Baruch's Forex System Journal

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Quote from Baruch:

A sell signal in GBP/USD - but not confirmed by RSI 50. Should I take it? No, it would be against my own rules.
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Youve already made a few trades without confirmation, is this not against your rules?
 
Yes, but wrote those rules? Myself. And I should also have taken this one.
My system has some problems. One of them is the RSI. Another that I don't have rules for exit strategy after the first 30 pips. I have to work with this. Any ideas?
 
Quote from Baruch:

I trade Globex forex futures. I don't like big spreads. With futures you can - sometimes - buy the bid and sell the ask with limit orders. I use the charts from Saxo Bank.
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Exactly why I trade em (and I can trade a few other mkts with same account).

Baruch, nice to see simple tech based forex trading taking big pips on an intraday + basis. I trade the same way. Also don't like holding weekends.

I don't use MA crossovers, but that's irrelevant (channels, retracements, etc). I feel I'm chasing with MA crosses, even though you can chase forex (when it goes, it goes).

I like to aim for 40 to 50 tics (pips). Go bigger at times.

Keep it coming.

Jay
 
Thnak you, Jayford.

I would love to trade channels and retracement, but I am not so clever, so I need a MA to give me trade signals. Which indicators do you use? I am sure that RSI is the best?
 
Quote from Eugene:

Baruch,

Can yopu give us a background on broker you use and what software. Also, what are the spreads typically.

Thanks
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Hi Eugene,

I need to say that the spread in the British Pound future is some times 4 pips - some times even more.
 
Don't really use indicators. I've been at this awhile so I know what they will look like by eyeballing the chart. They are lagging by definition (derived). They work great for most people though, especially as filters.

I do use volume, but only on a 5 min as a mkt is approaching S/R.

Is RSI best? I'm not the one to ask. What you are working seems to work great for you?

What markets do you trade? On short term, I will only trade Euro, Japan, and Pound. (trade mini SP too, but WAY short term).

I will position Aussie and CD on rare occaision. They trend well.

Jay
 
Hi,

I trade only euro and the pound. Indicators? Yes, they are lagging, and I am really not believing in them. What else can we use?

PS. I just got a new sell signal, but again RSI says no. What can I do?
 
Just keep going with your system. Seems to work well.

I actually use MA's at times as a retracement tool (opposite of a cross technique), but only in trending mkts. I'd sell a touch of a MA in a strong down market for example.

Oops, gotta run (spoos).

Jay
 
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