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Weekly Charts Trading system-picking tops and bottom

  • #61
  • Edited 10:19am May 22, 2007 10:16am | Edited 10:19am
Quoting gagiul
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...
Please concentrate for signals only in daily and weekly, looking for too many time frames will confuse you. EURCHF might be a trend revesal or minor or major retracement, so shorting is just Ok as per system but please manage your position as it develops. GBPUSD is laready in oversold dailies territory and right now sitting at support so waiting would be a good strategy. Rt now there is no signal provided by system too

one suggestion only fix your SL and not the profit and use only one step trailing stop loss and remove it after it is on the breakeven, for example for 60 SL you can use 60 TSL and after it moves one step, remove it at breakeven and provide your trade breathing space for move as risk has already been eliminated
  • #62
  • May 22, 2007 10:24am May 22, 2007 10:24am
One thing behind fixing profit is that we are trying to predict the market which psychologically wrong as no body novice or professional can predict the market.
So system exit profits is like a riding a bus and going with it whereever it is going and that sounds more logical as well instead of hoping for the profits
  • #63
  • May 22, 2007 11:30am May 22, 2007 11:30am
Quoting hello1234
One thing behind fixing profit is that we are trying to predict the market which psychologically wrong as no body novice or professional can predict the market.
So system exit profits is like a riding a bus and going with it whereever it is going and that sounds more logical as well instead of hoping for the profits
you have a good point here. I thought about this too, but for the beginning I just want to bank a few profits by using possible TP. Maybe in the future, if I improve my trading using this strategy, I will open 2 lots, one with a Tp and one with TSL.

Of cos, Im looking only on daily and weekly, I dont go beyond these. For GU, the signals are not yet reliable for a long? the 2 EMA are almost crossing, price is at lower BB, RSI also cross, and stochs crossed already below 20...or should we wait until stochs pass above 20?
We leave no soldier behind.
  • #64
  • May 22, 2007 12:05pm May 22, 2007 12:05pm
Hi Hello1234

I want to trade, the weekly and you say only if you have positive swap, could you please explain "swap"

And you keep changing the indicators, please give us what indicators to use on "WEEKLY" charts, it would be great if you could show on Eur/Usd weekly chart, with indicators where to go long or short and where to take profit.
I am try to undertsand your system and I like it because I cant trade daily, but if I cant understand the correct Entry/Exit setups, I cant do well.

Please help me. Thanks
Zee
  • #65
  • May 22, 2007 12:08pm May 22, 2007 12:08pm
I am interested in the weekly's as well.
  • #66
  • May 22, 2007 1:12pm May 22, 2007 1:12pm
Quoting gagiul
you have a good point here. I thought about this too, but for the beginning I just want to bank a few profits by using possible TP. Maybe in the future, if I improve my trading using this strategy, I will open 2 lots, one with a Tp and one with TSL.

Of cos, Im looking only on daily and weekly, I dont go beyond these. For GU, the signals are not yet reliable for a long? the 2 EMA are almost crossing, price is at lower BB, RSI also cross, and stochs crossed already below 20...or should we wait until stochs pass above 20?
please see the weekly as well, which is either in downtrend or up trend retracement and yet nothing is confirmed
RSI cross has yet not taken place, stoch cross has not happened in up direction , please wait till the time you get exact set up as per this sytem
  • #67
  • May 22, 2007 1:16pm May 22, 2007 1:16pm
Quoting ZeeTrader
Hi Hello1234

I want to trade, the weekly and you say only if you have positive swap, could you please explain "swap"

And you keep changing the indicators, please give us what indicators to use on "WEEKLY" charts, it would be great if you could show on Eur/Usd weekly chart, with indicators where to go long or short and where to take profit.
I am try to undertsand your system and I like it because I cant trade daily, but if I cant understand the correct Entry/Exit setups, I cant do well.

Please help me. Thanks
Zee
Swap is the daily roll over interest for currency. high yielding and low yielding currencies. if currency with more interest rate is long you will get roll over interest and vice vesa and rate will be more if interest rate difference between pair currencies is more and vice versa, so plan your trades accordingly.
for latest indicators set ups please read this thread completely
  • #68
  • May 22, 2007 1:17pm May 22, 2007 1:17pm
Quoting gman29
I am interested in the weekly's as well.
that is reall trading world and much professional and easy to do. wish you luck

it will keep you away from amny many headaches like news releases and just keep cashing swings
  • #69
  • May 23, 2007 2:58pm May 23, 2007 2:58pm
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.

Trade is going good so far, please keep the trade till exit signal is received from the system
  • #70
  • May 23, 2007 3:58pm May 23, 2007 3:58pm
thanks everyone for this great thread- i am working and do not have a time to check the pc everytime so this strategy suits me very well.could you please give us some chart examples so we can see your trades more clearly. thanks in advance
  • #71
  • Edited 7:53am May 24, 2007 4:28am | Edited 7:53am
Very glad to see the EUR CHF trade going well. Until now, now reversal signals, as I think. Considering the daily range of EUR CHF, which is around 40 pips, should we move the stop to BE now?

Edit: about the GU now, it looks pretty bullish to me. EMA5 crossed, stochs crossed up, RSI crossed, and its just above the median of the BB...the only problem is that its close to a downtrend line, but if it breaks it i suppose we have the green to go long...any insights?
We leave no soldier behind.
  • #72
  • May 24, 2007 11:13am May 24, 2007 11:13am
Quoting gagiul
Very glad to see the EUR CHF trade going well. Until now, now reversal signals, as I think. Considering the daily range of EUR CHF, which is around 40 pips, should we move the stop to BE now?

Edit: about the GU now, it looks pretty bullish to me. EMA5 crossed, stochs crossed up, RSI crossed, and its just above the median of the BB...the only problem is that its close to a downtrend line, but if it breaks it i suppose we have the green to go long...any insights?
It would have been more appropriate that yesterday any time you could have gone long on GBPUSD with fix stop and the signal of this sytem was given yesteday but do mange your trade that is important

please put you insight in this sytem, a request to all traders

i think again things are getting cold day by day as this thread is not moving
Only move SL to breakeven once it has equally travelled in the profit and that is all after this no stop loss adjustment as risk has already been removed, now wait for system exit and act
suggest your own ideas please
  • #73
  • May 24, 2007 11:21am May 24, 2007 11:21am
PLEASE ONLY CONCENTRATE ON DAILY AND WEEKLY CHARTS AND ONLY TWO CHARTS OPENED FOR ANY CURRENCY PAIR. MORE TFs AND MORE CHARTS MAY CONFUSE THE DECISION MAKING PROCESS
  • #74
  • Edited 3:03pm May 24, 2007 11:46am | Edited 3:03pm
Quoting hello1234
PLEASE ONLY CONCENTRATE ON DAILY AND WEEKLY CHARTS AND ONLY TWO CHARTS OPENED FOR ANY CURRENCY PAIR. MORE TFs AND MORE CHARTS MAY CONFUSE THE DECISION MAKING PROCESS
I dont know why you get the impression that im using more charts than just daily and weekly, coz Im not. And please relax about the thread, there are a few people interested, but we need time to figure it out, right? And besides, this is a weekly or daily strategy, we dont get trade signals every hour.

The problem is that I just have this newbie desire to trade, and Im looking maybe for too many trade opportunities, which is of course not good.

EDIT:
I also think that depending on todays close for USD JPY, we may have a sell signal. I hope at least this time I am right, Hello1234:-). Seems that all the indicators are lining up for a nice short...what do you think?
We leave no soldier behind.
  • #75
  • May 25, 2007 11:33am May 25, 2007 11:33am
Well, I will try to keep this thread alive, even for a few people. I like this strategy a lot, and besides, Im done trading intraday, after losing more than I earned. I firmly believe that, as they say in the books, day trading is much easier and stress-free than intraday trading, and also more approachable for newbies like us. Besides, Risk/ Reward can be much better than for intraday trades, if you enter a longer term trend and go with it until the end. (see USD CAD as a very successful example)

I have a 250$ account on Interbank FX, and I trade only 0.01 lots, so I can afford wide stop losses and also not risk more 2-3% of my capital.

The final setup of this strategy is as follows (Hello1234, please correct me if I miss something):
-Daily chart, EMA 5 applied to Open, and EMA 5 applied to Closel
-Stochs 10,3,3;
-RSI 5 and RSI 13 overlaid in the same window;
-Bollinger Bands, 20, 2;

Entries are made after you see crossovers for stochs, RSI 5 and 13, and EMA 5 open and close.

For example, a short trade means that you should see stoch crossover above 80 level to the downside, RSI 5 crossing RSI 13 to the downside, EMA5 Close crossing EMA5 Open to the downside. Besides, price should be close to the upper Bollinger Band - this means that the price has reached an extreme level and is ready for a turnback.
Stop should be put at the previous swing high, or 70-80% of the daily range of the pair(i.e. if the daily range of the pair is 100 pips, you sbould have a 80 pips stop).
Exit would be taken at an opposite signal, i.e. going long.

Besides, Im also using Fibonacci retracements and trendlines, which are very important.
Attached Image (click to enlarge)
Click to Enlarge Name: setup.jpg Size: 157 KB
We leave no soldier behind.
  • #76
  • May 25, 2007 11:42am May 25, 2007 11:42am
Now, I am keeping an eye on EUR USD. It seems that there might be a possible long setup, on Monday. However, on the 4 chart you can see a downtrend line which tells us not to get in before we see price breaking it. I attached pictures to make it more clear, I hope.

Also, on my watch list there is AUD JPY for a possible long setup.

I profited very nicely from the GBP USD up move, around 100 pips until now, locked in 50.

I strongly advice you guys to make some backtesting and understand how this strategy should work. I cant say I understood it already, Im just playing with it now. And i really hope we can improve it. I would be very glad to see everyone else posting possible trade setups here too.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: e1.jpg Size: 80 KB
Click to Enlarge Name: e2.jpg Size: 34 KB
We leave no soldier behind.
  • #77
  • May 25, 2007 1:11pm May 25, 2007 1:11pm
Quoting gagiul
Well, I will try to keep this thread alive, even for a few people. I like this strategy a lot, and besides, Im done trading intraday, after losing more than I earned. I firmly believe that, as they say in the books, day trading is much easier and stress-free than intraday trading, and also more approachable for newbies like us. Besides, Risk/ Reward can be much better than for intraday trades, if you enter a longer term trend and go with it until the end. (see USD CAD as a very successful example)

I have a 250$ account on Interbank FX, and I trade only 0.01 lots, so I can afford wide stop losses and also not risk more 2-3% of my capital.

The final setup of this strategy is as follows (Hello1234, please correct me if I miss something):
-Daily chart, EMA 5 applied to Open, and EMA 5 applied to Closel
-Stochs 10,3,3;
-RSI 5 and RSI 13 overlaid in the same window;
-Bollinger Bands, 20, 2;

Entries are made after you see crossovers for stochs, RSI 5 and 13, and EMA 5 open and close.

For example, a short trade means that you should see stoch crossover above 80 level to the downside, RSI 5 crossing RSI 13 to the downside, EMA5 Close crossing EMA5 Open to the downside. Besides, price should be close to the upper Bollinger Band - this means that the price has reached an extreme level and is ready for a turnback.
Stop should be put at the previous swing high, or 70-80% of the daily range of the pair(i.e. if the daily range of the pair is 100 pips, you sbould have a 80 pips stop).
Exit would be taken at an opposite signal, i.e. going long.

Besides, Im also using Fibonacci retracements and trendlines, which are very important.
Besides what you have written please note that this is the strategy cares for trend and range for both. As it works with two oscillators and two trend indicators and they are automatically collaborated to get some results.
oscillators give you pin pointed top or bottom of trend or range and than you have the option to end trade with oscillator or go with trend by following combination of BBs and EMAs. for example if both EMAs are above middle BB which is 20 SMA it means trend is up and any reversal may prove to be retracement and may be a trend reversal. so there is need to understand this strtegy in totality. Only use two time frames and if someone wants to use 4H, please just fine tune your entry with it and that is all, but exits only in daily or weekly.
I am happy that now we are getting on one grid
  • #78
  • May 25, 2007 1:20pm May 25, 2007 1:20pm
Quoting gagiul
Now, I am keeping an eye on EUR USD. It seems that there might be a possible long setup, on Monday. However, on the 4 chart you can see a downtrend line which tells us not to get in before we see price breaking it. I attached pictures to make it more clear, I hope.

Also, on my watch list there is AUD JPY for a possible long setup.

I profited very nicely from the GBP USD up move, around 100 pips until now, locked in 50.

I strongly advice you guys to make some backtesting and understand how this strategy should work. I cant say I understood it already, Im just playing with it now. And i really hope we can improve it. I would be very glad to see everyone else posting possible trade setups here too.
One very important point which i term as conservative set up for trades is that when RSI 13 crosses 50 line above or below and stoch is in the same direction with prices fallinf or rising in the same direction that is also very solid trade, rest all setups are very aggressive

Before going for any trade, please go for overall picture instead of just indicators like gagiul than there would be possibly right decision.
  • #79
  • May 27, 2007 9:37pm May 27, 2007 9:37pm
I think we might have a possible EUR USD long setup coming. EUR consolidated above 1.3400, and there are rumours that below 1.3400 there are many official bids. Besides, another rate hike is expected from ECB so I see the Euro up in the next days. It also broke a downtrend line. If today will be an upday, I will enter long EUR USD.
We leave no soldier behind.
  • #80
  • May 27, 2007 11:02pm May 27, 2007 11:02pm
Any pair can be traded with this sytem but we will mainly focus on GBPUSD,EURUSD, GBPJPY, EURJPY
if these pairs gives you 10 trades per month with 60:40 (win/loose systen ratio) and SL only between 75-100 and we patiently keep risk reward ratio at 1:4 you can well imagine what will happen depending upon your portfolio
i think that is great achievement

so please discuss signals from these four pairs, they are the most liquid and volatile pairs

comments please
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