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-   -   Weekly Charts Trading system-picking tops and bottom (https://www.forexfactory.com/showthread.php?t=28415)

hello1234 May 5, 2007 7:13am | Post# 1

Weekly Charts Trading system-picking tops and bottom
 
4 Attachment(s)
I have developed a system for weekly charts enry and exits and is presented here for expert opinions.
please read and see carefully if it makes some positive results
the idea behind the system is
-pick tops and bottoms
-stay away from computer screens for at least a week
-no interest with news releases- a real headache
-staying longer in the trades as time grows investment
-a point passed on the chart once should take time to re pass
-stress free trading
-accurate tech analysis
-use of few and common indicators
-good money management with good risk/reward ratio
-cashing from weekly swings
Please the chart as only three indicators have been used and we can make it much better if your input is inserted here
moreover i do use vegas weekly-monthly indicator and vegas currency daily here as well with great thanks to vegas for producing such a great stuff
and i do have my daily chart as well. by combining all these four charts and having little discretionary decision one can make better trading decision in weekly charts
waiting to see your comments please
please put all four charts in MT4 in a sequence that both weekly charts and than both daily charts thus making four charts for each currency pair and what so ever currency you like can be used
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hello1234 May 5, 2007 7:25am | Post# 2

I would like to give name to this sytem and that is :DSS:

that is doulble screen system
entry and exit in weekly charts and fine tuninng entry and exit in daily but possibly only entry will be fine tunned.
Please note with this sytem both entry and exit are dictated by the system and no fixed targets to be made through maths like FIBOs and i beleive them self fulffilled prophecies and just justifiucation to enter and exit and nothing more.
it is both trend and range system and please make it better through your input

hello1234 May 5, 2007 3:44pm | Post# 3

Lot of people will show little interest to this thread because of their immediate desires of returns leading them to day trading and ultimately demise to 99 % trader's financial carriers. If six trades per year in one currency pair makes you huge money with risk rewards ratio probably always greater than 1:5 than why to glue to world which is more unpredicvtable and confused.

PeterFM May 5, 2007 4:06pm | Post# 4

Don't be so pessimistic..
 
Lot of people will show little interest to this thread because of (a) their immediate desires of returns leading them to day trading and ultimately demise to 99 % trader's financial carriers. If six trades per year in one currency pair makes you huge money with risk rewards ratio probably always greater than 1:5 than (b) why to glue to world which is more unpredicvtable and confused.
(a) Understand that lots of newbies think FX is a get rich thing and can't think in terms of long-term charts. So what you say may well be true, but if it makes you money, well, that's their problem NOT yours.
(b) This is true, for me anyway, and I applaude your efforts. Keep it up

accrete May 5, 2007 11:54pm | Post# 5

hang in there Hello1234 : )
 
Hey i can tell you that making money is now taking a back seat to having a life for me! I'm burnt out on the intraday trading models. Sure i'm still drawn to that favorite 15m chart. . . but i can state that i've not actually traded off it now for about a month. The last month has been spent either in a state of rest (first two weeks) and then intense study of the 4 hour, Daily, and beyond charts. One thing that woke me up to the need to change my trading habbits was the realization that i'd greatly increased the consumption of stimulants such as coffee, black tea, and herb stimulants (no drugs here!). Now that i'm looking at longer term charts i'm back to a cup of social-coffee every one or two days and back to green tea.

Anywhooo, the funny thing is that if one switches mind sets and begins searching for longer term models and strategies, they begin to appear nearly every day. I thank you for sharing your thoughts, and keep'em coming.

Best wishes in your vision.
: ) Thom

hello1234 May 6, 2007 4:25am | Post# 6

1 Attachment(s)
first of all i beleive that if someone knows something and beleives its truth than it must be passed on. To me i beleived short term trading as a sure way to financial demise, so i passed it on and that was my only concern. Moreover forex is a game in which you have to get into the pond and than can fish, mere by sitting on the brink will never make you a great fish hunter.
coming over to trading the weekly charts, the pure idea behind trading them was the excellent level of technical analysis, shorting from a point or going long from a point which at least market should take weeks to re visit and you can see the chart below i have attached.
one thing that there would be few traders to go along this thread and those few to me would be going along till finalization of this system.
now please get into the specifics of this system which is being developed by common indicators
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Craig May 6, 2007 4:52am | Post# 7

I must be extra stupid today because I have no idea what's going on here. Are you presenting your system or are we going to collectivly develop one?

howard May 6, 2007 5:40am | Post# 8

Charts
 
Hi hello1234

The charts are not clear enough, more explannation as to the indicators' settings and how you plan to use them are needed.

All the best.

hello1234 May 6, 2007 6:40am | Post# 9

2 Attachment(s)
I have developed this system which works very good in weekly charts and only with your input and help we can make it great for every one those who are interested in long term trading say from three weeks to 20 weeks positions and using all the currency pairs available on particular trading plateform/dealbbok. There have to be four charts for every currency pair and with the passage of time those interested will develop visual understanding of it and than money will fall from heaven to them with minimum efforts.
The charts set ups are as under, you can change but please give your logic of doing so here for every one for better understanding

CHART-1 (weekly candlesticks chart)
-20 EMA (HL/2)
-5 EMA (close)
-5 EMA (Open)
-Stoch (8,3,3, simple, close/close)(levels 80,20,50)
-CCI (10, close) (levels, 0, 100, -100)

CHART-2 (Weekly VEGAS WEEKLY-MONTHLY)
-Please insert risk model one only and set up candlesticks charts only
CHART-3 (DAILY)
-5 EMA close only
-13 EMA close only
-65 EMA close only
- Stoch(39,2,2--close/close and simple only)(levels, 50,80,20)
-RSI-14, HL/2 with no fixed lower and upper limits or boundries and level 50
only
-Stoch (10,3,3 ) (simple, close/close) (levels, 80,20,50)
CHART-4 (DAILY VEGAS CURRENCY)
-Vegas currency daily with risk models from 1-3 and that will be adjusted as per currency pairs

please set up all these four charts for each currency pair and make their templates so that we can discuss further developments with any currency pair.

I have made this system but we all will make it much more better
1=1 and 1+1=11 and 1+1+1=111 and so on so lets make it better for every one
Vegas Currency Daily.mq4
VegasWeeklyMonthly.mq4

BurgerKing May 6, 2007 6:50am | Post# 10

Holding for 10-20 weeks is VERY long to the point that swaps could easly turn a profit to a loss should we go against a swap negative position. And for holding that long, this suggests that the Stop is very big! 100-400 pips?

Can we work on Daily, H4 and H1 charts? Im currently developing a Triple Screen System based on D1, H4 and H1 charts.

accrete May 6, 2007 11:13am | Post# 11

Hi all. BK good point on your post above. One thing i do on my charts is to change the forground color on a given chart to give me a quick visual as to which side the swap is positive. For instance on a sell positive i will tint the forground color to a reddish hue, while i'd tint a buy positive pair's forground to a blueish hue. Then i will take longer term trades accoridingly going with the long term fundamental relationship of interest as it relates to a given pair. On some such as the GbpUsd where there is little difference i might trade in either direction if a set up is presented.

: ) Thom

hello1234 May 6, 2007 4:13pm | Post# 12

SWAP is a forex reality and exact calculations are not as higher as most of the times are exaggerated by traders. On most of the currency pairs, its long that gives you swap intertest. for example on FXDD out of 19 pairs 15 pay swap only on long positions. so i think this is not something to be worried most of the times. moreoover, it is the FXCM dealing desk which gives you interest free accounts and only 1 USD commission per lot, so one can always try that type of account if two much afraid of swaps and than you can position as long as you can.

lets now get into this trading system which is great in its simplicity and results and please just back test manually as number of discretionay decision to be taken number of times and that is always great. fix rules never accurately predict and tranlate price actions. Its my observation.

now lets get into mechanics of this system

Thruline May 6, 2007 7:24pm | Post# 13

Holding for 10-20 weeks is VERY long to the point that swaps could easly turn a profit to a loss should we go against a swap negative position. And for holding that long, this suggests that the Stop is very big! 100-400 pips?

Can we work on Daily, H4 and H1 charts? Im currently developing a Triple Screen System based on D1, H4 and H1 charts.

I like this time frame, too. I've been using H4 to find setups on H1

hello1234 May 7, 2007 10:58am | Post# 14

I think there seems to be two reasons of less interest
-less interest in long term trading
- more number of charts in this system

ok vegas both daily and weekly charts should be removed from this sytem as both are far only visula aids and have no major roll in provision of signals. Now we are left with only two charts and that will not confuse anyone accept those who want to have joy ride of day trading.

hello1234 May 7, 2007 11:07am | Post# 15

I like this time frame, too. I've been using H4 to find setups on H1
i hoe thruline now you would like to give your expert opinion and input in this system having only two charts for any cuurency pairs and can be agreat system for long term trading

hard1head1 May 7, 2007 12:07pm | Post# 16

I'm with you
 
Hey Hello,

I'm willing to try it if it will let me carry on my daily activities without being tied to my platform. I'm with you 2,3,4 or even 10 charts, if it works, it works. Give me the skinny on it.

Jim

juxta14 May 7, 2007 4:05pm | Post# 17

Ride on
 
Hello1234,

Bring on your details to trade your method or system, whatever you want to call it. Position traders are behind you.

.

hello1234 May 7, 2007 4:30pm | Post# 18

it would always be first, second or maximum 3rd candle where signal will be provided by this system and than one has to go with it till the time finally exit signal is provided by the system. The only drawback is that stops have to be little larger than daily and normally 20-50 pips higher than or lower than latest high or low in weekly charts. that what afraids most of the traders but where there potential safety lies for our trades.

hello1234 May 8, 2007 6:50am | Post# 19

Now there are only two charts for each currency pair
-weekly- 20 EMA is showing the trend for very longer term
-daily
Go Long
when Stoch crosses up and CCI pointing up at the same time and its important that they should face up for long entry at the same time
Exit Long
when Stoch recrosses or 5/5 EMAs cross takes place.

Reverse the prcess for short entry

further details after analysis of these signals by traders. I will explain details and use of daily charts for fine tunning entry and entering the trend if missed in weekly charts
please no EAs and just manual backtesting only as most of the times the system will depend upon the price action prevailing at the time
No more indicators than what has been included, however someone can suggest reducing them and that will be welcomed

hello1234 May 8, 2007 11:24pm | Post# 20

See the chart please none of the trade is a loss if rules properly followed and that is the beauty of this system
no tension of news release, no glueing to the computer and following a very simple system with very clear rules and only one virtue is required and that is patience and discipline and time will grow your investment


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