Simple Money Making Method

Just a thought
Please don't short USD/CAD if the Euro is in downtrend.Obviously gaining strength on the Euro means same on Canadian dollar.

Eu remain down now at support 2837 holding

Nifty system. I have added a little tweak to it. Use it as confirmation or as an indicator as you wish. I added a 5ema to the indicators, seems to work well. The 72 bar s/r is very helpful

[quote=Davit;6044724] Hi, Davit. Trading in the Zone is my favourite, too. What are the other books that you reccomend for us? Thank you.

[quote=mgokhank;6044863] Trading for a Living: Psychology, Trading Tactics, Money Management


Alexander Elder, MD, is a professional trader and a teacher of traders, based in New York. He is the author of several best-sellers, considered modern classics among traders. He also wrote books about Russia and New Zealand.
Dr. Elder was born in Leningrad and grew up in Estonia, where he entered medical school at the age of 16. At 23, while working as a ship's doctor, he jumped a Soviet ship in Africa and received political asylum in the United States. He worked as a psychiatrist in New York City and taught at Columbia University. His experience as a psychiatrist provided him with unique insight into the psychology of trading. Dr. Elder's books, articles, and software reviews have established him as one of today's leading experts on trading

I very much interested in his discovery of Kangaroo patterns.The kangaroo tail pattern is a reversal pattern that shows up as a single bar or candle sticking out far beyond the normal price range. In a daily chart, for instance, it is a one-day spike in the direction of the trend, followed by a reversal. The market tests a new level, and rejects it, leading to a stab-and-recoil behavior.
Walter Peters loves this pattern and trades often based on it.

So make it a study subject
Kangaroo patterns
Elliot Waves

total +104 pips
patience, only patience

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Wow, the thread is growing international! (I see congratulations in Russian!).

Nice Trading Strategy! I want to test it next Time with EURUSD and GBPUSD. So i modyfied the Chart, maybe for more security to look where the course is going on.

If you want them too, here are the indicators:

The last two Indicators. Have lot of fun and $$$$€€€€€.

I'm surprised by the detailed trading skills of some in the forum. My own skills seem more to be by osmosis and more general eg, Steve Nisson would say "long white candle alone in the icepond look for return of the heron" (I made that up ) meaning price will retract halfway but Chris Lori would talk about "fractals here and then the parabolic peak over the skinny leg" and mean the same thing. Thank goodness I'm not teaching anyone! Thanks FX-pro and Davit (who I detect in a past life was a waiter!?!) for their sensible discussion. I find it difficult that I can not predict where price will go but base trades on that assumption -- this is why it is important to go through all the timeframes and take the major move of the month/week/day as a friend.
Happy Trading, James.

Konker those indicators are useless. Trade the system as is. No need for these "revisions" you guys are promoting.

is trade by other rules. FX-Pro's system is not yet confirmed

Follow the rules Davit.

Stay disciplined.... Wait for the MA12 confirmation.

Possible setup forming on cable. Looks like we will get confirmation soon.

http://imageshack.us/a/img600/8241/captureegtw.png

Davit, stick to posting trades that correlate with this system... That's what this threads for. Let's try not to clutter it like every other thread on FF. No disrespect intended.

Thanks man! I appreciate it!

i have a buy in GU 4hrs.. am not sure about this trade as price makes lower lows.. so took the trade with small risk %

I see people diverting from the basic concept of trading this method…..

Dear Thread followers,

By Adding multiple indicators on the chart will not make more pips… instead you will be confused with contradictory signals…

The major traders in forex would like to trade the trend, agree?

The big boys look for the major support / resistance, psychological levels technically (Apart from the fundamentals), agree?

Price Action, the most reliable & almost all the traders follow it, agree?


Which mean that, we are moving with the major crowed on this business… nothing but market movers.

All the above fused in this method with a simple concept, hence I request you guys to keep it simple,

all that you need is patience + practice your eyes to see how the price moves… in course of time you will know the roof & the floor to enter the trade….

Hope this helps,

Cheers,
FX-Pro

OK here you go...

4h looks like this....

if we find a reject from the resistance area, then we can look for short from there...