So my question is this: When you do manual trading, what indicators do you use on your charts to decide when to enter a trade, and what do you look for on those indicators?

My reason for asking is because I've been using MACD set at default settings, and I have yet to execute a decent winning manual trade. It seems whenever it indicates a good entry point, as soon as I set a trade, the trend reverses and I lose a load of money.

MACD is NOT a good entry indicator. What MACD provides you with is clues as to what price action could be doing. Research bearish and bullish divergence on the MACD for more info.

Check this link out:

http://stockcharts.com/school/doku.p..._average_conve

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Mostly support/resistance, or/and bollinger bands. I have at times used the Fibonacci on a higher time frame and looked for an entry in a smaller time frame.
Every candle also tells a story. Know how to read candles.

it depends on what chart you are using and when....

I have gotten up to 150 pip runs...

if things are moving fast macd works great ..M5 is nice to use when it's fast

if it's moving slow....M1 is the best to use...

but macd alone is not good enough
you also need maybe 1 or 2 other indicators to help confirm entry points

I suggest newbies start demo trading for 3 months of succesful trades (5-20% profit per month is good)

Using something like " THV System" in the FF forums

Link to the THV System. On first look it seems interesting. I will investigate it further.

http://www.forexfactory.com/showthread.php?t=127271

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My sites:

http://alansmoneyblog.com
http://alansfinanceblog.com
http://alansforexblog.com
http://forexnirvana.com
http://forexrobotsforum.com

As far as trading systems...
I've been using the one on babypips called the cowabunga system. It's been working pretty well when I've followed the rules. It seems the hardest part is the exit plan for the trades.

Charts are attached, basically you look on the 4h for the trend then trade within the trend on a 15m chart.

Here's a link to the system.

I always do a bit of experimentation first so my results in the beginning were pretty volatile, I would win big in succession then suddenly get brain freeze and try something or no stay disciplined in the rules and lose. I traded in a disciplined way yesterday for 3 winner trades netting $589 profit with 2.0 lots.

I kind of feel like I still need to decide to trade on one or two currency pairs so I can get the feel for the market. So any ideas from folks on that would be great.

Attached Files

Chart Templates.zip (1.6 KB, 13 views)

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-David T-
Skype: verbtheory
Trades and insights:
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Verbtheory's Day Break System v1.0
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"Only when the tide goes out do you discover who's been swimming naked." - Warren Buffett

Rules... if your manually trading you have to stick to the trade rules and apply good money management.

you have to lose sometimes to win in the long run.

I hope my dad can hear me!!!!!

follow the rules of engagement!

he never does and it's cost him a bundle

I've been manual trading for a bit....it's hard!!! using the an EA is sooo much better.

I just downloaded all the indicators and manual, definately a lot of work and thought that went into this.

I usually only use support, ressistance, Fibonacci and sometimes trend lines to do my trading however this looks quite promising.

I supose the proof will be in the pudding...

two trades later on demo and both winners on THV System