GU Intraday System | Foreign exchange indicator download- MT4/MT5 resources
Hello to all my friends who are trying to learn day trading.
Introduction
Buying expert advisors from vendors without understanding the strategies built in EA is like building a house without a foundation. That's why many of them are considered ineffective because the working strategy is not understood. Therefore, I think it is very important that we are consistent on the manual system before building the EA.
my system
I developed a system that captures the intraday moves of GU on a 30 minute chart (can work on other pairs, but works best on GU).
Now, when creating a system, we must understand that the market moves between support and resistance levels 70% of the time. Until fundamental drivers emerge that push prices to new levels, creating new areas of support and resistance.
The second thing we must understand is that many traders use pivot points as support and resistance, stop losses and exits. We have to build it into our system.
We must also use indicators to identify turning points in the market from support to resistance and back. Therefore, Gann cycle 5 and SMA 5 are more suitable.
We need an oscillator to identify overbought and oversold conditions where the market may turn, so we set the swingman trix and stoch to 833 (actually the Swingman trix is similar to stoch and gives arrows when stoch exceeds 50)
It is also important for us to understand the average daily range so that we know when price has completed its daily range and when it needs to retrace.
System update 25/5/2010
Due to the current market conditions we used a 7 moving average and 7 Gann setup on the 30 minute tf which has proven to be very profitable. If you missed the initial entry point, you can wait for price to retrace between the Gann and the moving averages to enter the current trend or use the 5-minute chart accordingly.
System update June 23, 2010
The system aligns with the 7 SMA&Gann, trix and pivot points on the 30 minute tf
System update November 23, 2010
This system trades using 8 SMA and 8 Gann along with the QQE indicator to filter trades on 15 or 30 minute tf. Happy trading
System update November 23, 2011
While the core of the system has proven to be robust intraday, the system has been adapted to the daily chart (Gann 8, SMA 8) and has been very successful with less intraday pressure.
Introduction
Buying expert advisors from vendors without understanding the strategies built in EA is like building a house without a foundation. That's why many of them are considered ineffective because the working strategy is not understood. Therefore, I think it is very important that we are consistent on the manual system before building the EA.
my system
I developed a system that captures the intraday moves of GU on a 30 minute chart (can work on other pairs, but works best on GU).
Now, when creating a system, we must understand that the market moves between support and resistance levels 70% of the time. Until fundamental drivers emerge that push prices to new levels, creating new areas of support and resistance.
The second thing we must understand is that many traders use pivot points as support and resistance, stop losses and exits. We have to build it into our system.
We must also use indicators to identify turning points in the market from support to resistance and back. Therefore, Gann cycle 5 and SMA 5 are more suitable.
We need an oscillator to identify overbought and oversold conditions where the market may turn, so we set the swingman trix and stoch to 833 (actually the Swingman trix is similar to stoch and gives arrows when stoch exceeds 50)
It is also important for us to understand the average daily range so that we know when price has completed its daily range and when it needs to retrace.
System update 25/5/2010
Due to the current market conditions we used a 7 moving average and 7 Gann setup on the 30 minute tf which has proven to be very profitable. If you missed the initial entry point, you can wait for price to retrace between the Gann and the moving averages to enter the current trend or use the 5-minute chart accordingly.
System update June 23, 2010
The system aligns with the 7 SMA&Gann, trix and pivot points on the 30 minute tf
System update November 23, 2010
This system trades using 8 SMA and 8 Gann along with the QQE indicator to filter trades on 15 or 30 minute tf. Happy trading
System update November 23, 2011
While the core of the system has proven to be robust intraday, the system has been adapted to the daily chart (Gann 8, SMA 8) and has been very successful with less intraday pressure.
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