Here's a free e-book for trading daily charts

[michael dunbar]

Originally Posted by et_phonehome_2

Wouldn't you actually buy at the next candle which is the next day? The circle candle is where the RSI had crossed, and this would be signal to enter a trade the next day...

Yeah, that's what the circle means - probably not that clear....the trade is taken at the open of the next candle

[michael dunbar]

Originally Posted by hbrandt

Michael, ...my platform has a Sunday candle ( IBFX). The e- book recommends one that does not have the "Sunday candle"...
so would you please let me know which platform DOES NOT have that Sunday candle? I will really appreciate it :-)

P.S. THANK YOU FOR THE SYSTEM!
MB

go to One World Forex and download their version - no Sunday candle. The link in the e-book for North Finance is out of date - NF charts are showing the Sunday candle now.

[michael dunbar]

Originally Posted by buangcla

Michael,

Your system is definitely worth the try, by the way can we use this in another timeframe or just in a daily basis?

The daily has the best balance for me of enough trades and able to leave the monitor for most of the day. Some are having success with the 4 hour charts.

I would add that on daily charts I'm leaning more and more on only taking trades that are with the established trend as shown on the wekkly charts. Like, only long trades on Eur/Usd, Gbp/Usd, Gbp/Jpy until I see a big shift in sentiment.

[et_phonehome_2]

Would you recommend trading this though the RSI and MA are pratically parallel to each other even though the RSI has crossed up through the MA on this chart? Cannot tell from it since its so parallel to one another...

[michael dunbar]

I see what you mean, with the indicators the way they are, you might be getting lots of signals. In this particular case, I'd only take long trades as they are with the longer trend. I'm taking this trade with stops at the 121.20 support zone. Historical resistance is not far away though so looking to get out if there's any bounce from it.

[et_phonehome_2]

Mike,

I was wondering if you have an alert for this which will send an alert once the rules are met? Many times, just forget to check the various charts. So far, your method is great, I just need to discipline myself when price bounces on the lower TF, and not get out so early....

[michael dunbar]

Originally Posted by et_phonehome_2

Mike,

I was wondering if you have an alert for this which will send an alert once the rules are met? Many times, just forget to check the various charts. So far, your method is great, I just need to discipline myself when price bounces on the lower TF, and not get out so early....

Glad it's working for you. Yep, the key word is Discipline. Try to limit yourself to two or three chart views per day - it's really all you need.

Sorry, don't have an alert indicator but I've attached a signal indicator. It simply points up for a long trade signal and points down for a short. Handy for backtesting too. No email alert on it - maybe a kind coder could add one....

All the best
Michael

[michael dunbar]

Take a look at the chart below to see how the 70% ATR channel kept us in a recent GBP/JPY upmove. Long signal got us in at the green circle on the chart. That's the way to stay in a strong move. Doesn't happen a lot but feels good when it does - (actually DOES happen quite a lot on this pair).




For tomorrow, looking at the GBP/USD daily chart to get in short if it can push a little lower and give us a cross. Target either the 50% retrace line of the recent upmove at 1.9820 or the 28EMA a little higher. A 70%ATR stop here would put us above recent highs.

Just how I'm seeing it, make your own trade decisions.

Michael

[spidermaninlove]

thx's for this book, it's very helpfull

[Jorge Mario]

Hello, I´m a new here but I have been working in the forex market for 2 years without satisfactory results and I´m searching for info about mechanical systems,

regards