Hi,
I've seen so many great trading systems here. Im just doing a small part to contribute a simple system.
You need the CLOSE of the last weekly candle and 4 SMA to determine your trade direction for the next week. If its a RED candle then plan on shorting. If its a Green candle then plan on longs.
On the 4hr Charts :
Use SMA 30 on the 4hr as guide for price movements.
For Long trades,
Price bounce or crossing down on MA usually gives indication that you are likely reaching a VALUE Buy area.
Additional tools that helps but not core :
Fibs level taken of trend swings helps...38.2 - 61.8 are also seen as criticla levels, its advised you plan your entries based on PA along these lines.
RSI 14 testing/cutting below 50 is another indication to go long. Further RSI movements to 30 or below gives a strong signal to further buy up. Do exact opposite for shorts.
Use MM to your own discretion.
PS: Use of 30 period sma simply identifies the weekly PA. If the week closes with a red candle, you are likely to see price trading below the 30 SMA on the 4hr. Below attached Euro Dollar Weekly.
regards
Jest
I've seen so many great trading systems here. Im just doing a small part to contribute a simple system.
You need the CLOSE of the last weekly candle and 4 SMA to determine your trade direction for the next week. If its a RED candle then plan on shorting. If its a Green candle then plan on longs.
On the 4hr Charts :
Use SMA 30 on the 4hr as guide for price movements.
For Long trades,
Price bounce or crossing down on MA usually gives indication that you are likely reaching a VALUE Buy area.
Additional tools that helps but not core :
Fibs level taken of trend swings helps...38.2 - 61.8 are also seen as criticla levels, its advised you plan your entries based on PA along these lines.
RSI 14 testing/cutting below 50 is another indication to go long. Further RSI movements to 30 or below gives a strong signal to further buy up. Do exact opposite for shorts.
Use MM to your own discretion.
PS: Use of 30 period sma simply identifies the weekly PA. If the week closes with a red candle, you are likely to see price trading below the 30 SMA on the 4hr. Below attached Euro Dollar Weekly.
regards
Jest