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the key to the mint

  • #21
  • Nov 22, 2007 10:18pm Nov 22, 2007 10:18pm
Quoting harold4x
i personally dont trade chf i use but the 4 pairs that i use seem to move the most especially gbpjpy thats my personal key to the mint
Yup, those are certainly 4 good pairs to trade and I do so as well. What I like about the USD/CHF is its tendency to set reasonably clean trend legs ( I like to swing trade into position trades). The other pair that also has nice runs is the USD/CAD. Just take a look at a weekly chart....... I love the entries (almost a no brainer) and they go on forever. So, you see I just can't resist. .
Attached Image
Stay calm, be brave, wait for the signs - Jasper Friendly Bear
  • #22
  • Nov 23, 2007 1:56am Nov 23, 2007 1:56am
Quoting harold4x
i personally dont trade chf i use but the 4 pairs that i use seem to move the most especially gbpjpy thats my personal key to the mint

Hi Harold4X.

Great method that will work on any time frame pairs.

GBP/JPY is my favourite too, have to use big stops though !

Week and daily are good for those wanting to take longer positions.

MTF's are the way to go to jump onto trends.

Just watch out for flat MA's

Keep up the good work
  • #23
  • Nov 23, 2007 2:33am Nov 23, 2007 2:33am
Thanks for the interesting method, so far so good! Please check the following snapshots and see if I have made the correct entries. Many thanks! If only someone can make an alert indicator every time the MAs cross, then it would a lot easier! Nonetheless, I will test this method on a demo a/c and see how it goes. The only thing I need to watch out for is the flat MAs as Gknarf mentioned in the previous post.

TP for GJ and GC is 50 pips while EJ and GU is 30 pips. All TP have been reached making a total of 160 pips for today. Obviously there are further potential pips to be taken but I will play on the safe side for now. The only disadvantage is I can't be looking at the screen all the time so I might miss out a good trade while I am away at work.

Anyhow, a question, what about Monday's trade? Do I look at Friday's trade to get an overview or should I just wait for the market to settle down from the weekend?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GJ.JPG Size: 99 KB
Click to Enlarge Name: EJ.JPG Size: 116 KB
Click to Enlarge Name: GC.JPG Size: 101 KB
Click to Enlarge Name: GU.JPG Size: 101 KB
  • #24
  • Edited 7:28am Nov 23, 2007 7:00am | Edited 7:28am
those entries are correct on 1 hr chart but was there a signal on daily chart for all those pairs if not thats a single frame indicator trade with no direction from larger timeframe to find mondays trade you look at daily on friday
  • #25
  • Nov 23, 2007 7:22am Nov 23, 2007 7:22am
i normally dont trade on day after thanksgiving but was bored also the stoc is very down on daily chart but a signal is a signal here are 2 charts to see a live setup
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 1.gif Size: 24 KB
Click to Enlarge Name: 2.gif Size: 27 KB
  • #26
  • Nov 23, 2007 7:49am Nov 23, 2007 7:49am
Quoting harold4x
those entries are correct on 1 hr chart but was there a signal on daily chart for all those pairs if not thats a single frame indicator trade with no direction from larger timeframe to find mondays trade you look at daily on friday
Yes, I looked into the daily chart for Nov 22nd at 00:00 and GJ, GC, and EJ indicated a sell signal while GU indicated a buy signal.

Looking forward to see if GC will close with a MA cross with another potential sell. Do you set any SL for your trade Harold?
  • #27
  • Nov 23, 2007 7:55am Nov 23, 2007 7:55am
on this trade its the high of the candle i entered on which is 30 pips gbpjpy usually same thing or 50 as a safe guard these currencies flucuate quite a bit so dont let that rattle you
  • #28
  • Nov 23, 2007 8:15am Nov 23, 2007 8:15am
by the way there was a gbpjpy signal yesterday for a down today here are 2 more charts so you can see the set up
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 1.gif Size: 23 KB
Click to Enlarge Name: 2.gif Size: 23 KB
  • #29
  • Nov 23, 2007 9:01am Nov 23, 2007 9:01am
Quoting harold4x
on this trade its the high of the candle i entered on which is 30 pips gbpjpy usually same thing or 50 as a safe guard these currencies flucuate quite a bit so dont let that rattle you

Thanks for the tip!

Managed to short GC at 2.2658, aiming to TP at 30 pips but may let it slide further down if the trend is strong.
  • #30
  • Nov 23, 2007 9:06am Nov 23, 2007 9:06am
i got in at 61 i have moved stop to be only because i dont trade on day after thanksgiving and its getting late in session so its a free ride
  • #31
  • Nov 23, 2007 9:08am Nov 23, 2007 9:08am
oh well no damage but this was to show the simpilicity of trading this way on a regualr day i would still be even though the stoc is so oversold on daily i would have to watch it carefully
  • #32
  • Nov 23, 2007 9:27am Nov 23, 2007 9:27am
I took 30 pips instead since I couldn't watch the market anymore, it was a close one.

If Stoch shows an oversold, does it mean the trend has a higher chance to reverse next week?

I will continue to use this method and post some charts from time to time. To be honest this is the simplest method I have come across and finally it's something which I can understand easily. Kudos to Harold for sharing his method.
  • #33
  • Nov 23, 2007 11:49am Nov 23, 2007 11:49am
Hi Harold,

Thank you for sharing your system.
As well, thanks for hanging in to explain the in's & out's.

Is there a significance to the trading time between 8:00 and 18:00 GMT other that it's kick-off in London & ends an hour after Tokyo close.

I really saw nothing special on the charts to give a clue.....but, am I sure what it is I'm looking for.?

Some trades, when elected to hold overnight, seem to beget pips (which is nice) during the quiet AM hours (EST) getting ready to blast-off during London session.

Thanks

Peter O.
  • #34
  • Nov 23, 2007 3:27pm Nov 23, 2007 3:27pm
Hi harold
Your system looks great, thou need to foward and back test it...
I modified an indicator for alerting the cross with an arrow...

regards
kevin

PS...i mis-spelled crossover...lol
Attached File(s)
File Type: mq4 WMA crosspver signal.mq4   4 KB | 1,744 downloads
  • #35
  • Nov 23, 2007 4:31pm Nov 23, 2007 4:31pm
Harold, you should know better than this:

What is a "system" w/o the main ingredients:

Stop losses and WHY they're chosen at that location/price;

Profit taking areas and WHY they're chosen.

Not trying to be hard here just that these forums have evolved so much more than the ole "Hey - look at my system - it can get you numerous pips. OH, I'm now live and it's losing me 13 out of 14 trades. Hmmm.... oh a stop loss ....oh where do I get out now that it went 49 pips (NOT 50) and is now reversing on me". These are really the areas traders should be looking at to become a better trader - not where to enter.

If you spend a week on these forums, you should be able to find AT LEAST 100 "systems" that can get you 50 pips an entry.

If you readers out there digest this info, it'll save you the hardships many of us went through.

Good trading/Good luck to all,

kt
  • #36
  • Nov 23, 2007 5:32pm Nov 23, 2007 5:32pm
I agree that this is just an entry, and most any entry will get us pips, which is why I asked about stop losses and targets. Half a system means full losses in forex trading.

Quoting ktrade
Harold, you should know better than this:

What is a "system" w/o the main ingredients:

Stop losses and WHY they're chosen at that location/price;

Profit taking areas and WHY they're chosen.

Not trying to be hard here just that these forums have evolved so much more than the ole "Hey - look at my system - it can get you numerous pips. OH, I'm now live and it's losing me 13 out of 14 trades. Hmmm.... oh a stop loss ....oh where do I get out now that it went 49 pips (NOT 50) and is now reversing on me". These are really the areas traders should be looking at to become a better trader - not where to enter.

If you spend a week on these forums, you should be able to find AT LEAST 100 "systems" that can get you 50 pips an entry.

If you readers out there digest this info, it'll save you the hardships many of us went through.

Good trading/Good luck to all,

kt
  • #37
  • Nov 23, 2007 7:21pm Nov 23, 2007 7:21pm
well well well what about stops i thought i mentioned it. i put in a 50 pip stop on gbpy incase there is a sudden event otherwise its when one of the indicators changes. most of the time i have signals on 2 currencies so i am looking to get 50 + pips combined or 50 if i have 1 signal. there is no perfect exit except the one that gives you profit at the end. now the reason i have been using the 8 to 18 gmt isthats the times i trade gotta sleep sometimes you can trade this i guess when ever there is a signal. now as for a 100 entry that can get you 50 pips show me 10 that do it consistently then we can talk
  • #38
  • Nov 23, 2007 11:18pm Nov 23, 2007 11:18pm
Quoting kevmcfoster
Hi harold
I modified an indicator for alerting the cross with an arrow...

regards
kevin

PS...i mis-spelled crossover...lol
Thanks kev...Makes for a very pretty picture and very clean easy to read charts....aaah the simple approach, I always love them. Mixed with a bit of good old fashioned patience, I have found simple moving average systems to be one of the best ways to catch swing trades within a channel (4 hour, 1 hour timeframes) with some that become nice position trades in the longer daily time frame.

When using moving averages, multiple timeframe trading is certainly the way to go. Harold4x is right on when suggesting the use of Daily and 1 hour charts. It should improve timing on entries and filter out some of the whipsaws. I personally also use a 4 hour timeframe as well. This is just a personal preference as I have been trading a three screen setup since my initial foray into Forex and so it is familiar teritory. I use it mainly to identify where price is in relation to its channel. Thats what swing traders basically do--- trade the channel (preferably in a trend friendly direction). For me, a three screen moving average system has been pretty well ideal.
Attached Image
Stay calm, be brave, wait for the signs - Jasper Friendly Bear
  • #39
  • Nov 24, 2007 8:51am Nov 24, 2007 8:51am
Quoting fxhermit
Thanks kev...Makes for a very pretty picture and very clean easy to read charts....aaah the simple approach, I always love them. Mixed with a bit of good old fashioned patience, I have found simple moving average systems to be one of the best ways to catch swing trades within a channel (4 hour, 1 hour timeframes) with some that become nice position trades in the longer daily time frame.

When using moving averages, multiple timeframe trading is certainly the way to go. Harold4x is right on when suggesting the use of Daily and 1 hour charts. It should improve timing on entries and filter out some of the whipsaws. I personally also use a 4 hour timeframe as well. This is just a personal preference as I have been trading a three screen setup since my initial foray into Forex and so it is familiar teritory. I use it mainly to identify where price is in relation to its channel. Thats what swing traders basically do--- trade the channel (preferably in a trend friendly direction). For me, a three screen moving average system has been pretty well ideal.
I agree with you about the 4 hour channel!!!!!!!
I think this is one of the great tricks people can know in FX
& it gives very good TP & SL points as well!!

TEB
  • #40
  • Nov 24, 2007 3:43pm Nov 24, 2007 3:43pm
Quoting fxhermit
Thanks kev...Makes for a very pretty picture and very clean easy to read charts....aaah the simple approach, I always love them. Mixed with a bit of good old fashioned patience, I have found simple moving average systems to be one of the best ways to catch swing trades within a channel (4 hour, 1 hour timeframes) with some that become nice position trades in the longer daily time frame.

When using moving averages, multiple timeframe trading is certainly the way to go. Harold4x is right on when suggesting the use of Daily and 1 hour charts. It should improve timing on entries and filter out some of the whipsaws. I personally also use a 4 hour timeframe as well. This is just a personal preference as I have been trading a three screen setup since my initial foray into Forex and so it is familiar teritory. I use it mainly to identify where price is in relation to its channel. Thats what swing traders basically do--- trade the channel (preferably in a trend friendly direction). For me, a three screen moving average system has been pretty well ideal.
Hi fxhermit

Could you elaborate on your three screen moving average system? I trade the 4H and Daily Charts using a similar (more complicated) system. I like the simplicity of this method.

When trading the 4H, are you looking for the Daily, Weekly or both to be in agreement (meet all conditions) with the 4H Chart?

Thanks

Charlie
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