An interesting read - Daily and 60 Min Strategy - Charts included

Hi all,

Just saying hi and introducing myself...

I've been trading for some years now and its quite interesting to read about all your various strategies. It seems many novice's want to scalp? Do u find this due to lack of confidence and panicking when in trades?

I use to be nervous when starting out but i soon learnt to step away from the very short term charts and focus on the Daily and 60min charts...It's a simple strategy using crossovers and a few other techniques but it tends to avoid all the costly stop outs that novice traders fall into. I was just wondering what is the average amount of pips that most of you guys are picking up on a weekly basis?

Last week was pretty good with some perfect setups...I find that if i am patient and sit on my hands and wait for the setups rather than chasing them i tend to do better.

Here are a few examples...

Long GBPUSD on Tuesday on the break at 1.9710 (ascending T) for 215 points...

http://media.mdsmarkets.com/Images/GBPUSD 60.gif


Short GBPJPY on Thursday on the break at 209.90 (Boxed Strat) for 380 points...

http://media.mdsmarkets.com/Images/gbpjpy60.gif



Short USDJPY on Tuesday on the break at 106.00 (Channel Break) for 207 points...

http://media.mdsmarkets.com/Images/Jpy 60.gif


Short USDCHF on Tuesday on the break at 1.0800 (channel Break) for 330 points...http://media.mdsmarkets.com/Images/CHF 60.gif


Short AUDUSD on Friday on break of 50ma at 0.9440 (channel break) for 110 points...

http://media.mdsmarkets.com/Images/aud 60.gif

I dont know if this helps but i assure you it works...A few basic principles and i keep in trades for most of the move...I was showing a good friend of mine last week and he managed to bank just under 900 points...Give it a go when u get a chance...

Wouldn't mind hearing a few thoughts back...

Hope you are all having a good day.

007

Nice to see someone actually using price to confirm indicators, I have a question though, and please take it in the spirit is intended, what purpose are you MA's serving? Are you trading the cross-overs, or are you really trading pattern breaks? ... I ask for the aim to keep things simple, do you stay out of a pattern break if the cross over hasn't happened? Best of luck

Hi

Thanks for your response... I guess i use both. I look at the position of the MA's compared to the 200ma... The candles will always pullback to the 200ma at some point in the cycle. That is why i use the Daily and 60 min combines strategy.

If you look at the Gold trade today it was clear the pullback was going to occur. The support line was broken on the 60min late last night and the old support became a resistance so iwas ready to trade when it broke the 50ma for a pullback to the 200ma. It is what i call the elastic band theory and works well for me...(Look at the gold chart)

Also in AudUSD today... Look how the 50ma is heading towards the 200ma. Simple break today using a 15min as an entry but the 60 gave me confidence that this was going to break...(look at AUD chart)

Can you see the differenc between this pullback and lets say the USDJPY chart where the 60min held the 50ma as a resistance all the way down. This will breaka nd pullback at some point and i will be ready to pounce but at the moment there is no need to cut a short trade.

Hope that helps

http://media.mdsmarkets.com/Images/USDJPY 60.gif

http://media.mdsmarkets.com/Images/aud602.gif


http://media.mdsmarkets.com/Images/gold60.gif

Please elaborate on your method. Are you taking breaks of trendline on the hour in the direction of the daily trend? How do you determine the trend on the day or combine day and hour in this method.