hi there, came in to place this rules of trading while I am learning.
Rule number 1
Do not play before London open, volume too low and the Dumb money is playing.
Rule number 2
If there is a demand/support or supply/resistance trendline break from the first candle wait until it close and went in only if the 2nd candle continues its trend from the 1st candle otherwise get ready to be fakeout. Please confirm it with MACD/Stoch crossover (always get fake out). Also if the market is slow and there is a trendline break wait at least for the 3rd candle to stay its due course before plunging in or else you are the dump money
Rule number 3
If price breaks a trendline and it stalls crank down to 5min and see why? Most of the time it is a fakeout. Grab your profits or cut your losses.
Rule number 4
Grab pips on retracement only if the big trend is with the reversal otherwise grab a few pips and bail out cause it will not retrace much before it is being push back by the big trend.
Rule number 5
Let your profit run while cut your losses, bag your profits fast and leave the rest for others. Get in and out on the same day. Don't be greedy
Rule number 6
Plan you trade and trade your plan. If you had plan your trade prior to London open, follow it till it hit your stop loss. Do not be affected by PA. You are the smart money everything else are the dumb money unless it hit your stop loss then you are the muddle one.
Rule number 7
Make your trading bias way before London open. Just look at price action couple by MACD status of overbought or oversold. It will roughly tell you whether it will be a price continuous pattern or price reversal pattern.
Rule number 8
If MACD crosses over much early before a trendline break. Usually the run would be premature and exhausted. If the break is obvious don't take it supply/demand breakout are mostly unexpected. Buy/sell only when Stoch is oversold/overbought even if there is a candle reversal pattern
Rule number 9
Always buy when Stoch is oversold and sell when Stoch is overbought this way you are buying value at a cheap price. If the big charts tell you the trend is up/down crank down to the 5min chart to buy/sell when Stoch is oversold/overbought this way you get better value in price
Rule number 10
For price action alone to where price will go look down from the 4hr chart see where MACD is going then crank down to anytime frame which has a a nice uptrend channel or downtrend channel and estimate where price will go. If price action is messy in one of the timeframe change and find another time frame which has a better channel/clear price action pattern.
Ok here is the intro
I come across this system using TD trendline and Eng Waddah EA assuming that daily pips range for EURUSD is 74 pips. I guessing trendline breakouts are the most reliable. So I try my luck on this EA using TD trendline as support and resistance. Suprising for the last week of April from 1st of April to 7 of April I had an equity of 161% over 1 week.
I need the help of seniors here to arrange the order pip space to determine the ideal gap for a breakout so that false breakout won't get the order. And also as you notice in the TD indicator there is an estimated profit taking line which the TD indicator shows however in the EA the profit taking is predefined. So would any programmers out there can tweak the EA to to profit taking to the defined TD profit line?
I know it is too soon to be defined as a good EA however I have yet managed to do backtesting for 1 year as it needed to be visually aided inorder for the EA to define the support and resistance line. So guy pls bear with me.
David
Rule number 1
Do not play before London open, volume too low and the Dumb money is playing.
Rule number 2
If there is a demand/support or supply/resistance trendline break from the first candle wait until it close and went in only if the 2nd candle continues its trend from the 1st candle otherwise get ready to be fakeout. Please confirm it with MACD/Stoch crossover (always get fake out). Also if the market is slow and there is a trendline break wait at least for the 3rd candle to stay its due course before plunging in or else you are the dump money
Rule number 3
If price breaks a trendline and it stalls crank down to 5min and see why? Most of the time it is a fakeout. Grab your profits or cut your losses.
Rule number 4
Grab pips on retracement only if the big trend is with the reversal otherwise grab a few pips and bail out cause it will not retrace much before it is being push back by the big trend.
Rule number 5
Let your profit run while cut your losses, bag your profits fast and leave the rest for others. Get in and out on the same day. Don't be greedy
Rule number 6
Plan you trade and trade your plan. If you had plan your trade prior to London open, follow it till it hit your stop loss. Do not be affected by PA. You are the smart money everything else are the dumb money unless it hit your stop loss then you are the muddle one.
Rule number 7
Make your trading bias way before London open. Just look at price action couple by MACD status of overbought or oversold. It will roughly tell you whether it will be a price continuous pattern or price reversal pattern.
Rule number 8
If MACD crosses over much early before a trendline break. Usually the run would be premature and exhausted. If the break is obvious don't take it supply/demand breakout are mostly unexpected. Buy/sell only when Stoch is oversold/overbought even if there is a candle reversal pattern
Rule number 9
Always buy when Stoch is oversold and sell when Stoch is overbought this way you are buying value at a cheap price. If the big charts tell you the trend is up/down crank down to the 5min chart to buy/sell when Stoch is oversold/overbought this way you get better value in price
Rule number 10
For price action alone to where price will go look down from the 4hr chart see where MACD is going then crank down to anytime frame which has a a nice uptrend channel or downtrend channel and estimate where price will go. If price action is messy in one of the timeframe change and find another time frame which has a better channel/clear price action pattern.
Ok here is the intro
I come across this system using TD trendline and Eng Waddah EA assuming that daily pips range for EURUSD is 74 pips. I guessing trendline breakouts are the most reliable. So I try my luck on this EA using TD trendline as support and resistance. Suprising for the last week of April from 1st of April to 7 of April I had an equity of 161% over 1 week.
I need the help of seniors here to arrange the order pip space to determine the ideal gap for a breakout so that false breakout won't get the order. And also as you notice in the TD indicator there is an estimated profit taking line which the TD indicator shows however in the EA the profit taking is predefined. So would any programmers out there can tweak the EA to to profit taking to the defined TD profit line?
I know it is too soon to be defined as a good EA however I have yet managed to do backtesting for 1 year as it needed to be visually aided inorder for the EA to define the support and resistance line. So guy pls bear with me.
David
Attached File(s)
trend me leave me-edited by trendchaser.mq4
75 KB
|
578 downloads
Demark_trend_alert_and_mail.mq4
17 KB
|
509 downloads
Forex Price Action Hacked - Price Action Rockstar