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Start Winning - Trade the Current Trend

  • #401
  • Nov 29, 2016 9:14am Nov 29, 2016 9:14am
US trade got saved by the news...yay managed to exit for a small profit.
  • #402
  • Nov 29, 2016 11:54am Nov 29, 2016 11:54am
Quoting thaihoc
thanks alot. hopefully learn some thing from all of you. gob bless all of you
Welcome thaihoc. Please study the thread so far to gain an understanding of what we are doing here and how to use the indicators properly.
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  • #403
  • Nov 29, 2016 12:01pm Nov 29, 2016 12:01pm
Quoting Grantmac
US trade got saved by the news...yay managed to exit for a small profit.
Glad it worked out for you. But that is a good lesson for us all to learn - don't jump the gun!

I said before and I will say again one of biggest mistakes you can make is jumping the gun. They say that most traders lose, even when they are right about what direction price is going to go because they get in to early.

You don't need to catch the beginning of a move to make money and you definately don't need to worry about taking every last pip right to the end of the move. Just be happy with taking a bit out of the middle. By doing this you have more chance of being successful.
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  • #404
  • Nov 29, 2016 1:09pm Nov 29, 2016 1:09pm
Just in case anyone is interested here is a link to a thread that I made previously. It is only 5 pages or so long but there is some useful information in there.

You never know you might just find something that is helpful!

http://www.forexfactory.com/showthread.php?t=603211
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  • #405
  • Nov 29, 2016 3:13pm Nov 29, 2016 3:13pm
Quoting wizlon32
Having trouble finding a good pair to trade? Try this. {image} {file}

Have an info on this currency meter, I've tried google and stuck out.
  • #406
  • Nov 29, 2016 3:25pm Nov 29, 2016 3:25pm
Quoting jcat
{quote} Have an info on this currency meter, I've tried google and stuck out.
Sorry I'm not sure what you are saying? Are you asking for information about the currency strength Meter? If you are im sorry but i don't have any but it is quite straight forward. If you need an explanation I will try to explain for you.
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  • #407
  • Edited Nov 30, 2016 10:17am Nov 29, 2016 4:49pm | Edited Nov 30, 2016 10:17am
MA Lights Explanation

My MA and RSI Lights have been explained already and I admit they are a work in progress and possibly a bit confusing. But I do think they can offer us a welcome insight to the higher and lower time frames that we can apply to our trading and hopefully help to keep us right most of the time. The idea is that they are simple - at a glance and without being over-loaded with information, they can aid us in our decision making process.

If you are going to use these indicators then make sure you understand them. Add the 5 EMA and 8 SMA along with the 34 EMA and 55 EMA to chart and learn how they work together.

Here is a little tutorial on how I think the MA Lights should be applied. This explains the general idea behind them and what you should be looking for. I hope it helps. I have altered the colour of some of the lights for demonstration purposes.

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 124 KB


UPDATE:

Attached Image
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  • #408
  • Nov 29, 2016 5:38pm Nov 29, 2016 5:38pm
EURUSD. H4 Template says short. H1 template would also say short because H1 HTF is H4.

But M5 template says long and H1 chart also says long. You could have made nice profit trading M5 TF with H1 as HTF.

This is why I dont use 2 HTF MA or RSI lights. It can cause conflicting signals and confusion.

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot3.png Size: 80 KB
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  • #409
  • Nov 29, 2016 5:49pm Nov 29, 2016 5:49pm
Quoting wizlon32
EURUSD. H4 Template says short. H1 template would also say short because H1 HTF is H4. But M5 template says long and H1 chart also says long. You could have made nice profit trading M5 TF with H1 as HTF. This is why I dont use 2 HTF MA or RSI lights. It can cause conflicting signals and confusion. {image}
You can easily adapt the template to work for you if you want to use more HTF lights but the more you add the harder it may be to find entry.

Anyway,it's past my bed time and Im at work in the morning.

I hope all my babbling makes sense. My intentions are only to help.

Hope to see some more traders grabbing some profits with this strategy soon. I repeat again - Pick 1 currency pair and trade it. You might just be dazzled
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  • #410
  • Nov 30, 2016 3:31am Nov 30, 2016 3:31am
Ok new day and new trades. i have just entered a couple on the 5M TF. But firstly here is my 1H chart.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 149 KB


and my 5M trading TF.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot2.png Size: 133 KB
  • #411
  • Nov 30, 2016 4:06am Nov 30, 2016 4:06am
I guess the 1H chart of the AUDUSD is really telling me its at a limit and I shouldn't trade long. I really need to learn to read charts.
  • #412
  • Nov 30, 2016 4:24am Nov 30, 2016 4:24am
Thanks Wizlon. Good job, I closed my short entry when price made a fall with those indi
Risk comes from not knowing what you're doing.
  • #413
  • Nov 30, 2016 4:49am Nov 30, 2016 4:49am
Quoting Grantmac
I guess the 1H chart of the AUDUSD is really telling me its at a limit and I shouldn't trade long. I really need to learn to read charts.
You definitely do Mate. I hope you are demo trading until you learn.
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  • #414
  • Nov 30, 2016 5:19am Nov 30, 2016 5:19am
Quoting wizlon32
{quote} You definitely do Mate. I hope you are demo trading until you learn.
Thanks for the vote of confidence. I would be happy for lessons.

yes all on demo. I did manage profit on my EU trade.

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 68 KB
  • #415
  • Nov 30, 2016 5:34am Nov 30, 2016 5:34am
Quoting Grantmac
{quote} Thanks for the vote of confidence. I would be happy for lessons. yes all on demo. I did manage profit on my EU trade. {image}
Well done on EU. I am also trading EU.

You won't get a vote of confidence though with comments like "I need to learn to read charts".

The learning process takes time and dedication but does not necessarily take as long as some say. You will get there if you really want to.
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  • #416
  • Nov 30, 2016 6:01am Nov 30, 2016 6:01am
I am reviewing some of the MA lights comments that I made in post 407.

Mainly regarding the LTF lights. I want to find the best way to use this indicator and I make no hesitations to confirm that it is a work in progress.
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  • #417
  • Nov 30, 2016 6:34am Nov 30, 2016 6:34am
Quoting wizlon32
I am reviewing some of the MA lights comments that I made in post 407. Mainly regarding the LTF lights. I want to find the best way to use this indicator and I make no hesitations to confirm that it is a work in progress.

thanks a lot
  • #418
  • Nov 30, 2016 6:51am Nov 30, 2016 6:51am
Quoting wizlon32
MA Lights Explanation My MA and RSI Lights have been explained already and I admit they are a work in progress and possibly a bit confusing. But I do think they can offer us a welcome insight to the higher and lower time frames that we can apply to our trading and hopefully help to keep us right most of the time. The idea is that they are simple - at a glance and without being over-loaded with information, they can aid us in our decision making process. If you are going to use these indicators then make sure you understand them. Add the 5 EMA and...
Would you please show us how you use the RSI Lights as well?

no need to spend time for screen shots but just explain what is your way for looking to the 4 lights togther.
  • #419
  • Nov 30, 2016 6:57am Nov 30, 2016 6:57am
Quoting wizlon32
I am reviewing some of the MA lights comments that I made in post 407. Mainly regarding the LTF lights. I want to find the best way to use this indicator and I make no hesitations to confirm that it is a work in progress.
Here is and example of AU. Right chart is M5. Left chart is M1. Using M5 as the trading TF all 3 ofthe entries marked by the red vertical lines wouldhave worked out and the MA lights would have been in agreeance as described in post 407.

I will try to find some examples of the LTF lights keeping us out of potential losing trades.

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 61 KB
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  • #420
  • Nov 30, 2016 7:00am Nov 30, 2016 7:00am
Quoting htawfik
{quote} Would you please show us how you use the RSI Lights as well? no need to spend time for screen shots but just explain what is your way for looking to the 4 lights togther.
I will get to the RSI lights when I can my friend but they are basically another way of receiving the same information about LTF and HTF trends.
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