Try this Method...for 2 years ~75% accurate

[MorningTrader]

I know, all of you big wigs are going to look at me and say "we all ready know this." But, this is the beginner's forum isn't it? So, to you beginners...

If you have an account.
If you know the charts.
If you understand candles.
If you have confidence.
If you can be awake 2:00 AM to 11:00 AM EAstern time.
If you are disciplined.

Yes, about 75% accurate. George Soros, apparently from what I heard, was also about 75% accurate. Who WOULDN'T want to trade like Soros!?!?!?!?!?

Try to trade EMA's (Exponential Moving Averages)

Huh? The first time I heard someone write EMA I thought they were talking about an animal! ha ha!

Trade 5-day and 14-day (or 13 or 15 if you want) EMA's on the 30-minute chart...when the lines cross anytime between the times noted, buy or sell, depending on the direction the 5 crosses. If the 5 crosses going up, buy, and sell when the 5 crosses down. I make the 5-day EMA yellow and the 14-day red. BUT be sure to open a trade after the candle closed or ONLY at the begining of every half-hour. If you trade during a 30-minute candle you'll get burned. You won't make millions of pips...you'll only shooting for a couple. Try for 30 pips a week. Think about that...30 pips, with 10 units per trade is $3,000 a week. I'm not sure about you but that's a good living. You'll lose a few here and there, but who doesn't? There are so many things to learn about EMA's but this is a start. You need to try it for a while...and log every trade.

If you have questions on everything else that takes place before this I'll watch the post.

Rock on!
CJ

OH! I ONLY trade the Euro/USD with a 3-pip spread and ALWAYS set my loss at 13. If your trade goes back 13 pips I found that it is just not going to pullback to the profit level. 13 is a good numbr, afterall. (Especially around Halloween)

[MorningTrader]

Did you ever "hear someone write something?"

I think I meant "saw someone write..."

Man...I need my caffeine! (YAWN!)

[autofx]

5 and 14 DAY EMAs on the 30-minute chart?

Do you mean 5 and 14 PERIOD EMAs on the 30-minute chart?

The 13-pip stops don't get taken out very often? That seems
mighty hard to believe.

[MorningTrader]

I exported the images from my charting software for every trade that I opened with the cross and logged them on my computer so I can maintain a trade journal. Yes, the 13 does get triggered, but only approximately 25% of the time, hence the 75% success rate.

A 5-period EMA is a 5-DAY EMA. It is the average price of the pair over a "5-day period."

We're both right, technically. EVeryone has their lingo...

CJ

[Tekunda]

Autofx, it all depends on the definition what a period is.
In TA, when it comes to EMAs a period is normally is one day. The same applies to the RSI e.g. a 9 period RSI is a 9 day RSI.

So a 5 day EMA is indeed a 5 period Ema, it is both the same.
To make it easier why not just use the commen term: a 5 EMA or a 21 EMA, (knowing we speak of 5 or 21 days or periods here)

[CTGJr]

a five period EMA on a 30 minute chart analzyes the last five 30-minute periods

e.g., EMA(5) on a 30 minute GBPUSD chart is presently at 1.8321
EMA(5) on a daily chart is at 1.8294

[Eureka]

Do you have an exit strategy or when do you close the trade and take profit?

Thanks.

[Tekunda]

Morningtrader, what about exits?
How much pips do you shoot for per trade?
Being extremely disciplined with an entry regiment makes only sense if, in my opinion, you also have a similar strict exit routine in place.
Shooting for 30 pips per week is perfectly fine and makes sense.
But these 30 pips can be achieved in one trade or in 10.
So what are your precise exit strategies please?