Advanced system #1 (Midnight setup)

Edward,
thank you for your response. I looked around this page but could not find short intraday trading system that you published here. Can you give me a link, and also give some more details how to use it with the "main" trading strategy?

Recently I pulled BollingerBands (1 and 2) on my charts together with Pivot Points, and got some interesting pictures. Usually price bounces from one side to another. However, many times (in trend), price sticks between BB1 and BB2. In that case it is very save bet to go with the trend. When the price start moving away from BB2 and crosses into BB1, it is time to wait, because most likely, trend is over and price will change direction. Also I noticed that Midd line of the BB usually acts as support/congestion area. Waiting for clearance on the midd bb (or retraction) would save me(us) some losing trades.
I also noticed that 111MA, acts as a main bouncer for the price in all crosses. What happens it's that usually when the price hits 111MA, will bounce back (+/-200pips max). However, there is always congestion on 111MA.
Hope this helps a bit in trying to avoid losers.

Erni

Erni,

Thank you for your interesting addition.

I published no short intra-day systems on this particular page, it is all about other systems you can find on our website (simple, advanced, scalping etc.)
"Midnight setup" system is traded alone. When I don't like what I see on my charts, when it is risky to enter using this system, I switch to intra-day trading and use everything from scalping to 4 hour trading (mostly 4h and 1h, recently, because scalping takes lots of time, which I don't have much these days).

I know it would be fantastic if I reveal my very own trading approach - a combination of systems I use. But if I do so, I'm risking good relationships with my wife, she would probably divorce me... ;) Of course I'm a bit exaggerating here, but I'd better not test it... :)

Anyway, I can say that all my trading rules are based on the systems I have published on this website. Try each and every of those for yourself and may be you'll discover an even better way to trade Forex successfully.

Kind regards,
Edward

Edward,
thank you for your input. I will try to use this strategy (combined with the indicators that I talked about in the previous post).
My goal is to make 200 pips/month (it is not set in the stones, but that is something that I think is very well possible).
One more question. If you in the trade on Friday, do you exit your trades over the weekend, or do you let it be open over the weekend?
My broker (cbfx), does not have any activity over the weekend. Could it be dangerous to leave it over the weekend open?

Thanks again

Erni

Erni,
I very much prefer exiting on Friday before the market close to staying over the weekend.
If I'm:
- in profit (any amount of pips) - I exit,
- break even - exit,
- having a small loss (max 5 - 25 pips) - exit,
- having a larger loss - depends on the situation. I would then sit and look at the market once again trying to figure out what might be the tendency over the weekend. Then I make a decision. Usually I would not give up just yet, I find the most logical place to put my stop loss, I set it and let the market decide my fate.

All the best in your Forex trading career!

Regards,
Edward.

Edward,
I would just like to say, I found this site by accident and think the systems are amazing. My favourite is this one, no indicators and relying purely on price action is to me the way that trading should be. It fits very well with my location, (internet erratic).

Thank you for everything you are doing to help others.

Chris

Edward
thank you for a excellent strategy, simple and highly effective.
Melvin
South Africa

I haven't tried this out yet because I just found this site yesterday but I like this method and I've been staring at GPB/USD for 24hours looking for a way to help filter out the consolidation and reversal losses.
I thought I'd send a preliminary message to give a suggestion that I will be following myself to confirm it and since this environment sponsors sharing of information, I'd like to contribute anything I can as well.
What I'm considering as a possible way to help get a feel for when it's maybe time to stay out of the daily trade or whether it's time to get back in or stay out after a reversal, try going down to the 1 hour chart and using a standard MACD (12,26,9) to test the "current" state of the price action. Today for example a doji showed up with the small body down near the bottom, making it seem even more negative against the uptrend. So if you were in a long trade, it would be time to exit regardless, but to decide whether it's time to consider setting up a short trade, drop down to the 1 hour and notice that today since early morning EST, MACD was heading down along with negative histogram, suggesting it may be worth considering a reverse trade setup if the sell were to be hit on the next day's setup.
Along with that, I have implemented part of one of the methods I saw here using the "ribbon" of EMA bands. I used just the longer term EMA's (EMA 21 through EMA 36, each line spaced apart by 3). Watching the way those point and cross over helps give a feel as well on the 1 hour. The EMAs may not cross over in time to permit the change in direction early entry, but they will at least flatten out or slightly change direction to help confirm MACD and your own instincts looking at the daily Doji.

I don't know if this will work out long term since I'm only looking at the limited few days of data in front of me, but I'll be following it and tweaking it if needed.

Thexder

Hi, everyone

Thank you for your support and feedback! It is highly appreciated!

Thank you, Thexder, for actively participating in strategy discussion and improvement.

All the best in your Forex trading and research!

Edward.