small because it may give you a perfect looking entry and then still go wrong. It happens. The trick on the higher timeframes is to be able to weather a few 200 pip losses in a row before you hit a run of 500 or 600 pip trades in a row!Ignored
DislikedThanks for that Hugh. I was working from home today, so was able to keep an eye on the charts, and I saw that the Gbpusd had spiked through resistance and the 100ema on the hourly chart, the HA had changed colour, so reasoning that it is hopefully going to hit my buy point on the daily chart I posted earlier, I took a quick small sell trade. Reading your post on using lower timeframes made me look at the possibility. I'm at breakeven now so nothing to lose. :0)Ignored