"8and8" My daily system - ebook - page 3
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SO use the daily for entry but only enter in direction of weekly trend?
Yeah.
Enter off the daily in the direction of the weekly 8-8.
thanks I will look into that.
Well I tried going with that signal and todays usdjpy signal. Stopped out on both of them. Oh well.
Yep, got stopped out on the usd/chf too. Don't understand how you could get stopped out on the usd/jpy though. I entered at 120.08 (see chart) and s/l is at 70% ATR which the price has come nowhere near.
Yeah. Enter off the daily in the direction of the weekly 8-8.
Good comment Bill. I don't always do it but certainly produces fewer losses when trading with the trend.
Here's a trade I'm in the the moment. Aud/Usd, entry at 0.8244 and looking for it to go up to the double top at 0.8390 again.
Market's been choppy lately so bit of a tough time. Looking for a buy cross to get back in on eur/usd and gbp/usd. Wait and see for now.
Just my own plans.
MIchael,
You are right. I made a mistake on my entry on jpy so it stopped me out but it was my fault.
Reguarding ATR based stop loss
Michael,
I set up a chart for usd/jpy for your 8&8 methodology and was wondering whether or not this is a good pair to test your system. I was riding the long trend of recent weeks and most days last week. There was a cross in the middle of the week but I did not get out at that point because it had barely crossed after two small loss days so I figured according to recent patterns that this was about all the sell pressure that the pair had shown recently. So I treated as a retracement and sure enough there were significant return to the trend at the end of the week I was up about $175. Then along came Monday and I had my stop loss at 70% of ATR plus maybe 5 to 10 more pips because I believe the ATR called for about 40 pip at that 70% level. Got stopped out while I was sleeping late Sunday night or Monday morning. Is this a pair that the stop loss is safe except for the Monday session. Do you need to increase stops on Monday's or would you sell on Friday then wait until the close of candle (3 PM) on Monday and reaccess an entry based on a cross or prevailing trend for Tuesday's session. I like this methodology but is 70% ATR enough for the volitle yen pairs like this one. I appreciate any helpful input that you might be able to give me. Thanks
Michael
Michael,
Usd/Jpy works fine with this method and I see no reason to stay away from it. Personally, I don't pay attention to what day it is in exiting trades but I am wary of entering on the start of the tuesday session if Monday had low volatility yet produced a cross.
As far as stops go, the 70%ATR is the rule I use most but, like I said in the ebook, each trade needs its own assesment.
BTW, I've attached an MT indicator which signals a cross - points up for long, down for short. It's from the fozzy thread.
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
Hi,
This is my first post here but I've been trading forex for a good few years now.
I've written a simple e-book outlining one of the methods I've been using recently with success and I've attached it below for anyone interested.
The method uses the daily charts - best for those who can't spend a lot of time in front of the screen. The book is written with the new trader in mind, but anyone who's looking to use the daily charts more might find it useful too.
It comes with no promises of riches, just an outline of what worked for me and pointers to take it further. Feel free to post any questions or comments about the book here and I'll do my best to answer them.
Cheers,
MichaelHi Michael, thanks for book, its very simple and straightforward... I have a question here, had you considered using this method with 4 hour bars ?... its already preety long range scale and gives more oportunities to trade... thanks Walter.
Walter, glad it's a help.
I don't trade 4 hours but other do. go here for more info: