the key to the mint

Hello,

Can you explain the arrow on you latest post and the indicator in the rsi?

Thank you,
BD

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

Actually my entries are as Harold4x recommends - use the daily and enter trend friendly in the 1 hour. I use the 4 hour as an intermediate or zoomed in view of the price channel on the daily chart. That helps me to identify areas (magnify price action) where the higher probability swing trade setups usually occur ( the channel lines and centre of channel). Entries are still in the 1 hour as per Harold4x recommendations. If you look at the attached chart you will see that there were some very nice trades to be had at almost all of the stochastic turns - now magnify those areas once again by looking at the 1 hour for your entry. That is the beauty of multiple time frame trading.

I like clean charts so I try to keep it as simple as possible, a few moving averages, Channel lines, RSI and Stochastics , three time frames and I'm good to go .

Prior the finding this thread I was trading with an almost identical moving average setup (5 by 6 rather than 5 by 8 Ma) for the signals. Slowing one of the Ma's as Harold4x has done actually has the advantage of filtering out more whipsaws - and that's a good thing! I have now converted to using 5 by 8 myself.

Trading is very much a personal thing, you have to have something that works for you and then become a pro at it - it doesn't have to be overly complex - in my humble opinion, simplicity in approach is the best way to making money in the FX market. Patience is your greatest virtue and timing is everything .

The arrows are from Kevmcfoster's post #34 an indicator that he was kind enough to modify for our purposes.

As far as the indicators go, they are as per Harold4x method, RSI and Stochastic. I just drag and dropped the Stochastic from the indicators list in MT4 on top of the RSI. This leaves more room for the price chart. I like easy to look at charts.

This is a great trading tool. Like most of us I tried to tweek it a little. I put the moving averages in the box with the rsi and used the Heiken Ashi for the candles. Then put two MA's of 5 with one high and one low. When the candle closes outside of the 5 me channel the trend is in that direction.

i will say again the key to the mint is trading in the direction of the daily trendand even more than that money management. you can be right 8 out of 10 and still lose money if there isnt a money management in place. i am trying to understand the channel since its be in an upward trend in the channel but there was also some down trends on daily chart so to me this doesnt help me maybe i am not getting it also i use 5 ema of close and 8 ema of open not wma 5 and 8 close

Thanks for the correction on the EMA's - I missed that when Kev posted his indicator.

Channels are just trendlines drawn through tops and bottoms. They just give me a visual as to how price is contained. Like all trendlines, they are at some time going to be violated and will need to be redrawn. Not everyone finds them to be of use and as you know, one can trade quite well without them.

Thanks for starting the thread, I whole heartedly agree with you that the key to the mint is to trade in the direction of the daily trend. Keep up the good work. Looking forward to more of your posts.

i have a down signal on eurjpy and gbpjpy and a buy for gbpusd

Harold, did you enter any of the 3 trades? It might be too late for me to enter EJ and GJ but I am waiting for the MAs to cross for GU.

i am waiting till close of this candle to assess the indicators

no signals after this candle

Agreeing with you there. Would be better to wait for the candle to close in 1H time frame before taking the trade? Say for example on GU the MAs cross in the next 5 min, do I take the trade to buy or shall I just wait for confirmation at the close of the candle?

always wait for the close of 1hr candle and if all indicators are lined up in the direction of the daily trend then you enter at the market

Thanks Harold. As for GJ, the sell signal is out although RSI hasn't quite crossed over the 50 level yet and stoch looks unclear. Any advice for this?

morning burt,
I had a signal and now short @ 223.70

Good morning! Well, it's afternoon over here.
I went short twice at 223.78 and 223.91 about an hour ago, but realized that RSI wasn't completely below the 50 level so I closed both positions at a total of +40 pips. I wait for another clear signal. Right now the price has risen to 223.89.

UPDATE:
Looks like the signal has repainted and now showing a buy signal, price has gone up to 224.72 as I type therefore always follow the rules!

well I balls that one up -25pips

back in with eur/usd long @ 4864 and usd/chf short @ 1017, both RSI in line with shocs crossover

-25 pips is better than -50 pips! Glad that you minimized your loss.
Good calls for EU and UC, both seem valid and of right now, you should be in profit. I am tempted to do a short with UJ but still a bit doubtful, will see how it goes in the next 15min.

was also just to send trade on u/j, but 1hr closed bang on rsi 50, will now wait until this bar finishes, you mentioned the next 15 mins, why?

I sometimes look at smaller time frame to give me a general idea if the market is going along with the trend. Can enter at an earlier time but of course it is riskier. I would most likely wait for the 1H candle to close and see what happens next. I am only planning to get 50 pips per day, more than enough for me, anything more would be a bonus!

u/j still a no go,
I also use BB with this system you will see that it doesnt want to drop below the middle BB (good sup/res) and tend to use the outer BB as a chance of a reversal