It sounds too good to be true but this is the aim. Trading 1 lot per $10000 in the account aiming for net positive 20 pips per day. That'll do it!!
I was taught trading from a well known Canadian forex course and mentorship programme that focuses on multiple time frame trading. My set up uses the following on all time frames:
-MACD 12, 26, 9 mainly for divergence
-Stochastics 8, 3, 3 for oversold/overbought levels and divergence
-From the Daily Fozzy thread (thanks very much) the 8 SMA, 8 RSI, Bollinger Band combo
-3 Williams % R settings 14, 28 and 56 in the same pane. The more of these indicators that group in OB or OS zones and then cross back the better.
In addition I look at pivot points, supp and res levels (and I include 50, 100, 200 ema's for this) candle and chart patterns, trend line breaks, fib levels and divergence hoping to get a confluence of as many events as possible to support my trade.
Here it gets difficult to say when would I take a trade as there are so many variables but what I must definitely see is:
- A cross in the direction of the trade from the Daily Fozzy combo indicator either the RSI crossing the outer BB but generally the RSI crossing the SMA
- I like to see stoch and W's % R go OB/OS in 2 time frames
- The 14 W's % R crossing the -50 line in the direction of the trade, this is my final filter to enter
I generally watch EUR/USD, GBP/USD, GBP/JPY, EUR/JPY 4 hr and 30 min charts but I will flick across other currencies and time frames from time to time.
Stops are relatively small, the more events that stack up the smaller the stops but 25 pips for cable (the W's % R filter helped a lot here) and 40 pips for yen currencies. Take profit depends (on cable) if I got in on 15/5 min charts 15 pips + but on longer term trades I look to move stop to break even and move stop to lock in profits as the trade progresses.
If this is not enough I watch brxxt's My Path to Financial Freedom very closely, if he makes a call I look to see if my requirements agree. I also look at the silverlining thread (search silverlining) which gets my interest, and I'll watch to see if itme comes back online, again my system must agree with their calls.
I'm in South Africa and we are 1 hr before GMT, 6 hours before EST so the average working day gets in the way of many trades. No excuses I must sneak trades where I can I may only be able to post after the event though.
If all goes well I'll be trading full time soon.
I was taught trading from a well known Canadian forex course and mentorship programme that focuses on multiple time frame trading. My set up uses the following on all time frames:
-MACD 12, 26, 9 mainly for divergence
-Stochastics 8, 3, 3 for oversold/overbought levels and divergence
-From the Daily Fozzy thread (thanks very much) the 8 SMA, 8 RSI, Bollinger Band combo
-3 Williams % R settings 14, 28 and 56 in the same pane. The more of these indicators that group in OB or OS zones and then cross back the better.
In addition I look at pivot points, supp and res levels (and I include 50, 100, 200 ema's for this) candle and chart patterns, trend line breaks, fib levels and divergence hoping to get a confluence of as many events as possible to support my trade.
Here it gets difficult to say when would I take a trade as there are so many variables but what I must definitely see is:
- A cross in the direction of the trade from the Daily Fozzy combo indicator either the RSI crossing the outer BB but generally the RSI crossing the SMA
- I like to see stoch and W's % R go OB/OS in 2 time frames
- The 14 W's % R crossing the -50 line in the direction of the trade, this is my final filter to enter
I generally watch EUR/USD, GBP/USD, GBP/JPY, EUR/JPY 4 hr and 30 min charts but I will flick across other currencies and time frames from time to time.
Stops are relatively small, the more events that stack up the smaller the stops but 25 pips for cable (the W's % R filter helped a lot here) and 40 pips for yen currencies. Take profit depends (on cable) if I got in on 15/5 min charts 15 pips + but on longer term trades I look to move stop to break even and move stop to lock in profits as the trade progresses.
If this is not enough I watch brxxt's My Path to Financial Freedom very closely, if he makes a call I look to see if my requirements agree. I also look at the silverlining thread (search silverlining) which gets my interest, and I'll watch to see if itme comes back online, again my system must agree with their calls.
I'm in South Africa and we are 1 hr before GMT, 6 hours before EST so the average working day gets in the way of many trades. No excuses I must sneak trades where I can I may only be able to post after the event though.
If all goes well I'll be trading full time soon.