Re: XARD - Simple Trend Following Trading System
Posted: Wed Jan 04, 2023 6:01 am
I am making some final adjustments to the XU v48-Universe setup as part of the Xard #2023 Trading Plan. I have added a filter called the Price Momentum Oscillator (PMO) from Kvak in the sub-window. Essentially, when the RSI is above the PMO in the sub-window, it may indicate an upward trend, and when the RSI is below the PMO, it may suggest a downward trend. I will look to include it in the Trading plan under additional filters.
Xard777
Revised version based on trading the Dow Jones Index...
The Xard #2023 Day Trading Plan is designed to efficiently execute trades using a combination of zigzag patterns and moving average crossovers to identify potential intra-day turning points and confirm them before entering trades. Additional filters and stop-loss orders are used to manage risk and limit potential losses if the market moves against the trade. The goal of this plan is to streamline the trade execution process while effectively managing risk.
Here is a step-by-step guide on how this strategy might play out:
1. Check the News reader: Look for major news events that can impact markets and avoid being caught off guard by unexpected market news.
2. Identify a Zigzag pattern: Look for a blue zigzag line with a white or pink semafor dot in the price action of the security. This pattern may suggest that a turning point is approaching.
3. WAIT!!! for confirmation: Once the zigzag pattern has completed, wait for the 9-ema moving average to cross the 36-ema trend line. This moving average crossing can serve as confirmation that the turning point is occurring.
4. Additional Filters: If the RSI is above the PMO in the sub-window, it may indicate an upward trend, and when the RSI is below the PMO, it may suggest a downward trend. Also, look for instances where price is crossing the Xard Index line in conjunction with the RSI crossing the PMO line filter.
5. Enter a Trade: If you see a clear confirmation of a turning point, you may want to consider entering a trade in the direction of the anticipated move. This may involve looking for instances where the Zigzag has formed, the RSI has crossed the PMO, and the moving average line is crossing the trend line, or where the price is crossing the Xard Index line in conjunction with the RSI crossing the PMO.
6. Set a Stop-loss order: To manage risk, set a virtual/manual stop-loss order at the previous level of the zigzag. This will limit your potential loss if the price moves against your trade.
7. Intra-day trading Exit Strategy: Intra-day moves can sometimes result in a gain of +100 pips. When this happens, traders may choose to take their profits at the half-way point, where a red or blue dot is often seen, and consider re-entering the trade if there are signs of continuation. This is just one possible strategy, and traders should make decisions based on their own analysis and risk tolerance. Alternatively, some traders may choose to stay in the trade and add to their position if the market continues in their favour. It is important to have multiple exit strategies in your trading plan.
Having a well-defined trading plan can help you to trade with confidence and allow you to make more informed decisions about when to enter and exit trades.
Please delete the previous XU v48 folder and replace it with the enclosed version.
Here is the News reader indicator so you can stay informed about upcoming news events.
Xard777
Revised version based on trading the Dow Jones Index...
The Xard #2023 Day Trading Plan is designed to efficiently execute trades using a combination of zigzag patterns and moving average crossovers to identify potential intra-day turning points and confirm them before entering trades. Additional filters and stop-loss orders are used to manage risk and limit potential losses if the market moves against the trade. The goal of this plan is to streamline the trade execution process while effectively managing risk.
Here is a step-by-step guide on how this strategy might play out:
1. Check the News reader: Look for major news events that can impact markets and avoid being caught off guard by unexpected market news.
2. Identify a Zigzag pattern: Look for a blue zigzag line with a white or pink semafor dot in the price action of the security. This pattern may suggest that a turning point is approaching.
3. WAIT!!! for confirmation: Once the zigzag pattern has completed, wait for the 9-ema moving average to cross the 36-ema trend line. This moving average crossing can serve as confirmation that the turning point is occurring.
4. Additional Filters: If the RSI is above the PMO in the sub-window, it may indicate an upward trend, and when the RSI is below the PMO, it may suggest a downward trend. Also, look for instances where price is crossing the Xard Index line in conjunction with the RSI crossing the PMO line filter.
5. Enter a Trade: If you see a clear confirmation of a turning point, you may want to consider entering a trade in the direction of the anticipated move. This may involve looking for instances where the Zigzag has formed, the RSI has crossed the PMO, and the moving average line is crossing the trend line, or where the price is crossing the Xard Index line in conjunction with the RSI crossing the PMO.
6. Set a Stop-loss order: To manage risk, set a virtual/manual stop-loss order at the previous level of the zigzag. This will limit your potential loss if the price moves against your trade.
7. Intra-day trading Exit Strategy: Intra-day moves can sometimes result in a gain of +100 pips. When this happens, traders may choose to take their profits at the half-way point, where a red or blue dot is often seen, and consider re-entering the trade if there are signs of continuation. This is just one possible strategy, and traders should make decisions based on their own analysis and risk tolerance. Alternatively, some traders may choose to stay in the trade and add to their position if the market continues in their favour. It is important to have multiple exit strategies in your trading plan.
Having a well-defined trading plan can help you to trade with confidence and allow you to make more informed decisions about when to enter and exit trades.
Please delete the previous XU v48 folder and replace it with the enclosed version.
Here is the News reader indicator so you can stay informed about upcoming news events.
