My Way | Page 7 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Money management in trading - the stupid way and the right way 22 replies

Hard Way, Easy Way 115 replies

Is the martingale way the only way in Forex? 34 replies

Simple Way is the most advance way... 11 replies

2 Way VS 1 Way Analysis 9 replies

Attachments: My Way
Exit Attachments

My Way

  • #121
  • Jan 27, 2021 5:53am Jan 27, 2021 5:53am
nah, idont know. but i think this is all too complicated. Too many lines, indicators, and so on.
And it's gone! - poof
  • #122
  • Jan 27, 2021 6:19am Jan 27, 2021 6:19am
Let's understand gold from a top-down approach

Monthly chart
1. RSI touch 80 levels now it is moving down but it is still above 55 levels. it means the market was extremely bullish now market lost some bullishness but still above 55 so the market is moderately bullish.
2. SMTMMS give us a sell signal
3. ADX is above 25 and bullish
5. Stepma is bullish for a long period.

The summary market is bullish but No buying opportunity here.

Weekly chart
1. RSI is between 55 and 45 levels, it means the price is choppy.
2. smtmms give us sell signal
3. ADX is below 25 level
5. Stepma is giving a sell signal.

The summary is the market is slow and choppy.

Daily chart
1. if today close lower we could see RSI is below 45 level
2. SMTMMS gives us a sell signal
3. adx is below 25
4. StepMa is giving a sell signal

The summary market is slow but a downside move is very likely. we use this for intraday trading.

H4 Chart
1. RSI is below 45
2. STMMS is given us sell signal
3. ADX is given a sell signal and it is trying to climb up 25 levels
4. stepma is in sell
Summary we are in a bearish market.

weekly, daily, and H4 price is below MDC and T3 MA. So overall, we see bearish conditions in Gold

After today's FOMC we will assist our fundamental viewpoint and we will take advantage of what we got here in the intraday chart.

Thanks and best of luck, I will not open trade before FOMC.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot_1.png Size: 61 KB
MA provides the market's current direction and strength.
  • #123
  • Jan 27, 2021 10:20am Jan 27, 2021 10:20am
Quoting Selavi1
nah, idont know. but i think this is all too complicated. Too many lines, indicators, and so on.
if you looking for simple strategy use Donchian Channel and RSI
MA provides the market's current direction and strength.
  • #124
  • Jan 27, 2021 12:05pm Jan 27, 2021 12:05pm
Hasib,

how do you use DC?

buy/shell when rsi is up/down of 55/45 level and break out DC upper/lower line or;

buy/shell when rsi is up/down of 55/45 level and crosses DC middle line
  • #125
  • Jan 27, 2021 1:19pm Jan 27, 2021 1:19pm
Quoting ellokko007
Hasib, how do you use DC? buy/shell when rsi is up/down of 55/45 level and break out DC upper/lower line or; buy/shell when rsi is up/down of 55/45 level and crosses DC middle line
DC work as a baseline when the price is above MDC I look for buy
when the price is below MDC we look for sell

When the price is frequently go upside of the MDC and the lower side of the MDC I call it a choppy market.

I try to count the total pips range of the DC, I stop opening new trade I wait.

I select 2 pairs gold and Gbpusd to focus on more. I have always 3-time frame screen in front of me. H4, H1, and M5 or M15.

when I trade gu I don't trade gold. when I trade gold I don't trade gu. Rsid and SMTMMS will help you a lot
Stepma is good for extra confirmations.
If you have any other questions ask
MA provides the market's current direction and strength.
  • #126
  • Jan 28, 2021 12:34pm Jan 28, 2021 12:34pm
Quoting hasib
{quote} DC work as a baseline when the price is above MDC I look for buy when the price is below MDC we look for sell When the price is frequently go upside of the MDC and the lower side of the MDC I call it a choppy market. I try to count the total pips range of the DC, I stop opening new trade I wait. I select 2 pairs gold and Gbpusd to focus on more. I have always 3-time frame screen in front of me. H4, H1, and M5 or M15. when I trade gu I don't trade gold. when I trade gold I don't trade gu. Rsid and SMTMMS will help you a lot Stepma is good...

thanks a lot for sharing ur strategy...much appreciated

is it possible for u to share ur template as well.. I have already downloaded the indicators, but i don't know the exact settings of the indicators

thanks
  • #127
  • Jan 28, 2021 12:47pm Jan 28, 2021 12:47pm
Gold daily chart ADX is below 25. The market is in choppy conditions. Daily and weekly chart is giving us sell signal Since the market is slow. every time intraday price goes a little higher, experts are selling towards the downside. In upcoming days Price will move lower it is my expectations.
USD GDP was bad today price goes up but could not hold higher price.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot_1.png Size: 62 KB
MA provides the market's current direction and strength.
  • #128
  • Jan 28, 2021 1:01pm Jan 28, 2021 1:01pm
In the H4 chart, I see the price is in a range for 3 weeks now. Price is moving inbox, I don't expect the price will start trending this week.
we are in a box and the range of the box is 360 pips. we will find many good opportunities in M15 or m5.
We have to trade this setup without Higher timeframe confirmations for HTF we could use H1.
since we are in a box we will have to buy the lower side of the box and sell the upper side of the box.
for confirmations purpose if we wait too long and buy the higher side of the box and sell the lower side of the box we have to use a large-stop which is risky in my opinion.
Summary gold is not ready to swing trade, we have to daytrade if we have good skill turning day trade into swing trade we can do that, otherwise, we have to do day in day out.
since Daily char is showing us a downside probability it is saif to looking for sell opportunity in higher side of the box
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot_1.png Size: 68 KB
MA provides the market's current direction and strength.
  • #129
  • Edited 1:57pm Jan 28, 2021 1:37pm | Edited 1:57pm
Quoting rider2025
{quote} thanks a lot for sharing ur strategy...much appreciated is it possible for u to share ur template as well.. I have already downloaded the indicators, but i don't know the exact settings of the indicators thanks
I use default settings, except smtmms I also thinking of removing this indicator I may start using MACD default settings. All other indicators are default settings.


If you don't understand all the complicated things here, You can follow and read RH method
it is simple, I like this method, and I trade this method, I try to improve that method here and there, That is it.

https://www.forexfactory.com/thread/...g-made-simpler

He or his follower may not like what is am doing, as long as I understand and it works for me it is fine.
I like this method because he is a trend continuations trader he is not like other popular reversal traders, when I lose, I lose for reversal trading.
Now I have stoped reversal trading.
Since I was trading with MA long time, a lot of things have developed in my brain so the RH is method is good for me.
I Test many indicators and many concepts for improving the RH method,

Oh, one more thing RH method is not new, many trading systems have similar trading concepts, I have found an old thread that the trading method is almost the same as RH.
if you think I am copying this method it would be wrong, Because I use RSI differently than RH. I use 5 ema shift like Old BigE. I use hull moving average according to RH method settings on top of BigEs 5ema.
That is it.
MA provides the market's current direction and strength.
  • #130
  • Jan 28, 2021 2:08pm Jan 28, 2021 2:08pm
Indicators are helping tools, I am an indicator trader, I can read pa too, but I like to take my decisions in a systematic way that is why I use a trading system.

A lot of new traders get interested when I don't upload indicators, now I have uploaded indicators new traders lost their interest.
it is not that It bothers me, I will writhe my thought process here so that someone gets the benefit, More importantly, it will clear my mind, I can improve my trading.
MA provides the market's current direction and strength.
  • #131
  • Jan 29, 2021 1:52am Jan 29, 2021 1:52am
The most important move a Forex trader can make is to
develop a trading plan, before entering the trade. The trade
plan should consist of these guidelines.

• Know how and where you are going to enter a
trade.
• Know how much money you are willing to risk on
the trade.
• Know how and where you are going to get out if you
are wrong.
• Know how and where you are going to take profits
if you are right.
• Know how much money you are going to make if
you are right.
• Have a protective stop loss in case the market does
the unexpected.
• Have an approximate idea of when a market should
meet your trade objective. When should the market begin to make its move, and if it does not move
as expected, get out!
MA provides the market's current direction and strength.
  • #132
  • Jan 29, 2021 8:56am Jan 29, 2021 8:56am
I have got my setup, I took the trade. I trailed my stop in BE.
Yet I close the trade.
I should have kept this trade running a little bit more, for a better result.
I miss large pips.

Once we are in a BE we should give our trade little time to mature, If we feel bad we could close the half, full closing a trade sometimes is not a good idea. Yes, i don't lose but I lose my opportunity. There is an opportunity cost.

this is a simple RSI and DC trade-in Us session.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot_1.png Size: 49 KB
MA provides the market's current direction and strength.
  • #133
  • Jan 29, 2021 9:02am Jan 29, 2021 9:02am
I was feeling uncomfortable because the price breaks the previous day's high, I thought before the previous day's high I will get a selling opportunity.
we got selling opportunities in M5 and M15. in the top side. I previously explain we have to trade gold without higher tf confirmations since we are in slow market conditions in all the Higher TF. especially daily and H4 charts.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot_1.png Size: 50 KB
MA provides the market's current direction and strength.
  • #134
  • Jan 29, 2021 10:55am Jan 29, 2021 10:55am
Here's my away with your system, below I've installed an RSI MTF on h1, below
Attached Image (click to enlarge)
Click to Enlarge Name: Unbenannt.PNG Size: 52 KB
  • #135
  • Jan 29, 2021 11:04am Jan 29, 2021 11:04am
Quoting ingo3344
Here's my away with your system, below I've installed an RSI MTF on h1, below {image}
I can see your using other line indicators with dc, what is that. If you like multiple time frame rsi I can share a indicator, with that indicator you can see all higher time frame rsi.
MA provides the market's current direction and strength.
  • #136
  • Jan 29, 2021 11:37am Jan 29, 2021 11:37am
I have an extra donchian with 50s worth , but only the middle line
  • #137
  • Jan 29, 2021 11:53am Jan 29, 2021 11:53am
Quoting ingo3344
I have an extra donchian with 50s worth , but only the middle line
I share with you 2 indicators.

1. RSX is a good indicator, but it gives a lot of signals not all signals are good.
you can filter this indicator with the DC Middle line. you will get a good result from this.
For better entry, you can also change the indicator value and test at list 100 times in your trading currency pair.

what win rate you got let me know if I found any better win rate with certain settings I will share with you.

2. all time frame RSI, with this rsi indicator you can see other tf rsi.
Attached File(s)
File Type: ex4 rsx nrp mtf + arrows + alerts nmc 1.2.ex4   44 KB | 359 downloads
File Type: ex4 All time frame RSI 2.5.1.ex4   23 KB | 332 downloads
MA provides the market's current direction and strength.
  • #138
  • Jan 29, 2021 12:53pm Jan 29, 2021 12:53pm
Thanks
  • #139
  • Jan 30, 2021 3:15am Jan 30, 2021 3:15am
As you know I am searching for improvement,
Some of the good improvements I found.
Some of the improvements may not an improvement of my way system, I have to test more.
I don't want to share everything openly, I have created a discord group.
I am not an expert in Discord. In fact, it is my first time in discord.
I created this group for some of the hardworking traders we will communicate constantly and improve our system and backtest our system.
as well as we will try to pass the prop firm challenge together.
If your not a time waster you can join this group. I have no commercial interest. I will not sell anything. I am not a guru, In fact, I am learning so please lower your expectations.

https://discord.gg/peFFTHQP
MA provides the market's current direction and strength.
  • #140
  • Jan 31, 2021 9:12pm Jan 31, 2021 9:12pm
Quoting hasib
As you know I am searching for improvement, Some of the good improvements I found. Some of the improvements may not an improvement of my way system, I have to test more. I don't want to share everything openly, I have created a discord group. I am not an expert in Discord. In fact, it is my first time in discord. I created this group for some of the hardworking traders we will communicate constantly and improve our system and backtest our system. as well as we will try to pass the prop firm challenge together. If your not a time waster you can join...
I would like to continue sharing experiences.

I just try and it said link is experied
0 traders viewing now