30M Day-Trading Method

Hello,

I will start by saying I have been a long time forex factory addict - Always looking for that something new that works. Time and time again I would end up dumb founded as to why it didn't work, always feeling the gut wrenching disappointment and failure of loosing money that I couldn't afford.

I learnt that all flashy indicator's and so on are a waste of time. As soon as I had over-come that and concentrated more on price action I was fine.

I don't think I could have pulled through as well as I have if it was not for Efflilang and Flamenco143, these two people never stopped inspiring me, and for that I am grateful. If you have been here long enough you would know them both.

I have attached pictures of what I do - I don't have any hard set of concrete rules other then, go with the trend, and try to stick to only 2 time frames, don't go bouncing around everywhere, otherwise you will loose yourself like I have done many times.

The pictures should be pretty self explanatory. The arrows are the entries and the blue and red triangles are the high's and low's being taken over, thus looking for a trade in a new direction or the exsisting one. I use the Stoch for divergences, early warning of trend changes.
Stop losses would usually be kept at the high of the most recent high, or the low of the most recent low or if a major pivot is a bit further then below/above that, pretty basic really, I've given up on staring at the screen for hours on ends, I usually check it every few hours and will adjust my stop loss to the next most recent Support / Resistance, that being the last Low or High.

This may also be used on higher time frames. I won't say which, you can work it out for yourself.

Well... this place has helped me a lot so I thought I'd give a little something back.

All the best to you - and for those beginner's - Don't give up so easily, it will come to you eventually as it has for me. Have faith in yourself.

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Indicators & Template are attached

Along with it I thought I'd attach a document about Peaks & Troughs, it's a good read.

Also... it's worth every cent and I'd highly recommend it to anyone who trades, whether they have been doing it for a long time or just started.
"Trading In The Zone, by Mark Douglas" - Google it.

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Results: - Will be posted using DD/MM/YY format - Week ending will be the last trading day for the week

Week ending 3/4/09 --- +505 Pips

Wait....Wait....Wait..... So you are saying that you DON'T need 80 different indicators on a chart to trade forex?? LOL! Nice job! I really hope this thread gets flooded with views. There are a large number of people on this forum who need to see it.

The two moving averages you have there look to be based on the high and low of price, what settings are they set for?

Again, congrats on finding an easy to follow system that works for you.

Thanks for your kind words MagnumFreak.

I forgot to mention the Moving Averages - They are simply 5 EMA set at High and Low. I use it as a rough guide to determine how strong a retracement has been, you'll notice on some of the arrows I have drawn that the price has not pulled back to the 5 EMA - It does not always have too. I got these from Effilang (Basic Trading System), I've combined a few bits and pieces from other methods along the way.

Feel free to pick at it.

Hi,

Would you be able to further explain the strategy. I looked over the pictures but couldn't get it clearly what's your basis for entry? Thanks

do you have better defined entry/exit rules, "other then, ..."I won't accept any negative criticism"..., "I don't have any hard set of concrete rules"... "go with the trend, and try to stick to only 2 time frames.."?

Alright guys,

I'll try to explain a bit better, although I think if you can't work it out from the pictures then you probably haven't tried looking hard enough.

Basically once you've defined which direction you are going in, based off H/H H/L and L/H L/L, if you don't know what this is, then goto www.babypips.com and learn, if your not prepared to do this, then I wish you all the best in your forex future. - Then you will wait for a retracement, it's nice if price hits the opposite side of the 5 EMA channel to the direction your going in, but does not necessarily have to hit it, but if it does that's better.
Then we wait for a candle to eat another candle, again it doesn't have to be a bear vs bull or vice versa. Just a candle by-passing another candle in the direction that you are pursueing. Entry is the high/low of the candle you are by-passing in the given direction you are going in.

All the best.

That divergence got blown out of the water.

Let's see if it finds resistance at the previous High, it has touched it, let's see if it rejects it, if so then I may from personal experience still attend going short, this is where looking at larger time frames helps if it doesn't get rejected that's okay too, let it blow out long and then wait for a retracement again and go long with it.

Thanks for the explaining.

More Questions?
Let say on a downtrend the pirce is making lower high and starts coming down and toched the 5ema and you enter if the next candle goes one pip down the previous candle? Is the oscillations used to confirm the trend?

How do work on the ranging markets? i assume you sell on high / buy on low following the same rule for price to go to ema and enter on the next candle?

Could you please post a picture for your first question for me to relate too

On a ranging market, price will usually hover inbetween a high or a low, the 5 ema becomes less useful when it ranges, I usually go with the move of the previous leg. I have attached a picture for you.

The red arrows are entries, as you notice there is more than one, any of them would have been fine.

The stop loss was not 'all' the way up, that's because it was a rather volatile spike, so where it is, is probably a fairly safe place, but that is an art not a science.

Hope this helps.

Hi,

I didn't draw the ema lines but let's assume the bearish candle hit the lower ema line.

Here you go, hope that helps explain.

Here is a trade just triggered

Last trade stopped out at break even

Let's see how it goes this time, it's officially retraced properly.

Trade for E/U

E/U Stopped out -27 pips

VitaminBeer

Thanks to share this to us. It looks great!!!

Still going... break even soon

What was the basis for GU trade? i see the price didn't come down to the lower EMA and there wasn't a proper retrace i can see?

Is this trade taken against the trend

Well, I know it didn't touch the lower EMA, however I did say in earlier posts that it doesn't always have too. However, sideways market can also substitute for a retracement at times, however that one didn't work out, but the next one did.

G/U is currently up 123+ pips - stop loss has been adjusted to 1.4430