do you use other stuff to support the chart?

i think ya system is part of a system - not a complete system...yes?

i mean you know MAs are lagging and u might miss lotsaf pips

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Hello newt

charts which i have posted are same which are in front of me all the time.
Refer my post 24, I use metatrader platform and on that i have Alpari and Northfinance DEMO account..since if one ger's frezz i switch to other.
I have live account with FXCM and fxcm charts are not usefull for my setup. so i use metatrader.

System is very simple, i have explained what it is... in post 58.
it is not a part of any system, along with trader's intervention it makes complete system.

everone know's MAs are lagging. Only True leading indicator is PRICE. and trader has to undersatnd Price action and potential reversal point to make $$$$ which is ultimate pupose.

Your Questions are very different..But i tried to answer it with my best.


Best Regards
Ramdas

hello ramdas,

i'd like to scalp the market, do u think the fx simple set up can assit me on trying to find scalp opportunities, and how could it be?

Thanx 4 ur attention and 4 ur well settled system,

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ABURRA VALLEY, GUSDINSALVO - MEDELLIN, CO
"We Are What We Do And Even More What We Do To Change What We Are"

Hi GUSDINSALVOFOREX,

Setup shows you price map, and potential reversal point's where price wait and decide further action. You can use setup from 1min chart to Daily chart... normaly i saw, US and london combine session which is volaile price works on 1min chart. Number of pips potential depends on what time frame you use. Till 1Hr time frame SMA's from sma50 to sma600 works...and sma2400 is of no use above 1Hr since it is normaly far away. But if sma2400 is visible on daily chart then it has to be consider. since it is very strong.

So... answer to your question is... Yes you can use setup for scalp as well as positioning. concept is same use SMA as support and resistance, use price pattern. use SMA touch as a exit point.

To keep the thing simple i use 5min chart.

Best Regards
Ramdas

Hello

It's great to use moving averages but that's about that.
They're behind lagging and 20, 50, 100, 200 etc. moving average have been used for so many years to get some general opinion as to where one should expect market to stop or continue moving.
Unfortunately, if you have been closely watching FXCM trades , they did blow so many trades on those supposedly breakout of important trending lines and some other of their signals and they did figured out quickly not long time ago by watching their trades that profit target of 100 pips or sometimes more is beginning to fail as the price reversed so many times before reaching their target that they're no longer sitting duck waiting for their profit target to be reached but by taking whatever profit, if there is any signal that market is turning around rather than watching nice profit disappearing in front of their eyes.
The reason is that nobody knows exactly if after price reaching moving average point or breaking important trend line, will market retreat or just continue with the same dirrection.
YEAH, in order to be at the biggning of the market move which we all want to be or wish to be , we want to be as close to the moving average or breaking of trend lines as possible.
Here is the catch:
Hundred times price will touch moving average and then retreat , then again touching and then again retreat like double top or bottom or even triple top or bottom and hundred times price will continue in the same direction like nothing happen.
Retreats are many times ranging from 50 to 100 pips which is risk I won't take.
FXCM are opening positions on touching important support and resistance lines or braking trend lines but in their case they could and still can afford market retreat of 50 to 100 before getting to be stoped out of position.
What worked three or five years ago is not much working today and vice versa as global politics situation don't give damn about moving averages , patterns, breaking trend lines etc.
How many times market did broke through those signals, people jumping in with positions just to watching market after 10 - 50 more pips in that direction market retreat big time causing those positions to be stoped out.
Not to make all of this even more confusing , this is always looking good on charts once it happen but at the very moment you have to step in to unknown.
Moving averages will still probably be working much better in Futures and Commodities rather than in Forex as there is not this every minute news craziness that is moving Forex market causing moves regardless of thousand of technical indicators opinion.
There is nothing wrong with using moving averages but they still will not tell you where to take or exit positions as you said " potential reversal point's " that can be very costly on longer frame like daily , weekly or monthly charts.
I aslo trade with FXCM for four years and also watching closely their trading signals and trading success.
I'm glad if this is working for you but we have to remember that if it's that easy just by looking on the chart after those signals developed , buy here sell there, the whole world will be sitting home trading Forex.
This is also reason why so many people are having problem with their Automated Trading Experts developing.
Please , don't get me wrong, It's great that everybody are trying to find their
some hidden formula for successful trading but about 99% there is a chance that you or me won't find something new that someone else didn't already found and tried before.
I was working with almost the same moving averages setup like yours about five years ago , it was part of my Futures and Commodities market learning process.

Sincerely,
ChampionFx

Hello ChampionFx,

Thanks for you valuable feedback.

Regarding FXCM trade signales which is given on NewsPlugin, your points are correct, those signal are just Horrible many times they enter very late and keep SL far which many times taken away.

Here i will take approach of not finding anything new which MARKET do not know. my apporach is understanding market behaviour with most simple way, i simply think of Support and Resistance as Fear and Greed spot. where market reactions are seen as price action.
Fear and Greed are most difficult part to master....That is where most fail. .

I will be happy if you share your experiance about your setup which you were using.

Best Regards
Ramdas

Hello ramdas

I didn't meant to be rude or anything and I din't try to say that moving averages are nonsense .
I'm also using moving averages with my trading as they are of some value
I just thought the way you're interpreting those points on charts with moving averages that is it nobrainer so easy that anyone can do it.
I tried to say that even if it may look so simple on charts , it's still some way from just getting signals here and there.
Futures and Commodities market was hard lesson to learn, I proudly admit as they are waaaay more expensive than Forex , with phone orders back then and some things can be used in Forex market but the other not , like inside day and outside day including key reversals on daily charts that many times Forex market did the exactly opposite of what public expected.
I'm trading on Ichimoku cloud indicator with looking at 1 hour charts with crossover of Kijun-sen line with Tenkan-sen line as a substitute for moving averages yet we all know nothing is perfect.
I'm right now doing some Automated expert madness like many other with Meta Trader 4.

HAHA.... I can't even understand why FXCM is making those entry positions
at the times when almost 80% of time there is immediate correction and their position is sinking from very beginning before chance for recovery unless after some quite period of time and many times trend reverses completely.
one have to wonder how many people are using their positions entry.

Ramdas, whatever you do just continue because if we don't try it we will not know , I'm also trying to find something new every day and I'm now regreting that I made that post because you're trying to give ideas to others and I looked like completely @ss skeptical of everything or something which I'm really not.
My apology and keep up good work .

Sincerely,
ChampionFx

Hi ChampionFX,

I do agree with what you have said,
As this thread name is "Forex Trading with simple setup"
it is simple setup which shows possible Price map ahead in a simple way.
Many say's Kip it simple.
What i observed on this setup is...many times ..Price which aperas choppy or very different in 1Hr chart ...it apears very clean price movement on 5min or 1Min setup and follows Price Map perfectly. that is where i wonder.

Thanks for sharing your views.

Best Regards
Ramdas

Hello ramdas,

Im a programmer of Expert Advisors and Im currently looking for profitable mechanical systems that I can make into an EA. So do you think we could make this system of yours mechanical? can you specify your rules in a more definite and procedural way, so that we could program it into an EA?

Kind Regards and a firm handshake,
Mikhail

Do you think you could make a working indicator first? I think Ramdas has spelt out his rules but they are sacttered throughout this thread