Here is a little cracker of a setup that I use alongside the 3ducks(5/1hr/4hr t/f) and the 30ema(15min t/f) that I posted earlier. This setup I borrowed from some guy by the name of Boris Schlossberg who is or was senior currency strategist at fxcm and other institutions. I have found this to be very accurate and extremely important in determining the long range view on the weekly and daily timeframes. So very reliable this. Using all sma's 65/20/7. He calls it The Tree? a sma filter being a good way to gauge the strength of trend. The importance apparently does not lie in the sma values but rather in the interplay of the - short - intermediate - and longer term price trends. In addition to the Donchian Channel which shows me in an instant all the support and resistance levels within all the timeframes which is how I determine my next target levels, ie., eur/usd at 1.42 area on the daily, the above three little strategies I find really do help at least until I find a better one, I don't think I will though.
Way to go, BLT. I read your comment in my blog today and will cover more TA and trading method related specific in my future rants, which I hope will be helpful.
I look forward to it! targus, i checked out the 3 duck system you use and it's been a nice addition so far. it's simplicity is nice to quickly verify a position.
Do you find this helps you tell if the session is going to have strong moves or just be kind of choppy? That's the problem I have now, telling which kind of day it will be. I trade the NY market and pre-Tokyo market.
Who are you going to listen to...your strategy and numbers or a soap box....:eek: "We see what we want to see unless we make a conscious effort to see what really is there." NiN
I am also very adamant about using multiple timeframes for market analysis. P. S. Yes I have a blog, not sure about the rules of ET regarding posting links to your own sites, but you can very easily find it if google my ET nickname.