Disliked{quote} Start here - https://www.forexfactory.com/thread/...indicatoralert Something here - https://www.forexfactory.com/thread/...8#post14031978 Hope that helps, good luckIgnored
Thanks.
MA Crossover System that works for me
- #1,148
- Aug 13, 2023 11:18am Aug 13, 2023 11:18am
{quote} Reading the comments on CHF it might break upwards ... "SNB unlikely to hike rates further this year While recent Franc gains have not been as extreme as back in early 2015, we do believe that the strength of the CHF is currently overshooting somewhat and expect it to correct lower in the coming months. The Swiss Franc has been benefitting from the relatively hawkish policy stance of the SNB who have actively been encouraging a stronger CHF to dampen upside risks to their inflation outlook. With inflation likely to slow further below the...
). On that point I have been looking at the GMMAs (Daryl Guppy's 12 EMAs) recently and they reveal a lot that is useful. I like to check a trade on more than one trading system / chart template and will start referring to the GMMAs this week to see if it adds to my understanding of what is happening.
- #1,151
- Aug 14, 2023 7:13am Aug 14, 2023 7:13am
Last week was not one of my better weeks ...
Hopefully this breakout on USDCHF will cheer me up. I placed the entry at the top of the marked consolidation area. Now I have to hope it also breaks though the local resistance and after that, I'm in it for the long haul (150 pips).
Hopefully this breakout on USDCHF will cheer me up. I placed the entry at the top of the marked consolidation area. Now I have to hope it also breaks though the local resistance and after that, I'm in it for the long haul (150 pips).
- #1,156
- Aug 15, 2023 10:38am Aug 15, 2023 10:38am
{quote} The obvious reason for this: on D1 USDCHF is in a downtrend (lower lows and lower highs). Price was rejected when retracement reached resistance (the last LL). So you could have identified where this point is (around 0.8823) to take profit (or partial profit - instead of being stopped out). As your approach is a trend following one, trading against the predominant trend can be - if permitted within your system - problematic. {image}
- #1,159
- Edited 5:36am Aug 16, 2023 4:47am | Edited 5:36am
I have copied the safety checklist here. It is from post #8. It's more as a reminder to myself, but I hope it helps you to be reminded 
====================================
Safety checklist
In my strategy there are no strict rules – you have to understand what is happening on the chart and use the trading tool between your ears. But there are some basics, which I call safety checks. These are things every trader should use for every trade. Basic common sense. I think that if you applied these safety checks properly, you could probably trade ANY system successfully.
1. Dominant trend: Check the trend direction on the next time frame up. I use H4, so I check what is happening on D1. It doesn’t have to be officially up/down yet just as long as it is clearly heading in that direction. It also helps to have a look at what is happening on the next TF down (in my case it’s H1). Sometimes you can see details there that are not clear on your trading TF. Comment: Based on my conversation with josi above, perhaps also check what the weekly is doing (the HHTF from H4). Also, you might choose to be stricter about the HTF (and also HHTF?) not having to be "officially" up/down.
2. S/R obstructions: Avoid trading into support or resistance – this could be horizontal levels or inclined levels as in trend lines or channels. Also, what looks like a strong uptrend on H4 might just be a pullback leg on D1 within a down channel. It would be foolish to buy at the upper boundary line joining successively lower swing high points.
3. Enter when price is close to the EMAs, which means you should avoid entering when there is open space between price and the EMAs. Here the rubber band is stretched, so price is likely to bounce back before it continues with the trend.
4. Avoid long/explosive bars, enter where the bars are short or “quiet” (and such bars are usually close to the EMAs).
5. Avoid trading into price extremes – look at the monthly or weekly chart to see if price is at a long-term low/high.
6. Beware of "old" trends. No trend continues forever, so if a trend has continued for a long time (e.g. it starts in the lower left corner of your screen and goes all the way up to the top right corner) it is an old trend, probably getting tired, its life expectancy is reducing rapidly (as with all of us eventually
). It might continue still, but as a safety precaution, just walk away. Wait for a fresh trend to start.
====================================
Safety checklist
In my strategy there are no strict rules – you have to understand what is happening on the chart and use the trading tool between your ears. But there are some basics, which I call safety checks. These are things every trader should use for every trade. Basic common sense. I think that if you applied these safety checks properly, you could probably trade ANY system successfully.
1. Dominant trend: Check the trend direction on the next time frame up. I use H4, so I check what is happening on D1. It doesn’t have to be officially up/down yet just as long as it is clearly heading in that direction. It also helps to have a look at what is happening on the next TF down (in my case it’s H1). Sometimes you can see details there that are not clear on your trading TF. Comment: Based on my conversation with josi above, perhaps also check what the weekly is doing (the HHTF from H4). Also, you might choose to be stricter about the HTF (and also HHTF?) not having to be "officially" up/down.
2. S/R obstructions: Avoid trading into support or resistance – this could be horizontal levels or inclined levels as in trend lines or channels. Also, what looks like a strong uptrend on H4 might just be a pullback leg on D1 within a down channel. It would be foolish to buy at the upper boundary line joining successively lower swing high points.
3. Enter when price is close to the EMAs, which means you should avoid entering when there is open space between price and the EMAs. Here the rubber band is stretched, so price is likely to bounce back before it continues with the trend.
4. Avoid long/explosive bars, enter where the bars are short or “quiet” (and such bars are usually close to the EMAs).
5. Avoid trading into price extremes – look at the monthly or weekly chart to see if price is at a long-term low/high.
6. Beware of "old" trends. No trend continues forever, so if a trend has continued for a long time (e.g. it starts in the lower left corner of your screen and goes all the way up to the top right corner) it is an old trend, probably getting tired, its life expectancy is reducing rapidly (as with all of us eventually
). It might continue still, but as a safety precaution, just walk away. Wait for a fresh trend to start.
- #1,160
- Aug 16, 2023 9:14am Aug 16, 2023 9:14am
Here's something that will ruffle a few feathers!!
I have been going through old files in my forex trading folder. It's an interesting journey back in time. But I found the holy grail lurking there - the Buy-Sell indicator!! So today I decided to create a trading strategy with it to help you get rich quick!
I decided pretty colour-changing lines are critical to its success (green on the way up and magenta on the way down). And to add to that I used that 4-MA setup I found the other day (just for you, josi). It uses Fibonacci numbers: 5, 8, 13 and 21, because they are magic, right, so they must be important. And the 55 EMA (also a Fibonacci number) in dull grey to give a trend indication.
But seriously, given what we have now learned, and applying the safety checklist (go back and read the first paragraph in the previous post again), do you think we could use this buy-sell indicator and make money? Have fun!
I have been going through old files in my forex trading folder. It's an interesting journey back in time. But I found the holy grail lurking there - the Buy-Sell indicator!! So today I decided to create a trading strategy with it to help you get rich quick!
I decided pretty colour-changing lines are critical to its success (green on the way up and magenta on the way down). And to add to that I used that 4-MA setup I found the other day (just for you, josi
). It uses Fibonacci numbers: 5, 8, 13 and 21, because they are magic, right, so they must be important. And the 55 EMA (also a Fibonacci number) in dull grey to give a trend indication.But seriously, given what we have now learned, and applying the safety checklist (go back and read the first paragraph in the previous post again), do you think we could use this buy-sell indicator and make money? Have fun!