Long Term Trades | Foreign Exchange EA Download - MT4/MT5 Resources - MetaTrader 5 Resources
Hello everyone,
I want to share a system that many veterans may be very familiar with.
This is nothing new but I wanted to share it with those of you who are tired of day trading or even minute trading losses
I've posted 3 different timeframe charts of the same currency pair to show you where I'm currently trading.
Basically you start monthly. See if there are any monthly trends. This is not necessarily a long-term trend. Your monthly bar may break above the low or high of the past 2 months.
Second, you check the weekly chart to see what trends have emerged. HH LL et al.
The third step is to check the daily chart. This is your entry chart.
Now, for the daily chart, we should see the 200 SMA on the chart (this is what institutions use, so it is very effective).
If the daily line is above the moving average and the weekly line is trending up, we go long and vice versa.
It would be better if the daily line has just recently broken through the moving average and closed.
Risk only 2% of your account. I use 2% risk and a 500 pip stop loss on each pair.
It's up to you to figure out how to exit other than sl.
Do not trade on a live account now. There's no proof here yet. Therefore, use it at your own risk.
I am doing live trading but have a small account.
I welcome any comments.
I'll let you know my account is working.
tnx
PS I forgot to mention that on the USD/CAD chart I would be short on the daily chart.
And there are times (sometimes throughout the year) when currencies fail to trend, so you can use this system for stocks and other instruments as well.
I want to share a system that many veterans may be very familiar with.
This is nothing new but I wanted to share it with those of you who are tired of day trading or even minute trading losses
I've posted 3 different timeframe charts of the same currency pair to show you where I'm currently trading.
Basically you start monthly. See if there are any monthly trends. This is not necessarily a long-term trend. Your monthly bar may break above the low or high of the past 2 months.
Second, you check the weekly chart to see what trends have emerged. HH LL et al.
The third step is to check the daily chart. This is your entry chart.
Now, for the daily chart, we should see the 200 SMA on the chart (this is what institutions use, so it is very effective).
If the daily line is above the moving average and the weekly line is trending up, we go long and vice versa.
It would be better if the daily line has just recently broken through the moving average and closed.
Risk only 2% of your account. I use 2% risk and a 500 pip stop loss on each pair.
It's up to you to figure out how to exit other than sl.
Do not trade on a live account now. There's no proof here yet. Therefore, use it at your own risk.
I am doing live trading but have a small account.
I welcome any comments.
I'll let you know my account is working.
tnx
PS I forgot to mention that on the USD/CAD chart I would be short on the daily chart.
And there are times (sometimes throughout the year) when currencies fail to trend, so you can use this system for stocks and other instruments as well.
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