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LAST (Long term Analysis - Short term Trading)

  • #1
  • First Post: Edited 9:00pm Jun 22, 2017 7:54pm | Edited 9:00pm

Long term Analysis - Short term Trading

L A S T

Trading System



Unlike my other auto trading threads, this one is going to be manual.

Our trading day will start 1 hour before London open, where we scan selected pairs/instruments and set our initial bias for the day.

Long Bias: Most of previous PA is above DO (Daily Open), and Current PA is above DO.
Short Bias: Most of previous PA is below DO (Daily Open), and Current PA is below DO.

...

PS: We'll take this step by step due to time limitations.
No guts, no glory
  • #2
  • Jun 22, 2017 7:57pm Jun 22, 2017 7:57pm
Subscribe! Go ahead master.
Ngono yo ngono, neng ojo ngono - Unknown
  • #3
  • Jun 22, 2017 8:03pm Jun 22, 2017 8:03pm
Sub, looking forward
Thanks
  • #4
  • Jun 22, 2017 8:06pm Jun 22, 2017 8:06pm
Cool!.

Looking forward ab.
Thanks.
  • #5
  • Edited 8:26pm Jun 22, 2017 8:09pm | Edited 8:26pm
Preferred Broker :

  1. ECN
  2. Low Spread and Low Commission.
  3. Allows Scalping

Preferred Instruments :

  1. EURUSD
  2. XAUUSD (Gold)
  3. USDJPY
  4. GBPUSD
  5. Other with caution

Preferred Sessions:

  1. London Open to London Close


Trading Software:

  1. MT4 (for now )

No guts, no glory
  • #6
  • Jun 22, 2017 8:12pm Jun 22, 2017 8:12pm
Sure this will be so good.
  • #7
  • Jun 22, 2017 8:15pm Jun 22, 2017 8:15pm
Basics

  1. Define bias on daily basis
  2. Consider pair as well as underlying currencies
  3. Long above daily open, Short below daily open
  4. Buy pullbacks, Sell rallies
  5. Quick in - Quick Out, for repetitive small gains
  6. Suggested daily target 5% to 10%

No guts, no glory
  • #8
  • Jun 22, 2017 8:20pm Jun 22, 2017 8:20pm
waiting....
  • #9
  • Edited 10:31pm Jun 22, 2017 10:14pm | Edited 10:31pm
Quoting abokwaik
Preferred Broker : ECN Low Spread and Low Commission. Allows Scalping Preferred Instruments : EURUSD XAUUSD (Gold) USDJPY GBPUSD Other with caution Preferred Sessions: London Open to London Close Trading Software: MT4 (for now )
why not GBPJPY, a good trendy pair. And a gmt+2 broker for daily closes with NY close.
Forex; the game of movements not the game of candles.
  • #10
  • Jun 22, 2017 10:45pm Jun 22, 2017 10:45pm
I'm curious. Subscribed
  • #11
  • Jun 22, 2017 11:37pm Jun 22, 2017 11:37pm
Well, Subscribed......
ANCORA IMPARŅ
  • #12
  • Jun 23, 2017 3:54am Jun 23, 2017 3:54am
Looks promising. Looking forward
  • #13
  • Jun 23, 2017 5:13am Jun 23, 2017 5:13am
Quoting abokwaik
Long term Analysis - Short term Trading L A S T Trading System Unlike my other auto trading threads, this one is going to be manual. Our trading day will start 1 hour before London open, where we scan selected pairs/instruments and set our initial bias for the day. Long Bias: Most of previous PA is above DO (Daily Open), and Current PA is above DO. Short Bias: Most of previous PA is below DO (Daily Open), and Current PA is below DO. ... PS: We'll take this step by step due to time limitations.
Excuse me for a stupid question... I didn't understand what are "previous PA" and "current PA"?
  • #14
  • Jun 23, 2017 5:22am Jun 23, 2017 5:22am
Quoting Greg0r
{quote} Excuse me for a stupid question... I didn't understand what are "previous PA" and "current PA"?
PA : Price Action.
No guts, no glory
  • #15
  • Jun 23, 2017 5:33am Jun 23, 2017 5:33am
Good Friday my friends.

I don't like trading on Fridays, being end of week where weekly traders adjust their positions. So we'll do it with cation (low leverage).

I woke up late today as Friday is our off-day in middle east.


This was the first trade on EU, M5.
Most previous PA above DO, current price above DO, Nice Retrace.
Quick in and out for 5 pips. risk was 3 pips.

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDM5.png Size: 28 KB


Adding stoch to the above chart may make it easier to understand. I don't use it, but it could be reasonable for new traders.

Best pullback are when you see high volume at bottom for long, or at high for short.

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDM5_2.png Size: 32 KB
No guts, no glory
  • #16
  • Jun 23, 2017 5:47am Jun 23, 2017 5:47am
Quoting Sajid
{quote} why not GBPJPY, a good trendy pair. And a gmt+2 broker for daily closes with NY close.
Its OK, you can trade any pair that your are comfortable with. But lately (Brexit) I avoided GBP pairs as much as possible, due to uncertainty.
It is important that your transaction cost (spread, commission, slippage) is at minimum because this system makes many transactions.
No guts, no glory
  • #17
  • Jun 23, 2017 5:49am Jun 23, 2017 5:49am
Entry point is stoch cross 20? TP always 5 pips?
  • #18
  • Jun 23, 2017 5:52am Jun 23, 2017 5:52am
according to you rules you could buy EU again right now.
  • #19
  • Jun 23, 2017 5:56am Jun 23, 2017 5:56am
Quoting Traffex
Entry point is stoch cross 20? TP always 5 pips?
The system uses no indicators except candle sticks and volume.
I just added stochastic indicator for new traders to understand were the trade was taken, but when I took the trade I didn't use stoch or any other indicator, only price action and the rules that I am explaining in this thread.

As a day trader you need to "LIVE and BREATH" the price action, then you know when to take the trade without using any indicator, just using general guide lines.
No guts, no glory
  • #20
  • Jun 23, 2017 6:01am Jun 23, 2017 6:01am
You can see the trades in the attached trade explorer, as it will be difficult to post each trade.
I will try to post trade charts to explain the system.

This is not a mechanical system, otherwise I would have rap it into an EA and gave it to you.

The system uses "General Guidelines" and the rest is in YOU.
No guts, no glory
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