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Originally Posted by knocks420
I currently use a very similar MACD/RSI strategy to the one you described however I am looking more for reversals. I have noticed a tendency for the weekly price to have at least one, if not more, major swings from an oversold to overbought (or vice versa). I monitor the fundamentals and also the MA's (5/20) to get a clue for direction. Use the MACD cross to confirm the buy. Use trail stops and keep it tight when the price gets to overbrought (oversold) situation. The money management part still needs some tweaking. It worked exceptionally well up until the EUR started really tanking a few weeks ago. I know this needs a lot more refinement but I think its definetly something. I also try and use a quick scalping strategy on the 5 min which may have some potential.
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hi knocks420, when attempting in afternoon yesterday I had a couple 3 pip losses, so am equity-wise back to zero. But in looking at charts during movements in early part of morning I see what I did wrong! It's foolish to presume one can suck blood out of a turnip (i.e., afternoon dead market time), so I think this has to be one of the rules before starting-up a 5Min bar scalping, market needs had moved some decent degree, then a slanted macd oscilator plus rsi slanted same says "there's power there babe!" lol
Weekly, wow, that's way out there knocks, seems just in thought that any system you'd have to have a big enough account to handle the risk-money-management, as the swing during a week can cut into it bad, and such a system would not be so good on annual returns. Think the pro concensus is the smaller tye periodicty system the more pip gain per month can be had, until you start gettin' into 5Min and shorter where system vs. pip-spread is another battle that enters the arena. Just my thoughts, for it's 2 cents worth.