Many people ask what level they should enter in market; when to buy or sell and close that trade in +ve. The new comers always burn their hands with hedging and wrong forecasts. My question is - do you close your eyes before you walk?
Now to an easy strategy (if you have these indicators & timeframe in your platform then try it)- trading platform independent solution first. Use www.fxstreet.com 8 hrs charts. My examples are EURUSD, GBPUSD, GBPJPY & EURJPY.
Select Majors chart and assign two indicators Envelopes (44,0.94) GREEN & (88,2.46) BLUE. Now select JPY crosses & assign Envelopes (22,0.94) GREEN & (44.3.98 or 3.40) BLUE. Prices closer to BLUE line is the trade entry point - when price is closer or above UPPER BLUE line then SHORT and target the UPPER GREEN line first then second target as LOWER GREEN line. For LONG trade entry its vice-versa.
This is a challenge to all small traders to show me a -ve trade after following this strategy - so far never saw any -ve trades in live testing. Now start generating your own levels and signals, plus now with these channels you can start forecast too.
Do you see EURUSD hitting 1.5250 ; GBPUSD hitting 1.6420; GBPJPY hitting 145.00 & EURJPY 136-137.50. If "YES" then you're into forecasting but remember there are fundamentals that can change the landscape.
Hope I gave you a free strategy to kickstart in FX. Why I do this for free; I believe in sharing information and tweak the strategies. 10 people tweaking a strategy is always better than just me (1 person). Now you can challenge any experts with this and stop giving money and start taking money - please provide me feedbacks on your experience so we can tweak this and nail one perfect strategy!!!
Can Bollinger Bands or Moving Average Envelops be used as I do not have just Envelopes
ReplyDeleteOne can add any/more indicators - but envelopes act like price channels. The GREEN channel act as fast channel & BLUE channel act as slow channel. When you add more indicators it can help you but sometimes the clarity will be less. These two channels helps to predict the chances of going UP & DOWN. When Green channel touches BLUE's channel Lower line then you know that it will go UP soon. When Green channel touches BLUE's channel Upper line then you know that it will go DOWN soon.
ReplyDeleteRich, to answer I need to test the bollingers but from my experience bollingers is different. The MA with 44 & 88 are the base for envelopes but check the width and I guess you can create this channel. You can always use FXStreet live chart from fxcm.
ReplyDeleteI did investigate on Bollingers the best I've is 22,1.24 GREEN & 22,3.25 BLUE. I'm sure you can tweak this for better result.
ReplyDeleteAre these just Moving average envelopes?
ReplyDeleteMy fxcm isnt allowing for the .94 setting.
I have set up the live charts link you posted and am watching.