^eagle^'s trading method - MT4/MT5 resources
Hello! I have been lurking in the foreign exchange factory for a long time and have been trading part-time for five years. I have recently organized my thoughts and started trading with some consistency. As of this writing, I'm on a 58% gain in less than four months. I wanted to get my thoughts down and thought I'd start a topic.
First, this is a method, not a system. The system has a set of basic rules that must be followed. I've found that such a system can actually hinder your performance. The approach is more complex as it also involves a basic understanding of the fundamental nature of Forex. The system is highly technical and usually easy to implement. The approach is more basic and a bit more difficult. This is one of the fundamental reasons why I believe most traders fail. They rely too much on the next gadget to get into their charts. Most of these gadgets rely on past price movements.
Now, there have been places in the past where price movement has mattered, but most of these gadgets rely on a previous series of bars. In my opinion, these oscillators are completely worthless. After many failed attempts at oscillator-based systems, I've come to the conclusion that they are all garbage. I won't go into detail about this because it's a long and complicated story. Suffice it to say, they are complete garbage.
Methods, on the other hand, are based on price action and the underlying reasons why markets move up and down. There are a variety of factors that can cause price movements to move up and down over time. Prices can only move up and down over time. Previous bars have little to do with current price action. The method exploits more of the current price action as well as the underlying causes of price movements. I will describe my trading approach to the best of my ability.
Okay, simple technical stuff first, I try to get as much information as I need on one screen to avoid switching timeframes. I timed on the five-minute chart but zoomed out to the hourly and four-hour charts, looking for technical areas of support and resistance that I couldn't see when I zoomed in. I can't yet explain my exact entry method as it involves some simple fundamental analysis.
Also, I only trade E/U because my time is limited. If I had more time I would trade more currency pairs, but to keep it simple it's better not to stick to one currency and only add others as time permits. This method works with any currency, but it's best to stick to very tight currency pair spreads .
Attached below are the indicators I use.
First, this is a method, not a system. The system has a set of basic rules that must be followed. I've found that such a system can actually hinder your performance. The approach is more complex as it also involves a basic understanding of the fundamental nature of Forex. The system is highly technical and usually easy to implement. The approach is more basic and a bit more difficult. This is one of the fundamental reasons why I believe most traders fail. They rely too much on the next gadget to get into their charts. Most of these gadgets rely on past price movements.
Now, there have been places in the past where price movement has mattered, but most of these gadgets rely on a previous series of bars. In my opinion, these oscillators are completely worthless. After many failed attempts at oscillator-based systems, I've come to the conclusion that they are all garbage. I won't go into detail about this because it's a long and complicated story. Suffice it to say, they are complete garbage.
Methods, on the other hand, are based on price action and the underlying reasons why markets move up and down. There are a variety of factors that can cause price movements to move up and down over time. Prices can only move up and down over time. Previous bars have little to do with current price action. The method exploits more of the current price action as well as the underlying causes of price movements. I will describe my trading approach to the best of my ability.
Okay, simple technical stuff first, I try to get as much information as I need on one screen to avoid switching timeframes. I timed on the five-minute chart but zoomed out to the hourly and four-hour charts, looking for technical areas of support and resistance that I couldn't see when I zoomed in. I can't yet explain my exact entry method as it involves some simple fundamental analysis.
Also, I only trade E/U because my time is limited. If I had more time I would trade more currency pairs, but to keep it simple it's better not to stick to one currency and only add others as time permits. This method works with any currency, but it's best to stick to very tight currency pair spreads .
Attached below are the indicators I use.
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