candles and trading lines

Hi out there

My name is John

I want to share the way I trade.
I have been sick this week, and came across FF
and then spend way to much time reading FF.
It was great. I am amazed at all the ways people trade.
I learned a great deal this week, thanks to all.

Well I have been trading about 5 years.
I use two systems, one is for carry trade, and the one I will share.

With this system I trade about 98% of the time the eur.usd on the day chart.
- I do watch the week & month charts as well some times the 4 hour on the eur.usd.
- I do watch the usd.jpn, usd.chf, gbp.usd, usd.cad, aud.usd. eur.jpn.

I have a day job, so I only have about 30 mins a day to trade
(Sunday maybe hour)
I normally trade between 4:30-6:00 est.
10 mins of chart time and 20 mins of market up-dates.
I normally do between 1-4 things a week with my trade.
ie buy, sell, or add.
but there are many,many weeks I do nothing.

I trade 3% of my money at 50% leverage.
but I will add 3% to a winning trade up to 21%.

The main thing I use is candle formations (about 20)
I do keep an eye on chart patterns (about 7)
and do use trading line and strong points as well.

I do have two moving averages on my charts 200 ema & 200 sma
I use them to see trend & trend strenght.
This is an add and not really part of the system,
It is more part of my carry trade system .

I normally only trade with the trend.
Unless its a strong move off a strong trading lines.

I am looking to maybe making a buy on monday at 5:00,
if I get the right candle.

Below are 2 charts .
The first one is eur.usd day long term chart .
The 2nd one is eur.usd day short term chart.
If you have any questions, please feel free to ask.

Thanks for sharing,but can you explain what do you expect the price to do at the present time on the Euro,and perhaphs explain your candle formations etc etc
regards
baz

Hi Baz

The reason I see that the eur.usd may be turning is because of a number of reasons.

1. Becease of the candle formation- but we will need to see confirmed by todays candle. I know some people who study candlesticks formations would jump in now, But I am always a little chicken - I always play it safe.
Also its the friday/sunday thing.

2. It looks like a strong trading line had held the Price.

3. Price has fell a hell of a long way.

4. The interest rate differance between the usd and eur has got a lot bigger in the last two weeks.
And the eur didn't drop theirs rate last week.

5. I see the over all trend is up.

But we will have to see.

Here are a few site I have studied about candles over the years.


http://www.asx.com.au/research/chart...rmations%20VII

http://www.trading-forex-online.com/...ck-Charts.html

http://www.babypips.com/school/what_...ndlestick.html

I hope that helps.

John

A trading system based on daily charts and candlesticks! Excellent already! Every new person to trading please learn this!! Are you using the support and resistance lines with candle formations?

hi daytrader,
quick question as it is very apparent we have a ascending triangle pattern..price should finally break the double top and move beyond 1.5000..what are your feelings or other traders feelings on this. Thanks for sharing your system. I have a nice system on 5m and 1hr charts i can share with you sometime. I use a similiar trading strategy you do on the daily with the euro. if any other traders want to know just ask i am happy to help.

Chris

The eur.jpy also is starting to look quite good as well.
I will normally only take one of the two trades.

I have no carry trades on right now so I might look at it.
But it doesn't really meet my rules for carry trade.

But normally if I have a choise, I would take the eur.usd.




John

Hi Viking

Yes I do, I call them strong points.
I also look for them on the weekly and monthly charts
and sometimes even on the 4 hour.

John

hi Chris/ viking

I don't know, I think it has to go up with interest stuff.
But I try not to look to far a head, just take trades as they come.

sure, please share the way you trade

John

hi guys

The eur.usd is looking great for as trade



The gbp.usd is also looking good.



I am off to work, I will check in around 5:00 to maybe put on a trade.

john

Hello John,

I love trading candlesticks. It has become about 90% of what I do. I have a little more time so I trade about 6 pairs and in some cass more, but it takes me about 3 hours each night to go through my trades.

I did enter long at the top side of the Inside Bar, but I am still short as well lots of pips in may postitions when it peaked on 2l1l08.

I am not convinced yet either that it will continue up so I keep my shorts open for now as well. It may just as easily turn around and tail some more south, but I realy don't know.

I try to stick to my trailing stops at LL3/HH3 if I have locked in some good pips and if these are not hit and the trade goes the other way, then I find myself in a hedge.

However I still have a lot to learn and am trying to improve every day.

Keep in touch,

Damon

well one and all

I am putting a small trades on both the eur.usd and the cable
if price goes my way I will add to the trades .

But niether chart looks great to me
I would rate both as a 7.

lets hope we make some pips.


eur.usd


gpb.usd

john

Hi daytrader,

Perhaps its a tad off topic, but in your first post you say "Well I have been trading about 5 years". Can you freely elaborate on that with the, possible, inclusion of answers to the following questions:

1. What motivated your initiation into trading?
2. The 5 year period is your forex trading experience, or have you been trading longer, perhaps trading equities and then changing or adding forex to your trading?
3. (this may, way get off topic, in which case i foreapologize) Can you provide a rough timeline as to your total trading experience? For example: You've been trading for 5 years. The first year or so was met with losses, frustration. year three was a break even year. four and five met you with success.

Regards,
lucidlamp

hi one and all

I closed the cable for a small win @ 1.9531
I just don't like the look of it.

the eur.usd looks good.
maybe looking to add some money to the trade tonight

late for work


john

Hi John
Can u explain what candle pattern,if any,made you pull the trigger on the Euro.
For your info i am bullish Euro,but this based on my own strategy.
I would like to pick up ideas on trading long term
thanks
regards
baz

hi one and all

adding 3 % to my trade & moving up the SL
to cover any move down

we now have a free trade


John

things look good this morning
running off to work
may post a chart if I get time later

john

here the chart the way I see it
looks quite good to me
every thing looks normal to hit our take profits

John

Hi one and all

looks like it was wild day
I don't see anything on the chart
that makes me want to make a change .



see you tomorrow

John

Hi one and all

Things are moving as normal, we had the breakout to the top.
I will likely add to my trade tonight



John

Hi One all all

I hope you had a great day..
I had a bad bad day at work... anyway.
it is good to come home and see this trade is going well.


It might pause abound the 1.4650 esp because tomorrow is friday.
I am adding to my trade & moving up the stoploss to protect it.



trade well


John