goneraz, stay focus on wats best for u.. do it on demo until u see concsistent profit before u do it live..

and all the best of luck for u...

Nah, I am a novice trader as well. Hopefully can go full time one day, in the future.

my system is quite simple.

get support and resistance from fxstreet.com


draw the lines on mt4 chart, S1,S2,S3 R1, R2, R3

then indicator use MACD,


enter buy if

- candlestick above support line
- macd indicator : +positive value


enter sell if

- candlestick below resistance line
- macd indicator : -negative value



Timeframe chart : 15MIN only
Pair : Eur/usd, Gbp/usd, Usd/chf & usd/jpy


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how do u use the resistant /support line from fxstreet? issit automated?

i said draw the line on chart.


and just want to warn you all, im not pro and it have both loss and win so far

hi evoangel... how do u guys indentify the suport /resistant line? i am using the fibo ret. but it can be hard to indentify the swing high and swing lo sometime

Can you guys spoon feed me a few questions?

1.Do most people here use international online broker or Malaysia broker? How to transfer funds if international?

2.How do they charge their fees & whether they charge both Buy & Sell?

3.Do they follow international market rates or like bank sell higher buy lower?

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This post has been edited by epalbee3: Jan 15 2010, 09:40 PM

If DAX , Oil and Gold is going up. Euro will be bullish and vice versa.

thats the problem wif fib.. it tends to be a guessing game identifiying swing high and low.. i prefer support/resistance..

anyway here's the formula courtesy from babypips.com =p

The calculation for a pivot point is shown below:

Pivot point (PP) = (High + Low + Close) / 3

Support and resistance levels are then calculated off the pivot point like so:

First level support and resistance:

First support (S1) = (2*PP) – High

First resistance (R1) = (2*PP) – Low

Second level of support and resistance:

Second support (S2) = PP – (High – Low)

Second resistance (R2) = PP + (High - Low)


anyway im using an auto generated pivot indicator coz i m so lazy to calculate =p... pm me if u wan i could send it to u..

---

Added on November 9, 2009, 10:35 pmp/s- im not saying fib is not good.. but its seems difficult for me to understand.. no hard feelings for fib users.. =)

This post has been edited by evoangel: Nov 9 2009, 10:35 PM

hi evoangel. can u send me the auto generated thing? thx

If this is live account, you'll get heart attack.

It is possible, I saw even bigger amount live account. Trading can make you very rich, also can make you broke.

5 Reasons Why the Dollar Could Continue to Fall


1. Dollar Carry Trade Overused but not Overplayed

The primary reason why the dollar is weakening is because of the overused term "dollar carry trade." However although it is overused it is not overplayed because we have long said that how the dollar performs will depend upon where the Federal Reserve stands compared to the rest of their peers. Last week, the Fed reaffirmed their steady as she goes mentality by leaving the FOMC statement virtually unchanged. The Fed is very happy with the way things are right now and are not in a rush to unwind Quantitative Easing. In contrast, the central banks of Australia, the Eurozone and even Japan are much more likely to continue "deloosening" monetary policy. We still believe that the U.S. central bank will be amongst the last to raise interest rates and for that reason, the dollar carry trade should remain intact. Back in October, we published this chart of how close the market believes each of the major central banks are to raising interest rates and for the most part, it still applies.


2. G20 Pledges Continued Stimulus

The latest reason why the dollar is falling is because of the G20's pledge to provide ongoing stimulus. More stimulus is positive for the equity markets which in turn has helped to lift the EUR/USD and other risk trades. Over the past 2 years, there has been an 80 percent correlation between the S&P 500 and the EUR/USD. As long as members of the G20 are not paring back stimulus, high yielding currencies should outperform the U.S. dollar.


3. Geithner Avoids Talking about the Dollar

Treasury Secretary Geithner also avoided talking about the U.S. dollar at the G20 meeting. Typically, good old Tim likes to take this opportunity to reiterate the U.S.' strong dollar policy and his failure to do so may be more than just a careless mistake particularly in an audience of countries who hold massive dollar reserves and are fidgeting about the continued weakness of the U.S. dollar. It is no secret that the U.S. only pays lip service to its strong dollar policy. In a low inflation environment such as today, a weak dollar helps more than it hurts the U.S. economy.


4. Economic Fundamentals

Friday's non-farm payrolls number indicates the tough economic environment in the U.S. The unemployment rate has climbed above the psychologically hobbling 10 percent mark to 10.2 percent as job losses continued for the 22nd month. Millions of Americans are out of work and could have a tough time finding work over the next year which means that we could be facing a particularly weak holiday shopping season. Unless the U.S. labor market turns around, the impressive GDP growth that we saw in the third quarter may not be sustained.


5. Little Technicals Support

Finally, there is little technical support underneath the dollar. Taking a look at the dollar index, 74.93 is the 14 month low and the index is trading just above that. If this level is broken, the next major point of support is not until 71.50. For the EUR/USD a break above 1.5060 opens the door for a move towards 1.55 and for USD/JPY support is at 87. Futures trades have also trimmed their bets on dollar weakness which means that a break of support levels could encourage a wave of new short dollar positions.


Source: Bloomberg

This post has been edited by rstusa: Nov 10 2009, 09:30 AM

send me ur email via pm.. i'll send it to u tonite..

`

This post has been edited by horatioken: Nov 10 2009, 11:45 AM

And the GU "Spike Lord" strikes again.. love it!

Am wondering do you need to manually feed in the live data or it will automatic track the live data?

manually identify the swing HIGH and LOW.. try it in ur chart.. =)

anyone taking the EU bull train to 1.5060?

Hai.. fxfriend.... just my opinion... eu still hiking uptrend.... gu keeping climbing uptrend...


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