- 1 hr chart with HAMA or a 21 ema (whichever looks better for you they're the same thing) and 6 ema
- Only buy above 1 hr HAMA/21 ema, only sell below
- Entries, from 5 min higher lows lower highs
- Exits, partial exits at weekly/monthly pivots/obvious supp/res areas and balance at 1 hr close above/below 6 ema
- Stops, move as trade progresses to key levels round numbers and weekly/monthly pivots.
If you trade like this or similar feel free to share charts and set ups.
As we use our 5 min higher lows and lower highs for entry we use stops around 15 pips. For exits we have come around to the rule of thumb that in a move GU will run around 125-150 pips (yes some days more some less obviously) each day. We try to look at how many days GU has moved in a direction and where there are obvious key supp/res areas near that 125 pip area.
So on this method it would be fair to say that typical trades will be 50-100 pips using stops of 15. One thing I can assure anyone that pops in here THERE WILL BE NO trades with 50-100 pip stops used.
Basically trading above/below the ema with a 21 or similar is just the same as trading above/below rsi 50 level.
See the attached charts as an example. 1hr in downtrend. 5 min entry the lower high close around 6256.
Some of my fave threads:
Psych levels pivots and trend lines http://www.forexfactory.com/showthread.php?t=98028 a look at my charts and exit points should highlight the significance I place on this. Thanks Islander and Eyevoltage.
Higher low, lower high thread http://www.forexfactory.com/showthread.php?t=108544 the basis of the entry for most trades that I place.
Trade Using VSA http://www.forexfactory.com/showthread.php?t=157629 I use on 15 min charts and I find it a great help even with my limited knowledge. Thanks Shamus and Malcolm.
GJ GU UJ Trading Thread http://www.forexfactory.com/showthread.php?t=199926 this is a new one to me but looks like there are some very good traders there, PS if Islander recommends it then thats fine by me.