DislikedI am all for indicators, etc. but they WILL NEVER replace ALL of us looking with human eyes and minds at these SIMPLE setups. YIKES GUYS!! It takes three full daily candles for a trade to EVEN BEGIN to qualify for a 4th day opening candle trade! In other words, we have plenty of time to fully consider:
1.) Any BIG economic/world news that might effect the trade on the 4th day
2.) We will be able to establish if we like the EMA-20 and EMA-50 trend
3.) We will be able to make a good estimation of the recent price activity (from surrounding daily bar characteristics)
4.) Most importantly . . . We have ample time during Day-3 to discuss AT LENGTH what we think the most appropriate SL and TP might be for the pair(s) in question.
5.) We can call off any Day-4 trades if Day-3 candle shows poor signs or goes against us! (another SIMPLE quality - trading a much longer time-frame!)
THE NUMBER ONE thing we can ALL do for success with "SIMPLE" is to get on the same page in terms of what our charts are seeing . . . seeing the same data is gonna be essential. And, right now, I do not think we are ALL on the same page in terms of time and charts!!!!!!!
And no, I do not care which data feed or broker we use!! Several of us have been using a NorthFinance.com demo account. It comes with MT4 charting and never expires. We are using their data feed for daily setups . . . their daily candle opens at +2 GMT. For me, this translates to a daily opening bar at 2:00PM Pacific Standard Time (PST)
Oh well, that is what I am gonna start doing. And it is only my opinion of what we could do together. So hopefuly, we can pull together here for mutual fun and tremendous profit! Cuz, SIMPLE does work very, very well and it does not need a ton-of-indicators!
Regards, KIgnored