Lets Get Real - page 6
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First, did you read all my posts from the beginning?
For those that asked, you need to just look at the preponderance of the evidence to make your decision to enter. Look at the trend in general see what price is doing. Then for me I like to see the RSI bars and the WoodieCCI and the HA candles all agree with direction of the 1hr candle for the entry.
The blue and red dashed lines are simply to emphasize the hourly opening price which is our reference for trade bias.
If you read all my posts you would see that I use scripts to trade which set my TP. I will however, manage my trades and close them whenever I feel price is stagnating and take whatever profits I have managed to get for the hour. Remember this is a VERY QUICK TRADE!!!
Learn to see what price is telling you. All the indicators and such are merely tools to assist you with that. They are NOT the primary trade signals. YOU ARE!!!
I hope.....
I am up 41 pips today, hooray. One thing I have done is put the over RSI on the one hour chart with a 8 EMA. I also increase the line width of the RSI for the strong candles (first 2 colors) on the 1 hr. chart to see it easier. I hope this helps and does not distract from rads method.
41 pips of goodness! Outstanding. I had mixed results today due mostly to my own indecision. I will from now on decide before the day which pair I am going to trade and concentrate on that one opnly. Then I will put up the 5min on one screen and trade the 1min accordingly.
I can't look at more than one pair at this speed and get any decent results. By the time I get done looking at one pair the move is done and I miss it on the next.
But bottom line, this system works!!!
I am up 41 pips today, hooray. One thing I have done is put the over RSI on the one hour chart with a 8 EMA. I also increase the line width of the RSI for the strong candles (first 2 colors) on the 1 hr. chart to see it easier. I hope this helps and does not distract from rads method.
Hi BlueWhale,
can you please upload a template file..thanks
Xard777
Well.........
Well I would, but........ I have no idea how, LOL. Load rads template and indies. then open a one hr chart of your pair ( I like GBP/USD) add the RSI indie and a 8EMA. #### REMEMBER#### Follow rads advice and his method, this is ONLY to help visually determine the possible direction of the hr. Trade on the M1 with rad.
PM me if you need anything xard.
you work is amaizing
Hi Kenny,
Thanks for the input. The big improvement for me came with the revelation that every hour is like a brand new day. I used to look at a trend or move without relation to time and if I missed the entry I was lost at trying to get in. Now I have a frame of reference for every hour of the day and it makes a huge difference. I can sit down at the computer at any time and basically get involved right away with a meaningful entry. You should also understand that my trades do not last much longer than an hour! I know that 10% is a LOT of gain. (or loss). I would have bleeding ulcers trying to trade a daily chart.
Anyways, here are my indies and the template for my charts. I will add more about it later.
Update: There are 2 templates. 1 has the BZ indie shown in the chart below, the other has a different version that shows past hour levels too and does not have the BZ text. Feel free to use the one you like.thanks for you job, sorry i am new in forex.
Hi Kenny,
Thanks for the input. The big improvement for me came with the revelation that every hour is like a brand new day. I used to look at a trend or move without relation to time and if I missed the entry I was lost at trying to get in. Now I have a frame of reference for every hour of the day and it makes a huge difference. I can sit down at the computer at any time and basically get involved right away with a meaningful entry. You should also understand that my trades do not last much longer than an hour! I know that 10% is a LOT of gain. (or loss). I would have bleeding ulcers trying to trade a daily chart.
Anyways, here are my indies and the template for my charts. I will add more about it later.
Update: There are 3 templates. 1 has the BZ indie shown in the chart below, the other has a different version that shows past hour levels too with the BZ text. In the new one, I have also added a couple of indies to help you stay in the trade or at least be more comfortable with the current direction. One is the Wall which is set to represent the 5min 8-13 EMA. The other is an EMA cross alert to help you pinpoint the trade in a fast moving 1min chart. The third does away with all extra indies for those that are comfortable trading price action. Feel free to use the one you like.
Thanks, but if my trading was as good as my charts look I would be a gajillionaire by now. I still have my own issues regarding taking trades but it is getting better. I am going to concentrate on 1 pair only instead of trying to bounce back and forth. I updated my templates back on the original post. Added a couple of simple things to show what the 5min is doing on the 1min chart to add confidence to the trades. Here is a pic of gbpusd for today.
Also added a template without the extra indies for those comfortable trading price action only.
Let me know if you like it. You can still just use the original if you like.
Nice system
This is quite clever....I made enough on EU overnight based on an entry in this system that I'm good for the week....this certainly deserves some more of my attention. Like the John Edwards tweek...nice job guys!
Ben
Vicious chop on cable today. Haven't had the courage to place a trade so far. But this always happens after a huge run like yesterday. Looks like a rising wedge forming on the 5-15min chart and I will look for the trend to reform later.