Trading The Bars

Savant Sir,

How's the day today ??

Hi Vicky,

Traded In USD/JPY & EUR/USD
A Few Long Short Trades In AUD/USD & NZD/USD,

Now Waiting To Take A Long Entry In AUD/USD & NZD/USD

SavantGarde

Hi Aaplana,

Here Are Few Strategies Outlined Below:

STRATEGY-I

1. Trade During Peak European or US Trading Times

2. Trade Only With The Trend & Never Against It

3. Use The 5 Minute Chart

4. Use Candlestick Chart

5. Plot EMA-12

6. When You Spot Three Candles That Clear The EMA Line Without The Body or Wicks Touching The EMA Line, Enter The Trade At The Start Of The Fourth Candle (But Only If The Difference Between The Lowest Point Of The Three Candles & The Highest Point Of The Three Candles Is Not Less Than 10 Pips)

7. Set Your S/L At 20-30 Pips Behind The Lowest Part Of The 3 Candles

8. Take Profits Aroundr 15-18 Pips

9. Place Trailing Stop To Always Make At Least 5 Pips


STRATEGY-II

1. Trade During Peak European or US Trading Times

2. Trade Only With The Trend & Never Against It

3. Use The 30 Min. Chart

4. Use Candlestick Chart

5. Set SMA-12

6. Set Another SMA-28

7. Put The Trade When One Single Candle Body (Not The Wick) Crosses Both SMAs 12 & 28

8. Set S/L 20-30 Pips Behind Entry (Try & Get The S/L On The Other
Side Of A Pivot Point Or Trendline)

9. Take Profits After 12-18 Pips

There Is One More Will Post It Later

Happy & Safer Forex

Hi Savant,
I'm still demo trading on SwissDealing and I tried the BB piercing on TF as 15 mins and I got slaughtered ... I'm not too sure if both the TF's i.e 15 and 60 should be taken or just one is enough? Also, for the 3 & 7 crossovers I used the 15 mins TF and got whipsawed badly and for the 60 mins I'm too late and generally the trend reverses as soon as I start the trade ... Can you please guide as whether the basis for the 3 & 7 is the same as the 5 & 6 crossover to be followed in equities? I know you told me to hold positional trades but I'm trying to learn intra-day as well with the Swiss dealing account ...

@ Vicky_ag
Will remove this post if you feel that it is a wastage of real estate on this thread No hard feelings coz' I'm here to learn just like you

HI Savant,

Thanks for Guiding us that how Go in Jungle wihtout being Caught by Big Lion.
So far u ve given 3 strategy, one earlier abt BB & sma cross (15 and 60 TF) and another two are Candle play with EMAs ( 5 and 30 TF). Right !!!!

Now I have to 2 quests to ask U.
1) U told about Peak trading hours, I m not getting it clear, shd it be Opening and Closing Hours or something else, Pl correct me.

2) How to decide which Strategy to be used at one particular time, is it just a Gut feeling or related to market opening / closing hours ( of Diff countries) or is it News driven.

Regards
Aaplana

Hi Sagar,

Change The BB Settings To (Close 20,3)

If You Want You Can Add Stochastic With 5,3,3 Settings Or 8,3,3 Try It Out See What You Are Comfortable With.

Leave 60 Min. TF For Try Quick Ones 5 & 15 Min TF To Get The Hang Of It.

Moroever, You Have To Always Keep Tabs On All The Data Emanating From Various Countries, Important Ones From U.S., UK & Euro Zone. And Their Times As To When The Data Is Going To Be Announced.

For Example Last Night Was FOMC Decision, This Evening Was GDP & Jobless Claims....Everything Affects The Currency.

Anyways For Now Try The AUD/USD & NZD/USD Pairs For Practice

Happy & Safer Forex

Hi Aaplana,

Peak Trading Hours Would Mean When Europe Opens & When U.S. Markets Open In The Evening

Now In Terms Of Strategy, Use Smaller TF Of 5 & 15 For Peak Hours & Longer TF For In Between When There Is Not Much In Terms Of Movement.

Try Both Of Them Out & See What Suits You..

Happy & Safer Forex

SavantGarde

Savant Sir,

Great methods. I would be updating them in the first post or even better link directly to it.

12-20 pips scalp with a fixed of atleast 5 pips in the bag seems like a good idea.

Though, now I am through with indicator based trading. Just plain simple price action coupled with co-relation.

@Sagar: No hard feelings. There were none to start with. I just dont want generic posts like "Tell me the rules for entry" or "tell me a broker" or "tell me where to start with" or "please send me this or that mail" . Total waste.

You can post anything you feel is important.

@Aaplana : Peak hours are in three sessions, London, US and Japan. London has the distinction of being the most traded session. Things tend to slow down a bit in and around half-time and then picks up near US open. Same with US, it slows down in second half and picks around Japan open.


@All: Link added to the first post.

Savant Sir,

Traded EUR/USD, GBP/JPY, USD/CHF..total 60 pips..

How're things are at your end ?

Hi Vicky,

Same Usual Crosses As Yesterday...Now Waiting For U.S. Markets To Open

SavantGarde