I have been enjoyingcliqforexfor a few years now and its time to give back something. For a few months I have been investing in a method that I call trendrider. The system does not offer you 100 signals a month but should give you a fair chance on capturing the largest moves in the market. Approximately 70 percent of the transactions earn money --some big, some little -- 10 trades break even -- And approximately 20% of the transactions will prevent you out ( too keep the guys you normally take money from alive). My favorite pair is USDCAD however, the system must work out fine in most major pairs.
I have been trading forex on and off for about 5 decades and the last year of trading has dragged me out of this muddy river of loosingness. I still have quite a distance to go to get where I need to be, but every single day gives me experience and I believe that experience makes you a better trader. I hope this article can inspire some people to become better traders. I will attempt to answer any question as good as I can. This is my very first Thread here so please bear with me at the biggining.
Therefore, here we go.
The system is multitimeframe.
I start with the daily charts. I measure whether a pair is at a daily tendency very readily. Plot 1 standard deviation Bollinger Bands and two standard Bollinger bands on a charts. It the should seem like the very first thumbnail attached
since you can see the euro pound was in a huge uptrend because oktober. When price closes at or close to the channel define it as a fashion. In this case an uptrend. Offcourse if the candle is bearish and shutting outside the channel I consider it like an uptrend. But if you choose the very first of December as an example you can see that it is plausible to give it an uptrend definition.
On to another part.
I use the 4 hour chart to reveal that the current momentum.
I use triggerlines however you can use a routine 5/8 cross if you would like to. The point is to see that the smaller moving average above the larger in the direction of this trend. It informs me that momentum is using the daily tendency on the four hour too.
To Put the transactions we use 1 hour chart. We would like the price to return into the lower Bollinger band with two standard deviations. We might get our entry order. What I need to view at the Bollinger band is buying stress. How do we begin buying? Well from price action. s, outdoor bars, 2 pub patterns, large bars etc.. It's pretty fundamental things if you put in some effort to learn it. Read the ribbon and become a specialist, or buy Pring on Price patterns to get an introduction. You might even visit http://www.group.us/ for a few instant insight.
Well back to the case.
The price reaches the bb with a few dramatic pa after creating a new high. The price shoots up and make a solid closure. Some calls the pattern a proxy snare others call it a two bar low. Its clearly someone buying the pair, that's the point. I will enter long when the price breaks the top of the two bar pattern with at least 2 tics. In this case my long was 0.8494, I place the stop under the lows of this bar formation. Risking roughly 60 tics on the trade.
Exits - Exits -- Exits.
We would like to remain in the trade long enough to allow it to prove to us that it wants to trend. We need the pair to make a new top, then retrace and then go up and make another high. When that has happened you move your stop 10 tics below the last low. Sometimes its ok to place stop in be following a solid really. No one wants the halt to be removed later being up 150 tics on a trade. That's ok. That's the name of this game.
You continue the trailing method until the stop is removed sometimes it happens quite fast but once in a while you end up sitting on a train for months. Every trade has its very own life. Sometimes its ok to take some of this table once the pair goes completely bananas, and sometimes you would like to cash in the total at a solid S/R level. I recommend you allow the trend decide.
Im sure im missing out some advice. However, I hope you guys will look at this with open eyes and we can take this egy forward collectively. It makes money, but it requires discipline and patience --like any good egy.
Very wonderful egy!
Thanks for sharing your system.
Can you post some more charts with remarks on it?
Thanks Cindy for posting and paying attention.
Haha yes it can not feel too great when you take time and effort to share something with complete strangers and are fulfilled with stone cold silence - I'm thinking it just got burried during the holidays...
Anyhoo - resembles the EUR is short today and an Outside bearish bar just closed on the 1 hour chart - Can not post chart right now but for reference it is the 8:00am GMT time near - The bar is very long although
Great to see some posting here! Im glad you discover the approach promising. I have connected the triggerlines indior and the template use. I didn't take the euro brief like I believe the pub was too big. The euro is also approaching support at 1.31.
I completely overlooked the GBP installment. That is a classic and is exactly what I am searching for when using this approach. The pound is also approaching significant support however, the risk/reward on this one is far better compared to euro setup. I'd have moved my stop to break even by today.
1. Daily close inside the sell zone.
2. Quick rally and rejection off 50 and the BB MA.
3. Price breaking the low of the previous bar within seconds.
I Really like it
Cindy: I want the price to poke the BB and hopefully the 50 ma as well. I also need the installation to occur within two bars.
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