EG-FX Trading Daily Charts

thread: EG-FX Trading Daily Charts

  1. #1
    Junior Member camino4736's Avatar
    2

    EG-FX Trading Daily Charts

    Hello everyone.

    Just wanted to share my trading journal here. I have been trading because 2009.

    Anyway, my egy is quite simple. I loed it on a few of the threads for Daily charts and it worked well for me. I can not find the thread.

    1. Simple charts - I use Daily charts. I also like to Check out the Weekly to confirm that the trend.

    2. Indiors - that I use Bollinger Bands; 8,3,3 Stochastics with lines set at 40 and 60; and 5/8 EMA crossover.

    3. BUY - Price is bouncing off 20 SMA (Bollinger Band) - SMA must be trending upward; Stochs crossing upward from under 40 degree; 5 EMA should cross above the 8 EMA (and price needs to be above those mentioned EMAs)

    When there is a setup, you must confirm with the Weekly to determine if they are moving in precisely the same direction.

    *** Wait for the Daily candle to close - 5 PM Eastern Standard Time - before opening a transaction.

    4. SELL - Vice Versa

    5. EXIT - Stop Loss is struck; Stochs crosses the other way than the entrance; the machine says to open an opposite trade.

    6. MONEY MANAGEMENT -

    SL = 70 pips (BE 3 after 70 pips)

    I allow the winning trades operate for as long as possible.

    Some principles that I prefer to follow.

    * Stick to your principles.
    * Don't force a transaction.
    * Never trade against the trend.
    * Never exchange during major news (NFP, Interest Rates, etc.)
    * Never chase a missed opportunity. There will be another trade.

    Erik

  2. #2
    Junior Member camino4736's Avatar
    2
    I am having problems with uploading an image at the moment. Will post them soon as I get them to work.

    Erik

  •