No Name Trading System - page 6
You are missing trading opportunities:
- Free trading apps
- Over 8,000 signals for copying
- Economic news for exploring financial markets
Registration
Log in
You agree to website policy and terms of use
If you do not have an account, please register
Pip,
Here's one of mine (GBPUSD), currently in profit but uncomfortable how close my stop is over the weekend... anyway, was a great signal on the H1 timeframe, and looks to have further to drop on the H4. Loving the system, and I recommend to all to only get in when the trigger lines give the signal.
I got badly burnt last week trying to pick the bottom (and chase losses) going long on USDJPY.
Nice trade GM!
Good work, now just keep an eye on the close of the next few bars on the 1H chart. If the close of the bar closes above the slow TL, close your position and wait for a re-entry on the 4H time-frame. What you are looking for is a fast or slow retracement to the fast TL on the 4H time-frame to re-enter the market taking the entry price on the 1H time-frame.
You are right with your assessment that there is still room for a downtrend o the 4H chart based on the ZLMACD and the Cycle indicator.
But over all, text book trade! Very good work!
Cheers,
Thanks for sharing, good stuff, mate. I'm now using a couple of your indicators, although on a renko chart. I like renko better because it does not have those long candles so that if you wait till it closes, half of the move is already gone. but still, I think your system very clearly shows where we are in terms of price movement. And that's what we need on fx - to avoid being confused by all those endless fluctuations, and keep with the trend.
Hi SVGuss,
I am glad you find the tools helpful. You are absolutely right, using the indicators on a Renko or even a constant range bar will definitely stack more odds in your favor by avoiding the long candles; but, if you do so you will be missing out on one of the setups (fast retracements). Of course, it is not a big deal, work with what is comfortable you.
Cheers,
Retracements
Hello, Pip--
When watching for a fast or slow retracement set-up, how do you tell when the retracement has "gone too far" and is likely not going to resume in the direction of the main trend but rather reverse?
Thanks much for your guidance,
Dennis
Hello, Pip--
When watching for a fast or slow retracement set-up, how do you tell when the retracement has "gone too far" and is likely not going to resume in the direction of the main trend but rather reverse?
Thanks much for your guidance,
DennisHello Dennis,
If you recall, I use two higher time-frames to tell me what the intermediate and long-term trends are. If the 4H and the D1 charts are bullish, while the 1H is bearish, I know that the 1H will eventually turn to align with the higher trends. So that is one way of knowing.
When the trend is not clear on the higher time-frame, don't trade. Remember, you are looking for bankable setups, not just a trade.
In addition, I look for the supporting indicators such as the ZLMACD and the cycle indicator to guide me. So, for example, if the cycle indicator is at either extreme, and my position is in opposite direction of what the indicator is tell me, that is an indicates that a reversal is imminent and I should consider tightening my stops.
I hope this helps.
Cheers,
Here's a USDCAD 4H short I entered last night (Australia time, ~9AM US Atlantic time). Waited for retracement to SATL and whacked it short @ 1.0571. Got trailing stop going. Had another short entered at 1.0565, but just closed that position to take some profits.
Great system Pip, and remember to look at multiple timeframes and retracements.
Cheers.
http://
Here's a USDCAD 4H short I entered last night (Australia time, ~9AM US Atlantic time). Waited for retracement to SATL and whacked it short @ 1.0571. Got trailing stop going. Had another short entered at 1.0565, but just closed that position to take some profits.
Great system Pip, and remember to look at multiple timeframes and retracements.
Cheers.
http://
Excellent work GM! Keep it up.
I am only following the EURUSD and only in my spare time (I have a day job). When I happen to be at the computer and notice a trade, I jump right in. A couple of days a go I took a trade experimenting with Elliott Waves, but didn't go as planned, oh well, you win some and you loose some. But hey, you are on a roll right now, so keep up the good work.
Cheers,
Follow-up thought
Hello everyone,
As a follow-thought to my previous post, it would be awesome if a script could be created that would alert the user of potential set-ups based on the NNTS.
Not an indicator or and EA, but a simple script that would be attached to the charts of various instruments; it keeps watch for setup formations keeping in mind the 3 time-frames specified and would alert the user via, visual/sound alerts, email, and/or SMS of potential setups.
This would be a fantastic tool to alert users who are not at their computers at all times (like me, and am sure others too) of potential setups.
If anyone is up to the task please let me know and we can discuss it further. The script would be made available for all to use as part of this system.
Cheers,
seems a bit similar to sniper forex with the slope indicators?
seems a bit similar to sniper forex with the slope indicators?
Hi Blamshakk,
Honestly, I wouldn't know; it may very well be. I am not familiar with sniper forex. With that said however, my system is not really anything new, it is mainly a moving average bounce system with a twist.
Cheers,
7-28-2010 EURUSD Trade
Hello everyone,
Just got out of a trade on the EURUSD.
Position: Short
Entry price: 1.29798 and 1.29998
Trade setup: Counter trend on bearish divergence on 4Hr Chart
Profit target: 1.28808 and 1.2908
Stop-loss: 1.30410 (previous high)
Exit price: 1.30121 and 1.30127. Exited early when I realized my entry was off.
Profit: -$4520.
In hind site, I just noticed the bullish divergence on the 1Hr time-frame. A better entry would have been to wait for that to complete then enter on the market.
Triggerlines on the 4Hr time-frame and the daily time-frame are bullish, but everything else is bearish. My attempt is to capitalize on the weakness, but I should have waited for a better setup.
I will re-evaluate the situation once the price hits the 1.30584 mark.
Cheers,