Forex trading made ez downloads
This is something that happens from time to time. As you can see the market quickly spiked the other direction and the trade would be a loss. Several bars later the DMI did confirm the trade and it was a large winner. Approximately 2 AM to noon is when the market is most active. I do not recommend that you take any trades between the hours of 12 PM to 8 PM each day, as these are the hours when the market experiences the least volatility, and signals will much more likely be false during this no man s land, so to speak.
Advanced Strategies What you have just learned is more than enough for you to have tremendous success trading, as the system as you have just learned it is consistently profitable. However, as traders, the more tools we have in our toolbox, the more prepared we are for changing market conditions and the better off we will be in the long term. If you are flexible and have a lot of knowledge of how to spot many different trading opportunities using various methods, then you will have the greatest success as a trader.
I am going to share with you a variety of different methods that I use to confirm trades, in addition to what you have already learned. I recommend that you acquaint yourself with the core of the system as explained thus far, as it is very effective and you should be very comfortable with it before you try to add other things to the mix. Trend Lines Trendlines can be one of the easiest indications of support and resitance levels, and are a great tool to help confirm trades.
Used with this system it can increase the probability of a trade being a winner if the signal comes right after a trendline is broken, or right after prices bounce of a trendline and then go the other way.
Trendlines indicate market momentum, and are sometimes referred to as momentum lines. When prices break a trendline it can often indicate a change in the direction of the market momentum, and is therefore a good tool to add to your repertoire. Please take a look at the examples on the following pages of trades confirmed by trendlines. This indicates a very high probability winning trade, and it turned out the trade was a winner and good for about 60 pips.
Again, on the same candle all indicators showed a sell signal, as well as the trendline being crossed. You can see there were two valid trendlines drawn from the previous movement upward. As the first was broken the sell signal came. Prices briefly broke the second trendline and then bounced upward, almost exactly to the 15 MA, as they are known to do pretty frequently, then proceeded to plummet. It s often a good idea to keep trendlines on the chart for a while, even after they are crossed.
The market will frequently go almost exactly to the level of a previous trendline, on a new movement. Trendlines that represent support will suddenly represent resistance after they are crossed. Sometimes the market will temporarily fail on the first attempt to break a trendline, then pull back to it, and on the second attempt will keep going. So if you are ever see the market pull back to the trendline after it breaks it then go back in the directly of the break in momentum, you should definitely take a signal that occurs at this point.
The trade turned into a good sized winner. You can see that trendlines can be a very simple, yet helpful tool in confirming trades. When you draw a line connecting the highs in an uptrend this is a channel line. On the other hand, when you draw a line connecting the highs in a downtrend, this is a trendline. When you draw a line connecting the lows in a downtrend, this is a channel line. Channel lines can very helpful in helping you to determine future highs in an uptrend, and future lows in a downtrend.
A channel line can give you a projection of future price action in the current trend. In addition, when a channel line is broken and the market moves beyond it, that normally indicates acceleration of the current trend. When you are able to draw a parallel, or fairly close to parallel trendline on the opposite side of a channel line, this is a trend channel.
The trend channel can be used as a target indicator, as well as providing a general sense of direction and a projected range for new price action. In the case of a trending market, it is sometimes difficult to find support and resistance, especially if the market is at a new high or low. Once the price reaches the upside of a trend channel, in a long trend, it is a fair indication of a potential top, an end to that particular move.
You could then expect the market to move towards the other side of the channel. On the following pages are many different examples of channel lines and trend channels A B This is a good example of a channel line.
In an uptrend a trendline would connect the lows, where as this line connects the highs. You can see that the market touched the channel line 3 times after the initial line was drawn from point A to point B. Channel lines can often give you accurate future price projections, as this one does in this example. As you can see, when prices moved outside of both of the following trend channels, the trend changed.
In addition, the channel provided accurate projections of the highs and lows within the trends. As you can see from the second example, trend channels do not have to be exactly parallel. If you get a buy signal after the prices have bounced off the bottom wall of a channel, it is a good idea to take profit when prices hit the top wall.
As you can see from the arrows, there are several buy and sell signals with the EZ Trade system in this trend channel. When you spot a trading range, you do NOT want to enter the market until prices break out of the sideways channel. This will often occur. In the second example once the channel line was broken, a new trend channel was drawn.
The first is the MA on an hourly chart. The MA offers very strong support and resistance, and it is remarkable how often prices will halt exactly at the MA before bouncing off and going the other way, or breaking through it and changing trends. If prices have already moved considerably in one day, and then reach the MA they are unlikely to keep going that day. This is especially true if is close to or after 12 noon, EST. An example of this is in the chart below on this page.
Other ways the MA can be helpful is stop loss placement. If you go long right above the MA, it s a good idea to place your stop loss at least 10 pips below it, because the market may pull back to the MA before moving further. Take a look at some examples on the following pages of how significant the MA on the 60 minute chart can be.
When the market pulls back to the MA like this and then begins to go back down, look for a sell signal on the EZ Trade system. In this example there were signals both times the market pulled back. In the second example you can see that the market was congested around the MA, and then briefly pulled away from it, but then pulled back. After it pulled back there was a good buy signal with the EZ Trade system.
In the second chart on three separate cases the market pulled back exactly to the MA on each decline of this uptrend, each time giving a buy signal after it bounced off the MA. This is a prime example of a circumstance when you should exit the trade when prices reach the MA. Now if it was only 40 pips below where the signal came, and the prices hit the MA early in the day that s probably an indication the market is going to go straight through it.
It is used the same way as the MA, although you don t always want to take profit when the market hits the MA, unless it s already moved a significant amount. However, do be watchful of when the market fails at the MA and starts to go the other direction. You can see in this chart the market went exactly to the MA on 5 separate occasions. In the first example, the market hit the MA twice in the beginning of this uptrend. Towards the right edge of the chart the market briefly hit the MA, bounced up a bit, then crossed it completely.
In the second example there s a perfect long trade after the market bounced off the MA. It is used similarly to the and MAs, and offers support and resistance levels, but not as strong as the MA. When the market is in a strong trend, it will sometimes retrace to the 50 MA before continuing to move in the direction of the trend, as you can see from the following two examples.
You can see each stage of the movement as it crossed each MA. This chart is a good example of a time where you would NOT take profit at the MA, even though it had already moved a significant amount from the signal. The reason why is that it was only 8 in the morning Eastern time when the MA was hit, and if it s that early in the day the currency will probably keep moving in the same direction.
If it s closer to noon and it s already moved a considerable amount, then you would want to think about taking profit near the MA. It s very simple. When there is a large gap between the 50 and MA, and the market crosses through one, it will often fill in the gap between the other.
Take a look at the following 4 examples of the market breaking through the 50 MA and filling in the gap between it and the MA. This happens with relative frequency and you should keep an eye out for it. When you are ready you may want to learn how to enhance the system by using other time frames in certain cases.
I regularly monitor the 30 minute, 1 hour, 2 hour, 4 hour and daily charts when I am trading. Almost all of the signals I take are based on the 1 hour chart, but I use the other charts to give me a better feel for the overall direction of the market and also to pinpoint my entry point on some trades.
I also switch to a higher time frame when one time frame looks too choppy. On the 30 minute, 1 hour and 2 hour charts I keep the exact same indicators, with the same settings. On the daily chart I just have the 50, , and MAs. If I take a signal on the 30 minute chart, I take it with the exact same indicators and same rules you have learned with the 1 hour chart, however I only take signals on the 30 minute time frame when I have a very strong confirmation that the market is switching directions, and I want to get an earlier entry point than the 1 hour system will give.
If you take all the signals on the 30 minute chart the same as you do with the 1 hour chart you will have a lot more losses, so this is why I only use the 30 minute chart when there are very strong confirmations for the trade. Examples of this would be if the market has already crossed a significant trendline, and it is clear that the market has changed momentum. If the 60 minute chart is not close to giving a signal yet at this point, I may switch to the 30 minute chart and take the signal on that, which almost always comes earlier.
Other examples are basically anytime the market either breaks through, or bounces off a significant support or resistance level as defined by a trendline, trend channel, or MA, strong chart pattern or a Fibonacci retracement level which we will talk about soon. When the market bounces off or breaks through a significant support or resistance level I sometimes want to get in as soon as possible, so I take the 30 minute signal instead of waiting for the This should only be done when you have a good amount of experience using the system and are clear on the type of confirmations that give strong indications it is a good time to take the 30 minute signal.
Let s take a look at a couple examples of this. One was the signal on the 60 minute chart and the second one on the 30 minute chart. When you see a good trendline such as this crossed during active trading hours, the market is very likely changing directions, and I like to get a better entry point, rather than waiting for the 60 minute to cross if it looks like it s going to have to move a lot further. By taking the signal on the 30 minute chart you get an entry point more than 50 pips lower than by taking the 60 minute signal on this particular trade.
By switching to the 2 hour chart you will not get as many signals and it can often get you positioned for a breakout without getting whipsawed as much during a choppy zone as you would if you were just looking at the 1 hour chart. These two examples show the same period on a 1 hour and a 2 hour chart.
When it started to look choppy I switched to the 2 hour chart and there was only 1 false signal on the 2 hour chart in this period instead of 3 or 4 on the 1 hour. The 2 hour still caught the breakout and gave a signal at a good level. I also do not use the 50 or MA, but do use the I instead use a 25 period simple moving average line.
I don t often take these signals however, and more use the 4 hour chart for a larger overall picture of the market, and for drawing trendlines and Fibonacci retracements. The 4 hour chart can give you a good indication of the current trend, and tell you whether a signal you are taking on the 1 hour chart is with or against the trend, or possibly right as the trend is changing, and can thus be helpful in terms of knowing whether to go for less or more profit on that particular trade.
Here is the 4 hour chart that I look at: I consider the market in an uptrend according to the 4 hour chart when the DPO is above the zero line and the prices are above the 25 period MA. If you match this up with the 1 hour chart when you are taking signals you can sometimes tell if you are more or less with or against the trend or if the market is in a trading range. If you do take signals with the 4 hour however, remember that it s a larger time frame and you must allow for more market fluctuation, so it normally requires a stop of 50 pips or more, and if you enter the market based on the 4 hour chart you should place the stop on the other side of the 25 MA and trail it behind the 25 MA.
You may want to take half profit at pips and stay in the trade until prices cross back over the 25 MA. I suggest trailing the stop 10 to 20 pips on the other side of the 15 MA. This is a very easy to use method to confirm trades. Just switch to a 30 minute chart, a 2 hour and a 4 hour and see if any of the DPOs are crossing at the same time. It could be the 30 and the or the 60 and the 4 hour or the 30 and the 60 or the and the 4 hour or all four of them at once or any combination.
The more that cross at the same time, the better it is. When you see 3 or more DPOs on different time frames cross at the same time, this most likely means a very high probability winner. By the same time I mean 1 to 3 candles within the shorter time frame.
So if the 4 hour DPO crosses within 1 to 3 candles of the 1 hour chart, I would consider this simultaneous. Or if the 2 hour crosses within 1 to 3 candles of the 30 minute chart, etc. I also use the daily chart to give me a big picture so to speak, and to gage the long term trend. It s also important to draw trendlines on the daily chart and check them every day to see if the market is close to a significant trendline that could help you with a trade. You need the daily chart to draw trendlines on big, long term movements that you simply cannot see on shorter term charts.
Take a look at a few examples of trendlines on the daily chart and how significant they can be. The 50, and day MAs on the daily chart also offer strong support and resistance. When it was crossed you can see how far the market moved up in just a matter of a couple days. It was also at the same moment that the 50 MA was being crossed.
Had you not looked at the daily chart you would not have known this was happening. This coincided with a signal on the EZ Trade system on the hour chart that was then confirmed once in the trade by this cross of the trendline and the 50 MA on this daily chart. And the second line is a channel line going across the neckline of this reverse head and shoulders formation. When the neckline was crossed the market proceeded to rise over pips over the next 6 weeks.
Notice also that the head on the reverse head and shoulders formation stopped short exactly at the MA. You would have to look at the daily chart to see this head and shoulders formation. This creates an oscillator type of indicator which identifies trend direction based on whether the slope of the line is positive or negative. The EMA Angle Zero plots positive lime green bars to indicate a bullish trend bias and negative yellow bars to indicate a bearish trend bias.
It also plots firebrick bars if the slope of the underlying EMA line is below the threshold for identifying trending markets. As the name suggests, the EMA Crossover indicator provides trend reversal signals whenever the 5-period, period and period EMA lines crossover and stack in a way wherein either the 5 EMA line is above and the 34 EMA is below, indicating a bullish trend, or the 5 EMA is below and the 34 EMA is above, indicating a bearish trend.
This indicator simplifies the process of identifying trend reversals because it conveniently plots a signal arrow indicating the direction of the new trend. Traders can simply take trades whenever the indicator plots an arrow to capitalize on the fresh trend being developed. Trading Strategy This trading strategy is a systematic trend reversal strategy which trades on the confluence of momentum price action, crossovers of price action and a moving average line, and trend reversal signals coming from the two indicators mentioned above.
The bars should also change color either to yellow or lime green depending on the direction of the trend in order to confirm that there is momentum behind the trend reversal. The corresponding crossover price action should also exhibit momentum in the direction of the new trend. The EMA Crossover indicator should plot an arrow pointing up.
Price action should cross above the 50 EMAline. Price action should exhibit bullish momentum. Enter a buy order on the confluence of these conditions. Stop Loss Set the stop loss on the support level below the entry candle. The EMA Crossover indicator should plot an arrow pointing down. Price action should cross below the 50 EMA line.
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