GBPJPY Daily Trend Method | Page 49 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Weekly Trend Trading Method 651 replies

bo7a method... method for GBP/JPY 205 replies

Gbpjpy/gbpusd charts and setups-> [Piters Method] 158 replies

Easy trend trading method 6 replies

Jacko's P&P Trend Trading Method 73 replies

Attachments: GBPJPY Daily Trend Method
Exit Attachments

GBPJPY Daily Trend Method

  • #961
  • Apr 7, 2011 8:28am Apr 7, 2011 8:28am
Quoting weklil
Hi Michael tks for this great systems. I just went throught it.
You mentioned that you posted a pdf for the us of the multi purpose trade manager to move your stop loss to break even.
But I do not see it posted anywhere for me to downloaded.
Can you post it again and tks.
For more info on the trade management EA go here:

http://www.forexfactory.com/showthread.php?t=89371
  • #962
  • Apr 7, 2011 9:01am Apr 7, 2011 9:01am
Gbpjpy daily trend method: Wait
  • #963
  • Apr 7, 2011 9:03am Apr 7, 2011 9:03am
The ADX is headed down and is currently under 25....I doubt we will have a trade today, but I'll wait just in case.
  • #964
  • Apr 7, 2011 9:33am Apr 7, 2011 9:33am
Gbpjpy daily trend method: No trade today...adx is below 25
  • #965
  • Apr 7, 2011 10:17am Apr 7, 2011 10:17am
Quoting MichaelLee_8
The ADX is headed down and is currently under 25....I doubt we will have a trade today, but I'll wait just in case.
At the close of the third candle RSI was below 50 and ADX below 25 and custom trend was red.
At the close of it we were supposed to sell gbp yen at around 138.95.
That what I did as my first deal with this system.
Am I right?
  • #966
  • Apr 8, 2011 8:57am Apr 8, 2011 8:57am
Gbpjpy daily trend method: No trade today.....adx is below 25
  • #967
  • Apr 8, 2011 8:59am Apr 8, 2011 8:59am
Quoting weklil
At the close of the third candle RSI was below 50 and ADX below 25 and custom trend was red.
At the close of it we were supposed to sell gbp yen at around 138.95.
That what I did as my first deal with this system.
Am I right?
If the ADX is below the 25 level at the close of the first bar there is no trade regardless of what happens afterward. That being said, if you would like to trade it that way and put your own "spin" on the method that is fine. I encourage people to try different things with it.

Michael
  • #968
  • Apr 8, 2011 9:01am Apr 8, 2011 9:01am
Michael have you tried using the trend of a lower TF. Rather then a daily, with this method.
  • #969
  • Apr 8, 2011 9:07am Apr 8, 2011 9:07am
Quoting ukcool
Michael have you tried using the trend of a lower TF. Rather then a daily, with this method.
Hey bud,

The trades are taken from the 30 minute time frame. I know the title of the thread can be a bit misleading. I just didn't know what to call it to be honest with you LoL. There are a few traders that have mentioned to me that they are using it in conjunction with their own approach on the 4 hour and Daily. I've looked into it a little bit myself but haven't ever done anything with those time frames.

Michael
  • #970
  • Apr 8, 2011 2:17pm Apr 8, 2011 2:17pm
........Thanks for all your hard work and effort you have put into this method, however there are a few things not quite clear to me:

1. Generally RSI is set on the CLOSE, but this is not mention in post 1, can you please confirm?

2. There are 4 Indicators but only 3 parameters for both BUY and SELL in post 2 and 3; what is the function of the Forex Off Trend Indicator?

I will post a chart shortly as I want to do a time and price check with your broker, regards, John
Canadian by birth Australian by choice
  • #971
  • Apr 8, 2011 3:09pm Apr 8, 2011 3:09pm
Here is my chart, can you please confirm that the time and price is correct for Friday, 4/8/2011?

Also, you say no trade because the ADX is below 25 but I have it above, please check.

No mention of the Custom Trend or Slope, I'm showing green so that would also be no trade, correct? (assuming my trade time zone is set right)

Do you ever take notice of the ADX +D and -D readings? I don't see it on the charts I have seen so far; I believe you are missing out the great power of the ADX !!!

Seems to me that the RSI setting need to be made quicker, maybe 10 or so, to make it a bit more responsive?

Also, the Slope Indicator seems to be way behind the price action, see the chart, have you tried different settings?

I know some of this may already be discussed, I am still reading the thread; weekend soon, so hopefully you have some spare time for this, many thanks, John
Attached Image (click to enlarge)
Click to Enlarge Name: setting_query.jpg Size: 168 KB
Canadian by birth Australian by choice
  • #972
  • Apr 11, 2011 9:02am Apr 11, 2011 9:02am
Gbpjpy daily trend method: No trade today....adx is below 25
  • #973
  • Apr 11, 2011 9:10am Apr 11, 2011 9:10am
Quoting TheSnowman
........Thanks for all your hard work and effort you have put into this method, however there are a few things not quite clear to me:

1. Generally RSI is set on the CLOSE, but this is not mention in post 1, can you please confirm?

2. There are 4 Indicators but only 3 parameters for both BUY and SELL in post 2 and 3; what is the function of the Forex Off Trend Indicator?

I will post a chart shortly as I want to do a time and price check with your broker, regards, John
Yes, the RSI is set to CLOSE. We are using the forex off trend cross as more of a short term confirmation. However, the blue line of that indicator "repaints" so I decided to use a 5 ema crossing with the red line instead....It's kind of weird how the blue line repaints but the red line doesn't....
  • #974
  • Apr 11, 2011 9:31am Apr 11, 2011 9:31am
Quoting TheSnowman
Here is my chart, can you please confirm that the time and price is correct for Friday, 4/8/2011?

Also, you say no trade because the ADX is below 25 but I have it above, please check.

No mention of the Custom Trend or Slope, I'm showing green so that would also be no trade, correct? (assuming my trade time zone is set right)

Do you ever take notice of the ADX +D and -D readings? I don't see it on the charts I have seen so far; I believe you are missing out the great power of the ADX !!!

Seems to me that the RSI setting need to be made quicker,...
1) I can confirm those prices. They are almost identical to mine.
2) Brokers are different. I use FXCM so my ADX readings might be different than yours. If your ADX is above 25 and you like the direction of the trade, feel free to take it.
3) If the ADX is below 25, the custom trend (slope line) is not relevant. However, according to the ORIGINAL METHOD and YOUR CHART that is a buy signal. I hope I didn't just confuse you .
4) I never use the +D or -D lines. That is not to say that they cannot be used. I encourage everyone to tweak and adjust anything and everything as they see fit. The ADX line is used as a trend filter. It isn't perfect but it tends to keep us out of a lot of range bound PA.
5) The RSI period of 20 is just a favorite of mine. I promise I wont be offended if you change it.
6) I haven't really experimented with the settings on the custom trend (slope line). I didn't see a reason to change it.

Thanks for following along and for asking questions. They add clarity and help out others who are viewing the thread. Let me know if you have any other questions or comments.

Michael
  • #975
  • Apr 12, 2011 8:49am Apr 12, 2011 8:49am
Gbpjpy daily trend method: No trade today.....adx is below 25
  • #976
  • Apr 12, 2011 8:00pm Apr 12, 2011 8:00pm
I found a way to mark the 10:00 oclock bar if anyone is interested useing the sessions indicator found in forex factory . It works well especially if you are in a different time zone .
Attached Image (click to enlarge)
Click to Enlarge Name: pic with sessions indi.gif Size: 51 KB
  • #977
  • Apr 13, 2011 7:36am Apr 13, 2011 7:36am
Quoting tgiambarberee
I found a way to mark the 10:00 oclock bar if anyone is interested useing the sessions indicator found in forex factory . It works well especially if you are in a different time zone .
Thank you very much! That should be help a lot. Feel free to post it when you get the chance.

Michael
  • #978
  • Apr 13, 2011 7:48am Apr 13, 2011 7:48am
Thanks for everything Mike .
Attached File(s)
File Type: mq4 i-Sessions.mq4   6 KB | 455 downloads
  • #979
  • Apr 13, 2011 9:01am Apr 13, 2011 9:01am
Gbpjpy daily trend method: Wait
  • #980
  • Apr 13, 2011 9:30am Apr 13, 2011 9:30am
Gbpjpy daily trend method: No trade today....adx is below 25
0 traders viewing now