hi PE,

i use FXCM platform on there go to "add indicator" and look for mva i call it sma..
if you add the 8 high and low..and also the 20..and then take a look at any timeframe..but when i day trade i use 1m and 5m the most whilst checking hourlies for confirmation of overal trend.

when the 8 high crosses the 20 potential for a up move begins...once the 8 low line crosses 20 up move confirmed.

when the 8 low crosses the 20 potential for down move begins..once the 8 high line crosses 20 down move confirmed.

then study what happens to the candles when they hit off each of the lines...
it is not something easily explained ..maybe this video will help...(this is courtesy of DJINDYFX)

VCM Videos > Free Online Seminars

watch the breakout video..and he explains the objective very well..i have watched that video so many times..

it is hard to explain exactly how to use them well..only back testing until you get several migranes will give you the confidence needed..like dj with me he pointed me there..it is then up to the individual to want to understand for themself or not...

there is nothing better than to fully understand that the trade you are in is a right one...unfortunatly the only way to get confident is to loose the shirt off ya back!!

sounds like fun!!..im off to spain for few days mid month finally sold my house and are going to look at a few over there..the land that sun shines lol..so no trading then but apart from that yes..

as with the offical mini king..a percentage of profit from opening balance is prob best way to go...
i will withdraw wage each week but still report will show how much profit has been made and opening balance etc..from 1st trading day of month..

thing is then i got to learn how the heck to post details..my god !! im so inept with computers..


so yeah add me to your list..

Many thanks Newb, I ll follow the video and try to understand.

Have good weekend..

Cheers,
-PE

Hi All,


Have been reading this forum for the past week or so and found all the posts very informative and helpful in making my trades.

I am a baby trader but this week managed to double my account from £1400 to £3k... Long may this continue... Have had some worrying times before and wondered if trading was really for me...

I like the sound of GBP/USD King Contest, but what happens if you trade other currencies? Maybe a pips to £ $ ratio would be good?

Hopefully y'all can help me develop my skills and we can all become very very very profitable or even more profitable...

For those in the UK which brokers do you use, what charts and software? I am currently set up with Meta Trader for my charting and IG Index for my trades.

I am currently based in Luton, but if I can become a trading King I may decide to move back to London or a country with sunnier climates!!!

Ps

SmallCaps, thanks for your posts and I will be checking out your favoured 5 13 62 scalping method

Mae Out...

Hi Newb

I know how to add the 8 SMA (or any other SMA), not sure however what you mean by 8 high and 8 low. How is this done?.

Been on the sidelines but observing the discussions on this forum. I too got a bit too much confidence from my Demo trading and blew my account not long after going live. Back to demo trading now, but determined to develop and master a strategy that works for me.

Does anyone use and can comment on the trading strategies taught in the FXCM Intermediate Course in terms of their relative successes (RSI Fade Strategy, RSI Channel Strategy and the Average MAC Strategy)?.

I really appreciate the "Deltaers". You are a selfless lot and it is evident that you are very keen on sharing your knowledge with the rest of us. I am sure your analyses are very time consuming. I have been making "demo money" by selling on the highs, simply because of CMELLON'S analysis which points to the bearish trend continuing to mid-September. Regardless of price, one receives guidance from the fact that to date, he is "on the button" as far as the continuation of the bearish trend is concerned. It is always comforting when 2Be and JohnG adds their voices.

Vince is a class act. Pretty hard to follow but does great making money!. I enjoy his posts and you, Newb, you are an inspiration. You have rebounded quite well and I am determined to follow your progress.

Thanks to all of you who continue to add life and value to this Forum. I get close to having a bad day when the Forum gets quiet. Please continue to share your thoughts and strategies. There are those of us out here who are looking on and are learning, incrementally, to stand on our feet.

Regards.

hey there..
on my fxcm TS go to ..

add indicators
click on mva
go to parameters,type in number..8,20 etc
click on data source then click on high and add to platform.
then repeat and add low

seperate issue but look back in my posts to read high/low line to understand a little more..basically add a line on platfrom at highest candle point between midnight and 2am EST..also add a low line at lowest candle point during same timeframe...using this method these lines give you extra conviction in your trades throughout the day...a break above or below those lines can give you more confidence in entering trades..

On 5M chart...if you draw those lines on platform for todays trading between midnight-2am EST and also add the sma's..watch at 01.40 how the low 8 line crosses the 20sma..then 1.45 the 8 high line crosses the 20 confirming a down trend..can be 10pips...can be 100pips..all depends,however if you look at how the candles struggle to penetrate the low 8..you stand a greater chance of a bigger move.

wait for a candle to close above the 8 high line..on this down trend that occured at 3.05 EST

so you should have entered at 1.8325...1.40 am EST
and you should have closed at any point on the 3.10am EST candle.= 50 pips

seen as the 3.05 candle finished above 8 high line get ready to go long on the same candle that you close your short. 3.10am.....

beauty of this is that as i said before regardles of what is going on..the sma is guiding you..it is telling you what to do and when...
hope that helps..this works best when price is not going sideways..


good luck

Hi Krismitt,

By 8 High and 8 Low mean, add SMA with High of bars applied and with Low of bars applied respectively. that is you will be adding two SMAs with one applied on High of the bars and other one applied on the low of the bars. The 3rd one is 20 SMA with applied on Open or Close of the bar...If I understood it correctly.

Hope this helps

Cheers,
-PE
While I was responding, Newb already posted the reply...

One can also set the Middle Bolinger Bands at 20SMA and have the advantage of the dynamic display of the possible range. If you use MT4 platform for your analysis there is a nice trigerline indicator. Also one has to remeber that price can walk on the Bollinger Bands STD2, but does not walk for longer perionds on BBs STD3 on M15TF. I use fractals or Tom DeMark points for convinience to get good entry or exit points. I have been using this setup as one of my filters on M15 for over 18 months now with good results. It shall work on M5 too but I am not that sure whether the BBs STD3 will have the same consistency on M5 as it achieves on M15. Have a look and compare, I have also added 8SMA High (green broken) and 8SMA Low (red broken), but the trigger lines (red to sell, and blue to buy) are doing a good job too.

It is good to hear about good results, and I wish all of you to get more of them.
Have a great weekend,
2be

Attached Thumbnails

 

 

Hi 2be,

Thanks for sharing your bit, I use MT4 and got Alpari account. Can you please tell me where can I find this trigerline indicator.

Cheers,
-PE

Sorry my monitor is too small to contain my attachment! Dont know why it got so big. I cannot send it to you on this forum. Can you pm me with your email address, so I can send it to you. Skype shall do it as well.

Where do I find the triggerline indicator 2be?. Had a look but not sure where it is "hidden".

2be Just sent you PM.

Cheers,
-PE

2be,

Nice that I finally get to see your chart
You can use simple graphic software such as Paint to reduce the size of the chart.

Hi Cmellon,

You think ITD8 is coming late? if it doesnt touch the temporary bottom in 1/2 trading days then you think ITD8 may join LTD12?

Cheers,
-PE

hi everyone!
I am a newcomer.

as U known UK economy is very deterioted now, how do U think of the UK govt stimulus package? Is time to take long GBP/USD? Pls focus on this issue! how the UK corp to rise capital for business if GBP is devalued like this...

tobeornottobe