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  1. #1
    Moderator Kolyo's Avatar

    Trading Off the Daily Charts Strategy Review !!!

    Michael presented to us fresh new Review on one of the his favorite strategies called Trading Off the Daily Charts Strategy! Check it out and give here your view! Is this strategy suck or not suck?

    Originally posted by Michael Hodges.

    This strategy is aptly named “Trading Off The Daily Charts” but it does not really give you an idea of what the strategy is. Yes, he is trading off the daily charts but the strategy is using Fibonacci Retracement and Stochastic crosses to give signals. This is basically a trend following strategy and one that I think is highly effective. Over and over again the author, in his post and in his comments (echoed by comments of other readers and reviewers) claims that it is a simple strategy. It is in a way, it is not complicated and it is easy to follow but it utilizes some very advanced techniques.

    My Last Word

    After reading this strategy I fell as thought the author has read my mind. This is the closest strategy to my own trading techniques I have seen so far. I like this strategy and will recommend it to anyone interested in trading weekly or monthly binary options. There is not much more I can say than this; I recommend this strategy to new and experienced traders alike. If you have the patience to wait for the proper set ups you will make net profits using this strategy.

  2. #2
    Active Member rongold's Avatar
    Hi,

    Thank for sharing with us this strategy Michael! I like very much your reviews and commentaries and I am a big fan of you, but now have to say this strategy is poorly explained and you have to give us more details how exactly you think we should apply it to the real market. I understood that the entry point is following the trend to enter in the direction of the trend on a Fibonacci retracement if there is a stochastic crossover at the same time. Am I right? On which time frame we have to use it? Please give us some more details on this strategy!

  3. #3
    Legendry Member Michael Hodges's Avatar
    Quote Originally Posted by rongold View Post
    Hi,

    Thank for sharing with us this strategy Michael! I like very much your reviews and commentaries and I am a big fan of you, but now have to say this strategy is poorly explained and you have to give us more details how exactly you think we should apply it to the real market. I understood that the entry point is following the trend to enter in the direction of the trend on a Fibonacci retracement if there is a stochastic crossover at the same time. Am I right? On which time frame we have to use it? Please give us some more details on this strategy!
    Time frame depends on how long you think the move will last. If you are taking a signal on the daily chart look for it to last for 3-10 days, depending on the support/resistance levels the underlying will have to move through. For this reason I would trade weekly or monthly positions to give the underlying room to move. Let me know if you have any more questions.

  4. #4
    Active Member rongold's Avatar
    Thank you for your explanation Michael! I think now it is a bit clearer. The only thing I didn’t understand is how to define S/R levels. Probably I have to search for such levels on daily and weekly charts?

  5. #5
    Legendry Member Michael Hodges's Avatar
    Quote Originally Posted by rongold View Post
    Thank you for your explanation Michael! I think now it is a bit clearer. The only thing I didn’t understand is how to define S/R levels. Probably I have to search for such levels on daily and weekly charts?
    Use the weekly charts first, draw line connecting tops and bottoms, look for potential areas, move down to a lower time frame and do the same, see where the two intersect. This part takes practice and a little trial and error. Fibonacci's are a good place to start too....

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