Simple EMA/Trendlines Strategy

i hope the chart helped you to understand it better take a look at the previews charts they are more clear..

got it thanks

i am gonna move my stop little higher for my open trade .... since we booked some good profits from the 1st trade we dont worry so much for ths one so we can place the stops and get a nap for couple of hours until NY open

i will be back to update my 2nd trade and other potential set ups for NY !!

JK$$$, how you move your stoploss when you are in profit?

Hey JK$$$,

Nice system you have started to present here. No magic, just a couple moving averages to assist with trend direction and some trendlines combined with price action for triggering the trades.

I have a trading method that is very similar to this and could marry up nicely with what you have presented here. I don't post on this site much but when I see good solid trading techniques like this being presented I feel compelled to chime in.

Hit me up on PM if you like I can present my flavor of this system and if and maybe we can team up on this thread to help some folks out.

All in all again nice methodology! Part mechanical and part discretionary

Trader V

i didnt want to get in to that yet, because i dont want to make it complicate it for any new traders that will see bunch of lines all over the charts, but i will give you an idea of how i move them around..... ok see every line is a level when i find the direction of the market these levels became TP points or SL point the directional levels (the levels following the trend) are my TP levels and the levels against the trend are my SL levels... ok now every time e directional level been breached i will move my SL a level Up or down dipence of the trend until i reach the break even level.


i hope that covered your Q? i will get more in to that later on for now i am trying to focus of how easy is to take trades by just following the direction of the market .....
(SEE CHART ABOVE)

Thank you V ....feel free to post any charts of yours and make any suggestions that you feel will be helpful for all of us!

Recap : on XAU/USD all positions closed my 924.41 target was missed by few pips, but i closed my 2nd trade @ 922.32 with Profit....

I run a similar set-up. However, I run also with an RSI or MACD along with an 62ema. The 62 acts like a natural support/resistance of the trend. I always prefer running with a trend.

Cheers,
J

ok we had good london NY session trading spot gold last nite, so na we gonna do our home work for the tonites session.....lets take a look at our daily chart!!!

we are still looking to take trades from XAU/USD since we still on daily uptrend.... you see that trend line at 930.50 level well that is a strong resistance level now if it breaks it we are looking to be going long for long time @ gold...


to see more clear any tonites potentional trades we will go to hourly chart (see next post )

ok now we are up trending so we are looking to participate as buyers if we have a clean set up.... we are not looking for any cross over because it all ready happen last nite, for tonite we are going to be looking for price action... its still early but we gonna wait our chart to form some kind of semtrical triangle, a flag or some kind of shape where the green square is placed on my chart... our original support line still exist and from there we will try to connect any other possible formation....

thank you jgnorton ...Trend is your only friend !!!!

update on XAU/USD pair: i was studying the daily chart and i realize that it has hit couple of times a very strong level in the area of 930.00.... now i ll still be looking for buy opportunity but i will be more cautious with my TP and SL ...

ok lets see what the 1hr chart has unfold so far....1- a great pullback testing our Support line. 2- for the fibo fans it has make a 50% retrasament. 3- its working its way to some kind of triangle...

i like trading mostly XAU/USD - EUR/USD - USD/JPY,but sometimes i see some good setups in other pairs that are good to have them as backup plans....

take a look at the EUR/GBP chart daily

it starts down trading on the daily with lower lows and lower highs.... it has break the daily triangle and we have a major triple cross over.

to me it seems that this pair has something in the works !!!

and here is the 1hr EUR/GBP chart....

it defiantly gave some great trades for couple of days and it seems that is setting up once more....

Just keep an eye on it!!.. why not get some greens out of it !!!!

HI trader V welcome to the thread!!

i was looking around the foroun and i so some of your posting...we defiantly share the same kind of ideology on trading so please feel free to post your charts with your analysis on this thread !

thank you

welcome.
i hope u have some free time to post some sites with tech analysis material.
thanx a lot.

Thank you for reminding me okawa.... here is some basic chart patterns that i use in my strategy

http://www.forextrendline.com/

http://www.forextraderschat.com/chartuptrend.htm


i thing this site explains the trend line drawing very clear

http://richbuddy.blogspot.com/2007/0...trendline.html


thats it for now if i find anything else i will post it just PM time to time to remind me ...

if any Q? feel free to ask !

Hi All,

I just wanted to show everyone how I do my chart analysis using this methodology.

The first chart is a daily chart and we can see that the current trend is down and price is in the process of a pullback against the main trend.

The second chart is a 4hr chart and shows that price never came up to the 38.2 fib level yellow arrow. So this fib is not valid. Once price breaks the swing low of the fib we need to wait until price forms a new swing low and we'd pull the bottom of the fib tool to the new low at point A in this case. The top of the fib tool remains in place and does not move.

The third chart is the 4hr chart showing that we now have pulled the fib down to the new swing low at point B. Now we would be looking for a short trade using the 38, 50 and 61 fib levels. As you see price goes up through the 38 fib level and hits the 61 fib level. There are 2 possible trades from the 61 fib level. Can you pick them out???
Price continues to go up and breaks the 61 fib level and continues to the 76.4 fib level and also hits the upper line of a downward channel. I use the 76.4 fib level to judge if I think price will continue in the up direction and possibly break the swing high of the fib tool (point A). When price hits the 76.4 level in a downward projected fib I start to pay attention to the possibility the price could continue to the upside and break the swing high causing a possible break out trade. Price also can take a dramatic turn at this level and resume in the direction of the main trend. Take a look at the green arrow, price is at a critical point. It's tested the upper channel line and if you look to the left you will see we are at a point where former support is now becoming resistance (SBR at golden arrows/orange line). Also note that the Stoch is in over bought territory and turning downward.

This could go either way and I am prepared to go short or long all I need is for price to confirm the direction and then I will jump in for the ride.

I hope this was helpful.

Great job ozzie thank you for your contribution to this thread.... identifying price action is what matters and every trader has their own methods of scanning their charts to find it....

thank you again and feel free to post more of your trades along with your analysis anytime ...