DislikedGreat results P. I hope you got long on G/U from below. I had that as a good signal with the hammer(I call it a kangaroo tail) off a MML support level Looks like MACD is now crossing. AUD/CHF was same setup except going short after thursday close and break of that low on Friday Asian session. CAD/CHF, EUR/GBP was just a few of the other setups this past week.
I haven't thought of analyzing from the weekly chart as Dr Elder suggested. Is this something you do or you just use the weekly to recognize basic levels of S&R? If I read his...Ignored
I incorporate Price Action @ Support / Resistance on the weekly charts in order to find potential "trend reversals."
As for the MACD it doesn't really matter quite as much, MA or Histogram, either way is fine as D1 allows a little more flexibility then the smaller time frames.
I just posted the following in another thread explaining in detail HOW and WHY I traded the GBP/AUD in 2013.
1) EUR/AUD and GBP/AUD use a 260 Pip SL and a 320 Pip TP. JPY Cross Pairs use 160 Pip SL and a 280 Pip TP
2) I follow charts throughout the day but only place trades every couple of days on average. Mainly just keep an eye on H1 time frame. **Also, this system has been programmed into an EA so not much human intervention is needed now anyways.
3) I use a Trend Strategy which uses a part of the "Third Screen Strategy" of Dr. Alexander Elder. First, I find in a D1 chart the global trend using the MACD indicator. Once the overall trend is clear, I use the H1 time frame to act in the same trend using the Williams Percentage Indicator.
This system basically uses D1 MACD & H1 Williams % However, I do keep an eye on Price Action at weekly support / resistance levels in order to find potential trend reversals. I also like to keep an eye on the 20 EMA and 50 EMA but they are not really necessary for my strategy.
I have posted a few charts showing HOW and WHY positions were opened up since January 2013.