Advanced system #1-a (Midnight setup addition: Trading Breakouts of the Breakouts)
Submitted by Edward Revy on February 22, 2008 - 10:47.
Current trading method was developed as an addition to original Midnight Setup strategy, but can also be traded alone or in combination with any other Forex strategy.
The idea is to filter out some big portion of false breakouts in our case above/below daily candles.
Setup: daily charts and 5 min charts, no indicators.
Entry rules:
Using rules from Midnight Setup strategy we get ready to enter on the break of the daily candle's high or low.
However, this time instead of placing Buy/Sell stop orders above/below daily candle, we aren't placing any, but rather waiting for actual breakout to occur.
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Very nice site!
Hi Edward,
Many Thanks for ur time and consistent efforts to educate others.
My question is actually about MACD..(perhaps isnt the best place to ask, but unsure where else to ask)
Using MT4 platform, whenever I insert MACD, all i see is the signal line and the histograms.
But on ur MACD (on the EkpereHAMA screenshot) and those of other tutors, I actually see two lines and the histograms !!
I guess Im doing something or even drawing MACD incorrectly????
Pls see attchd image file.
How can I draw the MACD lines correctly, and more importantly interprete MACD correctly??
Many thanks for any useful tips.
Brgds
Lan
(Forex Newbie)
Hi Lan,
MACD indicator on MT4 shows a histogram + a signal line.
For two line MACD, there is a custom indicator: Good_Macd.mq4.
Download it and add to your platform using steps outlined on this page:
How to add indicators to MT4.
Best regards,
Edward
Many Thanks Edward for your helpful response!!!
Really appreciated.
Best regards
Lan
Hi Edward,
We know Price will move either one or both direction from the open price (GMT ), in your opinion which is the most reliable method to predict the most potential direction of price movement from GMT open price.
Whish you a profitable day
John
Hi John,
Pivot points do well in suggesting price direction in the morning.
Kind regards,
Edward
Hi Edward,
Your website is amazing to learn forex. Please advice, in your opinion what are the best strategies to test beacause if we try all one by one it takes lot of time. I want to trade live as early as possible with very selected methods which experinced traders like you are using and making money to live life.
In addition please also advice that what should be the average % target of return one should keep while keeping a tight money management and minimum and safest risk? 5%, 10% or More per month? It will help to decide about the lot size and other calculations.
Awaiting your professional and kind comments.
Very Kind Regards,
M.F. Zahid
Hi M.F. Zahid,
Thank you for your feedback! It's a lot to read on the site, but that's how the learning process works. The more you study & practice the more you know.
to have a quick start, take a look at the posit where I talked about favorite strategies: http://forums.forex-strategies-revealed.com/advanced-strategy-the-midnig...
Speaking about % monthly target, it's very individual; and even excluding all variables, it'll still depend on the market behavior every month: e.g. if there are no profits to make, because the market is flat, you won't be able to reach your monthly goals. Let's say next: if you're able to keep above 10% each month, you're doing well.
Kind regards,
Edward
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