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Weekly Charts Trading system-picking tops and bottom

  • #41
  • May 21, 2007 9:29am May 21, 2007 9:29am
This is the system which caters for both range and trend trading but it is sort of swing trading as well, who almost gets you in right at the top or bottom and than takes you along till the end of range swing or trend swing and you can see all this clearly on the chart of any currency pair. The only thing is that you require patience and discipline to follow the system. this is very simple system which you will learn only once you will start applying it on any currency pair with good money management. keep your risk level as low as possible and reward with the system signal exit and i tell you that you will have 70 % winning trades in any case and that is the best you can get.
There are two basic considerations for trading this system
1 Trade in daily alongwith the direction weekly or weekly independently
2. Trade daily independently without getting direction from weekly and in this case you will even get signals from retracements for any currency
3. Get entry/exit signals in daily only if you are trading daily and weekly only if you are trading weekly
Please consider these parameters and co relate them on the chart
1. Stoch cross and cross of Both RSIs (13 and 5)
2. RSI 13 crosses 50 level above and down
3. Price above or below middle BB line
4. 5 EMA open and 5 EMA close cross
5. prices touching upper or lower BBs
6. 5 EMA open and 5 EMA close both crossing up or down middle BB
PLEASE RELATE ALL THIS ON THE CHART AND THAN WE WILL COMBINE THEM FOR SIGNALS
  • #42
  • May 21, 2007 9:48am May 21, 2007 9:48am
consider shorting EURCHF at 1.6555
due to following reasons
1. prices touching upper BB
2. Both RSIs have crossed
3. Stoch have negative cross from oversold territory
4. EMAs positioning to take cross
But remember this is counter trend trade and may be only a small retrcement instead of trend reversal and in case of retracement, be sharp to exit and in case of trend reversal than exactly top has been picked up, see how it develops and lets critique on it.
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  • #43
  • May 21, 2007 11:02am May 21, 2007 11:02am
Hi

I am glad you are back
Regards
  • #44
  • Edited 1:03pm May 21, 2007 11:08am | Edited 1:03pm
Quoting hello1234
consider shorting EURCHF at 1.6555
due to following reasons
1. prices touching upper BB
2. Both RSIs have crossed
3. Stoch have negative cross from oversold territory
4. EMAs positioning to take cross
But remember this is counter trend trade and may be only a small retrcement instead of trend reversal and in case of retracement, be sharp to exit and in case of trend reversal than exactly top has been picked up, see how it develops and lets critique on it.
According to your method we still have to wait for the following to occur:

1-RSI13 cross 50 level
2-The 2 EMAs cross mid BB line
3- Price close below mid BB line.

Am I correct?

So why are you shorting from 1.6555?
Regards
  • #45
  • May 21, 2007 11:10am May 21, 2007 11:10am
Thanks for coming back. What would be your stops and T/P for the E/C trade?

J
  • #46
  • May 21, 2007 2:21pm May 21, 2007 2:21pm
EURCHF is in very strong up trend and there are chances that it may go for retracement or trend reversal
reasons of trade are are
RSI 5 crossing down RSI 13
stoch overbought and showing negative cross, a sign of weakness
EMAs getting close giving an indication that it might cross after trade is running
price touhing upper BB

but please remember it is counter trend trade and may not work as we wish it to be
SL 60 and TP as per system exit if trade goes in the directionMore i have to trust my system whenever it shows signal i must get in and when exit signal i must get out and that is all
  • #47
  • May 21, 2007 2:30pm May 21, 2007 2:30pm
Quoting hello1234
EURCHF is in very strong up trend and there are chances that it may go for retracement or trend reversal
reasons of trade are are
RSI 5 crossing down RSI 13
stoch overbought and showing negative cross, a sign of weakness
EMAs getting close giving an indication that it might cross after trade is running
price touhing upper BB

but please remember it is counter trend trade and may not work as we wish it to be
SL 60 and TP as per system exit if trade goes in the directionMore i have to trust my system whenever it shows signal i must get in and when exit signal i must get out and that is all


you might be right but i think its a still risky trade
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  • #48
  • May 21, 2007 2:41pm May 21, 2007 2:41pm
It seems to me that its been going up since late 2002
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  • #49
  • May 21, 2007 10:08pm May 21, 2007 10:08pm
Yes it is in up trend but have quite considerable retracements in the way to this point. it is i think at july 1998 high (strong resistence) and probably may bounce back as it is forming double top there.

Forex is forex and anything right can prove to be wrong despite all logics
  • #50
  • May 22, 2007 3:33am May 22, 2007 3:33am
Hey Hello1234,

Im also very glad you are back. Im mostly interested in your system coz I decided to shift from the boring and risky intra-day trading, which brought me mainly losses. Im really looking for a day trading system that works, I spent a few months trading intraday with no exciting results, so I consider it a waste of time.

Day-trading gives you much more free time, less stress and its more profitable, but newbies like me are afraid of trying it due to expected wide stops and to the eagerness of trading any opportunity, thus not wanting to wait for setups for a few days. However, even if I have a mini account of 250$, I will trade only 0.1 positions, so in this way I can handle wide stops and also use only a small part of my capital.

So you can rely at least on my support on this thread I will follow your strategy, implement it, and try to improve it with any ideas. Keep up the good work. I guess this thread is one of the fewest regarding Day trading on this forum...or am I wrong?
We leave no soldier behind.
  • #51
  • May 22, 2007 4:29am May 22, 2007 4:29am
One more thing I want to ask you, Hello...
Since the beginning of the thread, you changed your settings quite a few times,and also dropped a few indicators. Now I got confused...are you still using weekly or just trading following the daily signals?

Can u please write again all the setup, so I can start practicing it? Thanx a lot.
We leave no soldier behind.
  • #52
  • May 22, 2007 5:48am May 22, 2007 5:48am
Quoting gagiul
Hey Hello1234,

Im also very glad you are back. Im mostly interested in your system coz I decided to shift from the boring and risky intra-day trading, which brought me mainly losses. Im really looking for a day trading system that works, I spent a few months trading intraday with no exciting results, so I consider it a waste of time.

Day-trading gives you much more free time, less stress and its more profitable, but newbies like me are afraid of trying it due to expected wide stops and to the eagerness of trading any opportunity, thus not wanting to wait for setups for a few days. However, even if I have a mini account of 250$, I will trade only 0.1 positions, so in this way I can handle wide stops and also use only a small part of my capital.

So you can rely at least on my support on this thread I will follow your strategy, implement it, and try to improve it with any ideas. Keep up the good work. I guess this thread is one of the fewest regarding Day trading on this forum...or am I wrong?
oNE THING I CAN SUGGEST YOU IS THAT YOU KEEP YOUR STOP LOSS LEVEL FIX FOR ALL CURRENCY PAIRS IRRESPECTIVE OF PROFIT OR LOSS AND IN ANY CURRENCY PAIRS GENERALLY TRADED YOU CAN FIX STOP LOSS BETWEEN 50-75 FOR DAILY CAHRTS AND 100-150 FOR WEEKLY CHARTS AND THAT IS ALL BUT PLESAE DO KEEP YOU LOT SIZE IN CONTROL AND NEVER BE AFRAID OF ANY LOSSES. I TELL YOU WITH 40-50 % WINS WITH THIS SYSTEM WILL MAKE YOU LOT OF MONEY AND THAT IS THE BEAUTY YOU WILL ENJOY AS YOU WILL SAIL ALONG
  • #53
  • May 22, 2007 5:50am May 22, 2007 5:50am
Quoting gagiul
One more thing I want to ask you, Hello...
Since the beginning of the thread, you changed your settings quite a few times,and also dropped a few indicators. Now I got confused...are you still using weekly or just trading following the daily signals?

Can u please write again all the setup, so I can start practicing it? Thanx a lot.
tHESE ARE THE LATEST SETTINGS FOR BOTH WEEKLY AND DAILY
5 EMA open
5 EMA close
BB 20 2 close
Stoch 10,3 ,3 close/close and simple level 80,20,50
RSI 5 CLOSE and RSI 13 CLOSE both in one indicator with level 50 only and fix the boundries between 0 and 100
  • #54
  • May 22, 2007 7:05am May 22, 2007 7:05am
Quoting hello1234
oNE THING I CAN SUGGEST YOU IS THAT YOU KEEP YOUR STOP LOSS LEVEL FIX FOR ALL CURRENCY PAIRS IRRESPECTIVE OF PROFIT OR LOSS AND IN ANY CURRENCY PAIRS GENERALLY TRADED YOU CAN FIX STOP LOSS BETWEEN 50-75 FOR DAILY CAHRTS AND 100-150 FOR WEEKLY CHARTS AND THAT IS ALL BUT PLESAE DO KEEP YOU LOT SIZE IN CONTROL AND NEVER BE AFRAID OF ANY LOSSES. I TELL YOU WITH 40-50 % WINS WITH THIS SYSTEM WILL MAKE YOU LOT OF MONEY AND THAT IS THE BEAUTY YOU WILL ENJOY AS YOU WILL SAIL ALONG
Got ur point. Thanx a lot for the advices. I will go for daily charts, so stops around 50-75. Ill be posting some charts after I implement the setup. Do you still use the weekly to get the daily trend or rely on daily entirely?
We leave no soldier behind.
  • #55
  • May 22, 2007 8:07am May 22, 2007 8:07am
Quoting gagiul
Got ur point. Thanx a lot for the advices. I will go for daily charts, so stops around 50-75. Ill be posting some charts after I implement the setup. Do you still use the weekly to get the daily trend or rely on daily entirely?
That would be great if you give this method a kick start, is it on live account?
Regards
  • #56
  • May 22, 2007 8:31am May 22, 2007 8:31am
I took a look at a few of the pairs... in my opinion shorting on EUR CAD seems risky, because the first Fib retracement level is quite close. It could go until 1.6520 maybe, but then it can turn back.

On GBP USD, I see a clear downtrend, at least on the short term, but the RSI 5 and 13 look prone to cross bullish and stochs are OB, below 20. Also 1.9680/ 1.9700 is quite a strong support, so wondering if we could take a buy on a bounce from here.

On Eur Usd, I see a less riskier downtrend, so I believe shorting below the current support at 1.3440 can be good. Stochs and RSI are bearish, and so are the EMAs.

I also kept the CCI 10 as an indicator, and I added DMI/ADX which seems to provide good signals for market turns.
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We leave no soldier behind.
  • #57
  • May 22, 2007 8:36am May 22, 2007 8:36am
Quoting howard
That would be great if you give this method a kick start, is it on live account?
Yeah, as i mentioned above, I will trade with 0.1 lots, so I can afford wide losses.
We leave no soldier behind.
  • #58
  • May 22, 2007 9:33am May 22, 2007 9:33am
Quoting gagiul
I took a look at a few of the pairs... in my opinion shorting on EUR CAD seems risky, because the first Fib retracement level is quite close. It could go until 1.6520 maybe, but then it can turn back.

On GBP USD, I see a clear downtrend, at least on the short term, but the RSI 5 and 13 look prone to cross bullish and stochs are OB, below 20. Also 1.9680/ 1.9700 is quite a strong support, so wondering if we could take a buy on a bounce from here.

On Eur Usd, I see a less riskier downtrend, so I believe shorting below the current support at 1.3440 can be good. Stochs and RSI are bearish, and so are the EMAs.

I also kept the CCI 10 as an indicator, and I added DMI/ADX which seems to provide good signals for market turns.
one suggestion please dont use too many indicators otherwise they will give you opposite signals and situation will remain confused and you will be unable to make correct decision
  • #59
  • May 22, 2007 9:42am May 22, 2007 9:42am
One suggestion to every one for comments please.

Use combination of daily and weekly charts is always best for optimum results and in that
1. use weekly for entry and exit if you are along the positive side of SWAP as this will give you chance to earn swap in case you stay longer in the trade
2. use daily for entry and exit if you are along the negative side of swap and in this case trade should be along the direction of weekly. You will be having too less to loose in the shape of swap due to relatively short time of trade

please try this, its too positive and make this as part of your strategy

Please keep this system as it is till the time we agree for change on some sound logic
  • #60
  • May 22, 2007 10:04am May 22, 2007 10:04am
Quoting hello1234
One suggestion to every one for comments please.

Use combination of daily and weekly charts is always best for optimum results and in that
1. use weekly for entry and exit if you are along the positive side of SWAP as this will give you chance to earn swap in case you stay longer in the trade
2. use daily for entry and exit if you are along the negative side of swap and in this case trade should be along the direction of weekly. You will be having too less to loose in the shape of swap due to relatively short time of trade

please try this, its too positive and make this as part of your strategy

Please keep this system as it is till the time we agree for change on some sound logic
Hey thanx a lot Hello,

I took the short on Euro Chf, at 1.6560, with 60 stop and 60 TP. I believe it can at least achieve this target. What do you think about Eur usd and Gbp Usd? Eur Usd seems to be a good shorting opportunity, while GU seems to call for a long position. However, they should go the same way...
We leave no soldier behind.
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