Hi my fellow fx traders,
I have been practising Forex Trading since 10th November, 2010 with the Meta Trader Trading Plateform. In the beginning since I am a learner, I used to buy so many ebooks ideas, indicators and expert advisers. but there was no use for me. I have lost lot of money by trading forex. But I did not give it up. Rather, I took it as a challenge.
One day I decided to try weekly,s open price. I draw in horizontal line on my meta trader chart previous week,s open price, first week,s open price, second week,s open price and fourth week,s open price. For indicators I used only 20 moving average or bollingerbands, zigzag and fragtal. I just keep monitoring upto Wednesday. On wednesday, if the 20 moving average cross over any one of the weekly,s open price (which I draw in horizontal line on meta trader chart), including yesterday,s High or Low, I make buy or sell order.
This weekly,s open price does not work every week in ranging market. In that case, bollingerbands and 50 moving average is necessary. When middle band crossed over at 50 moving average, we know the market,s directions. Also, I put yesterday,s high and Low. If the price 20 moving average cross up/down yesterday high or low, I make buy order or sell order using lock profit.
Sometimes the price reversed back on wednesday/Thursday/Friday in the case 20 moving average crossed up/down this weekly,s open price on early Monday. We should not trade until and unless or totally cross up/down weekly.s High and Low by 20 moving average. So to know whether 20 moving average will cross up/down, should wait upto Wednesday or Thursday. If the 20 moving average cross up/down, weekly,s High or Low, we can buy or sell. But if the 20 moving average moves back just touching weekly,s high and low or neglecting this weekly,s high or low on wednesday/Thursday, it is reversing.
If the 20 moving average cross up/down on wednesday/Thursday/Friday, it is good for trading. But it comes twice a month.
In addition to the above, I put on my meta trader chart weekly,s camarilla. If the 20 moving average cross up the H1, I make buy order. Again, if the 20 moving average, cross down L1, I make sell order. This weekly camarila is helpful for targetting take profit also. This weeky,s camarilla Trading strategy also should crossed up/down by Wednesday or Thursday. Sometimes on Friday.
In addition to the above, I put on my meta trader Last Week,s Yesterday High and Low (Last Monday,s to Friday) in Horizontal Line. If 20 moving average cross up/down any of the horizontal on Wednesday (sometimes Friday) I make buy order or sell order.
Again, I put Present week,s Yesterday,s High and Low I put horizontal daily. For this, for High I put in horizontal in blue colour and for low red colour. On Wednesday or Thursday, if the price cross up/down I make buy order or sell order.
Better to trade after crossing weekly,s open price, But just crossing weekly,s open price by 20 moving average, we should not make buy or sell order instantly. Wait for candle reversal or zigzag. Or let the zigzag stopped at upper or lower bands at 1 hour chart, before buying or selling. Account balance also should sufficient atleast for 30 pips according to your trading size volume.
So I need so many charts to be put on my meta trader, So I concentrate only for Gold (xau/usd), Eur/usd and usd/chf
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