It's the wrong time of day to be entering a trade here in CDT (11 am) but I have a sell stop @ .7922 for the Eur/gbp, 4H TF. Looks like a pretty good setup, at least I hope so. p.
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DislikedI am having better results trading the 1H instead of the 15M & never the 5M. I only trade the a.m. NY session.Ignored
DislikedI didn't see anything on the 7am, my time, 4H that I liked but an hour later on the 1H I shorted the E/$, very tight TP & SL as I had to leave the computer for a couple of hours. +15 pips, the move was bigger but the 9am news could just as well have triggered a SL. I jst went long on the A/$. I like this strategy because it is very simple to analyze a chart and then place a trade or if not then move on.Ignored
DislikedThis is the only strategy I am trading right now. Easy to understand and implement. WalMart has an 11x8 in. white board for $2. I listed the 11 pairs I follow & have a column for the 4H trend direction. Then I move to the 15M TF and look for a setup and if the direction agrees I can enter a trade. Of course I check for S/R, candle size & wicks, etc.
Tom - thanks for posting your results, I can see the light at the end of the tunnel and it's not on a train locomotive! pipracIgnored
DislikedI happened to take a look here and thought some looking at this might like the attached indicator as it is a cross with a RSI filter thrown in. you can adjust it for any cross and level of RSI you like .mql attached.
I edited it to reflect the 7x50ma with 10 period rsi above 55 and below 45 . When all those are in line it produces an arrow on chart and can have alert as well.Ignored
DislikedHi,
Thanks to akatom2u for this elegant and simple method.
For clarity do you take every cross of the 7 and 50 EMA in the trend direction?
Many thanks.Ignored