Forex trading strategy #4-a (1-2-3, RSI + MACD)
Submitted by User on March 2, 2009 - 15:57.
Submitted by Lino
Hi Edward
I have spent a considerable time studying your strategies and i would like to share with everyone what i have taken and now apply to my trading.
Any currency pair can be traded
Indicators: 5,10,20 EMAs - RSI - MACD
Time frame: I use 15min charts (I find bigger time frames to slow and bigger stops)
Entry rules: On an down trend wait for a higher low.
Find a 1-2-3 setup
Enter long just below 2 with stops just under 3
RSI MUST be above 50
MACD must be or just about to cross over.
Exit rules: Once you have reached to same distance as risked close out.
Edward Revy,
http://forex-strategies-revealed.com/
Copyright © Forex Strategies Revealed
Peter is actually correct
Leave out the indicators and look for setups around support and resistance areas using either 1-2-3 setups or your common PA signals.
Boy its been a long time since iv been on here.
Cheers
All you need are the 123 set up, and horizontal lines for stop entry & exit, all indicators are a lagging response to the candlesticks, try it and see
Peter
Good God how many indicators do you need? can't see the candlesticks for the mess, take the indicators off its easier to see!
Peter
i will want to 1-2-3 pattern indicator
Hi Francis
I uploaded it here:
http://forums.forex-strategies-revealed.com/ross-hook-apendix-t1048.html
cheers,
Andy
Hello traders,
Phil on 23 March 2009 (page5 of this thread) wrote.."ross hook method. Scroll down to Appendix A and get 62 pages including the Hook.." Can anyone tell me how I can get to his Appendix A and get the information as his thread has no link.
Regards, Francis.
Hi , everyone
I simply use 123 method with no indicator , it works simple , but same success with using one or more indicator
hello bro
I love this website ,good job by sifu edward,all here give me a lot of tips eventhough it is not strait to the point,luv u bro edward..most important thing trade with minimum risk but maximum profit and with no loss..
PapaSwing,
MYR.
thats the elliot waves in total 1,2,3,4,5 & A,B,C correction
And maybe avoid trading too close to news release? I can imagine how news release would skew the pattern up. Any thought? Thanks,
Bryan
I have found that by not looking at the bigger picture this strategy will get you into many false trades.
I use daily charts as my direction, and ONLY trade in that direction, having said that, lets say the daily trend is up using a 20SMA, if you look at the 15min chart and after a pull back you see a 123 setup, the odds are heavily in your favour to long.
Cheers
It's harder than you think to stay with a single strategy while there are hundreds of other strategies around. Plus, as you get more experience, the preferences may change, although I found that old strategies don't stop working because of that :)
Thomas
"I must confess, I hardly use this strategy anymore" - Lion, Does that mean you no longer thinks this is a good strategy or you find a better strategy than this.. ?
Hi all
Its been a long time since iv been on here, sorry about that.
I must confess, I hardly use this strategy anymore, but Edward was rite about the feel for the direction, although using it as a direction can also get you into trouble. On the 15min charts you could think the trend is up, but on the 4hour charts its down. All thats happening is the pair is bucking the trend.
I myself got into trouble many times using only 15min, thats why I now wait for pairs to buck the trend then get in.
Take any pair, place a 50EMA(JUST AN EXAMPLE) start with a daily chart, if the pair is below the EMA, work down time frame and stop at a pair thats trading above the EMA, then look for reverse bars of bollinger bands, ie: inside bars, gimme bars, pin bars, 123 setups ect.
Hope that helps, cheers for now
Lino
Hi Godwin,
Possibly just to get a feel of a trend direction.
Have a look here, there are some comments about EMAs:
http://forex-strategies-revealed.com/simple/123-rsi-macd/cpage-3
Best regards,
Edward
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