Your system looks clean and simple, but rule 2 seems a bit rendundant to me, because those 2 MA's are based on low/high...so rule 2 was, is and will be always fulfilled.
am lookin at the same GU chart as u right now and silver trend is repainting as i speak. up arrow appears on chart for any price appearing 4990 n above anything below and the arrow will disappears.
Hi Yunielescaz, that is no repainting, it is after the end of a timeframe that you base your decision on any alert/signal system, not before. If after the end of the time frame(lets say 1hr) it disappears, then you can say that it repaints.
I must admit that I do not understand your usage of SMAs... SMA10 (high) is always above SMA8 (low), so how does it work?
Hi Indrek, this thread is not about sma, if at all you invert it, you still get the same thing. It's usefulness is just to eliminate whipsaws. But the logic behind the trading is how not to overtrade by instilling discipline on traders and by trading with price action, support and resistance through the pivot points, exit the trade before reversal by using round figures, trade what you see by using 50% fibo as guidelines and then the break of trendlines for trading and exiting the market.
If you trade with 1hr timeframe, you will possibly get one trade per day and maximum 5 per week with at least 30 - 200 pips per trade.
I hope my explanation clears the ground on this question.
TMS Report at 17h45 Today
First of all, thanks for advice and system that you've provided this far. I look forward to testing it.
However, I'm slightly confused about a couple things.
You mention that you use the following, but they are not included in your guidelines of when to buy or when to sell.
Average True Range
Can you expand on these, as well as how you set TP and SL levels? Thanks!
First week chart
Someone was asking if i used Pivot points, trend lines or ATR, all these are in the charts i posted. You cannot become a good trader without knowing how to use pivot points as support and resistance, while trend lines break are used for taking a trade or exiting a trade.
Look at what happened in this chart. How many pips would you have made this week if you trade with this system?
© Forex Factory