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GU Intraday System

  • #41
  • Apr 21, 2010 3:45am Apr 21, 2010 3:45am
Price to erratic and candle to big for me to trade after news.

Well I got my 40 for the day so I will see you tomorrow.


and blessings to you.
  • #42
  • Apr 21, 2010 3:49am Apr 21, 2010 3:49am
Quoting matlobien
Price to erratic and candle to big for me to trade after news.

Well I got my 40 for the day so I will see you tomorrow.


and blessings to you.
I also see divergence, so I will be careful.
  • #43
  • Apr 21, 2010 4:53am Apr 21, 2010 4:53am
KijKij here are the Gann MTF Indicator.
Attached File(s)
File Type: ex4 #MTF_ ###Gann_HiLo_Activator_v2###.ex4   2 KB | 707 downloads
File Type: mq4 #MTF_ ###Gann_HiLo_Activator_v2###.mq4   1 KB | 751 downloads
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  • #44
  • Apr 21, 2010 5:01am Apr 21, 2010 5:01am
well done matoblien, got in just after the news and was out for some profits as price hits yesterdays high. Remeber as I said earlier the daily hgh and lows of the previous day and open are significant intraday levels. I will wait for a break of the high a pullback and then continuation before I re-enter. However we shall also look out for selling opprotunites based on the system. So we keep an open mind
Attached Image (click to enlarge)
Click to Enlarge Name: gu trade2.gif Size: 29 KB
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  • #45
  • Apr 21, 2010 5:22am Apr 21, 2010 5:22am
Now while we wait for the next move of the day. Let me re-examine todays possible trades using both the 30 min and the 15 min charts respectively. Trading the 15 min chart could have given you a signal as shown below and a loss then a buy signal afterward. While the 30 min tf would haven given you a buying opportunity at the dip as shown on the chart.

Now we must always understand that market makers usually push the market one way at the london open to clear stops before reversing for the main trend of the day (The Big Ben Strategy). That is why you see a lot of volatility between the euro open which responds to the direction of the dax futures and the london open. What is the solution to this dilenma. Personally I double up once on a reverse signal at london open if I am trading on the 15min. I do not think about it because if you allow the fear of reversal get to you will never trade. Just keep your trade size at 2 % and remeber the system ensures that you winners will be far better than your losers. Now the charts
Attached Image(s) (click to enlarge)
Click to Enlarge Name: mig gu example.gif Size: 33 KB
Click to Enlarge Name: mig gu2 example.gif Size: 32 KB
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  • #46
  • Apr 21, 2010 6:01am Apr 21, 2010 6:01am
However we shall also look out for selling opprotunites based on the system. So we keep an open mind[/quote]
I am short cable chart using 15min tf attached
Attached Image (click to enlarge)
Click to Enlarge Name: gu trade3.gif Size: 29 KB
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  • #47
  • Apr 21, 2010 6:05am Apr 21, 2010 6:05am
Quoting okehiedon
Now while we wait for the next move of the day. Let me re-examine todays possible trades using both the 30 min and the 15 min charts respectively. Trading the 15 min chart could have given you a signal as shown below and a loss then a buy signal afterward. While the 30 min tf would haven given you a buying opportunity at the dip as shown on the chart.

Now we must always understand that market makers usually push the market one way at the london open to clear stops before reversing for the main trend of the day (The Big Ben Strategy). That is why...
Exactly the way I trade.

If Frankfurt open gives me a signal I go. At London open I monitor very closely ,sometimes even stop loss to BE.

I also don't hesitate to reverse or if price goes in initial direction I look at round numbers or day high low.

  • #48
  • Apr 21, 2010 7:11am Apr 21, 2010 7:11am
Yea great minds think alike matlobien

Now on a serious note. One of the reasons I opened this thread in the rookie discussion section was to help my friend kijkij get the hang of manual trading. However, the thead was moved to the trading system discussion. Okay no problem. So i would be trying to explain the basics so that KijKij and my other friends can get the hang of manual trading. I know there are many good traders in Forex Factory, which I have personally learnt alot from and I am still learning, so I am obliged to teach others also from my experience. This would be the aim of this thread including the implementation of the system, which has already shown some potential.
Quoting matlobien
Exactly the way I trade.

If Frankfurt open gives me a signal I go. At London open I monitor very closely ,sometimes even stop loss to BE.

I also don't hesitate to reverse or if price goes in initial direction I look at round numbers or day high low.

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  • #49
  • Edited 6:15pm Apr 21, 2010 7:36am | Edited 6:15pm
The first thing we must do to be succesful in forex trading is to know thyself. Personally I went through every single system in forex factory within my first year, but that did not stop me having margin calls for about 4 times.

I knew all the theory but when it came to the real thing my mind went blank and i would be following the market basically on instincts. Till I understood that I am quick fingered and always wanted to be in a trade. So my problem was discipline and then I had to devise a system to get me into trades as quick as possible without experiencing too much whipsaw. That is how I came about the gann which I started with a 10 setting before going to its present 5 gann for the 30 min chart. Or if i want to trade on the 15 min I use 7 gann.

Now I would advise for starters to those new to forex trading or trying to be successful to start with the 4 hr chart using the system. Get used to taking the trades as the come on the 4 hour close. Write down what you saw as you entered the trade and how you felt. The most important thing at this stage is not whether you loss or profit but whether you are able to follow the rules. Make it a habit. I do this sometimes when the itchy fingers return (Trying to sell resistance and buy support on instinct ). Now trade it on 4 hr gu and also 4 hr Eur Jpy. For those who like the dailies the aud jpy and cad jpy work very well.

So lets start from here. In summary know thyself
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  • #50
  • Apr 21, 2010 7:50am Apr 21, 2010 7:50am
Just took a Long GU on M15, also confirms on H1.

Right?
Attached Image (click to enlarge)
Click to Enlarge Name: g1.gif Size: 24 KB
  • #51
  • Edited 9:37am Apr 21, 2010 7:57am | Edited 9:37am
After understanding yourself, you must understand the markets. There are 2 basic themes in the market, Risk appetite and Risk sentiment.

When the world markets are in risk appetite mode, the stock market is going up, commodities are going up, the market would be bullish on the Australian dollar, The Canadaian Dollar, the Pound and Euro, swiss francs in that order. The dollar and the yen would be sold off. US index would be bearish. etc etc.

When the opposite occurs (risk aversion) stock market falls, commodities are sold off, there is flight to safety, the aus and cad dollar, pound and euro and swiss francs are sold of in that order. The yen and us dollar are in demand.

When the market is neutral then we have the ranges, were price bounces of support and resistance level. Even when the market is ranging there would be a slight bias to risk appetite or risk aversion

Consequently you most know what sentiment drives the market, so even if you are taking counter trend trades, you know what we are doing.

Now how do we determine risk aversion or risk appetite without going through too much news and fundamentals. Simply open the daily chart of the yen pairs and look at where they are heading to at a glance you will know what sentiment drives the market.
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  • #52
  • Apr 21, 2010 8:05am Apr 21, 2010 8:05am
Quoting kijkij
Just took a Long GU on M15, also confirms on H1.

Right?

KijKij you are right, but the problem with that trade is that you must read my post on times to trade. I said earlier that the system works best from 7-11 gmt. (You can see the clear signals I am talking about earlier today on your chart, the buy and the sell signal). After that you should wait till the new york open before taking any other trade because the market can go any direction. Secondly the Atr indy(it is not on your chart)is showng red meaning do not trade.
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  • #53
  • Apr 21, 2010 8:20am Apr 21, 2010 8:20am
Which ATR indi you are talking about? The default one from MT4 or you have other? If you have then please post here with right setting instructions.

Thanks
  • #54
  • Apr 21, 2010 8:23am Apr 21, 2010 8:23am
Quoting okehiedon
However we shall also look out for selling opprotunites based on the system. So we keep an open mind
I am short cable chart using 15min tf attached[/quote]

Another great trade.

  • #55
  • Apr 21, 2010 8:42am Apr 21, 2010 8:42am
Thanks for your kind information. My target hit and I made 11 pips.
  • #56
  • Edited 6:17pm Apr 21, 2010 9:35am | Edited 6:17pm
Quoting kijkij
Which ATR indi you are talking about? The default one from MT4 or you have other? If you have then please post here with right setting instructions.

Thanks
This is the indicator as requested.

Now guys just to inform us. On the average is a lot easier to trade the london session before the US session kicks in. There is so much contending variables, trading the us session especially on days were there are no high impact news to set the direction. Price action usually is choppy and then without warning suddenly breaks out in one direction before you know what happens suddenly reverses. So I suggest we all try to maximise the london sessions before 11 gmt. That is all you need to make money in this market. if not we shall be guilty of over trading.

Now for guys that want to trade the us session I will be coming out with the intriciacies you require using the system.
Attached File(s)
File Type: ex4 xADR_0.2.ex4   6 KB | 812 downloads
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  • #57
  • Apr 21, 2010 9:48am Apr 21, 2010 9:48am
Quoting okehiedon
KijKij you are right, but the problem with that trade is that you must read my post on times to trade. I said earlier that the system works best from 7-11 gmt. (You can see the clear signals I am talking about earlier today on your chart, the buy and the sell signal). After that you should wait till the new york open before taking any other trade because the market can go any direction. Secondly the Atr indy(it is not on your chart)is showng red meaning do not trade.
Would you please be so kind to attach your 15 min template ?

Thanks
  • #58
  • Apr 21, 2010 10:12am Apr 21, 2010 10:12am
Quoting okehiedon
However we shall also look out for selling opprotunites based on the system. So we keep an open mind
I am short cable chart using 15min tf attached[/quote]


What is the extra candle on the right side of the chart?
  • #59
  • Apr 21, 2010 5:28pm Apr 21, 2010 5:28pm
Matlobien, it is the same template I provided on the first page. Just attach the xADR indicator on post 56 and use the mt4 stoch set to 833 instead of the mtf stoch . Secondly change the gann and sma settings to 7 .
Quoting matlobien
Would you please be so kind to attach your 15 min template ?

Thanks
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  • #60
  • Edited 6:20pm Apr 21, 2010 5:31pm | Edited 6:20pm
Well that is the current daily candle, so that yo can easily see the current day trend instead of switching tf. Hope you are enjoying the system. Glad to have you around
Quoting aelimian
I am short cable chart using 15min tf attached

What is the extra candle on the right side of the chart?[/quote]
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