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Weekly Charts Trading system-picking tops and bottom

  • #81
  • May 28, 2007 2:45am May 28, 2007 2:45am
Quoting hello1234
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
well, I have just discussed about EUR USD. Its one of the 4 pairs you want to focus on. What is your opinion regarding the possible buy signal?
We leave no soldier behind.
  • #82
  • Edited 6:40am May 28, 2007 5:07am | Edited 6:40am
weekly trend eurusd seems bearish and still has the room to go but daily is already overbought and may go for possible retracement, that is up to midle BB before it goes down again, this is possibility and there are possibility that follows the original trend from this point and goes through the middle BB. This is trend analysis.
so please follow the signals dont analyse there could be 100 conclusions but only follow signals

let the RSI cross to happen and stoch to point up, possibly tomorrow may happen than go long but do manage your position and see the development and act accordingly, no analysis of above mentioned kind i have ever seen right.
just follow the market where it goes
  • #83
  • May 28, 2007 5:22am May 28, 2007 5:22am
want to ask

if rsi cross occur, do we have to wait until the bar closed or we jumo to trade as soon as the cross occur

TQ
still in learning curve
  • #84
  • May 28, 2007 6:38am May 28, 2007 6:38am
it is always better to to consider close versus open relationship in daily chart, you can enter the moment cross occur but best when the bar gets closed and new one opens
  • #85
  • May 28, 2007 9:52pm May 28, 2007 9:52pm
Quoting hello1234
it is always better to to consider close versus open relationship in daily chart, you can enter the moment cross occur but best when the bar gets closed and new one opens
so thats mean, if we see crosses on weekly rsi, we look to daily chart as confirmation, and its best to wait the daily bar closed and than enter at the next open? CMIIW.
still in learning curve
  • #86
  • May 28, 2007 10:40pm May 28, 2007 10:40pm
weekly crossing means that daily cross has already occured, one must decide which time frame to trade than trade only that time frame with only insight one step highr time frame especially. if You see closely that this sytem is very close to Fozzy method which i came to know yesterday incidently and Fozzy is another great system that i saw yesterday, very great effor
  • #87
  • May 29, 2007 5:45am May 29, 2007 5:45am
Quoting hello1234
weekly trend eurusd seems bearish and still has the room to go but daily is already overbought and may go for possible retracement, that is up to midle BB before it goes down again, this is possibility and there are possibility that follows the original trend from this point and goes through the middle BB. This is trend analysis.
so please follow the signals dont analyse there could be 100 conclusions but only follow signals

let the RSI cross to happen and stoch to point up, possibly tomorrow may happen than go long but do manage your position and see the development and act accordingly, no analysis of above mentioned kind i have ever seen right.
just follow the market where it goes
Thanx a lot for the advice. I entered long at 1.3450, right at the open of the new day. The signals seem to signal bullish move, however, I am cautious and exit if I dont see a clear break of 1.3500.

Anyone else got any signals for the other pairs?
We leave no soldier behind.
  • #88
  • May 29, 2007 2:36pm May 29, 2007 2:36pm

well, it seems you were right hello1234, and actually the up move of EU was a fake...there seems not to be a signal for going long tomorrow, and besides, as you said, RSI 13 is below 15, and both EMAs are below mid BB, so the trend is down, as we can see on the chart. short positions are favoured.

We leave no soldier behind.
  • #89
  • May 31, 2007 8:15am May 31, 2007 8:15am
Hello 1234, can you be so kind to post your trades here? At least Im interested in the strategy, if nobody else is. I would be really glad if you could help me with some live cases, not just theory. What do you say?

In my opinion:
- EUR USD still gives a possible buy trade, if today will close bullish. 1.3400 has been an outstanding support, and we have all the crosses we need on the daily chart.
- I shorted GBP USD yesterday at the beginning of the day, at 1.9808, stop 70. It rebounded today, but still no sign of exit.
- shorted GBP JPY at 241.00 yesterday, beginning of the day, stop 241.80.
- USD JPY also gives a possible short trade tomorrow, if the situation will be the same.

Can u please check my trades and let me know your opinion and what trades do you have? Thanx a lot.
We leave no soldier behind.
  • #90
  • May 31, 2007 9:42am May 31, 2007 9:42am
I have a suggestion to make for you, that the single professional traders just trade one currency pair at one time and take only 4-6 trades per month. if you can do that you will soon be a professional

the pair i can recommend is GBPJPY, it wonderfully trades on technical analysis

More to take many trades entries is very easy but to mangae them is almost impossible
  • #91
  • May 31, 2007 11:28am May 31, 2007 11:28am
Greta thread i'll take a look at the system at the week end i'll start contributing next week..again i'm a great fan of the long time frames..keep up the good work guys.
  • #92
  • May 31, 2007 12:29pm May 31, 2007 12:29pm
hi hello

Is there any benefit from the Vegas indicator that you have said to be used on the daily and weekly charts?. How can we read or analyze this indicator if it should be used and what is the risk model that should be used also?

Thanks,
Mo
  • #93
  • May 31, 2007 8:36pm May 31, 2007 8:36pm
Quoting cementman
Greta thread i'll take a look at the system at the week end i'll start contributing next week..again i'm a great fan of the long time frames..keep up the good work guys.
Hey cementman, welcome. Having more inputs would be great, so we can all improve the strategy and skills.
We leave no soldier behind.
  • #94
  • May 31, 2007 8:42pm May 31, 2007 8:42pm
Quoting hello1234
I have a suggestion to make for you, that the single professional traders just trade one currency pair at one time and take only 4-6 trades per month. if you can do that you will soon be a professional

the pair i can recommend is GBPJPY, it wonderfully trades on technical analysis

More to take many trades entries is very easy but to mangae them is almost impossible
Before you said we should concentrate on EUR USD, GBP USD, USD JPY and GBP JPY. I know all these pairs for a few months now so I can manage them quite well. But ok, lets do as you say. and focus on GBP JPY for now.

However, there are not yet signals for GBP JPY according to your strategy these days. It might signal another long, if RSI crosses and stochs turn back up. It just retraced from the 50 Fib level on daily, of the last up move. The EMAs crossed twice this week, so in my opinion this signals a short term range. According to the daily range of this pair, around 126 pips a day, how wide should the stop be in your opinion?
We leave no soldier behind.
  • #95
  • Jun 1, 2007 3:48am Jun 1, 2007 3:48am
Quoting kingbasho
hi hello

Is there any benefit from the Vegas indicator that you have said to be used on the daily and weekly charts?. How can we read or analyze this indicator if it should be used and what is the risk model that should be used also?

Thanks,
Mo
its daily and weekly indicator is great one. It gives you a visual observation about the start of trend and end of trend and even it depends how you use it

we in this thread have completely excluded use of vegas indicators and only concentrating on daily and weekly and those who are little more adventurous can try 4 H as well
If you use daily and weekly it will make tons of money for you and if you use 4 H it will again make tons of money for you, it alll depends on you. but here our focus will remain daily and weekly.
Now trading one pair and trading more pair will never make any difference to your portfolio if you are trading with some sort of money managemant, so if you are too good adventurous, go down to 4 H and trade in the direction of daily but it is highly recommended that trade only one pair and follow strict money management, that is the only difference between success and failure
  • #96
  • Jun 1, 2007 3:52am Jun 1, 2007 3:52am
Quoting gagiul
Before you said we should concentrate on EUR USD, GBP USD, USD JPY and GBP JPY. I know all these pairs for a few months now so I can manage them quite well. But ok, lets do as you say. and focus on GBP JPY for now.

However, there are not yet signals for GBP JPY according to your strategy these days. It might signal another long, if RSI crosses and stochs turn back up. It just retraced from the 50 Fib level on daily, of the last up move. The EMAs crossed twice this week, so in my opinion this signals a short term range. According to the daily range of this pair, around 126 pips a day, how wide should the stop be in your opinion?
for daily keep 75-100 as SL and for 4 H, if interested use 50 only as SL and never be afraid of loosing this much as one good trade with GBPJPY will make up for many bad trades if money managemane is followed.
  • #97
  • Jun 1, 2007 3:54am Jun 1, 2007 3:54am
Quoting cementman
Greta thread i'll take a look at the system at the week end i'll start contributing next week..again i'm a great fan of the long time frames..keep up the good work guys.
Welcome, looking for your insight
  • #98
  • Jun 1, 2007 3:59am Jun 1, 2007 3:59am
Please someone to present here good money mangement scheme for this great pair GBPJPY for every one's benefit, all ideas are wel come here

please keep in mind that minimum a trader can have in his portflio is 300 USD and if someone has more than that he should be able to modify same as per his portfolio.

its important to have money management before one goes live
  • #99
  • Jun 1, 2007 4:46am Jun 1, 2007 4:46am
good tread, have been thinking about long term trades, but for this i think options are the best choise, u pay the premium, so SL isnt 400pips,...and u can set up to 1 year ahead,...but am not familiar,...i would have to demo that first,..keep it up..
its just money
  • #100
  • Jun 1, 2007 5:12am Jun 1, 2007 5:12am
Quoting de123
good tread, have been thinking about long term trades, but for this i think options are the best choise, u pay the premium, so SL isnt 400pips,...and u can set up to 1 year ahead,...but am not familiar,...i would have to demo that first,..keep it up..
yes options are great derivative but needs lot of study before you implement

alaron options tradin is great place and if you know about another currency options site please do mention
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