I have started this thread to discuss forex Trading With Simple Setup.
I have already posted this setup in another thread
I am again posting those post in this Thread.
Below is my Setup. you can try it.
Chart 5Min Chart. with following Simple Moving Average.
SMA 2400 Close Represent 4Hr Timeframe Res/Sup
SMA 600 Close Represent 1Hr Timeframe Res/Sup
SMA 300 Close Represent 30Min Timeframe Res/Sup
SMA 150 Close Represent 15Min Timeframe Res/Sup
SMA 50 Close Represent 5Min Timeframe Res/Sup
SMA 5 Close Represent Current direction.
observe price patern.
in addition you can use Daily pivotes points. and 4Hr pivote points.
Observe how price react after touching SMA.
Use SMA as suport and resistance... Same setup works with 1Min Chart.
Note:Update on 8.5.07. :--in this setup include Weekly pivotes as turning point. 4Hr pivotes removed.
Referance post 293 in this thread
Forex Trading With Simple Setup
Here is chart of eur/usd. obseve how price move between sma.
if anyone interested i can post my observations and rules.
I have attached current chart with explanation.
in this setup only important thing is price pattren.
just observe price patern.
i do not consider crosses since cross foromation is delayed
Also there is another important point regarding Cross currency.
we have to also take in to consideration what is happening to counter pair.
if say E/U rise reached some resistance point then U/C will stop falling.
i look at four main pair..U/J, U/C, E/U and G/U and spot price pattern SMA S/R on each pair. since when one pair reach important sma res say sma2400 and stop there, then other pair will stop falling..and may not touch nearest sma support.
Here is another chart which is continuation of previous chart.
I have added further comments.
I am posting these chart to explain How the setup works , And how price Dynamics works.
Remember Price is Number one indicator. and spoting potential reversal point is importnat.
Another chart to show how price Dynamics works.
Remember Price is Number one indicator. and spoting potential reversal point is important.
Pl refer my earlier post for Setup.
and pl share your observations comments.
is it smooth MA or simple MA?
I have given parameter in post 1.
it is Simple moving average apply to close.
In addition i use Daily pivote and 4Hr pivotes.
Daily pivote gives potential support/resistance.
4hr pivotes gives idea what is going on within 4Hr.
important thing is catching price pattern pattern and where it is happening.
attached chart shows two price patern on 5min chart.
just observe this two patern and where is is forming
can you post 4hr pivot indicator
it is simple original indicator name AllPivots_v1.mq4
I have modified it for 4Hr pvt.
I am attaching indicator.
Thanks for sharing your method. Looks very interesting. I will try it this week.