Weekly-Daily-4Hr System - MT4/MT5 Resources
Hello friends
After trading for the past 8 years, losing thousands of dollars every year, I searched high and low for the magic bullet. Finally resort to simple lines and price action.
I'm using simple ideas for trading charts and wanted to post potential trade setups and my trades:
System: Find my system template in the attachment
Draw weekly channels - trend lines or channel bands (outer and inner) - black lines
Understand trends (up/down/range) from week to week
1. Weekly Trend Up - Trading on swing extremes selling or buying is very profitable and the chance of a false breakout to the upside is very high
2. Weekly Trend Down - Trading extremes of the swing sell or buy is very profitable and the probability of a false breakout to the downside is very high
3. Weekly Trend Range - Trading from the extremes of the swing to sell or buy is very profitable and the chance of a false breakout is low. Any overshoot trade should be properly researched
Band Limits:
1. I always draw two support or resistance lines in the form of trend lines or horizontal lines. The limit line is called a band extremum
2. I immediately look for any upward (lower range) and downward (upper range) price action
3. Before any trigger, I always study how a currency has behaved in extreme ranges during previous moves
4. Always trade from the extremes of the swing to the first trouble area (first support area (if selling) or resistance area (if buying))
http://clip2net.com/clip/m90706/1357...-clip-23kb.png
Daily Double Pin - Horizontal Line (Red Line) - Resistance or Support Line
1. Draw a red horizontal line on a weekly or daily basis and you will see that price is rejected around the same point.
http://clip2net.com/clip/m90706/1357...-clip-26kb.png
Price Action - Four Hourly or Daily (Fixed or False Breakouts)
1. Bullish Fix on Uptrend Bar - Bearish
2. Bullish Fixed on Downtrend Bar - Bullish
3. Market Bullish Pins – Bullish on an upward breakout, Bearish on a downward breakout
4. Bearish Fix on Uptrend Bar - Bullish
5. Bearish Fix on Downward Trend Bar - Bearish
6. The market is bearish - an upward breakout is bullish and a downward breakout is bearish.
7. Any Pin is only valid if it is immediately broken on the next bar for trade confirmation
8. A false breakout is nothing more than a failure to break out of an inside bar (IB) in the opposite direction of the current price trend.
Risk management :
1:1 or 1:2, $50 (low confidence) or $100 (high confidence)
Trade Analysis Template: Currency Name)
1. Trend research (HH/HL or LH/LL or side):
2. Band Limit Study - Previous price action overshoots at range extremes: Did the price exceed the extremes of the earlier range? (whether)
Inside Reversal: Does price reverse ahead of time only from the inside channel? (whether)
External Reversals: Does the price reverse early only from the external channel? (whether)
Inside/outside reversal before inside/outside reversal? (whether)
If yes: then what conditions make the price reverse from the inside track earlier? reason?
3. Resistance and Support Research <br> Approaching weekly channel limit sales? (whether)
Nearing your weekly channel purchase limit? (whether)
Dual needle support? (whether)
Two-pin resistor? (yes/no) - Value dynamic support/resistance (daily and weekly 8/21 EMA only): (yes/n)
Noticed something interesting: (Y/N)
4. Price action studies (4 hours or daily)
Bullish pin (from PA notes 1-6)? Yes/No Bearish Pin ((from PA Notes 1-6))? Yes/No Bullish False Breakout? Yes/No Bearish False Breakout? Yes/No No PA Yet?
5. Risk Management Research – The First Trouble Area (Notice it?)
FTA range - (value)
FTA below 1:1 (yes/no) - NOTE: Please do not enter the trade but enter at the next signal after FTA.
6. Trigger : Enter stop loss with a risk/reward of 1:2:
Take profit:
Risk:Reward:
Comment:
Example:
http://clip2net.com/clip/m0/1357774790-clip-25kb.png
http://clip2net.com/clip/m0/1357848153-clip-19kb.png
After trading for the past 8 years, losing thousands of dollars every year, I searched high and low for the magic bullet. Finally resort to simple lines and price action.
I'm using simple ideas for trading charts and wanted to post potential trade setups and my trades:
System: Find my system template in the attachment
Draw weekly channels - trend lines or channel bands (outer and inner) - black lines
Understand trends (up/down/range) from week to week
1. Weekly Trend Up - Trading on swing extremes selling or buying is very profitable and the chance of a false breakout to the upside is very high
2. Weekly Trend Down - Trading extremes of the swing sell or buy is very profitable and the probability of a false breakout to the downside is very high
3. Weekly Trend Range - Trading from the extremes of the swing to sell or buy is very profitable and the chance of a false breakout is low. Any overshoot trade should be properly researched
Band Limits:
1. I always draw two support or resistance lines in the form of trend lines or horizontal lines. The limit line is called a band extremum
2. I immediately look for any upward (lower range) and downward (upper range) price action
3. Before any trigger, I always study how a currency has behaved in extreme ranges during previous moves
4. Always trade from the extremes of the swing to the first trouble area (first support area (if selling) or resistance area (if buying))
http://clip2net.com/clip/m90706/1357...-clip-23kb.png
Daily Double Pin - Horizontal Line (Red Line) - Resistance or Support Line
1. Draw a red horizontal line on a weekly or daily basis and you will see that price is rejected around the same point.
http://clip2net.com/clip/m90706/1357...-clip-26kb.png
Price Action - Four Hourly or Daily (Fixed or False Breakouts)
1. Bullish Fix on Uptrend Bar - Bearish
2. Bullish Fixed on Downtrend Bar - Bullish
3. Market Bullish Pins – Bullish on an upward breakout, Bearish on a downward breakout
4. Bearish Fix on Uptrend Bar - Bullish
5. Bearish Fix on Downward Trend Bar - Bearish
6. The market is bearish - an upward breakout is bullish and a downward breakout is bearish.
7. Any Pin is only valid if it is immediately broken on the next bar for trade confirmation
8. A false breakout is nothing more than a failure to break out of an inside bar (IB) in the opposite direction of the current price trend.
Risk management :
1:1 or 1:2, $50 (low confidence) or $100 (high confidence)
Trade Analysis Template: Currency Name)
1. Trend research (HH/HL or LH/LL or side):
2. Band Limit Study - Previous price action overshoots at range extremes: Did the price exceed the extremes of the earlier range? (whether)
Inside Reversal: Does price reverse ahead of time only from the inside channel? (whether)
External Reversals: Does the price reverse early only from the external channel? (whether)
Inside/outside reversal before inside/outside reversal? (whether)
If yes: then what conditions make the price reverse from the inside track earlier? reason?
3. Resistance and Support Research <br> Approaching weekly channel limit sales? (whether)
Nearing your weekly channel purchase limit? (whether)
Dual needle support? (whether)
Two-pin resistor? (yes/no) - Value dynamic support/resistance (daily and weekly 8/21 EMA only): (yes/n)
Noticed something interesting: (Y/N)
4. Price action studies (4 hours or daily)
Bullish pin (from PA notes 1-6)? Yes/No Bearish Pin ((from PA Notes 1-6))? Yes/No Bullish False Breakout? Yes/No Bearish False Breakout? Yes/No No PA Yet?
5. Risk Management Research – The First Trouble Area (Notice it?)
FTA range - (value)
FTA below 1:1 (yes/no) - NOTE: Please do not enter the trade but enter at the next signal after FTA.
6. Trigger : Enter stop loss with a risk/reward of 1:2:
Take profit:
Risk:Reward:
Comment:
Example:
http://clip2net.com/clip/m0/1357774790-clip-25kb.png
http://clip2net.com/clip/m0/1357848153-clip-19kb.png
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