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The basic idea: we host live charts that can be quickly scanned. Most of us lack that ability or time to efficiently scan the entire market, in multiple time frames across multiple currency pairs. To be honest, our "Live Web Charts" started out as a simple "sales gimmick", but I can't trade without them now. I rarely load a chart in MT4 now. I just scan the web charts. We provide our members with templates to load the same charts locally when needed (usually after taking a trade), but they use the web chart to constantly scan over 150 live charts. We created interactive slideshows that allow our members to scan through all 150 charts in about 5min (or faster if you can "speed chart read", lol...)...
yep, no worries, but the indicator and temp for this system are attached to the first post in this thread... fyi... [/quote
I know, but there is no talk about the system. Just an indicator attached.
Oic... yeah, the only reason I started this thread in "Manual Trading Systems" is because that is how I trade with it. I don't think an EA would work for this system. (e.g. break outs agains't the trend usually fail)
Thanks for sharing, could you explain this method a little more in detail?
I attached the Breakout box and see points where price pierced trough but couldnt move more so it retraced.
How do you determine the strength of a move when price breaks the box. Do you wait for another 2 pips after the break to enter?
What about a Trailing stop?
Kevin
Hello Kevin,
Determining strength and direction are very important. As I mention at the beginning of the thread, it's important to trade in the direction of an established trend (if present). If not, then use the 60ma (yellow line) to confirm direction. Meaning: only take trades if/when the 60ma has a clear direction. The easiest and most generic way to read "momentum" on a chart is to look at the 60ma from left-to-right and see if it has a clear direction. Hope that makes sense, if not let me know and I will try to explain better...
I've never use a trailing stop unless I decide to take a trade "against the trend"...
Here is a quick example: note how the 60ma (yellow line) moves from top left to bottom right. This is a clear direction or trend. You would only sell the GBPJPY during this period... Hope that helps...
Sure i understand that you use 60MA for trend determination but there are some situations where price seems exhausted and retraces back, i attached some charts to show that.
A possible filter for that could be that we dont take breakouts if the overnight range moved about 50+ pips or so.
Linear Mode
